Ever wondered what your home is worth – not to sell, but to rent for short periods?
Running an Airbnb business is said to be the most lucrative second income most people can get involved in. And the team at Elliot & Me can help you work out if it would be worth the upheaval and hard labour.
They describe themselves as a team of data scientists based in Silicon Valley. Launching their core product (whatever that is – they are not saying) soon, they are currently sharing bits and pieces of things they have built along the way…and one of these things is a calculator that estimates the short-term rental of any address, any where. You can choose a room in your home or the entire place and it is claimed to be more comprehensive than a similar device on the Airbnb website.
Apparently, it’s all based on Artificial Intelligence (called Eliot) which uses historical trends, competing services and products, supply and demand signals and more. It then tells you the trends in your area, including the high and low months for renting, events that might spike demand (such as the marathon in Chicago), and what nearby properties are going for. In another nice feature you can find out what the rental you could potentially earn might get you around the world – or, in other words, where you can holiday for free.
There is also a kind of reverse programme that will help you assses the best time to visit a holiday destination based on when it is least crowded and the cost of holiday rentals are lower. (November for Venice and Brighton according to Elliot & Me. That might be true for Brighton, but I always thought the only month when Venetians could breath more easily was after New Year and before the Carnival in February.)
The site is still a work in progress. I couldn’t change the rental for my flat from dollars to pounds, although it showed a nearby property in sterling. But it does give you a lot of food for thought…