Brian Chesky

There can be pluses to that from a service standpoint, but a lot of people, the original ethos of Airbnb of like living like a local, this is a little bit different than that. So What this is, is number one, every single co-host is vetted by Airbnb. We go through everyone's profile. We only allow co-hosts to be people that have high ratings in Airbnb. So these are the very best hosts in Airbnb.

There can be pluses to that from a service standpoint, but a lot of people, the original ethos of Airbnb of like living like a local, this is a little bit different than that. So What this is, is number one, every single co-host is vetted by Airbnb. We go through everyone's profile. We only allow co-hosts to be people that have high ratings in Airbnb. So these are the very best hosts in Airbnb.

Additionally, we bias towards people that manage only a few properties. And the reason why is we noticed the more properties you manage, the lower the five-star rating a guest leaves after a certain scale. There are some property managers that are amazing and defy this. But generally speaking, hospitality is a difficult thing to industrialize.

Additionally, we bias towards people that manage only a few properties. And the reason why is we noticed the more properties you manage, the lower the five-star rating a guest leaves after a certain scale. There are some property managers that are amazing and defy this. But generally speaking, hospitality is a difficult thing to industrialize.

Additionally, we bias towards people that manage only a few properties. And the reason why is we noticed the more properties you manage, the lower the five-star rating a guest leaves after a certain scale. There are some property managers that are amazing and defy this. But generally speaking, hospitality is a difficult thing to industrialize.

And so people want a local feel as compared to Amazon or delivery or other types of businesses where scale makes the service better. In hospitality, scale often makes the service more challenging. And so I think this is maybe an alternative to the extremely professionalized third-party property managers. And in some ways, it kind of moves Airbnb a little more closely towards the roots.

And so people want a local feel as compared to Amazon or delivery or other types of businesses where scale makes the service better. In hospitality, scale often makes the service more challenging. And so I think this is maybe an alternative to the extremely professionalized third-party property managers. And in some ways, it kind of moves Airbnb a little more closely towards the roots.

And so people want a local feel as compared to Amazon or delivery or other types of businesses where scale makes the service better. In hospitality, scale often makes the service more challenging. And so I think this is maybe an alternative to the extremely professionalized third-party property managers. And in some ways, it kind of moves Airbnb a little more closely towards the roots.

And again, I think we're going to bias towards more regular people putting up their real homes rather than more dedicated rentals. So that's where we're going. Now, just one caveat, if anyone's listening and they – work at or a third party property manager, we love the ones guests love.

And again, I think we're going to bias towards more regular people putting up their real homes rather than more dedicated rentals. So that's where we're going. Now, just one caveat, if anyone's listening and they – work at or a third party property manager, we love the ones guests love.

And again, I think we're going to bias towards more regular people putting up their real homes rather than more dedicated rentals. So that's where we're going. Now, just one caveat, if anyone's listening and they – work at or a third party property manager, we love the ones guests love.

So though the average rating across the board isn't as high, there are some unbelievable property managers and we love them. The last point I'll just make is it is true that property managers are more likely to, you know, you might call it cross list. They'll cross list their inventory in many different platforms.

So though the average rating across the board isn't as high, there are some unbelievable property managers and we love them. The last point I'll just make is it is true that property managers are more likely to, you know, you might call it cross list. They'll cross list their inventory in many different platforms.

So though the average rating across the board isn't as high, there are some unbelievable property managers and we love them. The last point I'll just make is it is true that property managers are more likely to, you know, you might call it cross list. They'll cross list their inventory in many different platforms.

And, you know, one of the core values of Airbnb is you come to Airbnb to find something you can't find anywhere else. If you can find it everywhere else, then we're just like another e-commerce platform, but not adding a lot of value. So the co-hosts in Airbnb are exclusive and those properties are exclusive to Airbnb.

And, you know, one of the core values of Airbnb is you come to Airbnb to find something you can't find anywhere else. If you can find it everywhere else, then we're just like another e-commerce platform, but not adding a lot of value. So the co-hosts in Airbnb are exclusive and those properties are exclusive to Airbnb.

And, you know, one of the core values of Airbnb is you come to Airbnb to find something you can't find anywhere else. If you can find it everywhere else, then we're just like another e-commerce platform, but not adding a lot of value. So the co-hosts in Airbnb are exclusive and those properties are exclusive to Airbnb.

Here's the thing people don't realize. Airbnb is a harder business to run than it appears because the reason – Apple does not appear to be an easy business because one device is like a miracle in your hand. OpenAI doesn't appear to be an easy business. But Airbnb does. And the reason Airbnb appears to be an easy business is because at a subscale, it is an easy business.

Here's the thing people don't realize. Airbnb is a harder business to run than it appears because the reason – Apple does not appear to be an easy business because one device is like a miracle in your hand. OpenAI doesn't appear to be an easy business. But Airbnb does. And the reason Airbnb appears to be an easy business is because at a subscale, it is an easy business.

Here's the thing people don't realize. Airbnb is a harder business to run than it appears because the reason – Apple does not appear to be an easy business because one device is like a miracle in your hand. OpenAI doesn't appear to be an easy business. But Airbnb does. And the reason Airbnb appears to be an easy business is because at a subscale, it is an easy business.