Brian Chesky

But that would be a bummer if we did that and it was misaligned with a customer. But it turns out that there's a chart I've put out before. It literally shows the number of properties you manage in your five-star rating. And quite literally, it is a perfect curve downward slope. The highest rated Airbnb hosts manage one property. The second highest are managed two, down to 1,000.

And it literally goes, and there is not one single deviation from one to 1,000. Wow. It's crazy. Now, it doesn't mean, therefore, all people managing 1,000 properties are bad. It just means that most people haven't figured out how to industrialize hospitality. And it's just, oh, here, let me give you one other argument for why regular people can sometimes work economically really well.

And it literally goes, and there is not one single deviation from one to 1,000. Wow. It's crazy. Now, it doesn't mean, therefore, all people managing 1,000 properties are bad. It just means that most people haven't figured out how to industrialize hospitality. And it's just, oh, here, let me give you one other argument for why regular people can sometimes work economically really well.

And it literally goes, and there is not one single deviation from one to 1,000. Wow. It's crazy. Now, it doesn't mean, therefore, all people managing 1,000 properties are bad. It just means that most people haven't figured out how to industrialize hospitality. And it's just, oh, here, let me give you one other argument for why regular people can sometimes work economically really well.

If I'm a dedicated rental, I need to basically build a profit margin because I'm a business. So I have rent and I need to be very careful about any cost I incur. So if we're in a house, I might have like four books, but maybe I won't have 20 books because like book five through 20 is additional cost I'm putting onto my Airbnb.

If I'm a dedicated rental, I need to basically build a profit margin because I'm a business. So I have rent and I need to be very careful about any cost I incur. So if we're in a house, I might have like four books, but maybe I won't have 20 books because like book five through 20 is additional cost I'm putting onto my Airbnb.

If I'm a dedicated rental, I need to basically build a profit margin because I'm a business. So I have rent and I need to be very careful about any cost I incur. So if we're in a house, I might have like four books, but maybe I won't have 20 books because like book five through 20 is additional cost I'm putting onto my Airbnb.

And so I might have six coffee mugs, but I'm not gonna have 10 coffee mugs. I might not have a KitchenAid mixer. These are all costs I have to bear. If it's your real house, you might have all the stuff anyway because you live there. And so you don't need to charge a daily rate that has a profit margin because this was unsold inventory that you weren't monetizing and now you're monetizing it.

And so I might have six coffee mugs, but I'm not gonna have 10 coffee mugs. I might not have a KitchenAid mixer. These are all costs I have to bear. If it's your real house, you might have all the stuff anyway because you live there. And so you don't need to charge a daily rate that has a profit margin because this was unsold inventory that you weren't monetizing and now you're monetizing it.

And so I might have six coffee mugs, but I'm not gonna have 10 coffee mugs. I might not have a KitchenAid mixer. These are all costs I have to bear. If it's your real house, you might have all the stuff anyway because you live there. And so you don't need to charge a daily rate that has a profit margin because this was unsold inventory that you weren't monetizing and now you're monetizing it.

So it's another one of the economic dynamics where non-professionals sometimes have an economic advantage over professionals. This is just one example. In other words, their homes are equipped and the fixed cost is an investment they've already incurred. So this might be another way of saying it.

So it's another one of the economic dynamics where non-professionals sometimes have an economic advantage over professionals. This is just one example. In other words, their homes are equipped and the fixed cost is an investment they've already incurred. So this might be another way of saying it.

So it's another one of the economic dynamics where non-professionals sometimes have an economic advantage over professionals. This is just one example. In other words, their homes are equipped and the fixed cost is an investment they've already incurred. So this might be another way of saying it.

I cannot wait. I love these conversations. And the thing I appreciate is the depth that you go into.

I cannot wait. I love these conversations. And the thing I appreciate is the depth that you go into.

I cannot wait. I love these conversations. And the thing I appreciate is the depth that you go into.

Let's do it.

Let's do it.

Let's do it.

Yes.