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Airbnb raises $1B at $31B valuation, became profitable in 2016

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Re: Airbnb raises $1B at $31B valuation, became profitable in 2016

#231

Post by sytelus »

knn wrote: post #220
xbeta wrote: post #207

My experience tells me Airbnb is in big trouble. Last year around Nov, I tried to book a Lake Tahoe cabin for 2 families (1 is mine, another is a friend's) for a simple trip for our young children. I booked via Airbnb few days in advanced. The day before driving to Tahoe, we even called Airbnb to confirm that the listing is OK. The host accepted, but didn't answer to any of our questions. The next morning when we wok…

Sorry you had that bad experience (I would be pissed too), but the logic of (you having a singular bad experience therefore company will likely die) is next to baseless.

No. The point is that there is zero protection for customers getting cancelled by the host at last minutes. This would be about the worst thing that can happen on your hard earned vacation, especially if you are traveling with families. Customers can't even leave a review! All the while there is asymmetry that customers will be punished if they cancelled at last moment on host.

Re: Airbnb raises $1B at $31B valuation, became profitable in 2016

#232

Post by sytelus »

harryh wrote: post #35
beefman wrote: post #31

We haven't had a recession in 8 years, and the postwar average time between recessions is 6 years.[1] The stock market's overall PE ratio is well above average.[2] With Box and Snap, the market demonstrated it is starving for tech IPOs -- even if a company is losing money and entirely based on a millennial fad. So why in the name of sweet baby Jesus would investors, founders, or anyone else delay an IPO at this point…

Not an answer to your question but semi-relatedly Scott Sumner had a post this week where he predicts that recessions will be significantly rarer in the future. http://www.themoneyillusion.com/?p=32350 It's interesting to think about.

These predictions are pointless. Economy is not driven by extrapolating past charts, it's driven by outlier events. The thing about outlier events is that no one can predict what they would be, except that they are bound to happen. A magnitude 9 earthquake in Northwest, fraud in big company, scandal in administration, or war with Iran - all these can totally change economic outlook.

Re: Airbnb raises $1B at $31B valuation, became profitable in 2016

#233

Post by otheotheothe »

abandonliberty wrote: post #202
jliptzin wrote: post #159

I used to use airbnb quite often (as a traveler), but I have to say it's lost its appeal for me. First, it's really not much cheaper than a hotel in most cases (some cases more expensive). Second, it's a hassle when you're on vacation to have to arrange in advance a specific time to pick up the keys to the place. Then, what happens if you happen to lose the keys (happened to me once)? What happens if it's in the midd…

AirBnB is a now usually a terrible deal for guests and increases resident rental shortages/costs by illegally converting residential units into commercial rentals. When they started, they were great for guests. Now there's an abundance of guests and a shortage of hosts, so the system is strongly tilted in favor of hosts. - Hosts always get rebuttals on reviews - Guests cannot comment when their stay is cancelled befo…

Another issue is, the guest cant cancel without horrible fees...ohh but the landlord can, 2 years ago i arrived in nyc homeless, because the landlord cancled my stay during my flight to the US.

Nice experience...not.

Re: Airbnb raises $1B at $31B valuation, became profitable in 2016

#234

Post by lovich »

exclusiv wrote: post #128
baus wrote: post #79

Earlier quoted context omitted.

It goes both ways. I'm an Airbnb host and renter(1). Mostly I have had good experiences, but I have had more problems on the hosting side lately. I take pride in my property and lived there myself for years. But I've gotten guests who nit pick everything and then ask for a refund. I had one guest ask for a refund because there was snow in Tahoe, and they stayed for the full time anyway. Another guest wanted a refund…

Tahoe is a tough market. Prices should be way higher for what you get in my opinion. I'm not in Tahoe but I can sleep 16+ people at my place and I have more problems when I have the price lower. I had guests complain once that there were a few things in one of the bedroom closets (still tons of storage for their stuff), some things in a small pile in the garage and some food in the cupboards (usually have ketchup, ho…

You have a head of turnover, which implies other employees under them, and you only rent out your primary residence?

Re: Airbnb raises $1B at $31B valuation, became profitable in 2016

#235

Post by harryh »

sytelus wrote: post #232
harryh wrote: post #35

Earlier quoted context omitted.

Not an answer to your question but semi-relatedly Scott Sumner had a post this week where he predicts that recessions will be significantly rarer in the future. http://www.themoneyillusion.com/?p=32350 It's interesting to think about.

These predictions are pointless. Economy is not driven by extrapolating past charts, it's driven by outlier events. The thing about outlier events is that no one can predict what they would be, except that they are bound to happen. A magnitude 9 earthquake in Northwest, fraud in big company, scandal in administration, or war with Iran - all these can totally change economic outlook.

His assertion is that the Fed is now better at controlling the money supply to more quickly respond appropriately to outlier events.

Recessions are always and everywhere a monetary phenomena.

Re: Airbnb raises $1B at $31B valuation, became profitable in 2016

#236

Post by pdovy »

jliptzin wrote: post #159

I used to use airbnb quite often (as a traveler), but I have to say it's lost its appeal for me. First, it's really not much cheaper than a hotel in most cases (some cases more expensive). Second, it's a hassle when you're on vacation to have to arrange in advance a specific time to pick up the keys to the place. Then, what happens if you happen to lose the keys (happened to me once)? What happens if it's in the midd…

I think if you're considering AirBnB and a hotel room as essentially fungible products, you're missing some of the value proposition of AirBnB. For me personally, I really hate most hotels because I don't like being lumped together with a bunch of other travelers in cookie-cutter rooms. A hotel is convenient and reliable, and sometimes that's most important (e.g., if I'm on a business trip) - but if I'm actually on vacation AirBnB provides a more private and less generic space to unwind and relax.

Re: Airbnb raises $1B at $31B valuation, became profitable in 2016

#237

Post by Shinkei »

abandonliberty wrote: post #202
jliptzin wrote: post #159

I used to use airbnb quite often (as a traveler), but I have to say it's lost its appeal for me. First, it's really not much cheaper than a hotel in most cases (some cases more expensive). Second, it's a hassle when you're on vacation to have to arrange in advance a specific time to pick up the keys to the place. Then, what happens if you happen to lose the keys (happened to me once)? What happens if it's in the midd…

AirBnB is a now usually a terrible deal for guests and increases resident rental shortages/costs by illegally converting residential units into commercial rentals. When they started, they were great for guests. Now there's an abundance of guests and a shortage of hosts, so the system is strongly tilted in favor of hosts. - Hosts always get rebuttals on reviews - Guests cannot comment when their stay is cancelled befo…

This is a great comment and I have to add a shady tactic that I have noticed hosts doing in competitive cities during peak times... I travel to a particular city yearly for a large conference and every time I've tried to use AirBnB for a stay, it always ends with me sticking to a hotel.

The host posts a bunch of very desirable locations and then when you try to book it, they message you with 'this one is unavailable, but how about these other entirely different units I have?' which is clearly a 'bait and switch' tactic.

I even booked one successfully and I know they had accidentally underpriced that week--similar to their other week costs, not raised for this conference like a lot of other hosts--and instead of just honoring my reservation, they cancelled it saying, 'oh, it turns out the prior guest will be leaving late on your first day.' Of course, this was a total lie because I offered to come even later, give up the first day, etc to no further response. Well, guess what... they re-posted the same dates at a much higher rate.

I honestly think a host should not be able to turn down a verified guest reservation under any circumstance or perhaps be unable to relist for those dates if they deny a person's request.

I emailed their customer service about these clear 'scams' and heard no significant reply.... they offered me a coupon.

Re: Airbnb raises $1B at $31B valuation, became profitable in 2016

#238

Post by knieveltech »

FanaHOVA wrote: post #219
abandonliberty wrote: post #202

Earlier quoted context omitted.

AirBnB is a now usually a terrible deal for guests and increases resident rental shortages/costs by illegally converting residential units into commercial rentals. When they started, they were great for guests. Now there's an abundance of guests and a shortage of hosts, so the system is strongly tilted in favor of hosts. - Hosts always get rebuttals on reviews - Guests cannot comment when their stay is cancelled befo…

> Guests cannot comment when their stay is cancelled before arrival It's automatically posted as a review on your behalf. > Dealing with a problem is nearly impossible (how do I take a picture of the fact that my 'apartment' is a hotel room? And why can't I talk to anyone?) By taking a picture with your phone and contacting support? There's reasons to dislike Airbnb, but these surely aren't some of them. I've had ~20…

ah yes, the time-honored "My experiences don't match yours so clearly yours are invalid" argument.

Re: Airbnb raises $1B at $31B valuation, became profitable in 2016

#239

Post by saiya-jin »

abandonliberty wrote: post #202
jliptzin wrote: post #159

I used to use airbnb quite often (as a traveler), but I have to say it's lost its appeal for me. First, it's really not much cheaper than a hotel in most cases (some cases more expensive). Second, it's a hassle when you're on vacation to have to arrange in advance a specific time to pick up the keys to the place. Then, what happens if you happen to lose the keys (happened to me once)? What happens if it's in the midd…

AirBnB is a now usually a terrible deal for guests and increases resident rental shortages/costs by illegally converting residential units into commercial rentals. When they started, they were great for guests. Now there's an abundance of guests and a shortage of hosts, so the system is strongly tilted in favor of hosts. - Hosts always get rebuttals on reviews - Guests cannot comment when their stay is cancelled befo…

when you are traveling alone, it can happen that you pay more than hotel, this is normal. without airbnb, there wouldn't be that option on the market anyway.

in my situation - renting flat in alps during tourist seasons, my flat is roughly 50% cheaper than cheapest hotel in the valley - if compared for 4 people. Apartment can have (and has right now) 6 persons easily. It's completely renovated, having full kitchen (dishwasher, oven, wash machine, big fridge) - you don't get most of this even in expensive hotels.

like it or not, these kind of services are here to stay, in one way or another. many, many people use them on vacations, me including.

plus, there are proper horror stories from renters perspective too. had one last week - lying, manipulative guest who trashed the place and tried to blame all on previous guests. it took some time for him to admit his precious little kids did all the damage and pay very small fee for it (< 20% of cost of new items, and most of apartment equipment&furniture is 2-3 month old).

Re: Airbnb raises $1B at $31B valuation, became profitable in 2016

#240

Post by omurphy27 »

I spent 12 months as a digital nomad in SE Asia and AirBnB was a godsend for me.

If you're checking in at some place you've never been to in the middle of the night, then of course a hotel is a better option. Likewise if you can't be bothered to tidy up a bit before checking out, then a hotel is the way to go. Personally, for short stays, like a few days or a weekend, I'll go with a hotel. But for anything of a week or longer, AirBnB is terrific.

Through AirBnb I was able to book very nice condo apartments, with awesome amenities (rooftop swimming pools, brand new gym facilities etc) and very gracious local hosts who showed me things I never would have been able to discover on my own. Moreover, with AirBnb I don't have to worry about landlords ripping me off like I would if I actually signed a rental contract in a foreign country.

I think most of this criticism is rather petty. AirBnb isn't a hotel or hostel replacement and it isn't supposed to be.

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