Vacation rental company Airbnb has announced the launch of new features as well as product upgrades to drive more bookings.
The company announced the launch of new onboarding features, payment and enhanced insurance/security tools.
Despite seeing up to 25% in nights and experiences bookings in the third quarter (Q3) of 2022, hosts have complained about declining bookings per host due to the global economic crisis.
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However, having benefited from the strong return to travel following the easing of COVID-19 restrictions, as consumer appetite for travel increases, the company is now focused on improving the experience of passengers. new and existing hosts.
Airbnb CEO and co-founder Brian Chesky revealed that the company is doing everything possible to make its tools and services relevant to avoid facing supply constraints.
In his words “One of the things we’re trying to do is get more and more everyday people to list their homes on Airbnb.
“The more supply we have, the more guests we have. I think if we add more hosts, we’ll have more demand. One of the things I don’t want to do is walk in in an era of limited supply. We are anticipating high demand, so we are trying to get ahead of that.
Along with more features to help and protect hosts, the company is also refining its payments feature by improving the way hosts get paid.
It is set to introduce a new feature called Fast Pay in the US, which is developed by the company, to allow funds to be paid out within 30 minutes to hosts who have registered a Visa or Mastercard payment method. The company will charge a 1.5% fee with a cap of $15 at launch.
This method has proven to be much faster than other payment systems like bank accounts or PayPal, which can take anywhere from one to seven business days.
Additionally, Airbnb will pay Super Hosts who help new registrants by offering a small percentage of earnings, but did not disclose the range. Hosts can also choose to rent their first reservation only to a guest who has stayed at at least three other Airbnbs and has a good track record.
One of the driving factors in attracting hosts and hosting business to Airbnb is the issue of security, both in terms of who books and what happens if things go wrong.
In this regard, the company is increasing its damage protection rates to $3 million from $1 million, which will now cover Boats, Cars Arts and other valuables at their appraised value.
For people who need to file claims, the company says it makes the damage protection system easier and simpler.