Airbnb’s growing up
Following the death of five people at a Halloween party hosted at a California Airbnb rental, and a scathing Vice report outlining Airbnb’s failure to prevent nation-wide scams, the company says it will begin verifying all seven million of its listings.
Airbnb properties will soon be verified for accuracy of photos, addresses, listing details, cleanliness, safety and basic home amenities, according to a company-wide email sent by Airbnb co-founder and chief executive officer Brian Chesky on Wednesday. All rentals that meet the company’s new standards will be “clearly labeled” by December 15, 2020, he notes. Beginning next month, Airbnb will rebook or refund guests who check into rentals that do not meet the new accuracy standards.
The impact
These changes, outlined fully here, come as Airbnb preps for an IPO or a direct listing slated for 2020. The company was in need of some serious additions to its barely-there security measures and it also needed to make a grand gesture (or two) to Wall Street following multiple PR disasters over the last two weeks. Airbnb’s response to the recently-highlighted problems will help determine how it fares on the public market and given its quick and seemingly comprehensive response, money managers may be pleased.
Also published on Medium.