Founded in 2008 Airbnb has gone on to become a global brand that is used by millions around the world. At its heart, it is a platform business model that connects hosts with people seeking accommodation.
- Hosts list out their property details on Airbnb along with other factors like pricing, amenities provided etc.
- Airbnb provides the option to use a professional photographer2(if available) to the property location in order to take high-quality photographs.
- Travellers search for a property in a location they wish to stay and browse available options according to price, amenities etc.
- Booking is made through Airbnb and the traveller pays the amount listed by the host and an additional transaction fee of three per cent.
- Host approves the booking. Traveller stays there and finally, Airbnb pays the amount to the host after deducting their commission.
- Reviews from host and traveller are provided so the broader community.