ASTON INCORPORATED
The Entrepreneurs Pursuit of Personal Expansion, Tactical Success, Limitless Mindset, Manifesting the Impossible and making Legacy Impact on Humanity.
ASTON INCORPORATED
Episode 7- Mastering the Art of Short-Term Rentals
Have you ever fantasized about running your own Airbnb and transforming idle space into a buzzing profit generator? Wayne and I are here to turn that dream into a roadmap, guiding you through the thrilling world of Airbnb entrepreneurship. Our latest exchange is crammed with actionable insights that will help you carve out your niche in a marketplace where the right strategy can turn your property into a sought-after destination. We'll navigate you through the maze of creating an experience that leaps out from the millions of listings, ensuring your space isn't just another option, but the option for travelers.
This episode isn't just about finding any spot on the map; it's about selecting the gold mines of Airbnb locations. We dive into the essential tactics for identifying properties that deliver both the charm of their surroundings and an exceptional guest experience. As we compare Airbnb ventures to other real estate investments, we reveal why short-term rentals can be a game-changer for your portfolio. And for those with an eye on opulence, we shed light on the resilience of luxury resorts, even when economic tides are rough. By the end, you'll understand why cash flow is king and square footage is just a pawn in the grand scheme of property investment. Join us and Wayne for a session that could be the blueprint to your Airbnb empire.
Welcome back to Aston Incorporated guys. Wayne Aston, here, I am your host, and with me is the co-host, dallin Aston, excited to be here again. Guys, thanks for joining us. Excited, she was good. So you guys have all, I think, been eagerly anticipating getting into some of the nuts and bolts, educational value that we've promised for you. And so today we thought maybe, since Dallin and I both share a real passion for hospitality, we might dig into starting an Airbnb business. Yeah, and how cool is it that Airbnb has become so prolific that it's its own, like noun, like hey, I own an Airbnb, or so cool, let's Airbnb that.
Speaker 2:Yeah.
Speaker 1:Like, you've reached a certain market status when a company name becomes a noun or a verb or an adjective. Yeah, yeah, let's Airbnb that property.
Speaker 2:Yeah, when I describe what I do, people don't understand, unless I say, oh yeah, it's an Airbnb. And they go oh okay, that's what it is. Yeah, yeah.
Speaker 1:So what is Airbnb? For the listeners who are new to all of it, what is Airbnb?
Speaker 2:In simple terms, it's taking a property and letting people stay there overnight. But what is the company Like? What is the company of Airbnb.
Speaker 1:We just proved.
Speaker 2:We just proved how powerful that's becomes. Airbnb is. Obviously it's a platform. You can list your property so that people can come stay, you know. And so they went from super, super small run and letting people come and stay for conferences in their own place to now having a platform where you can go on and say hey, you know, you can create your own listing, you can upload photos. It's essentially the software that allows you to put your property in front of millions and millions of travelers. Pretty awesome.
Speaker 2:You can rent your home, you can rent your basement, you can freely rent whenever you want. There's some pretty crazy things on Airbnb. It's tents trailer. It's kind of funny.
Speaker 1:There's also resorts you know.
Speaker 2:So I mean you have a wide spectrum.
Speaker 1:So what would cause a traveler to go rent a property that is marketed on the Airbnb platform versus just going and staying at a hotel?
Speaker 2:Oh man. Well, there's a lot that goes into it and people are gonna have different opinions about it, but from you know. So Airbnb it's not. You know you're not gonna go in like a hotel, have a front desk. Well, I guess some places could you know there's, like I said, there's a wide variety of properties on Airbnb. But I'd say the biggest distinction is, you know, in a hotel, traditionally, you go in, you get the front desk, they give you your key card, you'll, you know, you'll the bellhopper, whatever you'll take your luggage up to your room. It's a single room and it's pretty standard, Right? I mean it's hotel, it's a hotel room, there's hotel rooms.
Speaker 1:It's congruent, it's congruent, it's very congruent the style, colors, the brand it's congruent to the brand.
Speaker 2:And whatever hotel you're staying in, there's similarities in the sense that it is a hotel. There are nicer hotels and there are not as nice hotels.
Speaker 1:Right, yeah, absolutely.
Speaker 2:This is just super high level. But then Airbnb you have super. I mean you could go, like I said, you can go stay in someone's basement, right, you can. On the flip side, you can also go stay at our resort level property.
Speaker 2:Now, something interesting with mine is I have done my best to make them feel like a resort, but they're a town home, so it's a full. I mean you're in a full, you have a full kitchen, you have a full dining room, full living room, you have two bedrooms, I mean walk-in shower, walk-in closet. I mean that's what we're talking about here, right? That's not a hotel room, that's a full home You're coming to stay in while you're vacationing, right. So you get a group, you get your family. It's like you're a home away from home almost is kind of that, and there's a lot of that, you know. And you get some really crazy ones. You have cliffside little resorts and bubble hotels and stuff on Airbnb that you see a lot. But when I say Airbnb is so, it's like you know you could go to a hotel's website and you book their hotels. Airbnb, oh man, the sky is the limit. There's properties of every nature. They spend to resorts, to.
Speaker 1:So they don't have quality controls on the class or their location or anything like that.
Speaker 2:No, they're an open platform. That's what's interesting, right, and I think I've mentioned this before, but you know you have millions of properties on Airbnb. This is a double-edged sword, right? Because so many people think, oh man, I can just throw my property up on Airbnb and it's gonna work. Sure, I'll get bookings False. That is false and I can speak from experience.
Speaker 1:This is false right, let's qualify this, guys. You know, if you're taking notes, vrbo is a competitive platform to Airbnb. I think maybe not as wide of a net. I think Airbnb's the leader. I think the latest statistic showed that Airbnb was capturing like 37% of market bookings for this type of offering, whereas VRBO was capturing like 31%, so they're not far apart, but yeah, they're close Verbo.
Speaker 2:I think you know HomeAway, whatever you wanna call it. It's known by several different names, but it's a lot of long-term stays.
Speaker 1:It's kind of what I've noticed.
Speaker 2:And there are anomalies. I mean you can get in the weeds about this, but there are several platforms. I mean you can throw stuff up on bookingcom. I've done that, you know, anyway. But yeah, primarily Airbnb, vrbo, verbo, homeaway, whatever you wanna call it. Airbnb does have a little bit more of a an influence, I'd say, in this space right, Okay, so what?
Speaker 1:it seems clear that there's an advantage If you had a unique property in a unique location, putting it on Airbnb or VRBO. It's a unique profit opportunity. A unique opportunity to be more profitable than you would just renting it out to someone on a 12 month lease, like over a month to month lease, Much more profitable on a nightly rental basis.
Speaker 2:Is that fair? That's totally fair. I think the one thing to note, though, is you're also assuming a little bit of risk, you know, I mean for the greater reward. You're gambling in the sense that you don't know that you're gonna have renters, and this is kind of where I get into why Airbnb is unique. Because you have so many people listing properties thinking they can just take a piece of that pie. Excuse me, anne, because of that, you get a lot of listings with no eye for hospitality, you get poor pictures, you get dirty places, and the majority, I'd say, of properties on Airbnb are pretty average.
Speaker 1:I agree, I have stayed in a lot of Airbnbs, just kind of by way of you know, reconnaissance to see what I'm competing with. I would agree with that. I think it's average that it feels a little more like somebody's house, yep. That's the nature of Airbnb Like my uncle let me come stay in his house.
Speaker 2:Yeah.
Speaker 1:Now I have stayed in some extraordinary Airbnbs that really understand hospitality marketing programming. They have them furnished, furnished and decorated amazingly.
Speaker 2:Yeah.
Speaker 1:I think the real opportunity. Well, one of the many opportunities here is you've got a property that exceeds the quality or the enjoyability of the environments you have at home.
Speaker 2:That's novel.
Speaker 1:Yeah, if it's similar to where you live and you're going on vacation and it feels like you're still at home. That's to me that's not as appealing, Right, it's nice and people, I think, will pay more in my experience if they have a nice home, but they go and they're in this amazing place Really cool. They'll pay.
Speaker 2:Yeah, that's of a higher value to a traveler right Absolutely To be in a nicely furnished, nicely programmed, clean, clean, smell, yep, yep, all these things matter. These things matter Amenities, yeah. And another thing that I've noticed is during their stay, if they are having you know you're I've had a couple of guests say in reviews you know Dallin was an amazing host. He checked in on us but he wasn't overbearing, yeah.
Speaker 1:And it's interesting.
Speaker 2:And I've also had people, so I have digital concierge devices in my units and it welcomes them by name. Yeah, which is cool.
Speaker 2:It's like hey, so-and-so, and I've had people comment in reviews too, hey, the kiosk, or whatever they call it, is a very nice touch. Hey, so-and-so welcome. And then you know, you have my recommendations. Of this, this none. It's about the property, about your stay. There's some content there, but what I'm talking about is the overall experience, and this is what's going to make your property stand out. You know, because, like I said, everyone has an Airbnb and so we're talking about. You know people's experience. If they're going to have a better experience, then you're going to do better If you're listing looks unique, if it looks beautiful, appealing, if it looks themed.
Speaker 1:So it might make sense to pay a couple hundred bucks for a professional photographer to get in and set up the light boxes and act like it's a nice camera, instead of using your iPhone to take the pictures of the listing. Is that what I'm hearing? Yes, I agree, Well, 100%.
Speaker 2:Look, when I first did mine, I took photos of my phone, okay, and you know the phone's now, like my iPhone 13 is pretty awesome, the camera is great, okay, but I personally am not a photographer. Yeah, I can take some okay photos and everyone is going to say, you know, in the Airbnb space or the DIY space, I'll just take your own photos. It's super cheap, cheap, simple, and I know people that have sent. You know, I'm going to set up my Airbnb and I'm going to go to KSL and get some stuff like fridges and get used stuff and put it in the unit. These are small things that are that could be detrimental because my phone photos I thought they were so good. I hired someone to come to them and I was like, oh my gosh, if I were to sell mine.
Speaker 1:I'm like I'm going to die. That looks like a dark dungeon compared to that looks like.
Speaker 2:It's amazing fun. That looks like I'm going to go there and get murdered in my sleep.
Speaker 1:And at the time I don't think they were that bad. I'm obviously already. It's a contrast, though.
Speaker 2:But the contrast. I'm trying to make the point here.
Speaker 2:Yeah, it was like a diamond against a black backdrop. I was like, why did I not just do this in the first place? Yeah, what am I doing? And I think what happens is, a lot of times, people like me, you sit here and be like man, I can do this, it's easy. But I really, really, am an advocate for bringing in the right people to make it unique and make it stand out, because if I tried to just do all of it myself, it probably wouldn't be that great. Yeah, yeah, I'll be honest.
Speaker 1:And so talk about that for a second. Like you, obviously, you own a property management company. You're an operator, so you operate, you program and manage your own assets. You're not hiring a third party property manager. Now you could do that, yeah, that it might make sense to do that if you don't live in the same city. However, with a little elbow grease and kind of intuitiveness and some education, you can kind of staff your own operation, even if you're out of state, and make it fly right. So what goes into that? I mean, how are you doing this without cleaning a unit every time someone stays? That could be like three, four, five cleans every month.
Speaker 1:Yeah, yeah, so I gotta be a full-time situation if you were gonna do it yourself, right, right.
Speaker 2:So again, it's about, if I try to do it all myself, that's it. I'd be living in Moab, yeah, and then I don't wanna do that. Yeah, you know I love Moab, but you find the right people, so I have an awesome cleaner and she takes care of everything on site property management.
Speaker 2:Like in the early days, I would drive down if something was amiss and then I'd turn right back around and go back up, yeah. Now she's like, please just don't come down, like I'll take care of it. I'm like, oh okay. So finding the right person, that can, the right people, I'm gonna say, actually is super important, and I'd say that with not only the cleaning but also the furnishings, you know, I mean I had a lot of help in designing, getting the furnishings looking good, the themes looking good, yeah, and then the digital concierge that was significant in phones for others and what they were doing. I mean I feel like I was really good at putting all those pieces together and making it function. But me personally, I'm not the one that's actually designing the software. That's gonna be the digital concierge. I'm not the one actually cleaning the unit, I'm not the. I have this kind of standard of excellence that I wanted to achieve. This is kind of what we're looking to do Now. Let me bring in the right people to do this Right, you know.
Speaker 2:And I know a lot of people miss that on Airbnb, specifically because they go oh I can, it's so easy. Listing an Airbnb takes like five minutes.
Speaker 1:Yeah, it's so easy, and that's why there's so many of them.
Speaker 2:Right, Right, but it's. But most of them are just someone that's like, yeah, that's proper. I'm just gonna list it.
Speaker 1:Yeah, yeah, so you've really covered. I think we could drill deeper in programming, but maybe we come back to that. I think the listeners would find a lot of value in. How do I find a good deal, how do I know when I select a property to be a good Airbnb business? How do I select the market, like location, what goes into that process of selecting the market and selecting the specific location?
Speaker 2:Yeah, well. So I actually had a friend the other day. His brother was asking him about Airbnb. He's like I would love to do this and again, so many people say I wanna do this, but I don't realize, kind of what goes into it. Right, yeah, but he was like can I give him your number and you chat with him? And I was like, of course, right. And so he calls me and he's like, hey, so what's your advice for buying Airbnb? And I was like that's such a loaded question.
Speaker 2:Yeah, oh yeah, that's so, there's so much.
Speaker 1:That's a hundred answers that is so I mean what? Podcast. Listen to my podcast. Listen to my podcast. It's called Ask and Incorporate, and check it out. You will get everything you need if you're thinking about it seriously, absolutely.
Speaker 2:But the answer that I gave him and I'll go in a little bit more depth than I gave him, but I said there's just a couple things First and foremost is, like you said, like location. What about that location? Cause, again, airbnb has places everywhere In every zip code, Everywhere. I mean you, man. I'd be shocked if you found me a place that doesn't have an Airbnb.
Speaker 1:Yeah.
Speaker 2:It's crazy.
Speaker 1:I'm just going to test it while you talk.
Speaker 2:Yeah, yeah, find places that don't, and I'd be curious as to why. But so then you have places that are super saturated Salt Lake.
Speaker 1:Yeah.
Speaker 2:I would never buy one in Salt Lake, and so this is where I'm getting into my and maybe you have some different thoughts here, but my thought is okay, I'm looking for places that have some unique experience. Okay, an attraction, an attraction of sorts. So Moab has what? Four million unique visitors a year on average. Tourists, tourists, okay, tourists, yeah, and they come, and they come to these national parks. You've got two national parks within 20 minutes of Moab, right, and so my property sits like it's seriously 20, 30 minutes and you're at a national park Well, even less than that 15 minutes probably. So it's super close to these really cool things and people are coming for that, right, and so you're.
Speaker 2:My focus is how can I help them have an elevated experience at these parks while staying in my place? You know, that's the biggest thing to me is I want to help them have this experience and enhance their stay in this already cool place. Yeah, you know, and so if a place has something like that, I'm more inclined to look into it, because then you can start justifying these metrics. That you're looking for Performance, you know. You're looking at debt, you know debt service coverage, yeah, and you know. That essentially means you know you have your mortgage, say it's $1,000. You know your debt service coverage is how many times you can pay that mortgage with the revenues you know. And so mine are about three and that's crazy.
Speaker 1:That's insanely good. That's crazy, Guys. Just to underscore the metric when you talk to your mortgage lender to buy a property, a home which is a primary residence you're going to move into, they're going to talk to you about DTI debt to income. They'll never talk about debt service coverage. Debt service coverage comes into commercial property. But just so you're aware, most commercial lenders are going to be looking for a sweet spot of the debt service coverage ratio, meaning the revenue that is generated by the property compared to the payment of the mortgage. They're looking for like a 1.3.
Speaker 2:If you have a 1.3, 1.5,.
Speaker 1:if you can cover the mortgage one and a half times, that's a good ratio for by, I think, most commercial standards. If you guys are seeing something different, please chime in and correct me. But a three times debt service coverage, that's magnificent, that's a good one. If you can treat it in every property you've got, you're going to be making a grumble of money.
Speaker 2:Well, and this is why I like Airbnb so much, right, I guess. Well, not Airbnb, the company, the nightly rental, I guess, is what I should say, that class of real estate. I love to go in there and go up to an investor and say, yeah, this is a three, they're like what they're like. Really, that's kind of cool, right. And you get that because you're selecting these markets with the capability of doing so, and in my head, that means, well, experience, the experience of said location, or what makes that place so cool. And if you have a property that highlights that, if you have a unique property, you'll get higher and higher, I know we touched on this, guys in the real estate one of our real estate specific episodes early on.
Speaker 1:I'd like to underscore this because it's relevant contextually. When we talk about a debt service coverage ratio, we compare a multifamily asset to a commercial, like a hotel or what I like to do hotels and luxury condo resort Different programming, similar square footage. Debt service coverage ratio on that apartment, economically speaking, looks something like this the underlying debt or the underlying mortgage for that apartment unit, let's say it's 1,800 a month. That means I'm typically charging 2,000 to 2,300 a month, which means my margin or my spread is $3 to $500 a month. That's a long-term lease, guys. So if you're thinking about building multifamily or owning an apartment building, that's what you're looking at Now you times it by 100 and that's good cash flow, right? That's great. The debt service coverage ratio is a smidge over one. It's like one something.
Speaker 1:It's one point something right Maybe?
Speaker 2:the great one is 1,800. So yeah, yeah, that's right.
Speaker 1:So debt service coverage ratio does correlate to profitability. So a three times debt service coverage ratio means if your mortgage on your unit is 1,800 a month, it means 18 times 3. Is what the cash flow is. So what is that?
Speaker 2:A little over six grand.
Speaker 1:Yeah, so, yeah, so I don't sound stupid. I'll just get 18 times three. It's 5,400. Okay, it's 5,400 a month. It's 5,400 a month for the same. It could be the same square footage Versus an apartment on a lot apartment unit with a long-term lease. That's making 2,000 a month gross right. So the net over here is Five times greater. Yeah, so back to that friend of yours. I was like, why would you ever do it? I don't know.
Speaker 1:That's what DCS are, guys debt service coverage ratios a big part of it. But profitability, but location locations critical to be able to to be able to achieve that. Yeah, it's the performance of the asset.
Speaker 2:Location drives it so yeah, with location, you're talking about accessibility, mm-hmm You're talking about you know, how close are we to act?
Speaker 2:those attraction right, because while a specific location, city, wherever, might have sub traction, throwing one up in Moab In a place that's hard to get to isn't probably, it's probably not gonna be your best idea. Yeah, you know, and so Really, truly there's. You know you want to take into account these things, right, mine, right off the road, easy to find location. They're, they're close to these, the awesome experiences. And that plays in the factor you know locations a big deal, right, yeah, so then you also, when you're talking about an Airbnb you want to get, you want to look at cost, obviously, right, yeah, you know, it's really hard for me to justify some numbers. It you know. For example, if you're, if you're, if your property is bringing in, let's just say five thousand dollars a month from Airbnb, or that's.
Speaker 2:You know the historical data or whatever. Let's just say you have a property that produces five thousand dollars a month, you know, having you know the more expensive that property starts to get you have. There is a point where you just you can't charge necessarily more per night, absolutely, you know, and so the higher that property costs, the less You're you're. And this goes back to debt coverage. Yeah right, debt service coverage, it's. It's a similar principle, so that the cost of the actual unit factors into this.
Speaker 2:Yeah you know you're gonna have different things that influence that, but truly, I mean from from my standpoint with you know, investor relationships and Creating a fund, like all those things. I want to be super, super cautious about that, you know, and you know they're strategy about being cautious, but you really, really want to find that sweet spot and that service, I think, is a big key.
Speaker 1:Let's go back to location for a second, because this is really relevant in what I'm doing with the regional luxury resorts. So it's just as if the same principles apply. It's finding an anomaly in a market. When I select a market, why would I go spend a hundred million dollars in a market? I mean, you have to know it's the same as if you're gonna go spend 400 grand on one unit in a market. You need to know Six hundred about that location. So a couple things that I'm looking for is the competition. You talked about saturation, like why why not Salt Lake City? Well, because there's probably a thousand houses in Salt Lake City to compete with yeah and yeah, so so the more competition. So in the in the regional luxury resort space, I don't go to Orlando or Vegas or New York. I'm not in the major MSAs by design Right now.
Speaker 1:Historically speaking, guys and I've proven this thesis since 2006 In 2008 we had a crisis, the mortgage crisis. We call that the Great Recession. Again in 2020, we had COVID-19 pandemic. What happened is in hospitality, generally speaking and globally. When, when we have the recessionary environment, folks will stop spending big dollars to go you know, go to Europe, asia, hawaii for vacation. They will, however, pack the wife, kids and dog up and go to a regional location, somewhere drivable, and so now it's going to come down to amenities, luxury Pricing, all of these become a factor. Right, but.
Speaker 1:But when I'm selecting a site, I want to be in a spot where there's not a thousand competitors. Yeah, I want to find a spot that has a scarcity of available lodging, coupled with an extreme demand for lodging. Yeah, now, the effect of that guys has upward pressure on all the relevant metrics. So for the realtors out there, take the price per square foot and throw it in the garbage, because that's irrelevant To what we're talking about. Price per square foot means nothing. When we're talking about cash flowing property, we are focused on an average daily rate and an occupancy rate. Okay, now the anomaly I just described, creating the upward pressure, means that the nightly rate will be higher and the occupancy rate will be higher across the year.
Speaker 1:So Moab is a great example of that, and I like to use the, the highest place as a specific example in Moab. Moab has an extreme demand, four million plus visitors a year coming into those national parks, and there's a scarcity of lodging, and it's it's been, it's been really a scarcity of logic lodging promulgated by Local authorities, municipal authorities, who are not pro development. They want to stifle development, so they've done their best for decades to keep people from building new hotels and new condos and new properties that could do a nightly rental. In fact, in 2019 in Moab, the Band a sleeping band to prohibit any nightly rental. So you have a billion dollars. You're not flying your jet into Moab today, buying 10 acres and trying to build a condo resort or a hotel Because it's not prohibited. But what does that do if you own a condo already with nightly rental zoning? What they've done is they've created an environment that protects you from competition, protects me from competition coming into that market. I like that right and so. So when we talk about that anomaly in the market Scarcity of available lodging, extreme demand how do we measure those things?
Speaker 1:I'd recommend you go to air DnAcom, air DNAcom, subscription based Data provider. You can also go to Smith Trent Smith travel and get what's called a star reporter, an str report. That'll give you all of the hotel nightly rates and occupancies. The air DNA will give you condo data. It'll give you, like Airbnb, vrbo, data on nightly rates and occupancies. These are what you're going to pay attention to, because the higher the oh let's go back to. Let's go back to the Hyatt place. I almost space that so but the Hyatt place.
Speaker 1:Here's the. Here in real life is the the applicable. It's the. It's the reason. Finding an anomaly makes sense. If you go stay in a in the in the Hyatt place in Houston and you just go on price line tonight, that Hyatt place is probably 89 a night For Friday and Saturday night. If I go to New York Times Square, manhattan, it's probably around 128 a night, you guys feel free to get on price line and verify what I'm saying, because this is the trends over the last seven years.
Speaker 1:The highest competition I've found is in downtown San Francisco. Downtown San Francisco has a Hyatt place they will do 168 a night. Yeah, so if I could pick any of those three locations, I want to be in downtown San Francisco. Well, it's very hard to find property to buy in downtown San Francisco. It's very developed. Yeah, the Hyatt place in Moab.
Speaker 2:Guess what it does guys?
Speaker 1:Hiya Place in Moab can average 450 a night, 480 a night almost three times revenue of every other hiya place on earth. That's crazy and that's it. That's the perfect example of finding a market anomaly and how I site select for a luxury resort. Yeah, my profit potential in the specific location with specific attractions and specific market nomenclature mean that that profitability potential is really high, and so that's that's how I select my resort locations. I would recommend any. Anyone looking to buy a property for an Airbnb business would go through something similar and try to understand cash flow potential, because cash flow potential is going to drive value. Right, what you can pay for a property is incumbent on what you can produce with a property, and it's nothing to do with the price per square foot. Right, we're worried about price per square foot when we're building new stuff. Yeah, we want to measure that when we're building it to make sure we got a good value.
Speaker 1:Yeah, so we've covered location in pretty good detail.
Speaker 2:What else is?
Speaker 1:there that you feel like we need to add, and we could do multiple episodes on Airbnb business guys.
Speaker 2:Yeah, but well, you know, I mean I could touch on a quite a few things, but I think that scarcity, that that location, that the experience, those those three things, honestly I mean, are driving factors that trickle and everything else. Experience- economy.
Speaker 1:Yeah, that's a term, that's a term.
Speaker 2:Yeah, the experience is so, so important. You don't care about just head in bed anymore, like I'm. Oh, I'm gonna go stay in this little room, yeah, with nothing. Yeah, people want an experience, so give them an experience, then.
Speaker 1:That's an entire episode I don't want to get into the weeds, obviously, because let me just let me just cap this episode by staying that, you know, last year down and I had a really fun opportunity to go and actually via zoom, present to a specialized class at Brigham Young University on two different occasions of a to a student body who are studying a specific new emerging field called experience economy.
Speaker 1:Very guys, experience economy go get the book, that's the Bible of what we're talking about. There's a book called experience economy and you must you must read that book if you're gonna get into Airbnb business. It's gonna it's gonna go in way deep into the weeds and what Downs he's really wanting to dive into it. We will.
Speaker 2:I.
Speaker 1:I'm committing right now that we'll do an entire episode on experience economy. Yeah, okay, so with that.
Speaker 2:I think we need to wrap it.
Speaker 1:This has been a fantastic let's call it the, let's call it the toe dipping in the water on Airbnb. This is kind of the first crash course. The first. This is the Airbnb 101, and we'll have a lot more to come for you guys, so hope you got something out of it today. Thank you for tuning in with us. Aston Incorporated and you guys have a great afternoon.