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☆ Portugal bans new Airbnbs over fears of popular cities becoming 'some sort of Disneyland'
▼ + stars: | 2023-02-22 | by ( Dan Latu | ) www.businessinsider.com time to read: +3 min

Portugal has unveiled sweeping reforms to make buying and renting homes more affordable for locals. Part of the crackdown is not granting new licenses for new Airbnbs or other short-term rentals. The prime minister said he's seeking to "balance" local housing needs and economy-boosting tourism. The country's prime minister Antonio Costa said he worries about Portugal's cities turning into "some sort of Disneyland." The new measures would freeze the nearly 110,000 officially registered "tourist homes" in Portugal, according to Spanish newspaper El Pais.

☆ A 27-year-old personal trainer who quit to become a home flipper has transformed 8 properties in 2 years. See inside his latest project.
▼ + stars: | 2023-02-17 | by ( Dan Latu | ) www.businessinsider.com time to read: 1 min

On his first flip, Neuman was able to turn a $112,000 profit on a three-bedroom home in Willingboro, New Jersey. For this current project, his eighth, he purchased a Philadelphia home for $190,000 and invested another $130,000 in renovations. It's now on the market for $414,900. Neiman's first project was a "cosmetic flip," he said, whereas this Philadelphia renovation was far more ambitious. Courtesy of Mike Neuman

☆ 7 hidden-gem cities and towns to buy an Airbnb in this year
▼ + stars: | 2023-02-13 | by ( Dan Latu | ) www.businessinsider.com time to read: +2 min

They were picked for their high rate of bookings, growing revenue, affordability, and regulations. The list of 25 cities and towns captures destinations with "momentum," said AirDNA economist Jamie Lane. This year, the team also responded to the growing wave of regulations cities and towns are putting on short-term rentals. Locations like Burlington, Vermont and Madison, Wisconsin, for example, were removed because of new rules that limit who can own short-term rentals or require month-long stays. The list, however, is mostly dominated by midsized cities in the Midwest, where home prices are cheaper than in more expensive coastal cities.

☆ A writer of 5,000 real-estate listings critiqued ChatGPT's attempts. Certain lines made her 'cringe,' but she expects brokers to choose the free AI chatbot over her anyway.
▼ + stars: | 2023-02-13 | by ( Dan Latu | ) www.businessinsider.com time to read: +6 min

Insider asked Hyrapett to analyze ChatGPT write-ups of homes for sale in New York and California. The Zillow listing for a Yonkers, New York, home that Insider asked ChatGPT to write a description for. Dan Latu/InsiderWhen Hyrapett reviewed the listing, she called some of the words the chatbot used — including "boasting," "spacious," and "well-appointed" — cliché. Instead, Hyrapett said, she prefers to use "offers" or "provides" instead of "boasts," "generously sized" for "spacious," and "thoughtfully designed" over "well-appointed." Dan Latu/InsiderThe best real-estate listings lure buyers with call-to-action phrases like, "Come start your new beginning, " Hyrapett said.

☆ A manager of 95 Phoenix Airbnbs is stunned that half his homes are empty over Super Bowl weekend. Is it the latest Airbnbust?
▼ + stars: | 2023-02-10 | by ( Dan Latu | ) www.businessinsider.com time to read: +5 min

Phoenix Airbnb hosts were expecting to be fully booked over Super Bowl weekend. Take a prime three-bedroom two-bathroom home that Kenworthy manages in Scottsdale, a suburb of Phoenix that actively prepped for a wave of Super Bowl visitors. The Super Bowl is being held at State Farm Stadium in Glendale, Arizona. Christian Petersen/Getty ImagesThere are even signs of a recent surge in listings in response to the Super Bowl hype. While Phoenix will continue to be a popular vacation spot, Harvey predicts the Super Bowl disappointment will motivate some owners to sell their short-term-rental properties.

☆ Generations Y, Z, and Alpha will become the biggest buyers of luxury goods by 2030, a new study shows
▼ + stars: | 2023-02-07 | by ( Felise Seah | ) www.businessinsider.com time to read: +4 min

Younger generations are set to become the largest buyers of luxury goods by 2030, the report says. Bain's study is based on information and data provided by the Fondazione Altagamma, an Italian luxury goods body with over 280 luxury companies as members. Millennials born between 1980 to 1994 are dubbed Generation Y, whereas Generation Z refers to those born between 1995 and 2009. These habits could also be a result of the booming luxury resale market, where Generation Y, Z, and Alpha are treating luxury goods as valuable investments. This is expected to make luxury goods much more accessible and bolster sales to Generation Y, Z, and Alpha consumers.

☆ Confessions of 20-somethings who live at home and splash out on cars, designer handbags, and nightclubs instead
▼ + stars: | 2023-02-04 | by ( Dan Latu | Kelsey Neubauer | ) www.businessinsider.com time to read: +9 min

They're also spending the money they would have spent on rent on pricey goods and travel. Courtesy of Julia MachajProfession: EngineerIf she weren't living with her parents she'd live in: Stamford, Connecticut, where the rent starts at $1,875, according to Rent.com. Courtesy of Jonathan BranchProfession: AccountantIf he wasn't living with his parents he'd live in: Arlington, Virginia, where rent starts at $1,999, according to Rent.com. He's spent money on: $700 Sony camera and $800 lensesJonathan Branch recently turned 30, but spent his twenties living at home in Fairfax, Virginia. Courtesy of Gabby BeckfordProfession: Travel influencerIf she weren't living with her parents she'd live in: Seattle, Washington, where rent starts at $1,560, according to Rent.com.

☆ A couple trying to rent an Airbnb in Texas were turned away after the host learned they were gay. It's the short-term-rental giant's latest problem with discrimination.
▼ + stars: | 2023-02-01 | by ( Dan Latu | ) www.businessinsider.com time to read: +3 min

Curtis Kimberlin Jr. and his boyfriend booked an Airbnb in Dallas to travel to a wedding. Curtis Kimberlin Jr. and his boyfriend, Jonathan, sent a booking request to the host, whom NBC 5 identified only as Pete. Airbnb told Insider the host was no longer on the short-term-rental site. The American nonprofit Color of Change has found that guests perceived to be Black were less likely to be accepted than guests perceived to be white. Kimberlin told NBC 5 that he and his boyfriend accepted accommodations for the wedding weekend from Hilton after the hotel chain's account responded to Kimberlin's tweet.

☆ Airbnb hosts' latest trick to draw more bookings: $0 cleaning fees
▼ + stars: | 2023-01-28 | by ( Dan Latu | ) www.businessinsider.com time to read: +6 min

Airbnb guests griped last year over cleaning fees added after they picked a place but before paying. Still, some hosts say explicitly advertising $0 cleaning fees helps increase bookings. More than two months after the change took effect, some Airbnb hosts told Insider they still saw resentment lingering among travelers. The hosts told Insider it seemed to generate interest in their rentals and even increase bookings during a tough time for some short-term-rental owners. Dan Latu/InsiderMelissa Hughes has never imposed cleaning fees at her goat farm in Tallahassee, Florida.

☆ A Compass real-estate agent hired — then quickly fired — a woman after she was accused of taking part in the Capitol riot and linked to COVID-19 denial and anti-LGBTQ rallies
▼ + stars: | 2023-01-26 | by ( Dan Latu | ) www.businessinsider.com time to read: +2 min

Compass' official Instagram account said Makowka no longer worked for Townes. This week, after a politically progressive Instagram account reiterated its claims that Makowka was connected to the January 6, 2021, Capitol riot, Compass' official Instagram account confirmed she was terminated. "It is a fabrication that I stormed the Capitol," Makowka told Insider on Wednesday via Facebook Messenger. Later that day, Compass' official Instagram account commented on the post: "This person is no longer associated with Compass." The Townes team did not respond to requests for comment.

☆ I Asked ChatGPT for Real-Estate Advice. Here's What It Told Me.
▼ + stars: | 2023-01-21 | by ( Dan Latu | ) www.businessinsider.com time to read: +1 min

I asked ChatGPT common questions about real estate. I didn't get earth-shattering advice, but it could be a good place to start if you feel clueless. Loading Something is loading. ChatGPT is not exactly that friend, but the generative-AI tool sweeping the internet is a good starting point to tackle the most basic real-estate questions. Specific ideas or advice, such as the timing for real-estate choices or ways to improve the value of a home, were less impressive.

☆ You can rent out Daphne and Harper's Sicilian villa from 'The White Lotus' for around $6,000 per night on Airbnb
▼ + stars: | 2023-01-20 | by ( Dan Latu | ) www.businessinsider.com time to read: +2 min

The Villa Tasca is available for around $6,000 per night with a three-night minimum on Airbnb. The Villa Tasca has inspired famous opera composers, according to its website. The Villa Tasca grounds include a 20-acre garden and citrus grove. Courtesy of the Airbnb Photographer CommunityIn "The White Lotus," the villa is located in the town of Noto, known for its baroque architecture. But the Villa Tasca actually is located in Palermo, Sicily's capital and where other tragic storylines in season 2 take place.

☆ A popular Phoenix suburb is cracking down on Airbnbs ahead of the Super Bowl, with one critic saying its 5,000 short-term rentals are 'destroying neighborhoods'
▼ + stars: | 2023-01-18 | by ( Dan Latu | ) www.businessinsider.com time to read: +4 min

There are about 5,000 short-term rentals in Scottsdale, Arizona, a local CBS affiliate reported. Some locals say short-term rentals have had a detrimental effect on neighborhoods. The regulation is a warning to the industry that has flourished under a 2016 Arizona law that banned local caps on short-term rentals. Scottsdale is joining the dozens of cities across America attempting to control their number of short-term rentals, which reached a record high in US supply last year. The expansion of vacation pads has been a 'slow-cooked lobster'Indeed, the explosion of short-term rentals in Scottsdale is "out of control," Whitehead, the councilwoman, said.

☆ The Wordle of real estate is here. Can you guess a home's asking price?
▼ + stars: | 2023-01-13 | by ( Dan Latu | ) www.businessinsider.com time to read: +3 min

Users get six tries to guess the asking price of a house, which Weitzbuch selects by hand daily. Your real estate prowess can finally be put to the test with Housle, a new daily game created by Los Angeles reality-TV producer Doug Weitzbuch. Modeled after Wordle, the massively popular game where users guess a five-letter word of the day, Housle tests you on the asking prices of homes for sale. Echoing Wordle's six guesses, Housle gives users six tries to predict the listing price of a house from any part of the country. Weitzbuch is also an avid Wordle player, sharing his daily score with four friends in a group chat dubbed "Wordle Nerdles."

☆ A 24-year-old whose bold Airbnb brings in $9,500 a month shares ways to make listings stand out and get more bookings
▼ + stars: | 2023-01-11 | by ( Dan Latu | ) www.businessinsider.com time to read: +2 min

Bridgette Whitney, 24, attributes the success of her Nashville Airbnb to eccentric design choices. Hosts from North Carolina to Arizona tap her to help their listings stand out from the competition. She shares her best design tips, from painting your own mural to outfitting an eye-catching bedroom. The pressure is on for Airbnb hosts headed into 2023. Whitney stressed that hosts don't need to break the bank, but just pick just one room or area to focus on.

☆ Only 3 Sedona Airbnb hosts have applied to a program that would pay local landlords $10,000 to rent homes to everyday people instead
▼ + stars: | 2023-01-05 | by ( Dan Latu | ) www.businessinsider.com time to read: +4 min

Sedona, Arizona, offered last year to pay short-term-rental hosts up to $10,000 to delist homes. Sedona is just one US town grappling with the question of how short-term rentals should operate in their communities. One Sedona local identified as Kaitlin told Wired's Rosie Bradbury that the rent on her three-bedroom house increased by $800 in just one year, which forced her to move out and live in a friend's caravan. Many of the property owners who reached out in the initial wave of interest, didn't qualify for the program, Boone said. Instead, Boone hopes statewide legislation is passed this year that allows towns to cap their number of short-term rentals.

Insider's rising stars of real estate span roles in leasing, affordable housing, and urban planning. We asked 20 of these young industry experts and innovators to offer predictions for 2023. 2022 wreaked havoc on the housing market: Mortgage rates rose at a fast clip, bidding wars cooled, the Airbnb market shifted, and some high-flying proptech darlings crashed back down to earth. Insider picked 30 rising stars of commercial and residential real estate who're transforming the way homes are sold and offices get built. Here are the predictions for 2023 from our rising stars:

Insider's rising stars of real estate span roles in leasing, affordable housing, and urban planning. We asked the young achievers about the books that influenced their careers or personal growth. For some of Insider's rising stars of 2022, the subject matter might surprise you. Other rising stars told Insider they wanted to learn from the trials and tribulations of successful people, like the Nike cofounder Phil Knight. Below, find the selection of 29 books that influenced the rising stars, along with their musings of what they learned or how they applied the lessons to their practices.

☆ A 23-year-old brings in up to $10,000 a month teaching Manhattan's luxury real-estate agents how to make TikTok videos
▼ + stars: | 2022-12-21 | by ( Dan Latu | ) www.businessinsider.com time to read: +5 min

Film student Lizza Prigozhina helps NYC real-estate agents market homes on TikTok, Curbed reported. A "good month," she told Curbed writer Bridget Read, means up to $10,000 in income. It's all in the name of helping real-estate agents capture eyeballs on TikTok, which they can hopefully turn into potential buyers and renters who actually pay them in commission. "Some are like, 'I can't spend money on this,'" Prigozhina told Curbed. "Alexander has a big personality," Prigozhina told Curbed.

House bows are becoming a popular way for real-estate agents to add pizzazz to newly sold homes. House bows are often purchased by local realtors to celebrate closings or drum up interest in a property, and by particularly spendy gifters looking to surprise their family members or spouses with a new abode. King Size BowsSteven Rosenfield, the owner of Giant Bows in Old Lyme, Connecticut, has observed a similar bump in business. Hughes charges around $600 plus shipping for an average 6-foot, two-loop house bow. A King Size Bow used for decoration.

☆ A couple with 22 active Airbnb properties that bring in $1.3 million in annual revenue said on YouTube that they're planning to 'quit' the platform because they want 'more control'
▼ + stars: | 2022-12-17 | by ( Dan Latu | ) www.businessinsider.com time to read: +6 min

Sara and Tony Robinson told their 30,000 YouTube followers they wanted to "quit" Airbnb. They won't pull their 22 active properties off Airbnb, but they'll try to increase direct bookings. The couple added that they will not delist their 22 active properties from Airbnb entirely, but rather embark on an aggressive push to lure direct bookings. Airbnb prohibits hosts from giving guests who book via Airbnb a direct-booking link, and bans moving conversations off the platform or embedding any links in instruction manuals. More YouTube channels: The Robinsons want to create additional YouTube accounts with content showing off activities in the local markets for their properties.

☆ These Airbnb owners run short-term stays out of a school bus, tree house, yurt, and a fire station. They break down 5 tips for managing out-of-the-box properties.
▼ + stars: | 2022-12-15 | by ( Dan Latu | ) www.businessinsider.com time to read: +2 min

Georgia couple John and Fin Kernohan welcome guests to unique properties that brought in $6,000 last month in revenue, they say. Managing unusual properties creates unique challenges like fighting the elements and managing guest expectations. The tiny home enthusiasts break down everything a new host of an atypical property needs to know. According to the Kernohans, between 40 to 60 guests visit the campgrounds each month, where only adults are allowed. John breaks down tips for hosts interested in managing out-of-the box properties, from keeping structures stable to informing guests they don't have a traditional toilet.

☆ Airbnb and Vrbo owners should brace for 2023. There's more competition than ever and hosts will have to work harder to stay booked.
▼ + stars: | 2022-12-12 | by ( Dan Latu | ) www.businessinsider.com time to read: +5 min

Short-term rental owners will see a drop in occupancy rates in 2023, one forecast shows. While travel is still expected to remain high, travelers will have more listings than ever to choose from. "Even if we go into a mild recession, we don't expect demand for travel to decline next year," he told Insider. The hosts that will do best will most likely be those that offer discounted rates, Lane says. Those who don't actively manage their prices will "most likely" see a drop in their revenue, Lane said.

☆ A 41-year-old Missouri man built an off-grid cabin in the mountains that brings in $4,000 a month on Airbnb. Take a look at how he did it.
▼ + stars: | 2022-12-07 | by ( Dan Latu | ) www.businessinsider.com time to read: +2 min

Michael Loftis built a solar-powered, off-grid cabin on the Missouri farm he grew up on. The property brings in about $4,000 each month, attracting visitors who want to unplug from daily life. Top editors give you the stories you want — delivered right to your inbox each weekday. Loading Something is loading. Loftis said he wants his guests to be able to "disconnect" while they're staying at his Airbnb and enjoy the nature surrounding them.

☆ 'Selling Sunset' broker Jason Oppenheim says 'Compass basically destroyed the brokerage model for the entire industry'
▼ + stars: | 2022-11-30 | by ( Dan Latu | ) www.businessinsider.com time to read: +5 min

Jason Oppenheim, who runs The Oppenheim Group, said the rival brokerage Compass is "unfixable." Compass told Insider its current cost-cutting plan includes "no change in our split policy." "There's no fixing Compass," Oppenheim, best known from the Netflix reality show "Selling Sunset," told the real-estate news outlet Inman. "There are other brokerages out there offering 90-10 and 85-15 splits because they had to in order to compete with Compass," Oppenheim told Insider. Oppenheim told Insider he's not rooting for the downfall of Compass.

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