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Airbnb continued its domination of the short-term rental market in the second quarter, when it saw its total earnings grow by 11 percent to $2.75 billion on ongoing strong travel demand and international expansion, according to its second-quarter earnings report.

The company reported a net income of $555 million during the quarter that ended June 30. That was actually a 15 percent decline compared to a year earlier, driven by an income tax increase, the company told investors during a call on Tuesday.

The company generated a total of $21.2 billion for itself and the hosts that supply its platform with places to stay, an 11 percent increase from a year earlier. In total, travelers booked 125.1 million nights and activities on the platform.

“We’re looking forward to another record summer travel season,” CEO Brian Chesky told investors during the call.

The company shared some warning signs that may have to do with the recent jitters in the national economy. It said travelers are waiting longer to book their trips than in recent years, a possible sign of a lack of confidence in the national economy.

“It’s not that consumers are not necessarily going to book that trip for Thanksgiving or Christmas; it’s just that they haven’t booked yet,” Chief Financial Officer Ellie Mertz said.

Airbnb executives said they expected to see a “moderation” of nights booked in the third quarter compared to the second.

That outlook spooked investors, and Airbnb stock fell over 13 percent during after-market trading on Tuesday.

Chesky tried to calm investors’ nerves during a call after markets closed. He said the company had become highly profitable while primarily offering one product and penetrating five countries well. He compared the company’s performance to Apple and Amazon when those companies focused on single products (computers and books). Just like those modern behemoths, Chesky said, Airbnb is primed to diversify its offerings in the long term.

Chesky called Airbnb “one of the most profitable organizations in tech.”

Some of that growth came from the company’s ongoing focus on expansion both within the U.S. and abroad. It was also buoyed by a 4 percent increase in average daily rates (ADRs), or the price of a booking on Airbnb, for North America. Average daily rates are now $170.

There aren’t signs that travelers are looking to book cheaper listings, executives said.

With restrictions from the pandemic in the rearview mirror, Airbnb has sought to expand its staff and its platform offerings in underserved markets internationally.

Bookings increased by 17 percent in Latin America during the quarter and 19 percent in Asia.

Chesky said that while Airbnb has a presence in 220 countries, it had only penetrated five countries — the U.S., the United Kingdom, France, Canada and Australia — and that it was focused on expanding into more markets.

The company said it benefitted from major sports events overseas, as well. Over 400,000 guests are staying in Airbnbs in the Paris region during the Olympics, for example, though the full scope of those numbers won’t be seen until next quarter’s results are released.

The company is pushing for more users to download and use its app, and it reported a 25 percent increase in app downloads globally in the quarter. Over half of all nights booked in the quarter were made on the app.

That was driven in part by the company’s release of its Icons category in May, a new group of venues that include things like a replica of the house from the animated Pixar film Up. Users were required to download the app to apply for a free stay in one of the company’s new Icon listings.

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Glennda Baker, considered by many to be the real estate industry’s queen of social media, did not come to Inman Connect Las Vegas to discuss video.

The leader of Glennda Baker & Associates at Coldwell Banker had something more pressing to talk about on Tuesday: relationships reimagined.

“There has never been a more important time to be in a relationship with your client,” Baker told an energetic Inman Connect audience Tuesday at the Aria Resort & Casino in Las Vegas.

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“Everybody is telling the consumer that we’re not worth it. We’re not worth the money,” Baker told the crowd. “All we do is open doors. All we do is take you on a tour. We’re glorified tour guides. I disagree with that.”

For a long time, agents have been slotted into a service provider role, Baker continued, but today, client relationships are more important to focus on.

Baker took the opportunity to take a subtle dig at Zillow and its vision for the industry.

“There’s this tech provider — I won’t say their name on video — and they think they can replace us with their platform,” Baker said. “Ladies and gentlemen, we’re not here to be replaced.”

“Everybody wants a piece of the commission and that’s why it’s so important to be in a relationship with your client — so you’re not replaceable and they don’t forget you.”

Baker went on to explain how an agent’s past clients and sphere of influence, their community, and their agent-to-agent referrals are the biggest relationships that pay back in terms of returns.

When Baker creates a new relationship, instead of inputting details that will get lost in the vast black hole of a CRM, she puts their contact information, photo and any notes about what she’s learned about them as a new contact into her phone.

“You gotta take soft and hard notes, and you’ve got to exchange life stories,” she said.

In addition to exchanging stories and becoming a source for everything for clients, agents should also learn how to be a stalker, Baker said, tongue-in-cheek.

“This is where I’m supposed to tell you, it’s ok to be a stalker,” she told the Connect audience. “If someone posts something on Facebook or Instagram, they want you to know about it … It’s a great opportunity for you to memorialize it for them.”

“If you’re not capitalizing on the birthdays on Facebook, what are you doing?” she later added. “Y’all, it’s free.”

Baker said she likes to “surprise and delight” people in her circle by wishing them a happy birthday with a customized video or by sending them cupcakes.

She also likes to host events that “create endless opportunity” for client connection, Baker added, like her “coffee and comps” event, where she hosts coffee and discusses neighborhood comps and one of her new listings, or her “eight at eight” event, where she invites three couples to her home for dinner made by a private chef.

She also hosts an “appetizers and appraisals” event, which clients find especially helpful in today’s market. “People have never been more confused about the value of their home than they are today,” Baker noted.

Breaking bread with people or inviting them into your home establishes a more personal connection, Baker noted. During these types of interactions, clients cross the threshold from just being a client into being a friend. The same transformation occurs when agents help clients memorialize the milestones in their lives.

Baker added that, although closing gifts can be tricky, they are one more way to establish a more personal connection with a client.

“Some people don’t believe in closing gifts,” Baker said. “I’ll be honest with you, they’re tricky. You sell someone a $1 million home, what gift do you give them? They can buy whatever they want.”

One gift that has worked well for Baker is a cake with a photo of the client’s new home on it. Her clients have cherished the gift, even if they’re celebrities.

“He saved that cake; he wouldn’t let anybody eat it, because it meant that much to him,” Baker said of one high-end client in Atlanta who she helped purchase his first home. “That guy bought a $2.3 million house — he can buy anything he wants.”

As Baker showed off the custom gift wrap she has made with her face printed all over it (courtesy of giftwrapmyface.com), she expressed her gratitude at the Inman Connect audience for sharing their time with her.

“I love being a real estate agent,” Baker said. “I’m honored that Inman gives me a platform to stand up and speak to you. It means more tho me than you’ll ever know that you took time to sit here. But more than anything else, is that you gave me your attention. Give that attention to your clients. Treat them like the valuable asset that they are.”

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The housing market has been undersupplied for more than a decade and, alongside increases in housing inventory in a few U.S. markets, mortgage rates and income levels are helping to determine the direction of housing affordability, according to a report from First American Data & Analytics, released on Monday.

In June, only five of the top 50 U.S. markets showed improvement in housing affordability and supply year-over-year: Denver; Tampa, Florida; Portland, Oregon; Austin, Texas; and Raleigh, North Carolina.

According to First American’s Real House Price Index (RHPI), which adjusts prices for purchasing power by considering how income levels and interest rates impact borrowing ability, prices overall decreased 1.3 percent month over month due to lower mortgage rates and positive income growth, while prices increased 3.9 percent year over year.

Median household income was up 3.8 percent year over year, but “was not enough to offset the affordability loss from higher mortgage rates and rising nominal prices,” according to the report.

“While inventory nationally and in most markets is higher than one year ago, it remains low from a historical perspective,” First American chief economist Mark Fleming said. “Nationally, housing supply is nearly 34 [percent] lower compared with June 2019, the summer before the pandemic hit. Nevertheless, as this analysis shows, the faster housing supply increases, the more affordability improves and the strength of a seller’s market wanes.”