You can lose money in another way too, which wouldn't happen with hotels: you book a property for an expensive location at high season, the booking gets cancell

You can lose money in another way too, which wouldn't happen with hotels: you book a property for an expensive location at high season, the booking gets cancelled for any reason (host changed idea, host got banned etc.) and now you are stuck with much shittier and more expensive choices and a lot less time to go through them. This happened to me recently.