UK: Airbnb property management service GuestReady Group has announced that it has passed US$1 billion assets under management.
The assets management news comes just three months after the company celebrated its third anniversary in August.
The proptech startup uses its in-house developed software to allow homeowners and property investors to tap into the Airbnb trend, by providing end-to-end short-let management and hospitality services.
GuestReady CEO and co-founder, Alexander Limpert, said: “It was my first-hand experience of being an Airbnb host that inspired me to set-up a service that would simplify hosting to time stretched hosts.
“I started to look at how software can reduce spending time listing a property on multiple booking sites, managing check-ins and check-outs of guests, cleaning and maintaining a property, while upholding a five-star quality service for our hosts and guests,” he added.
The company’s property management system aims to centralise and automate processes, such as the dispatching of service providers, payment schedules and guest communications.
Its ambitious launch in 2016 set GuestReady on its growth trajectory, as it opened in six cities at the same time.
Limpert said: “I must admit, it was an ambitious plan and would not have been possible without a great team of experienced entrepreneurs behind me. We knew that if we wanted to make GuestReady a success, we needed to think big.
“In the beginning, it was just me and my girlfriend running and setting-up operations for GuestReady London. We put up all the listings, cleaned apartments, prepared the beds for guests, dealt with property maintenance, responded to guests queries and welcomed them at the property as they arrived.
“In 2016, after living and working for one year in Asia, I moved back to London to set-up GuestReady and we appointed country managers in Paris, Amsterdam, Singapore, Kuala Lumpur and Hong Kong. By deliberately opening operations in a couple of cities, we were able to quickly test, learn, adapt, and scale our market strategy.
“Not all our markets got traction though, within a few months after our launch, we decided to exit Amsterdam and Singapore. We saw that the demand for our services in these cities was limited, so we decided to focus our resources elsewhere,” Limpert added.
In the last year, the PropTech startup enjoyed a rapid period of growth with an increase of demand from property investors, multifamily homeowners and senior hosts. The latter demographic are now using short-term lettings as an extra source of income to complement their pension, pay bills and travel.
Short-term lettings have also become a popular way to fill lengthening void periods – the time a property sits empty before the next tenant – as research shows that the average time taken to fill an empty property increased in most regions of the UK.
GuestReady UK managing director Steffan Maagefelt said: “It’s essential for landlords to maximise the income from their properties to keep yields healthy. Short-term lettings are helping property owners maintain a steady income while they wait for new longer-term tenants to move in.”
For more information on the assets management news, visit the GuestReady website here.