GuestReady Group announced today that it has passed AED 3.6 Billion assets under management. The news comes just one year after the company launched its services in Dubai, its fastest-growing market, that today manages a AED 237 million real estate portfolio.
The PropTech startup uses its in-house developed software to enable homeowners and property investors to tap into the Airbnb trend by providing end-to-end holiday home management services.
“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 5-star quality service for our hosts and guests”, CEO and Co-Founder, Alexander Limpert (33) remarks.
The company’s holiday home management system helps centralise and automate processes, such as the dispatching of service providers, payment schedules and guest communications.
GuestReady’s ambitious launch in 2016 set its growth trajectory, as it opened in six cities at the same time.
“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”, Limpert explains.
“In the beginning, it was just me running and setting-up operations for GuestReady London. I 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 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 continues.
In the last year, the PropTech startup enjoyed a rapid period of growth with an increase of demand from senior hosts, multifamily homeowners and property investors.
Reem Al Khatib, GuestReady Dubai Managing Director, says that “Dubai property investors are increasingly choosing to rent out their properties on the short and medium-term rental market to benefit from up to 20%- 40% higher returns as compared to long-term rentals”.
“It’s essential for landlords to maximise the income from their properties to keep yields healthy. We have recently launched our mid-term rental management services to help landlords maintain a steady income throughout the year and benefit from the flexibility offered by short and medium-term rental contracts. With Dubai hosting the Expo 2020 from October 2020 to April 2021, it will be an excellent opportunity for property investors to increase their rental returns with 20-25 million visitors expected to attend the event next year”, Al Khatib continues.