Wednesday 5 August 2020

Dubai proptech GuestReady's AUM portfolio tops $980m

DUBAI, November 17, 2019

GuestReady Group, a key PropTech startup, has announced that its assets under management (AUM) portfolio has passed the Dh3.6-billion ($980 million) mark within one year of the launch of its holiday home management services in Dubai, its fastest-growing market, that today manages a Dh237 million (65 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," remarked its CEO and co-founder Alexander Limpert.

"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," he stated.

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”, remarked Limpert.

The company experienced a rapid period of growth due to a surge in demand from property developers as it expanded the services to mid-term rentals.
"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," stated Limpert.
"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," noted the top official.
"By deliberately opening operations in a couple of cities, we were able to quickly test, learn, adapt, and scale our market strategy," stated Limpert.
“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”, he added.

During last year, the PropTech startup said it had enjoyed a rapid period of growth with an increase of demand from senior hosts, multifamily homeowners and property investors.

Last June, the company also closed its Series A funding round with Dh22 million. The investment was co-led by GCC based fund, VentureSouq, and Impulse VC, the Russian fund backed by Chelsea FC owner Roman Abramovich.

GuestReady Dubai Managing Director Reem Al Khatib said 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," remarked Al Khatib.

"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," he noted.

"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," he added.-TradeArabia News Service


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