We are slowly but surely extending our coverage areas, but it is not a simple process as we provide 24/7 concierge service to our guests.
Most Malaysian home property investors today have a full-time job or business to run and simply do not have the time to manage their property 24/7.
Hosting your property on Airbnb is often a challenging and overwhelming task. These days, guests expect hotel-quality amenities, extraordinary personal service and on-call services during their stay – something that can be difficult to keep up with when hosting multiple guests each week.
Fortunately, this is where GuestReady comes in.
Founded in late 2016 with the objective of taking the hassle out of Airbnb hosting, the company provides management services for short-term rentals. In other words, they provide a complete list of hotel-like services from cleaning and laundry to handling the check-in and check-out of guests.
Not only that – GuestReady takes this one step further by also manages the property in its entirety, including guest communication, maintaining listings on multiple short-term rental sites and perhaps most importantly, ensuring that the property generates the maximum possible yield.
Here, Smart Investor speaks to GuestReady Kuala Lumpur Country Manager Kevin Tan to learn more about what GuestReady does, and how its services can help Airbnb hosts better manage their properties.
Q How has the response been for GuestReady in Malaysia? How many homes does GuestReady KL manage at the moment – do you see this number growing in the next few years?
Demand for our services has been overwhelming, and we have had to turn down many inquiries simply because we do not service a particular area just yet.
We are slowly but surely expanding our coverage areas, but it is not a simple process as we provide 24/7 concierge service to our guests. We currently manage close to 100 homes in Malaysia and expect it to double in the next 12 months. Some other cities we are eyeing include Penang and Melaka.
Q There has been an oversupply of properties in the market over the past few years and as a result, there are a lot of units being left empty for months, if not years. Do you think this has contributed to the growing presence of GuestReady in the country?
The oversupply of properties, be it residential or commercial, has definitely contributed to our growth in Malaysia. As more units come into the market, and with no signs in slowdown in development, investors will look into alternatives that provide them with better yield. This is where GuestReady comes in.
Q Technology features heavily in GuestReady’s pitch. Tell us more about the technology utilised, and how it has simplified the company’s operations.
Since day one, we have always adopted a technology-first approach as tech allows us to streamline and automate processes, enabling us to focus on delivering superior guest experiences and host services.
For example, our hosts are given access to their own personal dashboard via website or the GuestReady app, where they are able to monitor key metrics such as occupancy and yield of their property.
These are Live information, which provides a great deal of transparency and peace of mind to property owners. Our technology also allows us to streamline operational processes and manage large amounts of bookings seamlessly, which means to each and every home we manage will be guest ready, which translates into overall better guest experiences.
Q How do I earn more from my rental property through GuestReady? What are the factors that are taken into consideration to maximise my revenue per booking?
In general, short-term rentals do generate a higher yield compared to long-let as your home will be priced nightly rather than monthly. In order to further maximise returns for homeowners, we practice Dynamic Pricing, whereby prices fluctuate according to seasonality (for example, rates in December is double that of regular months).
Q GuestReady offers homeowners two ways to earn Income from their homes. Can you tell us more about these?
The first and most popular one is the “Premium” option. In this scenario, GuestReady takes care of the property listing, cleaning, housekeeping, laundry, key management, 24/7 concierge services for guests, and price management.
This has been the most popular offering simply because in this scenario, owners are completely hands-off and not bogged down by the hassles of managing their property. Simply put, they simply collect rentals every month without getting their hands dirty. Most Malaysian homeowners or property investors today have a full-time job or business to run, and do not have the time to manage their property 24/7.
The second offering is what we call the “Online” option, whereby GuestReady takes care of the online management of the property, i.e. listing the property, 24/7 guest communications, and price management. In this scenario, homeowners are responsible for the “offline” management such as cleaning housekeeping, key management and guests’ check-ins/outs.
However, we only offer the “Online” option in selected areas in Malaysia.
Q How does GuestReady ensure the safety of one’s property? What happens if my property is damaged by a guest?
Airbnb – and all other marketing channels, for that matter – have their own policies to protect hosts. For example, Airbnb introduced their Host Protection Insurance, which protects against liability claims up to US$1 mil.
On top of this, GuestReady collects a booking deposit upfront for each and every booking. Any damages (or undesirable findings) into the property will be charged against this deposit. The fact that we have a 24/7 operations team means that we will be able to spot and claim for damages almost instantly.
Safety is one of our highest priorities (up there with outstanding yields) as most of our homeowners are expats with holiday homes in Malaysia (homes which they actually do stay in).
Q I am interested in exploring short-term rentals for my home but my home isn’t listed onAirbnb. How do I go about this?
Drop us an email at email@example.com or call 03-9212 1791 to speak to our experts!
Smart Investor speaks to GuestReady Kuala Lumpur Country Manager Kevin Tan to learn more about what GuestReady does, and how its services can help Airbnb hosts better manage their properties.