A UK Airbnb property management firm backed by a Russian fund says it now has assets under management worth $1 billion or £900 million just three years after being founded by a 30-year-old entrepreneur.
GuestReady was started-up by Alexander Limpert after he spent time cleaning and managing Airbnb listings and subsequently had a light bulb moment.
“I started to look at how software can reduce the time spent 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 says.
The company now employs 150 people across 14 cities in Europe, the Middle East and Asia and recently bought rival businesses in Lisbon and Paris as well as European competitor BnbLord.
This acquisition and expansion has been funded largely by a £4.75 million Series A funding round led by a VC firm connected to Abramovich.
“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,” says Limpert (pictured, left).
“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.”
The company claims much of its growth has come from retirees using its service to earn higher yields from their buy-to-let properties than traditional tenancies, without having to directly manage them.
Guest Ready charges landlords either a 12% annual management fee with cleaning and laundry services extra, or a ‘guaranteed fixed income’ model.