Frank Porter manages private properties available for short term rent on home sharing channels such as Airbnb, Booking.com, TripAdvisor, Expedia and HomeAway
Property management company Frank Porter is expected to triple its growth rate by the end of 2018, a year after its launch in October 2017.
The Dubai-based start-up manages private properties available for short term rent on home sharing channels such as Airbnb, Booking.com, TripAdvisor, Expedia and HomeAway.
Speaking to Arabian Business, founder Anna Skigin said the firm had doubled its growth this summer.
“In the first 6 months after we launched, we were thought we could get 30 apartments [to manage] during the summer months, but we doubled that easily. And now we estimate that by the end of 2018, we will triple that number,” she said.
Skigin said part of the growth is due to falling real estate prices, as well as positive sentiment in line with the Expo2020.
“People want to put their apartments on Airbnb because they can make money with tourists coming to Expo2020, but manage a property yourself is difficult and takes a lot of time. So we fill this market gap and do everything on the owners’ behalf,” Skigin said.
“The fact of the matter is, Dubai is a service minded place where people don’t like to do things themselves, so they hand over the keys to us. It’s rare that people in Dubai will say, ‘We’d rather do it ourselves,’ like in Europe,” she added.
Frank Porter takes 17% commission from rent income, a lower figure compared to the industry standard of between 20-25%, according to Skigin.
“We are undercutting the market so it’s a fair number for this region. For Europe, it’s a lower average rate because the costs are much lower as well,” she said.
The firm is looking to expand into the furnishing business, as many clients handover unfurnished apartments or request interior design consulting.