Home-sharing making its mark in the travel industry.
By YOGANESWARI VELLUSAMY
Why is couchsurfing a successful concept?
In just 10 years, room letting website has become a force to be reckoned with when it comes to holiday accommodation.
In Malaysia’s property investment scenario, many of the investors are looking on alternative ways to lease out their units in order to generate positive cash flow.
“Turning units into a home-sharing service sounds easy, but there is still a lot to look into. Running a home-sharing business professionally to ensure the profitability is a skill that investors need to acquire and learn,” said home-sharing business owner Ikhram Merican in a recent Propwall Core event.
Speaking about the true potential of home-sharing services, he said even in a soft property market, the travel industry is always leveraging. Typically, couchsurfing is thought to be cheaper than staying in a traditional hotel, which is why many prefer it.
Standing out with home-sharing service
Some tips to stand out in a home-sharing posting:
- Upload photo of the units with attractive or interesting angles. According to Merican, when photos of the same place are swapped with a more fun and attractive angle, bookings will start to increase.
- Use photogenic furniture. Photogenic furniture makes the unit stand out and cost little to a bland-looking apartment into a photo masterpiece.
- Getting great reviews.Great reviews stand out like a sore thumb on the online websites your home-sharing service is posted on, said Merican, adding that ratings and reviews on previous stays can determine the future customers’ satisfaction.
- The crucial 3C. Cleanliness, comfort and connectivity. Cleanliness of the property, comfort of the unit and connectivity to certain key areas around town are major pull-factors towards providing a good home-sharing service.
Common risks
Merican said there are three biggest risks involving home-sharing, namely low occupancy rate, the risk of property damage and the unpredictable change in government regulation.
On that note, Merican said low occupancy rate is is fixable with the right ideas, and there have not been any major case of property damage in his own home-sharing website. He also mentioned home-sharing service is deemed legal in Malaysia for the moment.
Propwall Core #May 7
Keen to learn more about property investment?
The next Propwall Core event will be held in Menara Star, Petaling Jaya on May 7, Sunday, from 1.30pm to 4pm.
Register with us to learn more with legal and insurance consultant K. Karunamoorthy, who will be sharing his knowledge in a talk titled “Securing Your Property Investment across Generations.”
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