11 Sep How to improve on Airbnb returns – Bessie Yin
The Airbnb revolution is growing. Reports are coming in of incredible returns, lower vacancies and happy renters and owners. Now there is a company that sits in between Airbnb and the property owner to make the process totally hassle free and even create better returns. We talk to one very happy investor who discovered Made Comfy.
Kevin: As investors chase better returns on their investment properties – and why wouldn’t they? – it naturally raises the question of short-term stay. I guess when we talk about that, we’ve heard stories of disruptors and so on and how Airbnb is disrupting the industry around the world. But I have to say that they’re offering some pretty good returns.
In our association with Your Investment Property, we undertook an exercise recently and looked around at how dynamic that improvement in return can be, and we came across a company called Made Comfy.
Made Comfy sits between you, as the property owner, and Airbnb to manage that process for you because generally, they found that people who invest in property are quite busy, they don’t have the time to devote that it takes to make sure that the tenant is right, that it’s checked, and that the property is okay.
As part of that process of looking into Made Comfy, we came across a person who has actually used Made Comfy quite successfully, Bessie Yin. I caught up with Bessie to find out from her just how successful it’s been.
Bessie, thank you very much for joining us. How did the idea come about for you to actually work with Made Comfy and Airbnb?
Bessie: In September 2016, I started to look for an Airbnb agency online. I searched in Google, and I found two or three agencies listed on that. I called them up one by one, and at the end, I felt that Made Comfy is the one. It’s very professional. It has a bit of knowledge and experience in this short-term lease market.
Kevin: I understand they also helped you with finding the right area to invest short-term in. Is that right?
Bessie: After the first one, I was talking to them about maybe I want to try again. The sales manager, Julian, recommended a few best-selling properties in the Airbnb market.
Kevin: How important is it for people to check with their body corporate to make sure that they’re allowed to do this?
Bessie: Yes, it is very important to check with body corporate first.
Kevin: Tell me when you first struck the relationship with Made Comfy, what was your expectation about occupancy?
Bessie: I was thinking probably around 70%, and then the first few months, it’s really almost fully booked, so it came as a very happy surprise.
Kevin: Just harking back on something we said earlier is that Made Comfy can actually help you work out where, if you want to build your portfolio, that you can get the best short-term return as well.
Bessie: I felt that they were a great help in terms of finding a good suburb to do a short-term lease. Also, they have provided me some advice in terms of how to boost up the booking rates and how to give a better experience for the guest. Yes, I’m pretty happy with them.
Kevin: Good on you, Bessie. Thank you so much for your time, and great talking to you.
Bessie: Thank you, Kevin.
Kevin: I think for any investor who is looking to get a better return for their property, this is something you should look into.
We’ve produced a special podcast where we talk to Bessie as we did there. We also talk to the operators behind Made Comfy, what it’s all about, and we’ve delivered that as a special podcast, which you can see now on the site. Just simply go to Your Investment Property, their channel.
We’ve also made it a little bit easier for you by putting a link inside the transcript for this interview, so just scroll down. You’ll see the link there. That’ll take you straight to the podcast. It’s also on the website for Your Investment Property as well.
I strongly suggest you have a look at that because it might be a way for you to make better returns from your investment property.