Airbnb proptech start-up expands after extraordinary growth
One of Australia’s leading Airbnb property management companies has expanded its offering, moving into two of Australia’s top tourism destinations, after demand for its service has skyrocketed.
Hometime has launched into the Sunshine Coast and Byron Bay markets.
The move follows the VC-backed start-up’s phenomenal 750 per cent revenue growth in the last 18 months, making it one of the fastest-growing Airbnb management companies in Australia and New Zealand.
Co-founder and COO William Crock said the growth has been driven in large by a market consolidation approach.
He said that this is complimented by the firm “quickly” cementing itself as the partner of choice for a selection of networks across Australia.
“Thanks to a continued tourism boom, the market is expanding rapidly in Australia and there is a growing appetite for Airbnb rentals in hotspots like the Sunshine Coast and Byron Bay.
“As Airbnb’s only official partner in the region, we work closely with them to continue our expansion. Our sophisticated technology enables us to continue to deliver exceptional service as we scale rapidly and open up more markets.”
Multiple time zones
Mr Crock said the business has grown rapidly.
“Since starting the business three years ago, we’ve grown our team from five to nearly 100 people, spanning across five countries and multiple time zones. We operate a 24/7 service almost entirely in the cloud, which means we are able to adapt and expand quickly, despite the high-volume nature of our business.”
He said that Hometime assists hosts by enabling them to put their Airbnb properties on “autopilot”.
“Airbnb hosts using Hometime can earn up to 20 per cent more from their listing,” Mr Crock said.
“We also ensure hosts’ occupancy rates are as high as possible — meaning many of them can earn up to 50 per cent more than they would through a long-term let.”
Hometime business development manager on the Sunshine Coast Jordan Brown said the business opportunity is extensive.
“Growing up on the Sunshine Coast, I know first-hand the potential of the local market for Airbnb accommodation and the opportunity here for Hometime. As well as being a thriving area for tourism, a vast majority of Airbnb rentals on the Sunshine Coast are managed part-time by agencies whose primary focus is real estate,” he said.
“We could see that owners weren’t getting the returns that their properties were capable of. Unlike the traditional rental services, we offer above-market returns and we’re looking forward to bringing increased earning opportunities to local hosts.”
Founded in Sydney in 2016, Hometime is an Airbnb partner in the Asia-Pacific region. The Sunshine Coast and Byron Bay will bring its markets to seven across Australia and New Zealand.