Hubloft – Make the most of your second homeRebuilding rental properties

 

Hubloft is an online platform where guests can book a short term rental while travelling to Kerala rather than a conventional hotel room while the homeowners can earn an extra income from their home. 

 

The company was founded by two ex-Airbnb employees – Raiyaan Nayeem & Basil P.A,  who aim to enable homeowners to be a part of the sharing economy without the hassles of the home sharing. We talk with Raiyaan Nayeem who handles the growth and marketing of hubloft.

 

How Hubloft Is Trying To Solve Property Problems 

 

We are creating new accommodation by enabling underutilized assets: people’s second home or holiday home. 

 

For owners who are often away from their residence, hubloft ensures such homes not only earn an income, but are also available for use by the home-owner whenever and for as long as they need. A holiday home is one of the most underutilized assets as it lies vacant for most part of the year. 

 

As for travellers, hubloft offers them an alternative to a hotel. Appealing to just about anyone, from families and groups to individuals traveling for business, who are looking for a different stay experience.

 

 Hubloft –  Making the concept of home sharing appealing to a wider audience

 

One of the early obstacles we faced is trust. Owners are entrusting us with their homes and letting strangers stay in them. We collect security deposits from our travellers at certain properties in order to ensure the safety of our homes 

Showing the clear benefits of home sharing have been crucial in appealing to the masses like the fact that it provides a 30% better profit than a traditional long term rental.

 

How will Home Sharing will impact the Property Market

 

The sharing economy has created new business models in real estate – space as a service, where tenants are provided with a suite of services to utilize the space easily. We are moving into a world where consumers especially millennials are less focussed on ownership and more interested in access based consumption and convenience. 

 

With about 11 million units vacant in India and low rental yields have pushed the need for these new models more than ever before. 

 

Hubloft and it’s dynamics of pricing

 

We believe that the price of a property should be directly dependent on the demand in the market. In some of our markets, we saw the average daily rates increase by 50% during the holiday season. 

 

A dynamic price ensures our properties stay competitive while making sure we command the best rate possible for our homeowners.

 

Inputs on portfolio management of the properties 

 

We are one of the few companies in India that focuses on standone individual properties and instead of aggregating the supply already in the market, we are trying to unlock new supply of homes. One of the challenges is lack of awareness among homeowners about short-term rentals and how it can be an extremely practical and flexible way to earn an income out of their homes.

 

Apart from our marketing efforts, we get a lot of referrals from existing homeowners since they love our service. 

 

Expansion Plans of Hubloft 

 

We are taking a hyperlocal growth strategy by focusing on Kerala but we hope to be available in other cities soon. Our aim is to make booking a hubloft as easy and reliable as booking a hotel.

 

If you wish list your property with hubloft.

 

Monetization of dormant homes will not affect the ecosystem as the place will see more influx of tourists ? Kindly elaborate.

 

The influx of tourists is not directly related to availability of accommodation. During peak seasons, home sharing plays a vital role in compensating for the shortage in rooms and ensuring that hotels do not increase their rates to unreasonable levels.