Home rentals

How the digital owner drives short-term rentals with artificial intelligence

By Kingsley Adegboye

With the emergence of technology and its contribution to the ease of doing business, a myriad of investments in various industries are now leveraging technology offerings to advance their businesses. Nigeria ranks very high among the list of countries where entrepreneurs and established businesses fuel their trade through the use of technology.

Technological advances and the increase in the number of Internet users have played a big role in the players in the vacation rental sector, of which Digital Landlord is a major player. The company recently adopted the use of artificial intelligence to drive the rentals of its vacation rental apartments where it has seen a sharp increase in the number of requests since its launch.

Commenting on the initiative, the company’s founder / CEO, Mr. Keji Giwa, revealed that his company has invested heavily in improving the customer experience across all of Short lethomes’ digital platforms by taking advantage of AI chatbots. to automate responses, creating a virtual agent to take reservations and handle 24/7 customer service issues.

According to him; “This will maintain an instant response time and 100% response rate without the need for a human agent, except for escalating 2nd or 3rd line sales or customer service issues, while still making room.” for a personalized and fully personalized native IOS. and the Android application by the end of 2022.

He further noted that with the help of technology; “We aim to increase our short rental portfolio to accommodate the 98% more booking opportunities that the company was unable to achieve in 2020 due to its limited number of properties. In that short period of time, the company only accepted bookings from 500 clients out of its 25,200 booking requests in one year due to a limited number of properties representing only 1.98% of total booking requests. in one year.

With more investment opportunities becoming available to investors in the real estate and short-term homes industry, Keji Giwa predicted that by 2020 investors in his business through the Digital Landlords program would receive income. 17% net short term rental on all properties. He argued that these investors should experience the same in 2021.

“In 2020, all existing digital landlords received 17% net short-term rental income on all of their properties and are expected to experience the same in 2021. Compare that to local rental income rates of around 3% to 4%. % in Nigeria. , that’s a whopping 425 percent – 566 percent difference in margins. Digital owners can expect to recoup their ROI in just 8 years, compared to 20 years for local rental income, and then realize year-over-year profit after every consecutive year.

“These market dynamics suggest a less competitive and untapped market gap and therefore more attractive investments in increasing rental apartments in Lekki, Victoria Island, Osapa London, Oniru, Ikoyi and Ikate. The brand aims to increase its short-rental portfolio to accommodate the 98% more booking opportunities that the company was unable to achieve in 2020 due to its limited number of properties.

For Keji Giwa, the acquisition of another 100 apartments for rent in Lagos, particularly around Lekki Phase 1 and the Victoria Island / Ikoyi axis, without leaving aside the potential opportunities in Abuja, should help meet the demand. ever growing number of our homes, providing Digital Landlords investors with a good return on their investment for the next five years.

Leave a Reply

Your email address will not be published.