Dubai-based property management startup Frank Porter has set itself an ambitious target of 3x its current growth rate by the end of 2018. Launched in October 2017, Frank Porter specializes in the management of private properties available for short-term rent — especially the properties enlisted by third-party services such as TripAdvisor, Airbnb, HomeAway, Expedia, and Booking.com.
According to Anna Skigin, founder of Frank Porter, the target of a 300% growth rate should not be too hard to achieve given that the company has already doubled its growth during the summer — barely a few months after launch.“In the first six months after we launched, we were thought we could get 30 apartments [to manage] during the summer months, but we doubled that easily. And now we estimate that by the end of 2018, we will triple that number,” Skigin said.
Additionally, she believes that a big part of Frank Porter’s success so far can be attributed to the plummeting real estate prices, along with the positive vibe created by Expo2020. She also added that: “People want to put their apartments on Airbnb because they can make money with tourists coming to Expo2020, but manage a property yourself is difficult and takes a lot of time. So we fill this market gap and do everything on the owners’ behalf.”
Frank Porter’s carefully crafted strategy makes it one of the most affordable platforms of its kind. The startup charges only 17 percent of the rent earned by property owners, which it claims is significantly lower than the prevailing industry standard that hovers around 20 to 25 percent.
All goes well, and the company could soon launch an internal arm focused on the furnishing business.