High-tech property venture has Scottish landlords in its sights
By A property management start-up aimed at the Airbnb generation is promising home-owners and landlords greater returns after launching north of the Border.
Pass The Keys is the creation of two university friends, Zoe Vu and Alex Lyakhotskiy, who started their careers in banking and consulting in London. The firm uses technology to effectively increases landlords’ yields by up to 70 per cent.
In December, the venture, which was founded in 2015, became a professional Airbnb co-host. It also manages the listings on other short-let platforms such as Booking. com and Homeaway.
The firm is now targeting homeowners in Edinburgh and Glasgow where lucrative rentals can be generated during major events, particularly the capital’s International Festival and Fringe. Average monthly earnings from renting an entire property in the city centre of Edinburgh are about £2,200, and almost £1,100 in Glasgow.
Lyakhotskiy said: “We travelled a lot and realised we spent very little time at home. We saw the opportunity to rent out our homes on Airbnb but struggled to travel across town to hand over the keys to guests when they arrived.
“With Pass the Keys, we aim to make it easy for people to rent out their home, get on with life, earn some extra cash and create a great experience for our guests.”
The business started life helping people list their properties on Airbnb but has expanded to become a fullservice property manager, specialising in increasing yields through short letting.
It has doubled in size in the last year and is on track to double again this year. Pass The Keys has also created “cutting-edge” technology that provides live property performance reports.
Lyakhotskiy added: “Landlords with properties in sought-after city centre locations can earn 50-100 per cent more when renting on a shortterm basis to holidaymakers and city visitors than when renting to long-term tenants, with significantly higher occupancy rates during high season including the summer holidays.
“While the rise of services such as Airbnb have given people access to a potential new income through letting to tourists and business visitors, they also raise additional work.
“From creating a professional property listing, key handling and cleaning to guest support we look after every aspect of renting a property.”
sreid@scotsman.com