Smart strategy making, careful planning and high-quality service offering makes 3-year-old Let Me Inn a major player of short-term rental management not only in Budapest, but in Prague and in no time, in other European cities as well.
Let Me Inn offers premium short-term rental management for apartment owners looking for an easy way to outsource the mundane tasks of short-term letting to an expert company. Let it be about the listing, the guest communication, check-ins, repair & maintenance or administrative tasks, Let Me Inn offers the ultimate service experience.
In 2013, Bálint Dencz was helping his uncle living in Denmark with the short-term rental of his apartments in Budapest. He soon came to the realisation that short-term letting is a complex and responsibility-loaded challenge, which he would have liked to outsource. However, he could not find a service provider meeting the expected level of quality. Realising a gap in the market, it was not long before he prepared a business plan with his friend from university, Dánuel Uszta and in 2015 Let Me Inn was established with the addition of two friends, Zoltán Amár and Réka Juhász. The goal has not changed since the beginning, which was and is to provide a complex premium service offering for apartment owners to unburden them from the everyday responsibilities of short-term management.
“It takes an outstandingly high level of effort to handle short-term letting, but a well-managed apartment brings higher revenues. When preparing the business plan, we have analysed the market, the competitors’ offerings and concluded that there’s a real need for our service. Time backed us up: we can generate 50% more income than our competitors on general” – tells Dániel Uszta, CEO of Let Me Inn Ltd.
At the beginning, the founders have taken care of all the tasks: they were doing the check-ins, guest communication and the cleanings by themselves as well. The company was established with a minimum level of capital investment, all money was put back to the operation to build the company from the ground up, brick by brick. As the portfolio has been expanding, the company could afford to employ more people and hire subcontractors.
What makes Let Me Inn stand out?
While short-term rental management companies typically consist of 1-2 members, Let Me Inn has more than 25 employees and partners to work with today, as well as 130 actively managed apartments in Budapest. The company was designed to be an international firm from the beginning and by investor capital, Let Me Inn has launched its operations in Prague this year and other European cities are in the pipeline for the near future.
Let Me Inn manages mid-, high- and luxury-range apartments. The team can join in any time during the process, per request. Providing help to find the right apartment to buy for property investment, assisting with the interior design, preparing the listings on platforms like Airbnb and taking over the everyday tasks of short-term letting are all part of the cooperation with owners. As the service is all-round, the owners don’t get involved in the daily operation, only if they would like to.
Let Me Inn strives for making every single listing unique and different in its own way, by both implementing owners’ expectations and by the company’s vast experience in best practices. Every apartment is professionally photographed, as images are the top determinants of an apartment’s success in the listing sections on sites like Airbnb. Revenue optimization is perfected by using both information from software and the input of expert data analysts. The daily tasks, such as personal check-in, providing of information, cleaning, linen washing and transportation, purchasing of basic items (shower gel, shampoo, etc), are provided at a hotel-like level. Guests also receive useful information put together based on previous frequently asked questions, such as recommendations for restaurants or cultural events.
In parallel, the company also takes over all the chores the owner would have to deal with: the guest book is managed, the administrative requirements towards the municipalities are met, recommendations for the further improvement of the apartment are made among others.
“We seek to build a good relationship with the residents and the common representatives in order to have a direct conversation with them in case of a loud guest or a power failure in the building. Besides, we have a unique position in Budapest by having a direct contact with Airbnb’s San Francisco main hub, as we are the only ones in Hungary having an official contractual partnership with Airbnb and sole recipient of their endorsement” – explains Bálint Dencz, one of the founders and the sales manager of the company.
Where is Let Me Inn heading?
Besides international expansion, Let Me Inn Is focusing on increasing the level of guest experience above all: the company is set to introduce new services similar to a hotel’s by offering among others dry cleaning, car renting, purchasing of public transportation tickets or discounts for restaurant dining.