OYO has launched OYO Home, a Home Management service that utilizes the company’s existing on-ground operations, hospitality technology, housekeeping skills, revenue management algorithms and distribution prowess to deliver a hassle-free solution to second home-owners.
Piloted in December 2016, the team intends to focus on locked and unused homes across top holiday destinations in the country. It is already managing over 300 private homes including villas, apartments, bungalows and farmhouses in 5 cities.
The 2011 census shows that 85,000 residential units remained unoccupied out of the total 5.76 lakh houses on record. The vacancy rates have increased by 62% since the last census. Home owners are unable to utilize these assets because there is no trusted maintenance and management partner.
“OYO is now taking up this role, having built expertise in various facets of hospitality, including maintenance, upgradation and repair, housekeeping skills, and marketing.” – OYO’s growth officer, Kavikrut .
An interesting business opportunity, right?