Dreaming of your next vacation? Check out ALYF, a company that is trying to make partial or full ownership of a holiday home hassle-free. Recently, it sold out a project within just 75 days of the launch in the prime location of Calangute, North Goa. The company, which claims to be India’s first technology-enabled marketplace, maintains the property and rents it out on days it is not occupied, allowing owners to earn an income. Another highlight is that property owners can stay at other Alyf properties and resell their shares in a property after a 12-month lock-in period. In fact, the company recently raised $ 1.5 million in seed funding led by nine unicorns and venture catalysts.The proptech was established in June 2022 by Saurabh Vohara, Founder and CEO, along with Karan Chandiok, Co-Founder and COO. A core founding member and business head at NoBroker.com (India’s first proptech unicorn), Vohara’s skill set lies in disrupting traditional operations of the real-estate market. He explains the genesis and vision of ALYF and the potential of the co-ownership model to CW. Excerpts:The genesisDuring the pandemic, we witnessed increasing demand for holiday homes in the real-estate industry, and also saw that demand and supply in this category was very broken. Typically, holiday homes were being bought and owned by high-net-worth individuals (HNIs) and ultra HNIs while the middle class only dreamt of owning this asset class. We wanted to make this dream of owning a holiday home – a lifestyle that focuses on getting away from city life with family – accessible and hassle-free for all. And so, in June 2022, the journey of ALYF, which stands for ‘Aspirational Life’, began. We offer a smarter way of owning holiday homes through our unique co-ownership model known as ‘Smart Ownership’. With this model, you can own, enjoy and even earn from your fully managed and furnished ALYF homes in the best holiday destinations.The potential of co-ownershipCo-ownership in real estate, particularly for holiday homes, is experiencing a surge in popularity. This surge can be attributed to several key factors. Co-ownership or Smart Ownership offers an affordable entry point into luxury properties, thanks to shared costs and responsibilities. It grants co-owners the flexibility to use the property on their share of days while potentially earning rental income when it is not used by them. Moreover, this model facilitates investment diversification, allowing individuals to own fractions of homes in diverse locations.This diversification minimises risk and maximises exposure to various markets. The presence of proptech companies that handle all property management and act like a neutral party to maintain transparency and efficiency further sweetens the deal, simplifying the experience and making it exceptionally appealing for those seeking holiday home investments without the full financial commitment and hassles of sole ownership.Overcoming challengesAt ALYF, we’ve successfully navigated various challenges in the co-ownership business by implementing innovative solutions and turning this model into Smart Ownership, designed to benefit our smart owners.Property selection: One of our initial challenges was ensuring the properties we offered had the best location, amenities, infrastructure and potential for great returns. To overcome this, we developed a meticulous property selection process that involves a series of checklists and criteria. This thorough approach ensures that the properties align with the expectations and desires of an ideal holiday home investment, ultimately minimising the risk of dissatisfaction.Usage scheduling algorithm: We recognised the importance of fair and efficient usage scheduling for our smart owners. We invested in the development of a proprietary scheduling algorithm, which optimises allocation of usage periods taking into account factors such as peak vacation seasons, individual preferences and equitable distribution of prime dates. It has been a gamechanger in enhancing the smart ownership experience.Tech-enabled owner dashboard: To make the ownership experience as seamless as possible, we introduced a tech-enabled owner dashboard. This innovation provides easy access to property information, booking schedules and maintenance updates. The dashboard enhances transparency and convenience, ensuring that our smart owners are always well-informed. Additionally, this platform also offers booking of on-demand services and specially curated local experiences for smart owners.Agreements and expert vetting: Crafting comprehensive co-ownership agreements that protect the rights and responsibilities of all parties was our top priority. We ensured that these agreements were not only legally sound but also vetted by industry experts to guarantee fairness and clarity. This meticulous approach minimises potential conflicts and disputes, providing our co-owners with peace of mind.Hospitality experience: The hospitality experience is a critical aspect of a holiday. To address this challenge, our dedicated team in every location is committed to providing a top-notch hospitality experience to smart owners. We invest in training our staff to offer personalised service, ensuring owners feel at home during their stays. The onsite team tirelessly maintains the property around the clock to ensure that it always remains in immaculate condition.- R SRINIVASAN