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Your Renovation Budget? Homeowners with similar property type spend $35,000 SGD on average
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Pinstay – A Sneak peak into how a this Property Management company 5X their Company During MCO(while everyone is dying)

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2962 views

2962 views

We had the opportunity to speak with Wong, founder @ Pinstay, a pandemic survival in the homestay industry. To unravel the core behind their success. Sabah, well known for its tourist traffic for the past 10 years, recorded 4millions in 2019. The hospitality, tourist, and food beverage industry were heavily developed during those times. Sabah was rated top 2, and one of the top 10 most visited places in Asia list. However, the pandemic strike in 2020 has marked an end to the Sabah Airbnb market that has always depended on tourists. Most homestay operators choose to end their business. Pinstay, one of the survival.

“During the pandemic, operators struggled to survive, with scarce resources, it is nearly impossible to continue for more than 3 months. The local and international operator has to quit to stop their losses, and a lot of branded hotels announced their closure, for sale, etc, and it happens all over the Kota Kinabalu.

 

“During the pandemic, we lost 70% of our sales immediately. Operators need to think outside the box just to maintain their business. ”

Wong Ing Lieng (Pinstay CEO)


About Wong Ing Lieng


It all started from investing in property like most of the other young blood. Soon, he realized buying a property does not mean passive income. He starts facing cash flow issues, human traffic, exposure, staff etc. Wong hands-on from cleaning the room, to selling the room. He learned how to better capture the right audience and prospect. Since then, property owners start looking for Wong for their property solutions. Most property owners lack ideas on what to do with their property. Long-term or short-term? Homestay or fix rental? Without deep analysis and passion for the homestay industry, Pinstay won't be what it is today.


How Pinstay Started?

image for Pinstay – A Sneak peak into how a this Property Management company 5X their Company During MCO(while everyone is dying)

They started with 8 units in ITCC Manhantthan suite right after covid started in 2020 Feb. ITCC Manhantthan suite back then was labeled as one of the hopeless, less develop condominiums in Penampang, Sabah. This location is considered an outskirt, 20 minutes away from the town, with less traffic, and less exposure. Covid has makes the situation harder (double kill). From the 8 units in ITCC Manhattan suite to over 100 units within 1 year is really outstanding.

Many have doubt about Pinstay capability and ability to handle the unit, the majority even wait to see how Pinstay collapsed in the pandemic. But yes, despite all the tough circumstances, Pinstay survived, with the least resources, and generates 5x fold income within 1 year. Many Airbnb has failed during MCO, but they have expanded their business by having over 100 units across multiple properties located across Sabah. By the end of 2022, they are going to achieve 300 units. They are now the biggest operator in Sabah and run multiple types such as hotel rooms, and homestays.

  

What did Pinstay do Differently?


1) Do Things Out Of The Box

“We had to try everything, and it was life and death.”

To help the investors to secure their rental income, we collaborate with others, such as live streamers and Miss Sabah. During MCO, homestay and hotel are closed. However, we turn the rooms into streaming areas, rent by hours, and create exposure. Not only did they manage to secure the investor's rental income, but through the collaborations, their audience was over 100K.

2) Dedicated Price and SEO specialist

In order to boost owner income, “We have dedicated price managers and SEO specialists to boost our occupancy rate. Pinstay is very powerful in boosting the ranking in OTA such as booking.com, Agoda, or Airbnb.”

Jarone Choo (Chief Marketing Officer

During the FMCO period, their highest occupancy rate reaches 28 days per month, while their highest average occupancy rate is around 21-22 days.

3) Unique And Attractive Design

“We test everything, including design.”

Design plays a significant role in capturing potential customer attention. Colours, environment, furniture shape, and theme determine your occupancy rate. To work out the best combination/theme is not easy, in these 2 years Pinstay collected more than 100k served guest feedback/data, creating the most powerful theme that is able to generate the highest profit. The design has a direct impact on the occupancy rate.

Moving Forward (bring homestay to a new high level)

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