When scaling a global AirBnB business, Alex Gorasov’s name stands out as a symbol of innovation and success. The Moldovan-born entrepreneur transitioned from a corporate life in London to becoming a globally recognized property investor. But how did he start his AirBnB venture and scale it across multiple countries? In this exclusive interview, Alex shares his journey, challenges, and key strategies for success.
Alex Gorasov’s company, Agora Homes, has over 60 properties under management in Bali and Dubai. Along with his Indonesian partner, Wayan, Alex Gorasov owns and operates his hotel in Bali called Padi Padi Canggu, which has 20 rooms, a restaurant, a large pool, and a gym. Alex described Padi Padi as an expat-friendly and focused AirBnB property where the average stay of guests is 2,5 months. Alex’s most extended booking was 1 year and 7 months, which is truly incredible. Now, let’s learn more about how all this started and how Alex scaled it to such levels.
Alex, tell us about your first steps into the AirBnB business. How did it all begin?
It all started way before I even had my first property. Like many other ex-pats, I was chasing the generic “successful career” path instilled in me since childhood, which meant going to a reputable university, getting a master’s degree, and being accepted at a top FTSE 100 company such as Shell, my first employer. However, after getting all those mentioned above and finally putting on my suit to work in the prestigious Shell Centre in London, I realized I was living my parents’ dream, not mine.
Don’t get me wrong. I am forever grateful to my parents, surroundings, and professional colleagues who made my work experiences fruitful. However, since the first day I entered the office, I felt that the real me or the little kid inside me had been put on hold. I was told to stay silent and accept a high-paying cheque in exchange for forgetting his dreams. And when I realized this, I immediately remembered that my lifelong dream was always related to homes. I loved everything about it, starting with unique architecture and interior design and ending with the passive income aspect that would enable me to be free and continuously create new innovative properties and experiences for my guests.
This is when I started ideating on how to pursue this dream, as becoming a property investor is no minor deal. I needed capital and the right contacts to teach me how to get into and become the best at this real estate game. So, I took my first baby steps while studying the London property market and, later, my hometown, Chisinau’s market, where I decided to buy my first two off-plan properties. The rest is history.
Starting in Bali is unique. What made you choose this location, and how did you navigate the market there?
I quit my job at Shell in London and bought those two off-plan apartments in 50-50 installments in my hometown. I planned to lock all my savings into these high-potential projects, pack my bags, and leave for Bali, where I would do some freelancing to cover my bills and enjoy a pretty sunny and cool lifestyle after spending too much time in foggy London.
After arriving in Bali, I realized I didn’t want to freelance and do such projects for others as it would mean that I am still employed and doing the same as before, just from a sunnier island. At the same time, I wanted to live in a nicer, more enormous villa instead of the studio I initially rented out. That’s how Agora Villas (the name at the time) was born.
I searched for the first perfect villa where I would like to live in 1 room and sublease the other ones to cover my rent and, perhaps, make some extra cash. This is also how I started learning about AirBnB, property management, and marketing while getting more familiar with real estate investing terms such as cap rate, gross rental multiplier, etc. I was a living-learning sponge, 100% open to all kinds of feedback, knowledge, and wisdom from everyone I met. After a few weeks, Agora Villas gained some local reputation, partnered with multiple restaurants, and achieved the AirBnB Superhost status.
I left the villa and rented it out fully while I got another one. At the same time, I was fortunate to meet my current partner Wayan, who was starting to build Padi Padi, our hotel, and needed someone on the financial and marketing side to help foster the business and its operations. Guess who that was. I pitched him three scenarios in a few days, signed a partnership, and again, the rest is history.
Agora Homes has gained a reputation for excellence. How did you grow the business, and what sets it apart?
It was always about quality over quantity. Thus, I was obsessed with creating the best online and offline experiences for our customers. Honestly, this probably was the key to success for us. Replying to inquiries quickly and with accurate information, providing high-quality service on-site, and offering great deals to guests who stayed longer or returned to our property repeatedly. Besides these, I was focused on getting interesting partnerships with local enterprises and developing Agora’s presence online, specifically on Instagram @byagorahomes. The combination of the abovementioned things made Agora Homes super known and ultimately successful, with a 98% average occupancy rate throughout the year.
Scaling a business globally comes with its challenges. What were some of the biggest hurdles, and how did you overcome them?
The first thing that comes to my mind is COVID and managing this madness remotely. This was hard, indeed. Yet my partner and I were always open-minded and curious to experiment. A trait that sometimes hurt our relationship, but in this case, it helped us overcome such a challenging period. We shifted our strategy to attracting locals from other Indonesian islands since Bali was restricted to tourism, and only tourists on Business or Investor visas could visit. We turned to target Indonesian travelers, and this made a significant impact vs. other property providers in the area, as we were almost always fully booked, even during COVID.
Your ventures span countries, from Bali to Dubai and Moldova. How do you manage such diverse markets?
Being so curious about property all over the world, yet also fortunate to have experienced many travels, I tried not to be fixed on one location and diversify my interest and ultimately investments so that I don’t keep all “eggs in one basket.” I also had a dream of traveling to my favorite countries and staying in my own places, which is now a reality.
Managing these was fun yet challenging. However, I love a good challenge, mainly if it provides a lifestyle I could be thrilled about. Dubai is a stopover on my flights from Moldova to Bali, so it is conveniently located in between. I have moved to Dubai since the entrepreneurial environment in the UAE is super favorable and provides the right benefits besides tax-free allowances to keep up with a property-related business.
What role does creative financing play in your strategy, and how do you apply it in your investments?
A very big one, to be frank. I never had vast amounts of resources myself. Therefore, I had to work to fund my investments or find a way to fund them. I have now become adept at creative financing tools and instruments, at least I believe so. I learned how mortgages work and how to leverage them to make more money or fund my crazy ideas. At one point, I had about eight mortgages simultaneously, which was incredible, but it was carefully managed and calculated. Currently, I try to fund all my investments via either bank loans or other creative financing types, including investors and co-applicants.
What advice would you give someone looking to start their AirBnB business? What are the key factors for success?
Identify your customer and focus on how you could provide the best service with the available resources you currently have, then scale up, and only then. Many try to scale up quickly and add more properties rather than making the existing ones profitable and thriving on a long-term strategy. Secondly, property investing is a long-run game, so be patient. It will pay off. Finally, I cordially invite you to watch my YouTube channel @AlexGorasov, where I speak about my investing journey and offer free insights into creative financing, Airbnb, and property investing worldwide.
To wrap up
Alex’s story is not just one of ambition but of calculated risk-taking, deep market understanding, and a passion for delivering exceptional guest experiences. His ability to adapt and innovate has allowed him to succeed in an ever-evolving market, making him a sought-after mentor and coach in property investing.
For More Information
- YouTube Channel: https://www.youtube.com/@AlexGorasov
- Property Sourcing & Coaching Inquiries: https://linktr.ee/alexgorasov
- Connect with Alex on Instagram: https://www.instagram.com/alexgorasov
