Hosting in Turkey - Need Some Tips

[Amir922]

I’m a Canadian citizen and I live in Canada. On my recent trip to Istanbul, I have started thinking of decided purchasing a property in Istanbul and listing it with management company so they can do Airbnb for me. The currency CAD To T.Lira is at a good point for me to invest and I think there is a potential there. I’m just hoping I can get some tips and have few questions. My budget will be around 150K CAD or 2,100,000 Turkish Lira. 

1- How much percentage do management companies usually charge and is there some well known ones that you can recommend?

2- I’m looking on Beyoglu area. I was originally looking at Sisli but prices are just too high. Is there any other areas that is worth looking into with high occupancy rate?

3- I did some research and it seems like I need a tourism operation licence and do to so I need the approval of everyone in the building. How difficult would it be to get the approval. What happens if lets say one neighbour does not approve? I heard there is a second option of registering the flat as a workplace? Anyone know how that works. 

[Helen3]

1. Prices or percentage charged depends on what services you are asking them to provide. Put together a brief and then ask for recommendations for co-hosts on the Istanbul host group and send them the brief so they can quote

2. You  need to do your market research to identify which area you can buy in, within your budget that is likely to be popular with those you have identified as your target market. You can sometimes buy market research reports on tourism footfall from the local tourist board. And you can use AirDNA.

3. It sounds like it would be difficult to get everyone in a building to support. Why don't you ask Istanbul hosts on their local forum about their experiences. It sounds like the workplace idea is a way of trying to get around the STR rules and could result in you getting shut down if found out.

[Amir922]

Thank you for your answer Helen. Sorry if stupid question but I looked around Airbnb and was not able to find Istanbul host forum? Is that on Airbnb board or did you mean just search on google? Thanks again