This article is part of our Rental Scale-Up vacation rental management conference series. This is an extract from our April 2020 conference: “Get Your Business Through the COVID-19 Crisis By Discovering How Local Property Managers Resist the Global Coronavirus Epidemic.”
Vacation Rental Management Conference: Direct Booker’s Nino Dubrectic
Nino will be talking from his ancestral home, which has been awarded the best vacation rental in Europe in 2016. He manages Direct Booker, a company with 17 franchises across 8 countries. Nino will detail how his lean business model that enables his company to grow steadily and to better deal with the coronavirus crisis. He will share which actions conference attendees can take right now to get closer to his model . Also, he will explain how he has helped unite thousands of vacation rental owners across Croatia and negotiated better relief measures from his national government.
Vacation Rental Management Conference: Video From The 2020 Local Property Manager Conference
- Direct Booker is a property management company with 22 franchises in 8 countries.
- Their portfolio includes 7000 units in total, with 3500 managed directly by them and 3500 by franchisees.
- The company won a Shortyz Award for best OTA which, since the company isn’t technically an OTA, refers to them bringing properties onboard and setting them up on OTAs.
- Direct Booker has their own property management system and channel manager, and they outsource many services like housekeeping and check-in.
- The company is expanding via the franchise model, which Nino sees as a big opportunity to allow people to get into the vacation rental business.
- Direct Booker focuses on profitability by outsourcing certain tasks and maintaining a high standard of quality at all of their franchises. They can provide guidance to franchisees on topics like how to create a smooth check-in experience based on their own property management experience.
- Right now the company is seeing a 90% drop in reservations, but around 75% of guests who had reservations were able to postpone them to dates in the future.
- Nino is anticipating that people will begin to travel to drive-to destinations in the near future, but not necessarily in their own country. Direct Booker has properties in Croatia, for example, which are within a few hours’ drive from Germany, Italy, and Hungary. In Croatia last year, domestic travelers accounted for only 8% of guests, so the country’s tourism industry relies on international travelers.
- If anything, this year will be a great year for people to visit Dubrovnik because the city will be less crowded without the cruise ship passengers.
- Nino recommends outsourcing cleaning and check-in so you as a property manager can focus on aspects like revenue management and IT development.
- Direct Booker’s IT branch is bringing in money while the property management side of the business is experiencing a slowdown.
- Rather than signing master leases, Direct Booker operates on a commission model which makes the company more flexible in tough times since they don’t have the pressure to pay rent every month.
- For property managers who do use master leases, Nino recommends being open and honest with building owners and starting a conversation about renegotiating contract terms to reflect current business challenges.
- Nino is active in the local vacation rental association in Croatia, and he recently went on national TV to request a moratorium on bank loans, pausing payments for 12 or 18 months instead of the current 6 months. This would prolong the terms of the loan but give property owners a chance to earn money during next summer’s busy season. He also requested that vacation rental owners receive liquidity loans (normally only reserved for incorporated businesses, not individual vacation rental owners) so they can make ends meet until the next busy season.
- He is also in support of a measure that will allow cost levels to match income levels. For example, if a company is only earning 70% of the income they earned last year, then they should only have to pay 70% of their costs with the government covering the rest. The goal of this strategy is to make it possible for companies to retain their employees and avoid unemployment, since if the company cannot afford to keep their employees, then the government will end up paying unemployment support to the people who have lost their jobs, so it makes more sense for the government to help companies keep their staff employed.
- Nino predicts that the coronavirus situation will force vacation rental companies to become leaner and more cost-efficient.
- Fun fact: Nino is presenting his session from his historical family home (built in 1665) which won a “Best Vacation Rental in Europe” award!
Vacation Rental Management Conference: Full Conversation Between Nino Dubrectic And Thibault Masson
Thibault:
Dear Rental Scale-Up members, I am now joined by Nino Dubrectic you need to know is with us from Croatia and he’s the founder of Direct Booker. Direct Booker is a property management company that actually has 22 franchises across eight countries. I think recently, you know, you’ve got even an award or the Shorty’s award in London, so you are, uh, recognize in Europe as an upcoming property managers. So I’m very happy to have you here and not just want to see you. Hello, and how are you?
Nino:
Hi Thibault. Thank you for having me here. Uh, in a big stage as a villa here in Croatia, a little bit aside, but it’s nice to be a part of this community and that is together and as I see we arekeeping each other together. So I’m very much, um, I appreciate to be part of it.
Thibault:
So Nino, I, I’m super happy to have you here on board because of we’ll see, we’ll be talking about know mentally, how, uh, what’s the situation is your local markets, what is this usually what it is like now and what’s probably would be happening in, uh, when the demand comes back. Those also be talking about business models, right? How you grew with franchises. And maybe contrast this with other business models as can be very interesting for property managers or vacation rental owners. They seem to us, you think maybe I could do that or shoot that. We’d be also talking with you about, um, what you’re doing with your government, right? So you’re very involved in helping not only property managers but also vacation rental owners, getting some help, some release measures from the government. But very interesting, again, we’re talking about what you can do. It’s a pickable across the world of course, uh, to, uh, as a protein manager maybe to reach out to others and try to get organized. And um, so that’s, I think this again, are we talking about the local market? As you can see with, with Nino, it’s things really could be applied, but a lot of us listening. So, uh, can you first tell us a bit more about Direct Booker?
Nino:
Yeah, Direct Booker. We started at 2010 as the property management company and it’s still in the yard. The property management company, although we want the Shortyz award for the best OTA. Uh, it was the, uh, part of the nomination for the best OTA in the terms of bringing new units, uh, optimize on the OTAs and then context. We are really the, let’s say on the high grade. So, uh, Direct Booker today. Yeah. Like, a friending us. Uh, our core business is of course a property company, but on the other hand, we have our own technology PMs and the channel manager that we also rent to other clients. But also it’s the most important thing for us. It’s made for us, for our business, for our know how and a specific, uh, about us is that, uh, uh, what we, uh, already done and it’s important in this situation is that we outsourced many of our services like cleaning and checking and of course, uh, spreading the business, uh, to other, uh, not only places but countries to the franchise. So today in this situation specifically, it seems as a great idea, but also in the turn this off the past tense times, which, uh, we concentrate on the quality of the property management company of the revenue of the quality, quality customer service, high grades, a four hour reviews per hour, uh, units we have today a 7,000 units as a direct Booker and a 3,500 each and then just by us, uh, directly and the 3,500 through the franchise units and the VC, the big opportunity in this, uh, [inaudible] times a proud franchise is as it seems a, it hits a hard, uh, our branch that, uh, some of the workers [inaudible] end up without job.
Nino:
And that is the, let’s say, typical franchise, beginner for direct Booker. Our franchise seems to be, uh, seems to have the big opportunity as the sum of the workers and up without jobs. And that is the typical size beginner for direct Booker, no, no. The business and want to start the business, uh, from the beginning and the four. Yes.
Thibault:
So you felt, Oh, I can, so, uh, say something as, as you just said, right. So from the beginning with your model franchise model, you have a very big emphasis on two things which are profitability. Right. And that’s what I saw you said you were outsourcing some key tasks as well to be flexible with cleaning and uh, and also, um, checking, checking. Exactly. So which we’re going to see, maybe it’s, that’s why it’s just swiping you right now. And the second thing is you said is quite the right, very important for you to ask. Quite easy with the franchises. Uh, so just wanting to highlight this again in, uh, in the us.
Nino:
Yeah. The thing is, uh, we saw the opportunity to grow with checking in with, we opened the market. Even the Montenegro, uh, we open by ourself, uh, the other towns as split, uh, Zagreb, the Shippen, other, we all, uh, all of them opened by ourselves, but we saw that the quality is in the danger to be jeopardized. So what we decided is to, to find the model to be, to have the lockout presence, but, uh, without, uh, our deep dive in it as you cannot control it. Uh, so quality is the person on site, Ken and our model is a more as a friend to be owners and it’s important to be, uh, to have the local presence for that. It’s very difficult to have that relationship with them, uh, on the distance. So that model was only logical to the franchise and the franchise business.
Nino:
Mmm. Also, uh, in the beginning it’s just even to try to do the chicken in the cleaning. Uh, it’s important for them as anybody in the company. I always in my company when we started, uh, I was doing the, all the communication with the guests, with the old nurse, with the taxis, with everybody. So now I can give suggestions to others and learn to them. So it’s important also too, for the franchisors as he, let’s start with one or two persons to do all the job and then as he grows two awesome. Uh, and uh, to have a concentration on the revenue, on the quality of the customer service, uh, procedure of the payment and, uh, to have that flow as much as good as can be.
Thibault:
So how’s the situation right now, uh, for, argument, in your, in your market?
Nino:
Yeah, we as if we look back 12 months, we had a about 300. The reservation in the direct Booker that we do without franchise today, it’s about a 20, 30 reservation. So it’s a 90% of them. Uh, but, uh, from the other hand, uh, the reservations coming in, it’s coming from even from June. Uh, the people who are not start traveled that we see. And when we spoke with the person, we, the guests who have the nonrefundable reservations, I would say now maybe 75% of them postponed the, to the end of the season, middle of the season or to the next year, which is great. And the people who start traveling to just maybe have ’em not a five for a year, maybe three, and do not spend the 100% of the spending last year. It will spend 50% every second night in the restaurant maybe or something like that. It will be traveling will not end for sure.
Thibault:
So, um, uh, I’ll just see you in different markets. And if for people who don’t in Europe, uh, maybe, uh, should Sue them to understand your cross, a lot of countries, some countries actually are, are I would say a drive to this nations and some of them are worth flight to this nation’s mayors. You have even within some countries actually like Croatia and, and uh, some people say when the, uh, some travel bands lift that first it would be the drive to destinations that will get some demand. So what do you think of that and what do you think is going to be the impact for your own business?
Nino:
Yeah, we have this situation of flying destination here in the Ronek, but also we see our other destinations that are driving. I heard about information that Croatia, it’s um, uh, driving. Yes, it is. Most of it, it is under 500 or 600 kilometers with highways connected. Two hours, three hours Southern of Germany, Italy, Slovenia, Hungary, and the, that’s let’s say great a situation in this case, I don’t see that. Um, it’s only about a country that will travel inside the country. It’s not possible to keep the person inside. Maybe
Thibault:
I want to real
Nino:
maybe sound person and jovial being more traveling inside. But we in Croatia cannot, uh, expect that. Uh, totally. Last year was the 8%, uh, local guests here in Croatia. David economic situation will be maximum 4% of the capacity that can be. So we need the guests from the, from the other countries. And I see that a specially if I look up to Dubrovnik, it’s great opportunity to come to the Veronica indices. And especially specifically because the bionic is a small city with the cruise ships. It’s so crowded. And this year there is no cruise ships. There is no better year. I visited Dubrovnik this year. Uh, really it is because, uh, today you can find the flowers, uh, coming from the stones of Dubrovnik. That is the pictures that are going around the social networks. It’s something specific. And, uh, as I see the reservations coming, uh, to the all Europe, Poland, North Europe and the people are calculating that they will travel if Dubrovnik, it’s not a driving this destination. We all know that the modern guests is connecting several places during the seven days or 10 14 days. Three. So if somebody, let’s say, starts from Munich in Germany, which is 500.
Thibault:
Okay, let me, there’s the Zagreb and Dubrovnik is 600 kilometers from Zagreb. It can be calculated in the same, um, trip as usually during the normal times. Many of our guests, I come in from a, uh, any directions, but singles or the Dubrovnik, the political Sal lakes, which is a 500 kilometers away and the place has between. So I don’t expect that the Brony veal be without a driving guest, but of course less than Euro, less than Croatia. It’s better situation as we see already. But [inaudible] will be better of course, when the flights come back.
Thibault:
So what I’m hearing from you is where I stopped because, um, your company’s spending across different markets. So maybe some will benefit more from this drive to tourists coming. And that’s a great time to go to Dubrovnik, which was, I was thought about when we talked about earlier. And, um, so when, when you, when we hear these like across different markets and you have a different business model. So when we, if I’m approaching my Nigel listening to you now, uh, what can I learn from, uh, UBS model in a current crisis? What are the good, what are the good sides and what maybe could I be thinking of doing right now or planning to do, to adapt for the future? That’s been working for you with your focus and foster and quite T for example?
Nino:
Yeah. Um, if I change the picture of Direct Booker in the direction that we started, we do the checking and cleaning and also opening the offices throughout Croatia and eight countries that you already have the franchise. It will be the big headache, uh, for us in this situation to pay all the checking managers, cleaning ladies, the other offices and a fact that it’s even an hour with 44 employees. Uh, it’s a bigger challenge to calculate the situation as veal that don’t know how it will be played this season. So from direct Booker experience, I can suggest that outsourcing the checking and the cleaning from the perspective of the quality. And so you can concentrate on the service of the revenue management ID development that we are doing. Also, we don’t have the cost of the it, uh, renting technologies, but we have the eight developers in this situation. They are so, uh, we are even now have the offers for our it department to make some solutions out of tourism. So we can now financing ourselves through our it department, bringing money from other brushes that now need help. And also the outsourcing because we all know that a property management, a branch is highly local sensitive. So, uh, spreading, uh, throughout, uh, country and other places. Uh, from one place I, I would not suggest specific plenty situation and even on the long terms
Thibault:
and, um, and to talk maybe about different models right now who may have a more day. So we talked about, you know, there might be some, uh, we heard any of us like [inaudible] for example, who is, uh, uh, very huge projects, companies had the different model, right? Different models from what you just talked about. Yeah. Probably had more employees on the ground in every, so not franchises, but you, what do you think of the other business models like master DCS?
Nino:
Yeah, the Mazda leases. I think they’re in a worse situation from all of us now if they need to pay the rent. They already agreed of. We don’t have a from 7,000 units, even one that we agreed on, the master leads contracted. We are working on permission and in this situation is the same for the rent and for the, for the us. But if I’m looking on the master list, we have the situation, I mean the a master lease situation in our offices that we need to pay a 250 square meters per month and the, what we do already done, uh, and I could suggest for the muscle is to be a human in this situation to be 100% uh, honest and to tell them the renters, the [inaudible], they can also see the situation. Okay. Of course. But the, if you present a numbers would be to 90%, 100% of the less of the income.
Nino:
Of course everybody will have a wide open a hands to discuss about new terms. We get 100%, uh, let’s say forgiveness for the bill of the rental fire office. So that is the case that I will do with it. Each of the renter that I have the master lease, I would just speak with each of them. Some of them may be, are not in some critical situation. It is, some of them may be yes or maybe some, some where they can save a 100% of the rent and move it for the some other period. Or um, some, uh, let’s say, uh, rates that can be paid in a mass, but from the other hand, somebody needs money right now. So do not find a model with each of them. It’s not a one size fits all. So it’s a meeting by meeting. Is this these business growth meeting? Maybe.
Thibault:
So you’ve been able, uh, and so, so, so advice for, for everyone. I’ll just need to try to renegotiate. If you have offices [inaudible] with the owner of the buildings, I guess where the office, uh, yeah, because you do probably have a long lease as you said, right. The Southeast sisters [inaudible] renegotiate with them. But also you find a state currently not of countries actually the uh, the States, the governments have put into place measures to forgive as some of these loans or some of these, sorry, rents or two postponed
Nino:
them, push them back. And, and I know that, you know, you very involved actually in, in talking with, uh, local governments to make sure that they are the right measures, uh, put into place to help property managers as well as vacation rental owners. So can you share with us, uh, what, what you’re doing and why you think, uh, other property managers, vacation rental owners should be doing the same? Yeah. Uh, I am the, in the, uh, community of the renters for Croatia. One of the representatives and I went to the national TV also with some demands from the renters in this situation. Uh, what we ask is, uh, developed to see the 18 months of the Bharatiya room on, on the bank loans. So two for before give just to delay paying a, uh, maybe 12 to 18 months causing Croatia. If you don’t earn from July to end of the September, it’s a 85% less income.
Nino:
So they will not have the money. Now the moratorium is on six months and if it stays in the six months and there is no season, very few of it in, in October. And, uh, uh, in October and November Devyn not be money for the rent. So the logical solution is to give the morality on 12 to 18 months, give the opportunity to rent or to start earning from the next season and to pay it will prolong the terms of the loan for one year or one and a half year of course. But now you cannot ask the money if the there is no money and are very important that a moratorium is without [inaudible] interest the on the loan because a, you cannot earn in this situation which is the major force. So,
Nino:
uh, that was the first thing that we asked for. The second thing is if the income is zero, the cost, so the government needs to be zero. If the income is 20%, the cost needs to be 20% logical. And the third one is, um, that is also already done for the entrepreneurs because the, the Asia are like a physical persons paying ’em the VAT, uh, on the fixed basis. So because of that, they are not entrepreneurs and they didn’t get the loan for a liquidity. Nope. The, my company also, I’m now doing the, uh, asking for the money for the liquidity, but the renters can’t because they are like a physical person. So they need to make some, uh, loan for liquidity for the renters. It can feel not be a big one. It’s just for surviving to the next season because, uh, some of the renters are leaning from the [inaudible].
Nino:
Yeah. Some of the renters, some of the renters are, uh, leaving from the pension and the, the pension here is very low. So if there is no income from the renting or some rent or suddenly meaning only from the renting, they will not have any money to survive in the next season. So they need to have some, a loan from the bank without, and to start paying it for 12 months, for the period of three years. So let’s say, and it will be up to five days on Euro, just for the person to survive. You don’t need to invest.
Thibault:
So do you know, if I understand correctly, so here, uh, of course, renters in this context of vacation rental owners who may or may not basically be incorporated as a company, right? So exactly as you said it with your own company, you connect, you apply for some measures, like a really equity loans or it’s kind of things that the government is doing. So with you, I shared with your groups action. So you really be able to, um, propose, uh, these actions from the, for the records rental owners, right? Those who have lottery on the nose or uh, doing something on, on the, making their costs, they could say the costs variable when it comes to paying things to the state can be licenses, can be a tax as kind of things. And, um, so, and are these measures that you, you’re talking about, are these things that have been already voted or are being discussed? What was the status right now?
Nino:
So there was the, uh, two waves of measures from the government and after the first waves, that was not so good. Uh, entrepreneurs from Croatia come together from all sides in one Facebook group and make a big thing from it. Uh, it is now over 100,000 to entrepreneurs in the group and it’s already, uh, like a community officially made a community and it’s already, uh, the, uh, I made the changes to the second, uh, waves of the measures from the government in the first measures. There was, uh, some, uh, subventions to
Nino:
all the entrepreneurs in the minimal salary to the owners, but it was a small salary and just to postpone all the payment you need to make on the salary. So in this situation that we, nobody’s a guilty for it, eh, it’s just postponed who will pay it later from what money and then the entrepreneurs come together. And also, uh, I, as the representative of the renters came in some bored of it and the, for the entrepreneurs also and for the renters and uh, in the second available of the measures, let’s say in the for now, we have better help from the government. It’s a higher amount of the salary that they paid for the next three months. It’s about 600 euros, which is okay for this opportunities here, let’s say. Uh, and it’s, um, the logic [inaudible] yeah, income. Well, losing of a income is 80%. You would not pay 80% of the extras on the salary that you need to pay to the, uh, the employee. So with that, uh, V, uh, measures, we are now okay for let’s say four months without problem. We can do it because if you have a 100% of the salary [inaudible] [inaudible] employee, now let’s say more than 75%, it’s uh, already done by the government. It seems the question is how long it can be done, but then the Vandy not borders. When we start living here in Croatia, normally when do you hear salons, restaurants, everybody open then they will not need to pay everybody. They need to pay everybody. But in the tourism [inaudible] would need to be supported for 12 months at least.
Thibault:
Yeah, I, I agree with you, right? It’s Slack. So these kinds of measures where the government steps in and base all the part of the salary, which is a thing called in English for low. I hope my pronunciation is right, but I think we always send the, the, the uh, the concept here. Um, yes, it’s, it’s extended. It’s going to be extended because for example, in my home country friends, even though they are announcing that the lockdown with stuff on may 11, they still announced that it will not stop, uh, people would be able to run the business but not hotels, not restaurants. So it’s going to be very long because of your, Steve, we, especially in Europe, we were getting to the, the high season for a lot of destinations. So it’s going to be long impact over time. Um,
Nino:
if I can just add, if I can just always same logical conclusion is a, if income is zero, cost needs to be the zero. So, depending off your income, uh, when you compare it with the last year, and if it is a on developments less than the 70%, then you shouldn’t pay, uh, excess on the salary for 70%. Uh, the goal is the key employees. If we don’t keep it, then the government will abate from the other hand. So on this way we are paying them and, uh, the business is growing. Without it, they will be a widdle job. But the government, again, you need to pay them.
Thibault:
Yeah, no. So, um, to, to link back to a point that you mentioned earlier, and you know, that’s again that maybe that non European Watchers do not realize that on the map, Cray shies one of the smaller countries in Europe, but when it comes to vacation rentals, holiday rentals, crazy shies almost an almost among the top three markets, I think in number of [inaudible]. It’s huge. Huge. So it’s,
Nino:
I checked on one of the biggest of these RDAs and uh, Italy have a 50,000 of the property. Yeah. Pain. It’s a 41. Croatia is a 36 thousands, and it’s a unbelievable, uh, effect. So what is the opportunity for creation in this situation is that it is the closest seed in this situation for the middle and North Europe. What was the C in the terms of location? In the terms of a summer season?
Thibault:
Yeah. Yeah. So that’s an imposed community. And so to close it again, uh, here, so for property managers again, um, cause a lot of them are in survival mode for the moment, right? So you’ve been able to outsource things, keep things, uh, light, uh, even really go, she ate uh, um, rents with your, for your offices. Is there one last thing that people need to do right now? So how about, how about the relationship with staff? Um, what to do with your own staff right now too, because of course some people have had to make very tough decision, right? With their staff and some people in this video series I’ve taught how they had to lay off 75%. Some people have to told how basically they always use flexible staff so they don’t have the issue. But, and some of the I’ve, I’ve said, I know Andrew from Valley, I said that his team now, he’s only had a few people left. It has super motivated and, and coming up with solutions and, and so what’s, what’s, what’s going on with your own staff I would say. And what would be the advice
Nino:
one, one thing will come out from this situation for sure. That everybody will come out leaner. We always thinking about, uh, uh, do we need, uh, so much people or not? And now in this situation we will see really who is there a 100% for the company. Of course we will be behind them. Uh, it’s a good situation. It will be if there is a morality room on the private loans on 12 months in this situation, then the rent, the employers can also be a part of the a survival mode because we cannot pay, there’s no mathematical calculation for it. So what we are doing on a daily basis, the company is calculating, of course, the coasts without a season, without off season. Of course we need to have the diverse is scenario that we will survive and reveal. It’s not about, it’s not for us, it’s not a problem.
Nino:
But we need the help from the employers, employees also. And then we have it. Uh, it’s, I’m proud of them. We are all now working from home 100%. There is nobody in the office and uh, they are working great and the results is telling that because a 75% of the request or the money return, it’s a postponed and 25, you know, DOD, AEs and BEC behind the guests. We cannot do it anything if they contact them directly. But uh, in our communication it gets 75%. It’s coming. Uh, it’s a great solution. So of course employee employees needs to be, we do counter in this situation it’s a, there’s no mathematical, uh, if there is a 90% of the income less to pay the total amount of the salaries. Again, if your costs from the side of the a rent loan or something is postponed for 12 months, you can be the part of the solution. Also you will have a job, but of course we need to find a mathematical solution, uh, which part of the salary you will bring to the company to survive.
Thibault:
That’s wise words for, to help property managers who are in survival mode on how to, um, think for the next, uh, months, at least six months. Um, I just want to, you know, give us, so, um, um, know thank you for your time today and make sure that people want to come to Croatia. And one personal note, right? Because you are, we are doing this from homes, but you are in one very specific whole Medicare. Can you share, I think it’s, isn’t it one of the best holiday homes in Europe? Where you like now?
Nino:
Yeah, from 2017. It’s in my family home from a 17th century, 16 and 65th. And, uh, two years later it was the biggest earthquake in this, uh, uh, in this country ever. And it’s interesting, this morning was, there was an earthquake here in the [inaudible]. You can find it, uh, uh, on the news. And it’s not so big as in Zagreb, but, uh, it was the, something that I remembered of and the, the, we had renovated it for the renting in 2015 we go on the European holiday home association and make ’em apply for the best holiday home in Europe for a vacation. And one it’s longer 400 feet. He exists in Europe. So here is the
Thibault:
The short is our is here. Uh, other side is the best holiday home. You’re up to your true, your true expert, right, for your company, even for your own a home. So congratulations for the owner homes. I need to give, uh, all, uh, credits to my, uh, and so those two people before me here because I just renovated it and it’s called a Falcon Rook. You can look, look at that online. [inaudible] is it on direct Booker everywhere? It’s on North DA’s and everywhere. All right. So, uh, I made sure to put the add links to, uh, to the Facebook group that you have and also maybe also one link to the property if people want to check it out. That could be soon. Okay. Once again, thank you very much, Nino. All the insights. That was very interesting and I wish you a great day.
Nino:
Thank you, Thibault. It’s a, it was nice to meet you and to speak about our branch. Maybe we’ll come back stronger from this. Of course.
