Breaking off a piece of the sharing economy

If she had gone the route of a home exchange, where money doesn't change hands but keys do, she would have save many tens of thousands of dirhams spent on accommodation over the course of a year, says Nima Abu Wardeh.

Illustration by Gary Clement for The National

I just couldn't get my act together in time. But I will. And next time, I'll have my share of the £9 billion (Dh51.77bn) global collaborative economy - this is what consultancy PWC says it's worth on the back of a study done last year.
It's not that I will become a millionaire - or that I'd necessarily be paid any money at all - but I'd get to keep more of my money at the very least, and that's not to be sniffed at.
Part of my plan is to let or exchange my home whenever I travel for a chunk of time, like now. It hasn't happened because I haven't made it happen. There is no other excuse. My to-do list includes making sure the bedrooms have space for other people's stuff, buying a big safe, bolting it into the floor, and putting things in it that I don't want damaged or risk going missing. Then I need to let go and believe in people - that I will return to find my home and things as they should be.
A quick glance at websites such as Airbnb tells me I'd make over Dh20,000 a month. If I go the route of a home exchange, where money doesn't change hands but keys do, I'd save many tens of thousands of dirhams spent on accommodation over the course of a year.
I'd be part of an expanding tribe that uses online platforms and apps to share resources and skills. This tribe has helped create 17 billion-dollar companies around the world, employing 60,000 people, according to Venture Beat, a technology innovation site.
The list includes the likes of eBay, Etsy and Uber as well as Airbnb - you know them well I'm sure. But there are more: flyta, a Canadian "social shipping" company that turns you into a temporary courier: after various security clearances, and baggage allowance permitting, you're paid to take things with you.
GoCambio is another. Based in Ireland, it caters for travellers with skills who barter for a place to stay - offering the likes of language or guitar lessons in lieu of rent. Personally I'd love to open my home to a chef - just imagine coming home to all sorts of edible goodies with zero effort.
Barter or exchange is a great way of doing things. A friend has taken his family on a ski holiday to Zermatt for the past three Februaries for the cost of the airfare, ski passes and kit.
He exchanges his home, car and facilities with a family who come to his place in the UAE at the same time for some sun - even the children's clothes are borrowed. They've become such firm friends that they now make sure logistics include a meal for them all together at one end with one family arriving and the other departing.
I find it appealing to walk into a home with all creature comforts ready and waiting, right down to story books, toys, hats and gloves.
And I'm not alone: The collaborative, or sharing economy is set to jump to £230bn by 2025 according to PWC - including music streaming and loan sharing.
To find out what you could earn, or save, you'd need to look at sharing websites and apps and make sure that what you're doing won't get you into trouble.
Legalities and liabilities are part of why this kind of thing is yet to take off in a place like the UAE, where, for example, subletting without your landlord's permission is not allowed. Along with addressing legal responsibilities and potential risks involved, you'd need to decide what you will and won't put up with.
For example, are you fine with guests turning up after midnight if you're letting out a room? Or if that necklace or evening dress you love is damaged or never comes back?
The collaborative economy is about more than making money - as my Zermatt-bound friend and his family have found out. It's about people interacting, getting to know each other and sharing - yes, in return for something, and that's just fine.
So, from now on, holidays and long trips are going to mean my home being shared with others - with me either staying in theirs for the duration, or earning from an otherwise idle asset.
How about it: letting others use the things that you don't need, so that you can get the things that you do.
Nima Abu Wardeh is the founder of the personal finance website cashy.me. You can reach her at [e-mail].
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