Have you ever wondered exactly how Airtasker works? Airtasker is a Sydney-based Australian company that provides an online and mobile marketplace that allows users to outsource everyday tasks. There are numerous services that allow you to outsource everyday tasks, so what makes Airtasker different? In this blog, we want to talk about all things Airtasker - from its history, how it works, and how you can use it to earn extra income.
Airtasker shares and how it works
Exciting Airtasker news in the past couple of days has revolved around its successful landing on the ASX. Airtasker founder and chief executive Tim Fung has high hopes, stating that Airtasker has sailed through COVID lockdowns and is on track to lift its revenue. This positive outlook and pent-up demand for the stock helped to boost Airtasker to a 78 percent premium on the first day of trading, with its shares jumping to a high of $1.16 and closing their maiden session at $1.05. Mr. Fung’s stake was worth more than a whopping $55 million when shares peaked soon after trading commenced. With the company holding a forecast revenue of $24.5 million for the 2020 financial year, it will be interesting to follow its journey. Airtasker is expected to attract 410, 000 unique paying customers this year with an average value of the tasks agreed to on the platform expected to rise from $159 last year to $189.
Although Airtasker’s debut was strong, it was far from guaranteed. Technology stocks have been affected by rising bond yields, raising uncertainty about how Airtasker would perform. Meanwhile, Mr. Fung has maintained his 12.7 percent stake in Airtasker while company chairman James Spenceley holds a 1.19 percent stake. Airtasker is set to be one of the most popular IPOs of the year in Australia. It is safe to say that its stock is something worth keeping an eye on. With demand being 10x oversubscribed from staff, it doesn’t look like the strong demand will be fading anytime soon.
The current market in Australia is worth around $52 billion, per their prospectus, and here at PaintAccess, we are interested to see what the future holds for the company. From launch until 2019, its primary focus was increasing the number of taskers, customers, and completed tasks. From 2019 onwards, Airtasker has looked to increase marketplace growth and help to lift results through increasing operational and cost efficiency, improved marketing, and an augmented revenue model.
Taking a look at Airtasker’s past goals makes us wonder what they have in store for the future. With over 950, 000 customers and 150, 000 taskers, the company is currently exploring opportunities with a focus on increasing customer and tasker acquisition, improving usage frequency, and expanding the addressable market. To achieve this, they are undertaking a number of measures such as growth marketing and international expansion - which will see them expanding into new markets through centralised operations and marketing strategies. Judging by the success of Airtasker’s IPO, it is safe to say that the world will be watching to see what is next in store for the company.
History of Airtasker
The concept of Airtasker was devised in 2011, by co-founders Tim Fung and Jonathon Lui, who were moving apartments at the time and realised many of the related tasks could be outsourced. In the words of Fung, “Why do we ask our friends and family to do all these kind of jobs when there are so many people out there who are looking for extra work and extra ways to make money?” Airtasker was based on the premise that busy people will pay someone else to run their errands. Airtasker’s beginners were humble, with Fung and Lui working on their original concept on their living room floor. In the following couple of years, Airtasker acquired rival companies TaskOne and Occasional Butler. Since then, Airtasker has established itself as a trusted market leader in task outsourcing.
How does Airtasker work?
Airtasker makes it easy for people and businesses to outsource everyday tasks. First, you start by describing the task you need to be done. Include details such as when and where you need it done, and suggest a fair budget for the task. Posting a task is free and there is no obligation to hire. To pick the best Tasker for your task, take a look at profiles and reviews. When you accept an offer, you can rest assured that your payment is safe, it will be held securely by Airtasker Pay until the task is completed. You can message and call the tasker to discuss the details of the task. When your task is complete, it’s time to release the payment held with Airtasker Pay. After the task is completed, you can leave a review for the Tasker!
Airtasker service fee - what is it and what is it for?
Airtasker charges a service fee when you’re assigned a task you made an offer on. The service fee is used towards the costs of keeping Airtasker running and growing. The service fee depends on the Tasker Tier you are in but can range from 10-20% of the task price. When you make an offer on a task, you’ll be able to see a breakdown of the service fee so you can decide if the task’s right for you.
What are Tasker Tiers?
Tasker Tiers or “Tiered Pricing” is a way that Airtasker acknowledges Taskers who consistently add value to the community. In return, they are eligible to receive lower service fees. There are four tiers, starting at Bronze and advancing to Silver, Gold, and Platinum. Taskers are rewarded for a history of good task completion, encouraging taskers to maintain a positive record in their tasks.
- 20% service fee
- Fair completion in last 20 tasks
- Earn less than $800 in the last 30 days
- 16.4% service fee
- Good completion in the last 20 tasks
- Earn $800+ in the last 30 days
- 12.7% service fee
- Great completion in the last 20 tasks
- Earn $2400+ in the last 30 days
- 10% service fee
- Excellent completion in the last 20 tasks
- Earn $4800+ in the last 30 days
Earning money on Airtasker
Earning money on Airtasker is a good way to earn some extra income. You are your own boss and you can create your own schedule to ensure the best work-life balance. You can get started on your task right away, knowing that your payment is secured with Airtasker Pay. A service fee is automatically included, covering variable insurance and transaction costs.
Setting up your profile
Your profile is the first thing a Poster will see about you. They will look at your profile and reviews to see if you’re the right person for the job! Upload a clear profile photo and write a nice description about yourself including things you’re good at. A great profile helps you stand out and improves your chances of getting the job!
Insurance is important because it helps to protect you in the case that something unexpected goes wrong. Airtasker insurance is provided by CGU. Taskers on Airtasker are covered for liability to third parties in regards to personal injury or property damage - so you can complete your task with peace of mind.
How do I earn money on Airtasker?
Search for tasks nearby that match your skillset by filtering by location, distance, whether you want to complete the task online or in person, and by searching for keywords. Once you find the right task, you can easily make an offer! To make sure you provide a fair offer, take into account how long the task could take and which skills are needed. Your offer may be higher or lower than the task price, and you should let the Poster know why in your offer. You should keep the Poster in the loop as you are completing the task to make sure you’re both on the same page. After the task is completed, make sure you request for the payment to be released and leave an honest review for the Poster.
How does Airtasker Pay work?
Airtasker pay offers a secure way to get your tasks completed. Once you accept an offer on a task, the agreed-upon amount is held by Airtasker Pay. Once the task is completed, you simply release the payment which is then transferred to the Tasker’s verified bank account. Airtasker has a cashless payment system to ensure fast and secure payments.
Airtasker mobile app
Today, our lives are busy. We don’t always have time to sit around and wait for new tasks to be posted. With Airtasker’s mobile app, you never miss an update, so you can continue your everyday life without missing a beat. It’s never been easier to browse or post tasks, and you can privately message task posters to discuss the details of a task. It only takes a few taps! Airtasker’s mobile app allows you to post tasks, make offers, and stay updated on what’s happening at all times.
Rating and reviews system
It’s easy to review a Tasker’s portfolio, skills, and verifications on their profile. You can also see their verified transaction ratings and reviews on tasks they’ve previously completed on Airtasker. You can see how many tasks a Tasker has posted, how many they have completed, and how many reviews they have received. Reading a tasker’s reviews can help you to decide whether they are right for you!
What makes Airtasker stand out?
What is the difference between Airtasker and Hipages?
Hipages runs on a similar basis as Airtasker. However, Airtasker focuses on a wider range of tasks that are not limited to a particular category while Hipages specialises in tradespeople, building, and construction services. Whilst Hipages is geared more specifically towards trade services, Airtasker is great for those ‘odd’ tasks that you need to be done.
Whilst Airtasker charges a service fee, tradies and businesses receive all leads for free but contact details of the customer are not provided. In order for businesses to be able to provide a quote and receive the customer’s contact details, they are charged a fee that comes out of their lead credits plan. Regardless of whether or not the customer chooses to hire the business, the tradie is charged - even if the job does not go ahead.