HomeHop Property Management

?? Tech Tuesday: Simplifying Finances with QuickBooks Online ?? As the accountant in me comes out, this Tech Tuesday post feels special! At HomeHop Property Management, managing finances efficiently is critical as we scale our short-term rental business. While QuickBooks Online (QBO) isn’t specific to the vacation rental industry, it’s an incredibly versatile accounting software that has allowed us to meet our financial needs at this stage. Here’s how QuickBooks Online helps us: ?? Class-Based Reporting: We can break down every property and owner by class, allowing for easy reporting across our portfolio. ?? Financial Institution Sync: QBO syncs seamlessly with our bank accounts and credit cards, automatically pulling in transactions. This helps ensure that our books are reconciled monthly, saving us time and ensuring accuracy. ?? Bill Pay for Vendors and Cleaners: QBO’s Bill Pay feature allows us to pay all of our vendors and cleaners on a weekly basis, streamlining our financial operations and making sure everyone is paid on time. ? Timely Payments: Staying on top of finances is critical, and QBO helps us ensure that owners are paid on time each month—a key part of maintaining trust with our property owners. A big shoutout to our accounting lead, Regine DC, who helps keep everything organized and running smoothly. She ensures that all financials are in order, and we couldn’t do it without her! While QuickBooks Online has been a fantastic tool that I highly recommend for small businesses, as we continue to grow and mature, we’re starting to explore more real estate-specific accounting solutions. These tools would make creating and managing owner statements easier as we continue to expand. #TechTuesday #QuickBooksOnline #AccountingSoftware #FinanceManagement #RealEstateTech #HomeHop

?? Tech Tuesday: Smart Savings with ecobee Thermostats ?? As we continue to scale at HomeHop Property Management, we’ve learned that small savings can add up to a significant impact on our bottom line. One of the tools we rely on to reduce costs while enhancing guest satisfaction is the ecobee smart thermostat. Ecobee is a smart thermostat that allows us to set temperatures based on our booking calendar. For example, if we don’t have a guest during the summer, we’ll set the AC to 76°F, and two hours prior to guest check-in, it will automatically reduce the temperature to 72°F. This not only leads to decreased costs but also ensures that our guests arrive to a perfectly cooled home, increasing their satisfaction. Additionally, ecobee allows us to set guardrails for minimum and maximum temperatures. This prevents guests from setting the AC to extremes like 60°F, which can lead to the unit freezing and result in costly maintenance issues. By maintaining these settings, we can ensure our equipment runs efficiently while avoiding unnecessary expenses. We recommend ecobee to all our property management clients and have installed it in every home we own. While it may not sound like a big difference, the impact grows as we scale. For instance, as we aim to reach 50 homes owned over the next year, we project that ecobee will save us approximately $200 per year per unit. That’s a total savings of $10,000 annually for the homes we own—significant savings that directly contribute to our profitability as we continue to grow. Ecobee is more than just a thermostat; it’s a tool that helps us optimize our operations, reduce costs, and improve guest satisfaction, all of which are critical as we scale our business. #TechTuesday #SmartThermostat #EnergySavings #Ecobee #PropertyManagement #InnovationInRealEstate #HomeHop

?? July HomeHop Property Management CLE Fund Results Are In?? July has historically been the strongest demand month for short-term rentals, and this year, we truly outperformed. After exceeding our June revenue projections by 2.5%, we took it a step further in July, surpassing projections by over 27%! Our original forecasts didn't fully account for the incredible success we're seeing with pool properties, and it shows—our pool property led the way with a staggering 133% beat over projections. And the best part? We have another pool property on the way, which we anticipate will continue this trend. While it's still early days, we're thrilled to report that through the first 6 months, we're now beating aggregate projections by just over 10%. This momentum is a testament to our team's hard work and strategic investments. As of now, we have 9 properties live, 2 more purchased and currently being designed, and 3 under contract. Our goal remains clear: 23-25 homes purchased for our first fund. ?? #RealEstate #ShortTermRentals #VacationRentals #HomeHop

Earlier this week we had a HomeHop Property Management Top Golf even! Reflecting on our journey, it’s incredible to think that just two years ago, it was only Dan Mitchen and myself. Today, we proudly have 12 full-time team members and growing! We use the “Sunday Test” to guide our team culture: if you had to work on a Sunday with your colleagues, would you enjoy it or dread it? This principle ensures that we build a team where everyone genuinely enjoys working together. We prioritize hiring people we’d love to spend time with, even outside of work hours. I’m grateful to have worked with two high-growth startups in the past, and we’ve brought many of their best attributes to HomeHop. As a hybrid real estate and tech company, we operate with the mindset of a tech company to fuel our growth, which is something many real estate companies don’t practice. One key aspect is ensuring strong team chemistry. We challenge our team members to grow in areas outside their comfort zones and reward them with team events like our Top Golf outing. It’s all part of creating an environment where we support each other and celebrate our rapid growth. Feeling blessed to work with such an amazing group of people. Here’s to many more milestones and team adventures! ???♂??? #TeamBuilding #HomeHop #StartupLife #CompanyCulture #Growth #TopGolf

We're excited to announce the launch of our 9th property for HomeHop Property Management's real estate fund! ???? This stunning home is right on the border of the trendy Akron suburb of Fairlawn. By purchasing it for $250k, we saved about $50k compared to properties just a mile closer to Fairlawn, while still attracting Fairlawn guests. ? Why we love this property: ??? 4 bedrooms and ?? 3 bathrooms ??? Spacious living room and entertainment room ?? Secluded backyard backing up to a state park ?? Real hardwood floors (refinished to perfection) ?? Newly painted kitchen cabinet faces and several rooms ?? Added privacy with a hot tub We launched this property earlier today and already received a 3-day booking at $375 a night within hours! ???? This home is a fantastic addition to our portfolio, offering guests a luxurious and private retreat while benefiting from the trendy Fairlawn area. Stay tuned for more exciting updates! #RealEstate #PropertyInvestment #Akron #Fairlawn #VacationRentals #HomeHop https://lnkd.in/g2AZTb7m

I'm thrilled to announce that we've officially raised our goal of $2 million for HomeHop Property Management's first short-term rental fund! ???? To date, we have purchased 10 out of the approximate 25 homes planned for the fund, and the results have exceeded our projections. ??? What seemed like a stretch goal of $2 million last year has now become a reality. This incredible journey, especially after taking the leap of faith to leave a fantastic job and dive full-time into this venture, has been nothing short of amazing. ?? It’s a testament to the power of dedication, hard work, and the unwavering support from our incredible team and investors. ???? If you’re interested in learning more about our progress and future plans, don’t hesitate to reach out. Here’s to more growth and success ahead! ???? #MilestoneAchieved #RealEstate #ShortTermRentals #InvestmentFund #Cleveland #Akron #VentureOut #SuccessStory #FuturePlans

??We’re thrilled to announce the upcoming launch of our newest property to our short term rental fund! Here’s why we fell for this home: ?? Turnkey Condition: Ready for guests with stylish flooring and a charming, exposed brick kitchen. ?? Accessible Features: Includes a sought-after first-floor bedroom for ease and comfort. ?? Modern Upgrades: Boasts an updated kitchen and two bathrooms, aligning with top guest requests. ?? Smart Investment: Purchased at $172.5K with a projection to gross nearly $50K annually. Looking forward to welcoming guests and adding value to our portfolio! #ShortTermRental #RealEstateInvestment #PropertyManagement #InvestmentOpportunity #TurnkeyProperty

??? First 90 day results of our short-term rental fund are in and have surpassed projections! ??? Here's a snapshot of our achievements: ??Financial Performance: -Average purchase price of $223,800 vs projections of $250,000. -Net revenue of $42,500, exceeding our $35,000 projections by $7,500 or 17.50%. -Average daily revenue surpassed projections by $40, marking a 23% increase over projections. ? Guest Satisfaction: -Achieved a flawless 5-star rating on the first 29 reviews received! We have a 6th home set to go live later this month and 2 more under contract! If anyone is interested in investing actively or passively in the short term rental space feel free to DM or leave a comment below! #ShortTermRentals #RealEstateInvestment #FinancialSuccess #GuestExperience #RentalProperty

?? Are you currently pursuing a specific goal? At HomeHop Property Management, we’re thrilled to share our current streak of 77 consecutive 5-star reviews on Airbnb! From the days when Dan Mitchen and I handled everything, achieving ??117 straight 5-stars??, we've set an ambitious new goal. To inspire our team to surpass this milestone, we’re offering over $10k in bonuses when we set our new record! ???? Rewarding our team’s dedication is essential for pushing boundaries and upholding high standards. Here's to climbing new peaks and celebrating every achievement! ?? ?? Stay tuned as we strive to break our own record! #Teamwork #BusinessCulture #GoalSetting #HospitalityIndustry #AirbnbSuccess #Excellence

Do you have favorite amenities that you look for when booking a short-term rental, like pools, game rooms, or fire pits? Understanding what guests value most can significantly influence returns on investment for property upgrades. For instance, after adding a hot tub to one of our properties last year, we saw a 19% increase in revenue for the first quarter of 2024 compared to the previous year. This has led us to include hot tubs in most of the new acquisitions for our fund. What amenities do you think can make a short-term rental stand out? Would value feedback in the comments! #VacationRentals #PropertyManagement #LuxuryAmenities