The sharing economy is fast growing in sophistication. But while affluent owners and consumers are embracing the benefits of peer-to-peer exchange, they bring a unique mix of needs and expectations to the process. Purpose-built for seasoned travelers and second-homeowners, InvitedHome (www.invitedhome.com), which has transformed the luxury vacation home rental experience on both sides, is again leading the industry with today’s launch of a new proprietary system called HomeCraft™ (https://invitedhome.com/property-management). Customized to each unique owner’s needs, this new integrated technology revolutionizes every aspect of managing a high-end vacation home, from pricing and maintenance to the guest’s in-home experience. Guest-facing tools are also built into HomeCraft’s technology, and both groups benefit from InvitedHome’s high-tech, high-touch model, including access to dedicated in-market Experience Managers. A brief video introduction to HomeCraft is available online at https://vimeo.com/208682203.
Owners and guests see a small piece of HomeCraft through their individual dashboards, but the majority of its power takes place behind the scenes. Dynamic pricing is influenced by daily supply and demand. Home maintenance and care is automatically scheduled based on rental activity. Detailed records of all mechanical systems and appliances trigger alerts when home equipment such as stoves and air conditioners are due for service or need to be replaced. Homecraft ensures a high standard of quality care by monitoring all the important details, and guests book with confidence knowing they are enjoying a vacation in a well-managed home and are communicated to before, during and after their stay to make sure of it.
“When we set out to create InvitedHome, we had one lofty goal: to drastically reduce the pain and increase the joy of owning and renting a luxury vacation home,” noted Michael Joseph, co-founder of InvitedHome, which has been named by Travel + Leisure one of North America’s top villa rental agencies. “Today, after several years of research and development and millions of dollars spent, we believe we have produced the solution in HomeCraft. The result is a technology platform that, combined with our experienced team, solves all the major pain points in the industry. It’s the equivalent of going straight from horse and buggy to driverless car.”
How it works: logging data. The process begins when a new home is added to the InvitedHome portfolio. An operations specialist spends 10 hours or more within the house, logging information into the HomeCraft platform. Every mechanical system is recorded with its age and unique nuances; every appliance make, model and serial number; every room with its unique housekeeping requirements; AV operating instructions, kitchen inventories; and more. “To see what HomeCraft looked like on paper, we decided to print the stored information for just one home,” said Joseph. “The result was 315 full pages of content.”
Managing the home: Once everything is recorded, HomeCraft then automatically coordinates all housekeeping and inspections whenever a reservation is made. Real-time status updates on current and upcoming maintenance projects are visible to owners alongside capital improvement plans. Owners can gather information on bookings and guest reviews, and photos both before and after a rental assure them that InvitedHome’s 97-point cleaning checklist has been dutifully executed by its professional crew. Homeowners can customize additional tasks whenever they are in residence themselves so their home is set up to their specifications every time. As major appliances approach the end of their life span, owners are alerted on their HomeCraft dashboard to the need to plan and budget for a potential capital improvement project.
Marketing and revenue: HomeCraft’s marketing and revenue modules then take over, tracking supply and demand to set prices based on that data combined with the home’s unique attributes. This enables InvitedHome’s revenue management team to dynamically shift rates to maximize revenue for homeowners at all times.
Guest interface: Meanwhile, HomeCraft’s guest-facing site gives travelers a comprehensive guide to their retreat before and during their trip. They can choose their preferred bedroom in advance (a great travel planning tool for groups), collect information on the home and surrounding area, and view tutorial videos on operating entertainment systems and other in-home bells and whistles.
HomeCraft’s impressive technology is driven and complemented by human expertise. Co-founders Michael Joseph, Henry Parry-Okeden and Tom Feldhusen have purpose-built InvitedHome for the luxury market, designing every element of the business to address the needs of the sophisticated homeowner and traveler. They’ve recruited best-in-class executives to steer InvitedHome’s ongoing success, including Head of Revenue Owen Miller (formerly with Frontier Airlines), Vice President of Operations Chris Sewell (formerly with Four Seasons Hotels and Resorts and Exclusive Resorts) and Chief Marketing Officer Wendy Purvey (formerly with Sotheby’s International Realty). Thanks to excellent stewardship, InvitedHome was named to the Inc. 500 list of fastest growing private U.S. companies in 2015.
About InvitedHome: InvitedHome is the nation’s most highly reputed vacation home rental company that has transformed the industry by operating like a top-tier hotel organization. Its portfolio of homes, chosen for their breathtaking attributes, typically range from $1-10 million in value (some as high as $20 million), and are set in some of the country’s most enviable resort destinations: Vail, Beaver Creek, Breckenridge, Telluride, and Steamboat, Colorado; Jackson Hole, Wyoming; Santa Barbara and Lake Tahoe, California; Maui, Hawaii; and the Emerald Coast of Florida. Home owners and investors entrust their assets to InvitedHome for expert in-market management and strong revenue returns. Travelers repeatedly turn to InvitedHome for its hotel-inspired service. InvitedHome was named to the Inc. 500 list of fastest growing private U.S. companies in 2015. For more information, visit www.InvitedHome.com and follow @InvitedHome on Twitter Facebook, Instagram, Pinterest and LinkedIn.