SAN FRANCISCO, Jan. 20, 2015 (GLOBE NEWSWIRE) -- Pillow Homes, a technology-driven hospitality company for short-term rentals, has introduced a Fixed-Income Guarantee that locks in a monthly rental income for homeowners. Pillow, previously operating as Airenvy, is pioneering on-demand property management, making it effortless to "host" and maximize income on platforms like Airbnb, VRBO and Homeaway. The re-branded company has received $2.65 million in seed funding led by Homebrew along with investors Sherpa Ventures and Tim Draper.
Pillow offers homeowners two ways to earn income from their homes. The standard Pay-Per-Booking option means homeowners pay a fee of 15% of their rental income for Pillow's management services, roughly half the price of most competitors which routinely charge anywhere from 25-40% fee. Pay-Per-Booking offers homeowners more calendar flexibility.
Now, Pillow is introducing a Fixed-Income Guarantee model, the first of its kind in the industry, giving homeowners a pre-determined monthly income from their short-term rentals. Using 85 criteria including location, number of bedrooms, and amenities, Pillow is accurately able to predict both occupancy and daily pricing. This technology means Pillow's homeowners can rest assured knowing their rental income is secured each month.
"Homeowners are seeking ways to monetize their investment in their first or second homes, and short-term rentals are a great way to do that. Yet, most people don't have the time to host guests or know how to manage a short-term rental," said Pillow CEO Sean Conway. "Whether you're travelling for three weeks or three months a year, Pillow will help you earn income from your home without hassle or effort."
Prior to becoming Pillow, Airenvy launched one year ago focussing mainly in property management. In 2014, the company was managing upwards of 250 reservations per week, in peak travel periods, on real estate collectively worth more than $175,000,000. Now a full-service hospitality company, Pillow takes the onus and responsibility off homeowners, or "hosts," by providing an end-to-end hospitality service for both homeowners and guests.
For guests, every Pillow home comes with standardized amenities, hospitality touches, and 24/7 guest support to ensure a reliable and enjoyable stay. Pillow's service is increasing the supply of high-quality, short-term rental properties -- for corporate or vacation needs -- that offer both excellent hospitality standards and the unique and local experience that comes from staying in a home.
"The home-sharing and short-term rental space is much discussed but has not yet reached full potential. Homeowners want less stress and guests want to be able to trust the experience. We believe Pillow has the opportunity to re-define the future of hospitality in the home-sharing and short-term rental space," said Hunter Walk, General Partner at Homebrew.
Pillow's online services include a proprietary pricing algorithm and booking engine, listing optimization and marketing, and customer service before, during, and after guests' stay. Local services include house cleaning and preparation, guest support, key exchange, maintenance and repairs. The company has also provides $2MM in general liability insurance for hosts.
Pillow currently operates in San Francisco and the Bay Area, Sonoma, Napa Valley and Los Angeles. The company is planning major market US expansion and expects to open in 10 US cities within the next year.
Pillow's management team includes CEO and Co-Founder Sean Conway and President and Co-Founder Justin Miller, who together previously founded Notehall which was sold to Chegg in June 2011.
Based in San Francisco, Pillow is a next-generation hospitality company helping homeowners maximize their short-term rental income by creating great guest experiences, without the time and effort required to personally host guests. For more information, please visit www.pillowhomes.com.
CONTACT: Media Contact: Gareth Edmondson-Jones (917) 399-9355Source:Pillow Homes