Today we’d like to introduce you to Vi Friebertshauser.
Hi Vi, please kick things off for us with an introduction to yourself and your story.
Prior to starting Homads, I worked as a freelance videographer and editor. I was entrepreneurial in a multitude of ways throughout my life, including co-founding a production company but to say that I was a technologist would be far from true. I had no idea what I was getting into and to be frank, it was better off I didn’t know. I oftentimes say if I knew what I was getting into and the sacrifices I’d have to make, I likely would not have chosen this route.
I started getting into real estate investment back in 2015 and found house hacking to be a great route to get there. I wanted to do things properly so I made sure I had all the appropriate permits. Early on, I realized that my profit margins weren’t great with short-term rentals so I looked at better ways to cut costs and increase revenue. I found that I spent the most money on resetting a property (cleanings, changing linens, etc.) and paying permitting and taxes. The best solution was to rent my place for 30 days or longer. This solved both problems as you had less turnover and got yourself out of short-term rental regulations when you rented for 30 days or longer.
The story of how the idea of Homads came up makes logical sense and was a great idea. The part that is not as logical or could be taken as naivety is that I had no technical skills or tech knowledge. My self-deprecating humor always says it’s naivety but to be completely honest, it likely has to do a lot with how I grew up. I am a child of refugees and grew up in a low-income community. I was accustomed to people telling me “no” and operating with a lack of resources. Looking back, it was tenacity, grit and creativity that helped me graduate as valedictorian, attend and graduate from the University of Texas at Austin and eventually start and run a real estate tech company.
Today Homads has properties throughout the United States and several abroad as well.
We all face challenges, but looking back would you describe it as a relatively smooth road?
It’s been seven years since I started Homads and I think it would be silly to think that anything you do for seven years would be considered a smooth road. Struggles are a part of life and I’ve found mindset to be the biggest asset in getting through these struggles.
The biggest struggle we dealt with was credibility and being ahead of the market. We knew people wanted to rent for 30 days or longer back in 2016 because we were able to question short-term rental guests and learn about their needs. What we didn’t know was how much of the market actually wanted and had the capability to live somewhere for a month or longer. People say it all the time and it wasn’t until recently that I realized how true it is, timing is everything. It wasn’t until the pandemic hit that employers universally approved of the idea of remote work. This means accepting that their employers aren’t coming into the office but are just as capable when away OR accepting that when a person joins a video call outside of your traditional office, that it’s ok. The universal acceptance of how we work ultimately changed how we live as well. You then add in the shifts in how we travel during a pandemic where fewer people want to check-in and out of a place every few days and would prefer the longer-term stay out of safety reasons. This mix of events is what made the world accept monthly rentals as an option that previously only digital nomads and traveling professionals like travel nurses and scholars were privy to.
Without the right timing, it’s an uphill battle. I’ve learned that customer education is one of the most expensive things to do as a company. Trying to change customer behaviors is a lofty goal for any company, let alone for a small startup.
Alright, so let’s switch gears a bit and talk business. What should we know?
Homads is a booking site for monthly rentals. It may seem simple but the restriction to 30+ days rentals drastically changes the type of users and their experiences. Homeowners should expect to be a lot less hands on in terms of management than if they were to have a short-term renter. More of the time is spent prior to the booking when the renter is doing research for where they want to live for the month.
We listened to our users and offer options for homeowners to book directly with renters. This allows for more experienced homeowners and property managers to own the full process after they match with a renter. We do also offer booking services if they prefer to stay on a platform. We also know that screening monthly renters is more important for monthly rentals so we make this service seamless within our booking process.
From the very beginning till now, we’ve been most proud of the positive effects Homads bookings have been for both the users and also to the neighborhood. We always wanted to help people who were wanting to live in the neighborhoods they rented rather than coming and leaving so quickly. The prolonged time in the home and neighborhood has fostered some lifelong friendships and brought permanent residents into the neighborhoods they originally rented in. Our hope is to build more connectedness amongst communities.
How do you define success?
To me, success is a mindset not necessarily an endpoint. I definitely have goals that make me feel successful when I accomplish them but to define success itself as a particular goal would set me up for failure. The reason I say this is that most people don’t have anything defined after they hit their success goals and end up losing their sense of purpose. Therefore success to me has a lot to do with being mindful of today and the positives of that moment. It’s a constant thing to meditate on and always fleeting. To be grateful and happy for that moment is a much harder thing to do than you think. Every day that I can do this is a success to me.
Contact Info:
- Email: team@homads.com
- Website: https://homads.com/
- Instagram: https://www.instagram.com/homads_rentals/
- Facebook: https://www.facebook.com/homadsrentals/
Image Credits
Thao Nguyen Photography
