Vector Group, parent company of Douglas Elliman, and its investment vehicle New Valley Ventures have invested in yet another proptech company since launching at the beginning of March, the company announced on Thursday.
The new investment will be in Humming Homes, a New York-based tech-enabled home management service founded by Adeel Mallick (CEO), Kyle Carnes (head of operations) and Kevin Ryan (chairman of the board). Previously, New Valley Ventures had invested in venture capital firm Camber Creek and lead-to-close agent workflow platform Rechat.
Much like property management services for rental properties, Humming Homes provides a similar service for single-family homeowners, providing “end-to-end home management” with one dedicated home manager serving as a point of contact for all communications.
A team of home professionals coordinate all service provider appointments, schedule proactive maintenance, can provide housewatching for homeowners who go out of town, and will even coordinating additional ad-hoc services like short-term renting of a property for an additional fee. Homeowners pay for services through Humming Homes’ app.
“We are in the midst of a rapid demographic shift in home buying as well as unprecedented demand in second home purchases across vacation markets and primary homes in dense suburban neighborhoods,” Dan Sachar, managing director of New Valley Ventures and vice president of enterprise innovation for Vector Group, said in a statement emailed to Inman.
“As more homebuyers, especially millennials, reach their peak homebuying years and are increasingly interested in purchasing single-family homes, the home management market will need to rapidly evolve. Not only does Humming Homes meet the needs of this demographic with a service centered on a best in class mobile consumer experience, but it provides our agents another tool in their toolkit to share with their client that ultimately eases the burden of managing a home.”
Currently, the company’s services are only offered in the Hamptons. However, over the next several months, Humming Homes, in partnership with Douglas Elliman, will launch in Greenwich, Connecticut; Westchester, New York; and other parts of Long Island. Later in 2021, the two companies will work to launch services in South Florida as well, including in Miami, Palm Beach and Fort Lauderdale.
“We are thrilled about New Valley Ventures’ latest investment in Humming Homes as it provides another essential partnership that leverages technology for the Douglas Elliman agent toolbox,” Scott Durkin, President and COO of Douglas Elliman, said in a statement.
“While Humming Homes has made a successful debut in their first New York market — the Hamptons — we plan to roll it out to several of our other home markets, so whether someone is buying a house in Greenwich, Miami, Palm Beach, LA or Aspen, Humming Homes will set them up and take care of everything from helping you move in, getting your HVAC system fixed or installing a new roof.”