The short term rental management market is seeing some consolidation, with Sydney-based Hometime acquiring fellow Sydney player Hey Tom.
The terms of the deal were not disclosed, however Hey Tom cofounders Joel Cacciotti, Phillip Rose, and Luke Baker will continue to work in the business as part of the Hometime management team.
William Crock, cofounder and COO of Hometime, said, “We are delighted the Hey Tom team chose to combine forces with Hometime. We were impressed by the quality and professionalism of their operation and, believe in combination, we will continue to advance our leadership in the Australian market.”
Founded in 2015, Hey Tom has a year on Hometime, which was launched in 2016. They both worked to help make life easier for hosts listing their properties on platforms such as Airbnb by handling each aspect of the hosting experience, from creating a listing to managing and facilitating bookings.
Hometime was earlier this year accredited as a Professional Cohost by Airbnb, a partnership which allows the startup “access to enhanced Airbnb customer service support so they can better help hosts co-manage their listings on Airbnb”.
Sam McDonagh, country manager for Australia and New Zealand at Airbnb, said at the time that the partnership was part of the company’s move to expand and reach more types of travellers.
“As part of this, we are dedicated to working with small hospitality businesses that excel at offering the best host and guest experiences and living our mission of belonging. In Australia, we couldn’t ask for a better partner than Hometime,” McDonagh said.
According to Cacciotti, Hometime’s link up with Airbnb helped the Hey Tom cofounders make their decision.
“Phillip, Luke and I felt that the scale, technology platform, Airbnb professional co-host status, and ambitions of Hometime demonstrated that they were the right partners to join forces with,” he said.
Also working in this space is MadeComfy, which earlier this year raised $6 million in a funding round led by investment bank Investec.
The startup was founded in 2015 by Quirin Schwaighofer and Sabrina Bethunin as a management service for bookings made through, again, the likes of Airbnb. It reported in May that it had grown to manage a $600 million portfolio of properties across Sydney and Melbourne, welcoming over 4,000 guests per month.
Image: Dave Thompson and William Crock. Source: Supplied.