NEW YORK–(BUSINESS WIRE) – Vector Group Ltd. (NYSE: VGR) announced today that New Valley Ventures, its investment vehicle seeking next generation technology opportunities in real estate technology (PropTech), has made an investment in another PropTech company, Humming Homes. A New York-based, tech-enabled property management service.
Founded by Adeel Mallick, CEO, Kyle Carnes, operations manager and serial tech entrepreneur Kevin Ryan, chairman of the board, Humming Homes is a technology-based property management service that aims to make home ownership easier and more enjoyable. Ready to become one of the world’s most trusted home operators, the company is creating a new category of end-to-end property management. The company has developed an engineered solution for single-family homeowners with digital experience that offers a dedicated one-stop personal property management team with 24/7 support, using data and insights to avoid reactive and costly problems with the maintenance of your home.
“New Valley Ventures is committed to investing in new technology-based services that will benefit real estate agents and their clients and customers,” said Dan Sachar, general manager of New Valley Ventures and vice president of business innovation for the Vector Group. “We are in the midst of a rapid demographic shift in home buying and unprecedented demand for second home purchases in vacation markets and primary homes in dense suburban neighborhoods. As more home buyers, especially millennials, reach their prime and become increasingly interested in single-family home purchases, the home management market needs to evolve rapidly. Not only does Humming Homes meet the needs of this demographic with a service that focuses on delivering a premium mobile customer experience, but it also offers our agents another tool in their toolkit that they can share with their customers to ultimately make managing a home easier . ”
For many aspiring homeowners, the idea of owning a home can be overwhelming. While home ownership is a valuable investment, it comes with a great deal of responsibility, including the annual home maintenance and improvement costs that are often overlooked. Unfortunately, there are limited resources today to help first-time homeowners transition from renting to single-family homes.
“We are very excited to be working with New Valley Ventures and the Douglas Elliman team. Your belief in our product and service validates our mission to change the lives of new homeowners and utility companies with a key offering for competitive sales, ”said Adeel Mallick, Co-Founder and CEO of Humming Homes. “We’re excited to start this partnership and get to work.”
“We are very excited about New Valley Ventures’ latest investment in Humming Homes as it is another important partnership leveraging technology for the Douglas Elliman Agent Toolbox,” said Scott Durkin, president and COO of Douglas Elliman. “While Humming Homes made a successful debut in its first New York store – the Hamptons – we plan to expand it to several of our other home markets. So is anyone buying a house in Greenwich, Miami, Palm Beach? LA or Aspen, Humming Homes will set them up and take care of everything from moving in to repairing your HVAC system to installing a new roof. ”
Humming Homes will be working with Douglas Elliman in the coming months to open additional neighboring New York cities such as Greenwich, CT, Westchester and parts of Long Island, as well as the South Florida region, which will later include Miami, Palm Beach and Fort Lauderdale, in 2021.
Vector group information
The Vector Group is a holding company of Liggett Group LLC, Vector Tobacco Inc., New Valley LLC and Douglas Elliman Realty, LLC. For more information about the company, please visit the company’s website at www.vectorgroupltd.com.
About Douglas Elliman Real Estate
Douglas Elliman Real Estate was founded in 1911 and is the largest real estate agent in the New York metropolitan area and the sixth largest in the United States. With more than 7,000 agents, the company operates around 105 offices in New York, Long Island, The Hamptons, Westchester, Connecticut, New Jersey, Florida, California, Colorado, Massachusetts, and Texas. In addition, Douglas Elliman has entered into a strategic global alliance with London-based Knight Frank Residential to conduct business in the world’s luxury markets in 61 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing, Douglas Elliman Property Management, and Douglas Elliman Commercial. For more information on Douglas Elliman and expert opinions on new trends in the real estate industry, please visit www.elliman.com.
About Humming Homes
Humming Homes is re-introducing home management for the modern homeowner. Ready to become one of the world’s most trusted home professionals, the company is creating a new category of end-to-end home solutions. Humming Homes has developed a technology-enabled offering for single family home owners that combines a dedicated personal property management team with a seamless digital-first experience. Humming Homes acts as a single point of contact, providing 24/7 support, and leveraging data and insights to avoid reactive and costly home maintenance issues. For more information about Humming Homes, please visit www.humminghomes.com