🎅🏼 2024 prop.text Awards, Adding ROI to STR, and a Thank You Gift

2024 prop.text Awards

The state of proptech awards in 2024 is fairly straightforward: sponsor our events and win a prize.

So, we at prop.text decided to create our own awards, taking zero submissions, no pay-to-play, and absolutely no outside influence. We didn’t even tell the winners we were doing this.  Without further delay, we present the most deserving awards of the year—complete with absolutely zero benefits.

Worst Proptech Investment 🏆

Winner: Pacaso Regulation A+ Fund

The equivalent of adding a loud muffler to your stock Honda Civic: all noise, very little go. Pacaso’s offering to the general public to invest in their self-proclaimed “rocket ship” turned heads when announced—but for all the wrong reasons. From editing their pitch deck in public to craft overly optimistic visuals to creating some of the worst Game of Thrones inspired ads on the web, it’s a clear winner in this category. Despite a roaring stock market over the past two years, Pacaso managed to shrink year-over-year revenue by 60% and still have the audacity to claim they are a fast-growing startup. Bravo?  Be careful giving anyone a 0% interest bridge loan with a very high chance of losing your entire investment.  

Proptech CEO of the Year 🏆

Winner: Lior Abramovich (Blanket)

In a world overflowing with two syllable startups, Lior Abramovich managed to stand out.  He’s in the weeds every day, speaking with customers (property managers), building lasting partnerships (ProfitCoach), and advancing the property management industry as a whole.  His push to evolve property management toward holistic asset managers versus asset servicers is a much needed rebrand that will lead to a better revenue sharing relationship for investors and the managers they partner with over time.  Lior leads by example and we expect many more great things from him and the Blanket team in 2025. 

Most Likely to Win an Industry Award and Go Bankrupt in the Same Year 🏆

Winner: EasyKnock

Let’s face it: this actually happened. Sure, startups are risky, but when your business model is a decade old and your lawsuits outnumber customer success stories, you have to wonder. EasyKnock winning the “Best Alternative Finance” award in August of 2024 only to fold before year’s end suggests the award may have been based more on a fundraising announcement than actual product/service quality.  Maybe they meant the “Best Alternative Reality” award and didn’t catch the typo. 

Real Estate Marketplace Design of the Year 🏆

Winner: Pacaso

Yes, we can kick dirt on their fund and still hand out flowers for their marketing and design work.  Pacaso’s website is best-in-class, with a sleek user experience and homes that are undeniably gorgeous. Their brand feels rich by design, thanks to a standout acquisitions, design, and digital team. First impressions count, and Pacaso delivers.

Investment Platform of the Year 🏆

Winner: Arrived

Arrived is proving the power of product-led growth in a real estate investing platform. By offering individual homes fractionally, they’ve created an accessible way for more people to invest. Their fees are still too high, and supply-side issues are pushing them toward traditional funds (which goes against their core thesis), but there’s far more good than bad here. Even if profitability remains elusive, they’re an excellent acquisition target for a cash-rich asset manager seeking retail exposure.  Arrived continues to be one of our absolute favorite companies in the proptech space. 

Individual Brand of the Year 🏆

Winner: Peter Lohmann

Peter Lohmann gives far more to the property management community than he takes, and it shows. His newsletter and the Crane community are growing like a weed, alongside his own success building RL Property Management. Peter’s passion for creating the best version of a property management company shines through authentically, making him an essential follow for anyone in the single-family rental space.

Proptech Mentor/Coach of the Year 🏆

Winner: Scott Bond

We first learned about Scott Bond by asking a mutual friend if he was full of $hit or not from a Linkedin post.  Time and again, he proved to be the kind of person who goes above and beyond, offering assistance without expecting anything in return. Far from having ulterior motives, Scott is simply a well-connected professional in the real estate tech world who genuinely cares about mentoring and coaching others to reach their potential.  A proof point – Scott has helped multiple prop.text readers find their next chapter, which was one of our most meaningful outcomes writing this newsletter in 2024.  It’s inspiring to see and encourage all of our readers to give him a follow and check out what he’s building. 

Best Proptech Podcast 🏆

Winner: Tech Nest 

It’s a sad day knowing Nate Smoyer is wrapping up Tech Nest and moving on in 2025, but that doesn’t change the fact that he created a treasure trove of great content.  With nearly 250 episodes, there’s at least one takeaway from each that will remain relevant in the proptech space for years to come.  

Worst Kept Secret 🏆

Winner: The Roofstock/Mynd Merger

Everybody knew this deal was coming. We’d hear about it from people far removed from either organization. Gary Beasley and Doug Brien have won together before, both businesses needed this, and the result is a win for all involved. We wouldn’t bet against this team.

Business Model With the Most Tailwinds for 2025 🏆

Winner: HEA/HEI 

Home Equity Agreements (HEA) and Investments (HEI) hit their stride in 2024 with massive funding rounds, overflowing pipelines, and newfound capital markets acceptance. With equity-rich, cash-poor consumers in abundance, these products have a 2-3 year runway to thrive. Whether this forces traditional lenders to adapt, breaks the housing market, or lands somewhere in between, it will be fascinating to watch.

The Amenities Race to Increase the ROI of an STR

The mad race of one-upmanship to create exotic, experiential short-term rentals seemingly has no finish line. Hobbit homes, treehouses, UFO home, houseboat rentals, converted railroad cars, 747 fuselages, a former Atlas F Missile Silo/Bunker, earthen homes, yurts, tricked out telescope observatories, lighthouses.

Airbnb lists some 500 OMG rentals, and it feels as if there is a place for every vacation taste.

Then there is Cabane Tortin in Switzerland’s Canton Valais, a futuristic three-bedroom cabin made of glass and galvanized steel that sits on a ridge on the Tortin Glacier at 9,500 feet. It’s the ultimate ski-in, ski-out property with off-piste access to slopes near the 4 Vallées Ski, accessible by dogsled and snowcat buggies, where the staff can serve meals with wine pairings.

The self-catered option is a mere $2,260 a night, but full board for three nights for six people is the splurge to go for. It’s only $68,000.

Let’s get real.

Most investors of short-term rentals are more concerned with maximizing their return on investment, lowering their vacancy rate and charging the maximum per night. That does not require building a Scandinavian-inspired getaway atop a glacier, but studying the market where the property is and finding the amenities that will attract vacationers.

How to Get Lucky With an STR, or Make Your Own Luck

John Van Hook, an investor in Vermont featured in a previous proptext newsletter, said part of his success is tied to the state’s beautiful Mad River Valley and its attractions, and partly is how his eclectic taste has captured the imaginations of STR investors.

His 30-40 foot “barn” in Waitsfield, replete with 275-year-old siding, wood stove, fishing motif, spiral staircase, and 20-foot-high ceiling, rents even during the “sticks-and-mud season,” which falls after peak leaf peeping and before the snow falls and the ski areas open.

“I was amazed. I had renters that left in October and started my Airbnb’ing in November when people do not want to be here,” Van Hook said. “I rented it every day that I put on the market.”

It turns out, the barn that screams Vermont is what many folks are looking for when perusing short-term listings. So-called “experts” are pitching courses for maximizing ROI or reducing vacancy rates, but STR investors might be better served by trying to offer a unique, and authentic experience that reflects their area.

“I just built it for me but when I thought about renting it I wondered if people would like it because of the fishing motif and all the wood. It’s over the top,” he said. “It was just the opposite — people loved it. It was just a fortunate accident.”

Van Hook compares his success to the stubbornly purist ski area Mad River Glen, which his property has a view of across the valley. With its steep terrain, single chairlift, and limited snowmaking, Mad River appeals to hard-core skiers and those who pretend to be hard core.

“People fell in love with this retro ski area,” Van Hook said, but it was mostly preserved by its former owner’s limited resources, lack of access to water to make snow, and the dearth of real estate development that preserved its natural beauty.

It helps that Sugarbush, a much larger mountain owned by Alterra Mountain Resorts, is in nearby Warren. There, visitors can find slopeside condos and full mountain snowmaking, and the valley has multiple restaurants, a quaint little downtown, and even a covered bridge.

But the barn may capture the spirit of the area more than other lodging options.

“People see that it’s nice but they often can’t tell how nice it is until they come — I often here that from the guests,” Van Hook said. People started enjoying it right away and giving it great reviews and started raising prices accordingly to see if people would stop taking it.

“They never stopped,” he added. 

Ways to Upgrade Your STR Game

For those who don’t trust their own taste, Intellihost, which analyzes property performance from Airbnb, claims that hiring a professional STR interior design firm can increase nightly revenue by 25%. 

Other tips include setting a go-live date for a new listing 1-3 months before peak season, which a study by Revedy, a site that provides tools for short-term investors, claims improves initial six-month returns by 20%. Launching late can be costly; putting a listing up 1-3 months after peak season can reduce returns by 10%.

Intellihost also reports that these are the top amenities for returns on invested capital (ROIC):

• Hot tubs: a approximately 40% ROIC

• Elevating sleeps per bedroom: 10-35% ROIC

• EV chargers: 12% ROIC

• Putting greens: 30% ROIC

For a property to catch the eye of a potential vacationer, professional photos are recommended and Intellihost claim they can boost a listing’s click rate by 88%.

Since reviews are critical to long-term success, initially contributing a 3.5% income boost for every 10 amassed, we recommend increasing occupancy as much as possible in the first few months of putting it on the market.

IntelliHost recommends reducing initial nightly rates 10-20% below market average and adopting a one-night minimum stay to maximize booking. The general recommendation is to accumulate 25-30 reviews before raising rates and/or minimum stay requirements.

Amenities that Put an STR at the Top of a List

Most host-investors know that a clean STR with high-end sheets and towels are pretty much non-negotiable, Houfy, a vacation rental site that competes with Airbnb, offered this list of the top 10 amenities for 2025.

1. Smart Home Technology

Many vacation rental guests want the same level of convenience they get at home, including. smart thermostats, smart locks, voice assistants, and smart lighting.

2. High-Speed Wi-Fi and Charging Stations

High-speed internet is still at the top of guests' lists, and don't forget about charging stations.

Streaming services such as Netflix or Hulu allow guests to keep up with their favorite shows.

3. Fully Equipped Kitchen

A well-stocked kitchen is important, and high-end appliances and a spice rack. Some guests prefer cooking their meals to save money or to enjoy the local ingredients. Add a high-end espresso machine, blender, or an air fryer.

4. Pet-Friendly Perks

Pet-friendly vacation rentals will stand out since many operators do not permit pets. Dog beds, food and water bowls, and pet-safe yards. Pet grooming services and dog-sitting are next level options to attract pet owners.

5. Outdoor Spaces

A spacious balcony, a garden, or a backyard with a fire pit are a lure. Comfortable seating, patio heaters, and a grill are helpful. String lights or a hammock create spots for stargazing or relaxing with a drink in hand.

6. Luxury Bedding and Linens

Guests want a luxurious, comfortable sleep experience and will thank you with good review. High-quality linens and pillows, plus a good mattress are essential. Weighted blankets, blackout curtains, or sleep masks are nice additions.

7. Fitness and Wellness Features

Having a space where guests can meditate or work out is an easy option to offer, and an area with basic equipment like resistance bands or weights is a good idea. To elevate the relaxation factor, add essential oils, diffusers, or a sauna.

8. Pool or Hot Tub

A swimming pool or hot tub is another level of luxury that helps an STR stand out. These amenities attract families, couples on romantic getaways, and groups who want to relax in style.

9. Personalized Local Experiences

Offering them more than the typical tourist attractions sets a property apart. Local guides, maps, and personalized recommendations on nearby restaurants, hiking trails, or unique local sites are welcome gems. Arranging private tours, cooking classes, or adventure activities, can create memorable experiences. 

10. Sustainable and Eco-Friendly Features

Sustainability indicates to guests that you care about the environment, and reusable water bottles, energy-efficient appliances, composting options, or solar panels appeal to eco-conscious travelers. Organic cleaning products, providing eco-friendly toiletries, or setting up recycling bins are thoughtful additions.

Ogden, Utah

Ogden, Utah, has emerged as a compelling market for real estate investors, particularly those pursuing a short-term rentals (STRs) strategy. Known for its blend of outdoor recreation, historic city center, and proximity to the capital of Salt Lake City, Ogden’s market has relatively affordable entry points compared to nearby capital.

Market Overview Median Home Price: As of late 2024, the median listing price in Ogden is approximately $399,900, showing a 3.9% year-over-year increase. Market Competitiveness: Homes in Ogden typically sell within 47 days, with high demand in neighborhoods like Southeast Ogden, where median sale prices have risen nearly 22% year-over-year, to an eye-popping $617,500.

Short-Term Rental (STR) Potential Ogden’s appeal as a short-term rental market stems from its dual nature as both a year-round outdoor recreation hub and a cultural destination.

Tourism-Driven Demand: The city attracts visitors for skiing, hiking, mountain biking, and events hosted downtown. Airbnb and STR Performance: Reports indicate strong occupancy rates during peak ski season and summer months.

Outdoor Tourism: Ogden serves as a gateway to some of the best skiing in a state known for its “Champagne powder,” including: Snowbasin, site of 2002 Olympics downhill, combined, and super-G; Powder Mountain, where Netflix co-founder Reed Hastings recently purchased a majority stake and is undergoing a major transformation; and multiple family-friendly ski resorts in the Nordic Valley.

Event Tourism: Gatherings like the Ogden Marathon and Twilight Concert Series bring thousands of visitors annually.

Attractions Driving STR Demand

• Historic 25th Street: A lively district filled with restaurants, boutique shops, and galleries. Union Station: A cultural hub featuring multiple museums.

• Ski Resorts: Three major ski resorts are within a 30-minute drive.

• Ogden Nature Center: A 152-acre nature preserve ideal for family-friendly visits. Hiking and Outdoor Activities: Over 100 miles of trails surround the city.

Amenity revenue estimates for Ogden

3050 Porter Ave

1910 two-story home in the heart of Ogden, offering the perfect mix of historic charm and modern comfort. This beautifully preserved property has 3 bedrooms, 2 bathrooms, plus a bonus room filled with natural light. Inside, you'll find a cozy living space with rustic wood accents and warm tones throughout. The kitchen features unique green cabinets, stainless steel appliances, and plenty of room for entertaining guests.

The Investment Thesis

→ Access to 3 ski resorts for peak winter season Jan - March
→ Second summer peak in August with Summer tourism into downtown.
→ Add amenities to further maximize STR income. Pool, hot tub and Sauna are the top amenities to consider for Ogden UT

 Property Details

 Financial Projections

Interested in Learning More?

*Appreciation based on 6% growth rate. 

Building a Portfolio, 2 Bedroom by 2 Bedroom

Thomas Doolittle did not learn any real estate lessons growing up in a family of four siblings in Pulaski, a town in western Virginia that sits between the borders of West Virginia and North Carolina. But as an adult, he was determined to figure out how to invest so that he could live essentially expense free.

He noted his first property, which he bought for $250,000 in DeKalb County, Georgia, had two front doors, though it was a single family residence. It took him more than a year of construction, putting up sheetrock and dividing the electrical and plumbing systems — he grew up in a DIY family — before he finally had his duplex.

Though “it just took forever,” Doolittle said, “but now that the system is finally built it just makes perfect sense.” Later he converted the garage to a living space, which is now where he lives, and his tenants now cover his monthly nut.

“The goal was at the very beginning to get rid of the mortgage on that property,” said Doolittle. “It’s now a triplex.”

He went to Virginia Tech initially for college, but left before finishing his degree. He later went to art school and earned a degree during the pandemic in sound design in film and TV production. His day job is as the boom operator on “Will Trent,” a police procedural TV series based on the series of novels by Karin Slaughterthat and is now in its 3rd season. (The series is one of many film and television productions that takes advantage of the Atlanta area’s highly skilled workforce and lower costs.)

Doolittle is thinking of other ways to increase his rental income, noting that Dekalb County, which sits in the northeast corner of the Atlanta metro area, has a relaxed ADU policy and adding one to his lot may be the way to go

“The question for me is how I can maximize the trajectory of the property and repeat the process in the most painless way possible,” he said.

Doolittle thinks single family homes will hold their value better than multifamily in the Atlanta metro area and is expecting a downturn in apartment rental prices.

“The problem that I’m seeing is that they’re building up but they’re not building single family homes,” he added. “I’m trying to figure out what I should focus on — a fixer upper or going into an even more distressed situation.”

This interview has been edited and condensed for clarity.

What is your special real estate superpower?

Watching neighborhoods. I’ve been in Atlanta for 12 years, give or take and I’ve been in this house for 10 years and I’ve watched this neighborhood and Atlanta change. I can see the next trajectory neighborhood — it follows a pretty predictable pattern with economic mobility and economic prosperity. That has fed a negative gentrification feedback loop in some areas, which is not great, but it has benefited some areas and people in these areas of mass change are getting way better municipal service and better retail opportunities. I’m just trying to figure out the next area that will benefit from that.

What was the hardest lesson you learned early on in your real estate journey, and how did you overcome that and persevere?

When you don’t have the money to hire someone, sometimes it’s better to wait than to do it yourself. It would be better to keep your time spent on things that are going to make your more profit than spend an entire year doing drywall. When you put it on paper, you realize that’s a lot of money, and it did not save money to do that. Sometimes it’s better to spend the money than spend the time.

What advice would you offer to somebody looking to get into real estate or grow a portfolio?

I would say make your first purchase your smartest purchase. Then figure out if you are paying for a lifestyle or are you trying to get to an easier life. Are you buying a house to live in a neighborhood, or are you buying a house to end up with an extra $500k to go out and buy three properties in 10 years? We all live our lives in batches and I would say choose your batch wisely. When you change to adapt to your lifestyle, you end up paying more for your life. It’s the unnecessary upgrading. What’s a little bit of shared space? Why does every single person need their own private bathroom?

Among the strategies a property owner could pursue — long-term rental, mid-term rental or short term, (Airbnb), co-living, flipping — what works best for you, and why?

I was doing an experiment to see which one was more stable. The Airbnb cleaning fees are now so high that it’s almost more profitable to be a cleaning company than to run an Airbnb. I’ve become the cleaner and that’s been a stresser with a full-time job. Strategy-wise, the next property I would like to do is a 2 bedroom and 2 bathroom with a kitchen so it would be two people, and then have room for an ADU with another 2 bedroom and 2 bath. “Split developing” is what I would call it. My idea is that you buy the 2 bedroom and renovate and rent it out and pull the money out and do an ADU in the back and keep repeating that. I’d do long-term rentals, not Airbnb.

What do you think is the biggest issue investors face in 2025 and beyond?

Right now, nobody’s being creative because they are in survival mode. You can’t have a unique solution to the housing crisis because there are so many restrictions on building in certain areas. Everybody is in a state of fear and so they cannot be creative and come up with solutions to the housing crisis.

Thank You to Our Readers

In April 2024, we launched prop.text with a singular mission: to deliver unbiased, actionable insights for real estate investors. This endeavor has become one of the most rewarding chapters of our careers. Along the way, we’ve had the privilege of connecting with visionary founders striving to make real estate investing more accessible. We’ve learned from investors navigating one of the most challenging markets in over a decade, built meaningful friendships, supported job seekers, and stayed deeply engaged with the industry. Most importantly, we’ve illuminated crucial topics that others might have struggled to address openly. That commitment remains our guiding North Star.

As we look ahead to 2025, our ambitions are bigger than ever, and we’re thrilled to share some exciting updates soon. Among them, we’ll introduce a premium subscription offering enhanced benefits, along with a streamlined, easy-to-read newsletter to replace our current long-form format.

As a token of our gratitude, we’re gifting a free annual premium membership to the first 25 readers who submit a request below.

Thank you for your unwavering support. Wishing you a joyful holiday season and a prosperous New Year!

Final Note: Only take advice from sources you trust.

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