The expansion is planned to be complete by the beginning of November.
SAN FRANCISCO – One short year after launching their Los Angeles market, Pillow is expanding yet again and working its way into the greater Southern California area. Starting September 30th, Pillow rolled out new market areas in the San Fernando Valley, South Bay, and Palm Springs. New cities include Universal City and North Hollywood; Hermosa, Manhattan, and Redondo Beaches; Long Beach, Newport, and Irvine; and Palm Springs.
The expansion is planned to be complete by the beginning of November. Charlie Ryan, Pillow’s Head of Sales explains, “Requests for service in the greater L.A. area have surged. As we already service a portion of the area, this expansion was natural and inevitable.” In addition to the rise of Airbnb’s popularity (Airbnb guests visiting Los Angeles more than doubled between 2012 and 2013 totaling over 135,000 last year), Pillow as a brand is also gaining traction.
Currently, Pillow operates in the San Francisco Bay Area, Los Angeles, Seattle, and San Diego and is planning major U.S. market expansion, expecting to open in 10 U.S. cities within the next year.
The market expansion is accompanied by increased growth within the company and the availability of new services. Pillow recently introduced a free appraisal service – the first of its kind in the industry, which allows any homeowner to see an estimate of how much rental income they can expect from their vacation home. Pillow’s proprietary algorithm, which factors in 85 different criteria including location, number of bedrooms, and amenities, is able to accurately predict both occupancy and monthly rental income. This technology means Pillow’s homeowners can rest assured knowing their rental income is secured each month.
“We’re bringing the predictability and consistency of the hotel world to the unique and heart-felt individuality of home-rentals,” said Pillow CEO Sean Conway. “We’re here to make vacation home rental hassle-free and profitable for every homeowner.”
In Hermosa Beach, for example, Pillow projects the average 2 bedroom home to make an average of $6,530 monthly. Similar homes in Beverly Hills, West Hollywood and Downtown LA draw monthly incomes averaging $5,684, $5,307 and $4,265, respectively.
Pillow’s management team includes CEO and Co-Founder Sean Conway and COO and Co-Founder Justin Miller, who together previously founded Notehall which was sold to Chegg in June 2011.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
