Changing the Vacation Rental Industry
Overmoon’s founder, Joe Fraiman saw an opportunity in the market that hadn’t yet been addressed. After the COVID-19 pandemic, Fraiman took some time to think about how to solve the inconsistent vacation rental experience he had often faced on family vacations. He observed that traditional vacation home marketplaces have a hard time controlling the entire experience because they don’t own the homes.
Fraiman wanted to create a more consistent vacation rental experience and established a mission to “be the greatest hosts on Earth.” With this vision, Overmoon was born.
The Challenge: Building for Scalability Across Markets
As Overmoon began to acquire new vacation rental properties throughout Florida, they realized that expanding to new markets would require a tech-forward closing solution to help them scale quickly and efficiently.
Ultimately, Overmoon was trying to conserve resources by keeping their headcount low, so it was extremely advantageous to have a closing provider that allowed them to avoid hiring additional teams of staff.
The Overmoon team’s previous experience in the real estate industry taught them that working across multiple states often required multiple title companies. “Historically, we might have worked with three different title companies in three different states,” noted Mike Hosier, head of real estate for Overmoon.
These operational inefficiencies would inevitably lead to difficulties while scaling, due to the need to communicate with multiple title companies, manage paperwork for each transaction, and minimize uncertainty surrounding the uniqueness of each transaction experience. Thus, the Overmoon team set out to find a closing provider that could help them streamline the process.
Finding the Right Real Estate Closing Solutions
Overmoon conducted thorough research and due diligence in their search for a one-stop shop for their closing needs.
“I spoke with most everyone in the space and gathered background on each company, but where Endpoint stood out was the history of being backed by First American and that they truly understood the vision of where we are headed,” Hosier said.
Matt Olsen, head of strategic partnerships at Endpoint, echoed that sentiment. “When I spoke with the Overmoon team, it was clear that they were seeking a provider who could bring more than just software to the table. They wanted to find someone who could provide the same high level of service they strive for in all of their transactions and create an experience that would set them apart.”
Endpoint’s integrated, customizable solution delivers superior accuracy and ease for customers in a way that was scalable for Overmoon’s business.
“The Endpoint team understands the needs of a vacation-rental investor, which is vital to providing solutions that meet the needs of Overmoon and similar investors,” Olsen added. “We are building a host of solutions that will offer a competitive advantage by making the process of closing more efficient than ever before.”
A shared commitment to customer service
There were clear synergies between Overmoon and Endpoint from the start, especially when it came to customer service. Just as Overmoon is redefining vacation rentals by providing a superior customer experience, Endpoint is on a mission to make home closing easy for all, by providing a simple, digital closing experience that reduces friction for investors.
The Solution: Endpoint’s Centralized Closing Team and Innovative Technology
A streamlined approach was paramount for Overmoon as their main challenge was scaling across markets. “Our goal was to find a closing vendor that was tech-forward and could build custom integrations that would help us scale,” recalled Hosier.
By adopting an all-in-one solution, the Overmoon team has been able to send in closing documents, store them in a centralized location, and work through each closing milestone in one platform while integrating with their Hubspot CRM.
They have utilized the Endpoint API and integrations to increase efficiency and gain real-time insight into each of their transactions. For example, they adopted the Open Order Email Integration, which automatically opens an order from within their inbox. They’re also taking advantage of the Document Exchange API to manage all transaction documents in one secure place and using the Transaction Status API to track all of the closing milestones within the convenience of their own platform.
In addition to these integrations, Endpoint has one centralized team for every closing, which eliminates excessive communication between multiple title companies across transactions. After working with Endpoint for 10 months, Hosier reported they have saved countless hours of time.
The Results: Overmoon’s Expansion and Increased Efficiency
Overmoon has expanded from serving one Florida vacation market to five – in a short time frame. Future plans include expanding to 40 to 50 markets in the next few years. In order to scale this quickly, they will rely on Endpoint to close their transactions efficiently and lean on the Endpoint team’s expertise in each geographical area.
“With Endpoint’s standardized closing process, we only need one closing provider nationally, and we can keep our headcount low, which allows us to scale more quickly,” Hosier added. “We were pleased that Endpoint was willing to work with us at such an early stage. Things have moved much quicker than we anticipated, and we’re glad to have a closing vendor on our side from the very beginning."