Ben Currin

But what the heck is an HOA?

An HOA is a homeowner association.

Even if you haven't lived in one, you've probably heard of a homeowner association or HOA or some kind of meme about it.

It's, you know, these are typically neighborhoods or communities that have some sort of common area property.

Think clubhouses, amenities, golf courses, restaurants, pickleball courts, just nice landscaped grass, anything like that.

But it also encompasses condominium buildings.

So if you live, if you buy a condo, there is a shared common piece of

real estate, it's the elevator, the lobby, the roof, the things like that.

And there's a structure, a little kind of almost like a little city that has a little constitution that are the covenants that kind of manage how you have to live in those communities.

You can not do certain things like not paint your house pink, which preserves property values, but you also get benefits like the use of these amenities and common area assets.

So there's a whole industry of specialty property management

that really focuses on serving just these community associations, serving owned real estate instead of things like multifamily rental.

And those are our customers, those professional community association management companies.

Right around 500 professional community association management companies.

That has within it 50,000 communities and over 6 million homes.

Yeah, absolutely.

Absolutely top down.

And we even started kind of far up market, large management companies.

And we've gone kind of further and further kind of across that segment as we go.

So our first customers had, you know, 50,000 plus doors or homes that they would manage at a time.