What happened at Haven. The year-one story.

Haven manages more than two thousand homes in and around Cleveland. When we acquired it in the fall of 2025 it was a good company with a familiar problem: a capable team spending most of its day in the inbox. Maintenance requests, owner statements, lease questions, vendor follow-ups, lockouts. All of it important, almost all of it coordination, and none of it the reason anyone got into this business.

We made the team at Haven one promise on day one. The name stays, the best people stay, and the inbox goes to the agents. Here is how the year went.

The first two months: the cutover

Everything moved onto our platform in one cutover. Properties, residents, owners, open work orders, the ledger. Haven had been on a different property management system than we were used to, and some owners were not thrilled about the change. The thing that broke anyway was history: years of context living in people's heads and in email threads that no system had. We spent the first weeks pulling that context into the platform so the agents had something to work from.

During this stretch the team was slower, not faster. We said so at the time, and we will keep saying it, because any acquirer who tells you the first sixty days are a straight line is selling something.

Months three and four: the agents take first response

Staci started reading every resident message. At first she drafted and a person approved. Then, one ticket type at a time, she started resolving on her own: lockouts, ledger questions, autopay, move-out checklists, thermostat resets. Wade took over work order triage. Hillary, later in the year, took the routine owner questions: statements, invoices, leasing.

This is where the hours came back. The team that used to live in the inbox started spending its days with homeowners and real estate partners. Three people now do business development where one did before. Collections, which used to take four or five people coordinating, now runs through one coordinator and a system, and that coordinator does higher-value work than before.

What moved

Churn fell first. Owners leave property managers over unanswered questions far more often than over fees, and the questions started getting answered. Growth followed, for the same reason in reverse: the share of inquiries that became customers nearly doubled once someone could spend the afternoon on them instead of the inbox. Maintenance got faster too. Time from a request to the first visit went from more than ten days to under five.

Net income doubled along the way. We put it back into the people and the service rather than taking it out, because the point of Haven is to prove the model, not to harvest it.

What went wrong

We hit the churn number, and the owners did not feel it yet. That is the single most important thing we learned this year, and it is uncomfortable.

• Owner replies got slower before they got faster. Owner ticket volume went up by about half as we cleaned up the book, and only about half of owners heard back within a day. Satisfaction dropped. We know the number, we do not like it, and the whole fourth quarter is measured on it: every owner hears back within a day, and the team at Haven is staffed to make that true.
• We scoped too wide. We packed a quarter of work into two months, and our forecasts for how fast the agents would take on owner and maintenance work were optimistic. Hillary handled a fraction of what we planned. Wade's triage shipped, but with a person still deciding every case. Good for safety, behind for savings.
• We underestimated institutional knowledge. We now budget the first month of every acquisition for capturing what lives in people's heads before we touch a workflow.
• We told owners too little during the cutover. Hillary's proactive owner updates started as an apology and became a product feature.

What the people who sold to us say

Kash and Andrew were engaged, transparent, and easy to work with from term sheet to close, and they fully delivered on every commitment to me, my team, and our shareholders after the deal closed. I'd highly recommend working with them.

Johnny Wolff, CEO & Founder, Homeroom, which joined Landmark alongside Haven

What happens next

Haven is running ahead of the plan we underwrote, and it is still called Haven. Bungalow was the training ground for the agents, and it still is: every agent learned on Bungalow's homes first. What Haven proved is that the learning compounds. Every correction the team at Haven makes to an agent's draft becomes a learning that Bungalow, Haven and every company we add after them share. Each portfolio company makes the agents better for the one that comes next. That compounding is the real asset, and it is why we are talking to more owners. If you run one, start here.