Renters Warehouse, a full-service real estate investment company is on its way to becoming the largest company in this space with the acquisition of OwnAmerica, the second-largest single-family rental (SFR) investment marketplace in the U.S.
The transaction, which is scheduled to officially close on January 1, 2019, will help Renters Warehouse get the marketplace technology that allows real estate investors to buy and sell SFR properties.
Greg Rand, CEO, OwnAmerica will be joining the Renters Warehouse executive team as Chief Strategy Officer and will be guiding the continued development of the marketplace platform, as well as building out and leading a team of local real estate investment agents in all Renters Warehouse markets to assist investors with their buying and selling decisions.
“For over a decade, Renters Warehouse has been working to build the nation’s largest and best single-family rental property management company,” said Kevin Ortner, CEO, Renters Warehouse. “As we strive to offer our clients better access to information, data, and resources to make investing easier, OwnAmerica’s portfolio visualizer tools and market research capabilities stood out as industry leading and a great addition to our suite of services. This technology, coupled with our full-service property management solution, will make Renters Warehouse America’s largest full-service real estate investment company.”
The new Renters Warehouse marketplace will allow investors to buy, manage, and sell properties in one place. Renters Warehouse has said that it would also give investors access to stock-like analytics and day-to-day property management.
“Investors in the housing market are independent, patriotic people who use real estate investing to create long-term financial security for the people they care about,” Rand said. “There has never been a total solution to help them envision, plan, execute and manage a long-term investment strategy. We are incredibly excited to join forces with Renters Warehouse to create a first-of-its-kind solution. We are going to help millions of people own America.”
At the time of acquisition, OwnAmerica had over $21 billion in total assets on their platform, with over $200 million assets for sale. Post-acquisition, "Renters Warehouse’s 14,000 clients across the country will have access to these assets and can build and expand their portfolio through this technology," Renters Warehouse said in a statement. "For sellers, the selling and buying process is discrete. Renters are not disturbed, meaning rental income isn’t either. Selling commissions are also nearly half of what you’d pay with a traditional real estate agent."