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HomeVestors buys BlueSquIDX to target on-market investment properties
The acquisition is expected to cut franchisees' deal evaluation time from about two hours per property, and during a pilot reduced the time to pursue a successful acquisition from roughly 100 hours to about four hours.
HousingWire reports HomeVestors made its first acquisition by purchasing BlueSquIDX, a software platform that helps its franchisees find and assess investment opportunities listed on multiple listing services, using MLS data and machine learning.
HomeVestors said the technology is aimed at making on-market properties more accessible to its 750-plus franchises, expanding beyond the off-market listings that have historically driven most franchise purchases.
The company said the BlueSquIDX approach can narrow the set of listings needing manual review and speed up the move from evaluation to submitting offers, with a cited pilot result of reducing the time for a successful acquisition from about 100 hours to roughly four hours.
HousingWire also reported that HomeVestors CEO Brandon Gebers said only about 3% of homes franchisees purchased in the prior 90 days were on MLS, while about 30% of flipped homes were listed in the same period, and BlueSquIDX founder Steve Peterson will stay with the company to train franchisees and further tailor the platform.