HomeX Raises $90 Million — What It Means For Property Investors

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HomeX also has a remote assistance program that connects homeowners with technicians to help resolve issues remotely. That business has shined during the pandemic, growing by 400%.

The team

The founding team has quite the impressive background. Simon Weaver, one of the company’s Co-Founders and CTO, along with a handful of other team members, was part of the team at a company called Evi. Amazon (NASDAQ: AMZN) acquired Evi in 2012 to essentially become the brain for Alexa.

Founder and CEO Michael Werner has some industry experience; his family started Werner Ladders. Werner said he realized that the industry is very fragmented and started the company because “there’s a terrible imbalance between very high demand and not enough contractors to do the work, or rather, a terrible labor shortage.”

The future

Werner has a clear vision of the future for the company as well: “Similar to how telemedicine has changed how medicine is delivered, HomeX Remote Assist is going to change the service experience for taking care of your home.”

As part of that future growth, HomeX plans on expanding its B2B presence. Home warranty and insurance companies have reportedly shown interest in adding in HomeX’s platform, which makes sense. Payan said, “We are using some of our capital toward a pilot program and a number of business development opportunities there.”

The Millionacres bottom line

I haven’t used the HomeX platform yet, but as a former contractor and current real estate investor, I can certainly see the value on both sides. Being set up to succeed in terms of scope of work and tools is huge for contractors, while tenants always seem to call at the worst possible time with problems. HomeX’s remote service could be a winning tool to add to the maintenance and property management arsenal.