Gregor Watson and Gary Beasley, co-founders of Roofstock
T he real estate industry has been somewhat slow to embrace technology when it comes to trans - actions, but for the past five years, Roofstock has been there for those who have been ahead of the game. Oakland, CA-based Roofstock specializes in bringing real estate buyers and sellers together. Inves- tors can use the company’s online platform and purchase occupied properties without doing any of the standard legwork. Roofstock handles the inspections, does the valuation reports and reviews the titles. Inves- tors can use Roofstock to purchase homes in more than 70 markets around the United States. Plus, the recently introduced Roofstock One offers the ability to buy fractions of homes in certain markets if they are looking for diversification with a smaller investment. “I tell people [Roofstock] is a lot like Amazon for houses,” company co-founder and CEO Gary Beasley said. “You can go on our website and
Phoenix without leaving your couch.” Beasley and Gregor Watson co-founded Roofstock because they noticed it was not efficient to sell a home with a tenant in it. Beasley said Watson tried to sell leased homes in Dallas but could not find a broker to take the listings. “One [broker] didn’t have 500 signs and the other said, ‘You need to kick the people out first so I can sell it’,” Beasley said. “So it was originally Gregor’s insight that said, ‘Hey, if there was a marketplace that could sell homes that had tenants in them already—wouldn’t that be better for the seller and the buyer?’” Rich Ford, who was the leading investment banker in the emerging single-family rental sector, joined Watson and Beasley as a Roofstock co-founder. They shared a com- mon vision — that with Roofstock’s platform, the seller wouldn’t lose several months of income (due to the home being vacant) or have to hire an agent and pay a large commis- sion. Instead, they could pay Roof-
instead of seeing books or shoes, you see houses that you can buy on our site in an e-commerce environment.” Roofstock’s approach to real estate transactions is what sets the company apart. Typically, an in- vestor will see a home on the MLS and perhaps make an offer. When the property is under contract and goes through inspection, however, negotiation may ensue based on what is found. Roofstock tackles the diligence ahead of time. This allows investors to go from bid to contract to closing without much trouble. “It’s a much more transparent way to buy because you know exactly what you’re bidding on,” Beasley said. “It’s also very convenient for renters because they’re only dis- turbed once. Because you come in, do the inspections and say, ‘thank you very much.’ You don’t have people coming by touring the home, which is one of the challenges with rentals. Since we do all of that once, you could be in New Jersey buy- ing homes in Memphis, Atlanta, or
18 | think realty magazine :: august 2020
Made with FlippingBook Online newsletter