In-House Realty, a member of the “Quicken Loans family of companies,” announced this week that it plans to acquire the Toronto-based technology group and its proprietary technology platform from OpenHouse Realty, a Santa Monica, California-based residential real estate company.
OpenHouse formed late last year, when Agent Ace, a data-driven real estate agent recommendation service, acquired fypio, a real estate company that provides homebuyers with a personalized, lifestyle-driven search experience.
The companies rebranded as OpenHouse, boasting that the new company was a real estate lifestyle search company that combines property search, data-driven real estate agent recommendations, and in-depth neighborhood and community information.
Now, OpenHouse is selling its technology platform to In-House Realty, which says that it is seeking to combine all of the elements of the home buying process into one platform.
“In an effort to eliminate the complexities and stress that can sometimes accompany buying or selling a home, we are focused on combining online home search, obtaining a mortgage and connecting with an agent into a more seamless experience for consumers,” said Doug Seabolt, In-House Realty CEO.
The deal will see In-House Realty acquire OpenHouse Realty, and its home and real estate agent search technology platform.
According to In-House Realty, the deal will “further strengthen In-House Realty’s core business of matching homebuyers and sellers with qualified pre-screened agents across the country, providing them a superior real estate experience.”
A spokesperson for OpenHouse said that the company is retaining its brand and its brokerage, but selling its technology platform.
“Finding a reputable agent and a great home go hand-in-hand,” said Ron Frankel, OpenHouse Realty CEO.
“I am confident that the work John Kvasnic, OpenHouse Realty’s Chief Product Officer, and his team have done in both arenas will help In-House Realty become the premier destination for those looking to work with the best agents in their community, while also helping them find the home of their dreams,” Frankel continued. “It’s the perfect fit.”
The terms of the deal were not disclosed. The companies expect the deal to close in the first quarter of 2017.