HomeBinder — An Operating System For Your Home
By: Jeff Piltch
Tags: Real Estate, Proptech, Venture Capital, Startup

HomeBinder — An Operating System For Your Home

The centralized operating system for all aspects of owning a home

The Problem

There are massive inefficiencies for businesses and homeowners in the residential real estate market. Among these are the fact that businesses spend $30B on customer acquisition and in many cases have retention rates of 20%; that half of today’s homeowners do not have an inventory report on their largest asset, and that home information is decentralized making home valuation difficult to track.

What The Company Does

The HomeBinder platform is used by homeowners to centralize all aspects of homeownership, including maintenance, projects, appliance information, capital improvements, home valuation, and more. HomeBinder is delivered by the businesses that service the residential market, and their revenue is generated from these businesses through a subscription model. The strategic value of HomeBinder to these businesses includes retaining client relationships by delivering property specific information and maintenance reminders that generate 80% open rates. This enables recurring or new sources of revenue for businesses through the insight HomeBinder provides relative to customers footprint and data about the properties in their area, and generating ecosystem referrals from a growing network of 200K complementary businesses on HomeBinder.

Business Model

HomeBinder is a B2B2C SaaS business where businesses subscribe to HomeBinder and create/update binders on behalf of the homeowner. The company has over 450K homeowners and 465 business subscribers in the home inspector and lender markets. Over 60% of the subscribers have been with HomeBinder for over two years, and their annual contract values’s (ACV’s) range from less than $5,000 for small businesses to over $100,000 for large enterprises.

Market

According to the team, the addressable market is over $20B within the 120M homes served across the U.S. As a centralized platform for homeownership, the HomeBinder opportunity includes all vertical markets that service residential property in the U.S. These vertical markets include home builders, home inspectors, lenders, insurers, and service professionals/contractors. Each binder can generate revenue from multiple sources, including revenue from these vertical markets, marketplace revenue, and advertising revenue. The team believes a realistic revenue stream per binder is $200 annually.

Traction

HomeBinder has over 450K homeowners, 170K agents, and 20K pros affiliated with HomeBinder. There are 465 business subscribers paying for the service, with 15 software integrations across the ecosystem that automate the binder process. The team is forecasted to close 2020 revenue at $800K and poised to grow to $3.7M in 2021.

Founding Team Background

Founder and CEO Jack Huntress has 20+ years in the real estate industry and previously co-founded PARCEL. Pete Paglia, CSO/CRO, has 20+ years in venture startups in the mobile, security, IoT markets. Gerlin Guilaum, head of product development, a member of founding team, manages internal engineering team with 5+ years experience in full stack Dev/AWS/Docker/ROR/ Mobile. CPO and co-founder, Guy Tassinari, has 20+ years in the real estate tech space and previously co-founded PARCEL. Ben Carcio, fractional CMO and co-founder, was the former founder and CEO of Promoboxx and is a Techstars Advisor.

What They Need Help With

HomeBinder is looking for potential investors in the proptech/fintech/insuretech markets as the team prepares for a post-seed fundraise. Connect with the HomeBinder team.

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