Doorvest has acquired its second company in less than a year, Inman has learned.
This time the single-family rental (SFR) software company has scooped up Wreno, a company that a July 15 press statement called “an AI-powered vendor management and project automation platform purpose-built for institutional-grade property operations.”
In September, Doorvest bought Getaway, a competitor in the same space that helps investors discover, acquire and manage single family homes.
Wreno calls itself a vendor marketplace for real estate. It offers a widely searchable storefront experience for real estate professionals to find and hire professionals, as well as manage projects while tracking budgets, vendors and timelines. It works primarily with portfolio owners but is scalable to the individual retail investor.
Andrew Luong, CEO and co-founder of Doorvest, said in a statement that this deal completes his long-aspired-to “flywheel.”
“Every new door under management brings new inventory for buyers, more liquidity for sellers, and better operational efficiency with scale,” Loung said. “Over 30 percent of our existing customers have already repeat purchased and over 60 percent have leveraged our lending products — this puts us on a trajectory to build the most powerful real estate platform in the country.”
Doorvest acquires distressed homes to populate its inventory for resale to customers. It offers a network of mortgage partners to assist customers with conventional financing options.
“Rather than building relationships with wholesalers, underwriting properties, and placing bids just to get outbid by the next investor, we start by acquiring a distressed property on your behalf. We then deal with contractors to renovate the property to rent-ready standards,” its website states.
Wreno’s construction project automations will play a big role in helping Doorvest and its customers oversee delivery of renovated inventory. Doorvest’s AI, Andy, will assist along the way.
“AI is radically transforming our world and I’m beyond excited about its potential to deliver better investor returns, increased resident satisfaction while also freeing up teams to spend time on distinctly human support,” Luong said in the release.
Software-driven, purchase-integrated renovation services is a fast-growing category in proptech for both the primary and secondary residence market.
HouseAmp, Notable, Curbio, Revive and others each offer their own approach for financing, designing and coordinating either pre- or after-sale home improvement projects. These companies are compiling national, regionally specific databases for materials costs and labor rates and using them to forecast project expenses, create task management modules, lending mechanisms, vendor marketplaces, multi-party communication tools and other consumer-facing digital experiences to flatten the traditionally manual and highly fragmented home improvement industry.
Wreno’s integration will offer Doorvest customers a fully vertical solution for becoming an investor and, to some extent, their own project manager.
“Wreno was born to solve the pain points of managing vendors, scopes and project timelines across large property portfolios,” said Charlotte Schell, CEO and co-founder of Wreno, in the statement. “By joining forces with Doorvest, we’re now able to put that technology into the hands of thousands of investors and property owners — unlocking NOI (net operating income), driving liquidity and enhancing the resident experience across the board.”
