Altisource Portfolio Solutions, a provider of mortgage, financial and technology services for the real estate and mortgage industries, has expanded their offerings into the home rental market with two new acquisitions.
In an announcement Tuesday, the company revealed that it has acquired both RentRange and Investability, which will substantially expand their offerings, reach, and data capabilities in the real estate services market.
“These acquisitions squarely support our real estate and mortgage marketplace strategy and enable us to provide valuable analytics to the home rental, renovation, sale and origination markets,” said William B. Shepro, CEO of Altisource.
Walter Charnoff, CEO of Investability and Rent Range, said the deal has been in the works for a few months.
"Altisource has been a longtime customer," Charnoff said in an exclusive interview with MReport at the Five Star Institute's inaugural Single-Family Rental Summit Tuesday in Las Vegas. "We've talked to them strategically about some of the things we were doing. At a time they were looking to make some bigger moves into the space, we were looking to further capitalize the business, so it was a great fit."
RentRange provides rental home data and information to the financial services and real estate industries, delivering a wide assortment of address and geography level data, analytics, and rent-based valuation solutions for single and multi-family properties.
Investability is an online residential real estate search and acquisition platform that utilizes data and analytics to allow real estate investors to access the estimated cash flow, capitalization rate, net yield and market value on properties for sale in the United States.
"They are two terrific companies that have a lot of synergies that I think will expand single-family rental as it evolving into an asset class," said Phil Comeau, an advisory board member with both Investability and Rent Range, in an interview with MReport at the Single-Family Rental Summit on Tuesday.
"At a time they were looking to make some bigger moves into the space, we were looking to further capitalize the business, so it was a great fit." Walter Charnoff, CEO of Investability
"Altisource brings a forward-looking approach to the real estate marketplace that we’re very excited to join,” Charnoff said. “Our vision has always been to develop the most comprehensive residential property rental data repository in the country, along with a powerful and unique search and transaction engine for rental homes. Together with Altisource, we will quickly realize this vision in a much broader and more impactful way."
The new acquisitions will add to Altisource's real estate capabilities by providing customer with highly accurate pricing information about rental home investments and access to valuable investment property inventory. This will include users of its Hubzu and Owners.com online real estate sales and auction platforms.
"The acquisition itself is indicative of big players in the industry seeing the opportunity in the space and being willing to make big bets in the space," Charnoff told MReport. "We were always looking to be a leader in single-family rental real estate analysis, sourcing, and acquisition space. Altisource is already a big player in that space, providing a lot of products and services necessary for success in that space."
"RentRange and Investability, when combined with Altisource’s services, offer investors the data and information they need to make well-informed decisions about the homes they’re buying, renting and managing," Shepro said. "We are thrilled to add the RentRange and Investability teams to the Altisource family."
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