Roofstock Expands Owner Service Offerings With Acquisition Of Tech-Enabled Retail Property Management Leader Great Jones
With 10x year-over-year growth in transaction volume in the first half of 2021, Roofstock continues in 2021 with strong momentum following purchase of digitally native property management firm and appointment of new board members
Roofstock, the leading end-to-end online platform for single-family rental (SFR) investing, announced it has acquired property management tech platform Great Jones to simplify property management for its rapidly growing user base of remote retail investors. This acquisition marks an important step in expanding Roofstock’s property owner services to support the entire lifecycle as investors grow and manage their investments. With the addition of Great Jones, Roofstock further enables a fully digital retail investing experience typically only available to larger investors, which covers trading, managing, and optimizing asset portfolios for maximum performance. Great Jones will continue to grow and operate as a standalone entity under the Roofstock umbrella, benefiting from Roofstock’s extensive market footprint.
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After raising more than $30M in venture financing, Great Jones has more than 5,000 homes under management. The company brings a digitally native, consumer-tech lens to what historically have been analog property management processes, from leasing and maintenance to property optimization and ongoing customer service. Great Jones’ scale helps single-family rental (SFR) investors buy with more ease and confidence across key markets, without the worry of finding local property managers for each property.
“We are excited to announce the acquisition of Great Jones, which represents our second acquisition this year and third since our founding. I’m particularly thrilled to welcome Great Jones founders Jay Goldklang and Abigail Besdin and the rest of the team to provide our customers with technology that is proven to simplify property management and maximize returns,” Gary Beasley, CEO and co-founder of Roofstock. “Given the strong performance of housing even throughout the pandemic and solid supply/demand fundamentals, there has never been a better time for investors to build their single-family rental portfolios.”
Owning a rental home can quickly become overwhelming, especially when that home is hundreds of miles away. Roofstock empowers individuals with a digital, user-friendly, and data-driven approach to buying, selling, and owning a rental property. Great Jones builds on Roofstock’s tech-enabled services for owners, including Stessa, the leading online investment management solution for individual real estate investors, which it acquired earlier this year. Roofstock’s end-to-end approach to real estate investing provides investors of all sizes with more opportunity to invest in, and financially benefit from, the world’s largest asset class, with access to data and tools that simplify and streamline the process.
“Roofstock is unequivocally the leader in making rental investing easy and accessible. We share its vision and are excited to join forces,” said Jay Goldklang, CEO and co-founder of Great Jones. “The combined Great Jones and Roofstock team is unmatched in experience and scale — together, we will serve investors throughout their lifecycles and across more markets, bringing them a holistic digital platform and capabilities that have historically only been available to large investors.”
Roofstock also announced today that founding Zillow executive Chloe Harford and experienced commercial real estate executive Craig Robinson have joined its board of directors. Both appointments bring decades of tech-enabled product and real estate technology expertise, and they join Roofstock at a pivotal time as investor interest in the single-family rental sector continues to soar.
This acquisition and vertical expansion come on the heels of significant momentum for Roofstock. The company is experiencing hypergrowth, with 10x year-over-year growth in Gross Merchandise Value (GMV) in the first half of 2021, and its platform recently surpassed $3B in transaction volume.
“Roofstock is revolutionizing real estate investing, empowering investors large and small with a radically simple, transparent and cost-effective end-to-end experience,” said Chloe Harford, Roofstock’s newest board member. “I was attracted by the team’s deep industry expertise, the innovative data-fueled tech platform and marketplace they have built, and the huge opportunities ahead. I’m thrilled to join the board during this critical hypergrowth stage.”