The average American has a financial portfolio of cash, bonds, and stock, but 70% of their net worth is actually their home equity. (Most people will be relying on their home equity as the biggest part of their retirement.) People don’t have the means or power to manage their home as an asset, and yet it’s worth more than their 401k.
Residential real estate is our nation’s largest unmanaged asset class.
There’s a sea of financial planning professionals chasing the ~$26T in retirement savings and management apps like Mint and Acorn focused on the financial instruments. Then there is Credit Karma helping with FICO perspective, but nothing to manage the home as an asset.
While 52% of homeowners see their home as an investment, 59% take a reactive approach to home improvement and, opting to simply fix things as they come up (Zillow Group 2017 Consumer Housing Trends Report).
“The team’s obsession with putting the consumer first pushed us to design a game-changing platform with data at its core. Our software helps homeowners understand the true state of their asset by analyzing it’s unique data points and in return providing key insights that help them make actionable decisions. Ultimately, giving them the confidence needed to manage and grow their most valuable asset.,” said Bobby Saini, CEO at UpsideDoor.
The Herndon, Virginia-based company is betting that as homeowners become more time constrained, they will look to simple solutions to help manage their home. With a majority of the average American’s net worth coming from their home, the company is focused on helping homeowners make sound decisions that will help build wealth.
“Our team’s goal is to make homeownership highly personalized and effortless,” said CTO, Raj Ginne. “We are on track for a Fall 2018 launch and have opened up access to users on the early access list.” If you’d like to get on the early access list sign up now!