December 27, 2016
– In-House Realty and the Quicken Loans Family of Companies make their first international acquisition while expanding their overall footprint in the online real estate and fintech space –
DETROIT, December 27, 2016 – Detroit-based In-House Realty, sister company of the nation’s second largest retail mortgage lender Quicken Loans, today announced it has agreed to purchase the Toronto-based technology group and its proprietary technology platform from OpenHouse Realty, a Santa Monica, California-based residential real estate company.
“In an effort to eliminate the complexities and stress that can sometimes accompany buying or selling a home, we are focused on combining online home search, obtaining a mortgage and connecting with an agent into a more seamless experience for consumers,” said Doug Seabolt, In-House Realty CEO.
The acquisition of OpenHouse Realty, and its home and real estate agent search technology platform, will further strengthen In-House Realty’s core business of matching home buyers and sellers with qualified pre-screened agents across the country, providing them a superior real estate experience.
“Finding a reputable agent and a great home go hand-in-hand,” said Ron Frankel, OpenHouse Realty CEO. “I am confident that the work John Kvasnic, OpenHouse Realty’s Chief Product Officer, and his team have done in both arenas will help In-House Realty become the premier destination for those looking to work with the best agents in their community, while also helping them find the home of their dreams. It’s the perfect fit.”
The acquisition represents the first time the Quicken Loans Family of Companies has expanded beyond the United States. With the Toronto-based OpenHouse development team, In-House Realty will maintain a footprint in two of North America’s fastest growing technology centers of innovation.
The terms of the agreement were not disclosed. The sale is expected to close in the first quarter of 2017.