RezDox Tracks the History of Home Maintenance and Renovations
Sure the latest initiatives from the Teslas, Apples and Googles of the industry tend to dominate the tech news space — and with good reason. Still, the tech titans aren’t the only ones bringing innovation to the sector.
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When Damian and Trachelle Spencer sold their first home, they provided potential buyers with a binder full of invoices and information about the work and renovations they had done.
“We were amazed at the positive responses we received from the buyers’ agents complementing our transparency,” Trachelle Spencer told Built In. “On the other hand, we were shocked at the idea that having a home binder was an exception. At that time, we recognized that ‘CarFax for your home’ didn’t exist, so we decided to create it.”
In March of 2012, the husband and wife duo launched RezDox, a platform that offers buyers and sellers transparency about a residential home’s value and state of repair.
Lone Tree-based RezDox allows homeowners to keep track of the renovations done to their homes, including do-it-yourself projects and larger improvements done by contractors. The property tech platform also records the valuation of a home as market dynamics change and the price of repairs, maintenance and home improvements fluctuate, Trachelle Spencer said.
“Our algorithm includes the recapture rate real estate agents use to price renovations in addition to the depreciation of each project as it ages,” she said.
In addition to tracking repairs and renovations, the platform uses machine learning to notify homeowners when 14 systems and components — such as a hot water heater, HVAC unit, windows, appliances and roofs — need to be updated or repaired based on the lifespan of the item.
The company is also working on a Home Condition Score, which measures a home’s overall state of repair based on its renovation and maintenance records. This score, set to launch early next year, will help homeowners prioritize repairs and give prospective buyers a clearer sense of what to expect.
And when selling a home, customers can transfer the property’s history log to the new owner.
“We originally created RezDox as a way to help owners stay organized, but we quickly recognized that a person’s home investments, and ultimately their home equity, has a significant impact on their financial well-being,” Trachelle Spencer said. “Once we realized that their home history report should be leveraged when working with their lenders, insurance companies or even their tax accountants, we decided to add a business component to our platform.”
Now, RezDox is used by homeowners, real estate agents, service providers and other industry professionals. Businesses can also advertise on RezDox and connect to homeowners through the platform. The startup has partnered with Zillow, Bridge Interactive and Zonda for data integration, and Trachelle Spencer said they are open to partnering with other listing services, home builders, manufacturers and big box retailers in the real estate industry.
RezDox is a family-operated business with Trachelle and Damian Spencer as its only employees. The startup has not raised outside capital and doesn’t plan to for the foreseeable future either. Investors typically focus on growth and user numbers, but Trachelle and Damien Spencer said they want to make sure the platform is exactly what their customers and clients need.
“Our number-one goal is to offer a platform that makes home maintenance easier to manage and more transparent,” Trachelle Spencer said. “If our users become more proactive about preventative maintenance and can benefit financially from those investments, then we know we are on the right track.”