Divvy, a prominent proptech startup, kicks off 2024 with the launch of a new product aimed at enhancing homeownership readiness. Widely recognized for its innovative rent-to-buy program, which facilitates homebuyers with an all-cash offer and the flexibility to rent until ready for purchase, the company unveils its homeownership readiness program, DivvyUp, as announced on Wednesday.
CEO Adena Hefets, a noted 2020 HousingWire Rising Star, elaborated, “We invested significant efforts in understanding the needs of our current customer base. Through extensive user research, it became evident that customers sought more comprehensive support in navigating the homeownership journey. They desired insights into aspects such as credit evaluation, debt-to-income ratio, savings strategies, and educational resources.”
With these insights at hand, Hefets and her team developed DivvyUp. Upon enrollment, users complete an onboarding questionnaire enabling Divvy to comprehend their homeownership objectives and financial circumstances. Leveraging this data, Divvy calculates a personalized homeownership readiness timeline, shedding light on critical factors such as down payment savings, credit score, and debt-to-income ratio.
“This initiative perfectly aligns with our mission,” Hefets remarked. “It furnishes a framework to empower both existing and prospective customers, guiding them beyond mere rent-to-own arrangements towards a structured action plan for mortgage readiness.”
DivvyUp furnishes users with a tailored action plan delineating steps to secure mortgage approval. Moreover, its homeownership readiness calculator empowers users to explore strategies for expediting the homeownership journey, such as debt reduction or augmented savings.
According to Hefets, real estate agents can enlist with Divvy, facilitating seamless integration with DivvyUp. Upon referral, Divvy notifies the agent once the buyer attains homeownership readiness.
The response to DivvyUp has been overwhelmingly positive, with over 16,000 customers on the waitlist. Presently accessible in select states including Arizona, Colorado, Florida, Ohio, Minnesota, Missouri, Tennessee, and Texas, the platform is available for $14.99 per month post a five-day free trial.
Hefets noted, “While numerous personal finance apps exist, they primarily cater to the tech-savvy demographic. DivvyUp, on the other hand, offers an accessible solution for the average American, providing a comprehensive overview of their financial status alongside actionable steps for improvement, all at an affordable price point.”
Looking ahead, Divvy plans to expand DivvyUp’s reach, contemplating enhancements such as budgeting modules and a mortgage marketplace.
Hefets expressed gratitude for Divvy’s resilience amidst the challenges faced by proptech firms in 2023. She emphasized the company’s commitment to efficiency and customer-centric innovation, ensuring the realization of customers’ homeownership aspirations.
“Even during our toughest moments, the unwavering support of our customers fueled our determination to persevere,” Hefets reflected.
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By Proptechbuzz
By Ravi Kumar
