Porch Announces Newest Pay-At-Close Module for Home Inspection Companies
Porch Group (NASDAQ: PRCH) announced a new module for its inspection software, ISN, allowing homebuyers to pay for home inspections at the closing of a home purchase. This innovative pay-at-close program simplifies payment processes for homebuyers, agents, and inspectors, addressing deferred payment requests. Currently available to select inspection companies, the roll-out is set for 2022, with positive feedback from early adopters. Porch aims to streamline the homebuying experience and assist inspection companies in standing out in the competitive market.
- Launch of the pay-at-close program simplifies home inspection payments.
- Positive reception from inspectors and real estate agents.
- Expands Porch's software value proposition in the home services market.
- Success relies on the willingness of buyers and inspectors to adopt the new program.
- Potential risks associated with payment collection if escrow falls through.
SEATTLE, Dec. 06, 2021 (GLOBE NEWSWIRE) -- Porch Group, Inc. (“Porch” or “the Company”) (NASDAQ: PRCH), a leading vertical software company reinventing the home services industry, today announced the addition of a new module to its suite of software solutions provided to home inspection companies through its inspection software business, Inspection Support Network (“ISN”). Now, Porch can provide agents and homebuyers the ability to pay for their home inspection at the close of a home purchase, in addition to Porch’s ability to facilitate the payment processing at the time of inspection.
Through the innovative pay-at-close program, ISN will manage the complexity of both providing payment to the inspector at time of inspection, as well as invoice the escrow company on behalf of the homebuyer to defer payment to the close of escrow. The first-of-its-kind program simultaneously addresses the needs of homebuyers, agents, and inspectors, while also continuing to expand the value proposition Porch provides through its ISN software.
“We’re always actively exploring every avenue to help home inspection companies grow and stand out from their competition,” said Matt Ehrlichman, founder, chairman and CEO of Porch Group. “At the same time by helping homebuyers now pay for their inspections at close, we can make the homebuying experience easier and with less friction for all parties.”
Inspectors often receive requests for deferred payment but very rarely accept, primarily due to the risks of escrow falling through or the hassle of collections. Only because Porch powers ISN, the leading CRM software in the inspection industry can this process be automated and streamlined, giving every party a better experience.
The program is currently available to select inspection companies and will begin a broad roll-out in 2022. Thus far, feedback and appetite from inspectors and real estate agents has been overwhelmingly positive with some of the largest inspection companies activating the module and ready to launch.
About Porch Group
Seattle-based Porch Group, the vertical software platform for the home, provides software and services to more than 20,000 home services companies such as home inspectors, mortgage companies and loan officers, title companies, moving companies, real estate agencies, utility companies, and warranty companies. Through these relationships and its multiple brands, Porch provides a moving concierge service to homebuyers, helping them save time and make better decisions on critical services, including insurance, warranty, moving, security, TV/internet, home repair and improvement, and more. To learn more about Porch, visit porchgroup.com or porch.com.
Forward-Looking Statements
Certain statements in this release may be considered “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or Porch’s future financial or operating performance. For example, plans relating to the pay-at-close program are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “expect,” “intend,” “will,” “estimate,” “anticipate,” “believe,” “predict,” “potential” or “continue,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.
These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Porch and its management at the time they are made, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the willingness of homebuyers and/or home inspectors to use the pay-at-close program (2) the impact of the COVID-19 pandemic and its effect on the business and financial conditions of Porch; and (3) other risks and uncertainties described in Porch’s most recent annual report on Form 10-K/A and subsequent reports such as Porch’s quarterly report on Form 10-Q for the quarter ended June 30, 2021, filed with the Securities and Exchange Commission (the “SEC”), which are available on the SEC’s website at www.sec.gov.
Porch Press contact:
Catherine Adcock
Gateway Group, Inc.
(949) 574-3860
PRCH@gatewayir.com
Investor Relations Contact:
Walter Ruddy, Head of Investor Relations & Treasury
Porch Group
(206) 715-2369
WalterRuddy@porch.com
Cody Slach/Matt Glover/Alex Thompson
Gateway Group, Inc.
(949) 574-3860
PRCH@gatewayir.com
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