| Industry | Real estate investing |
|---|---|
| Founder | Kenneth D'Angelo (1996) |
| Headquarters | 6500 Greenville Ave. #400, , United States |
Number of locations | 500 franchisees (2014) |
Area served | 40 U.S. states |
Key people |
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| Website |
We Buy Ugly Houses is a U.S. network of private, individually owned real estate investment franchises. Franchise owners buy homes in need of repair[1], renovate them and either sell them or maintain them as rental properties [2]. The network consists of approximately 500 franchisees in 40 states [3]. It has been in operation since 1996 and is headquartered in Dallas, Texas [4].
The franchise network promotes itself as the country’s top home buyer, having purchased more than 60,000 houses in its history [5].
History
editWe Buy Ugly Houses was launched in 1996 when real estate agent Kenneth D’Angelo packaged and sold his real estate investment system to the network’s first franchise buyer [6]. Originally centered on single-family homes, the network became more diverse as more investors joined [7]. Varying by franchisee, We Buy Ugly Houses is now involved in multi-family homes, mobile homes, apartments, condominiums, vacation rentals, commercial properties and other real estate ventures.
As the network grew into the early 2000s, it was ranked on Entrepreneur magazine’s “Franchise 500 [8]” for five consecutive years and the Franchise Business Review’s “Top 50 Franchises [9]” list for nine consecutive years. The national housing crisis hit in the latter part of the decade, which prompted the network to focus on buying houses “in ugly situations” — rather than strictly buying houses in need of repair — in order to provide relief for homeowners facing foreclosure [10][11].
Franchise Details
editWe Buy Ugly Houses franchisees typically buy homes at 55-65% of estimated market value, minus anticipated renovation costs. This benefits homeowners who lack the time or budget to sell a home themselves, as well as homeowners in tight financial situations like foreclosure [12].
Franchisees, typically real estate agents and investors, are granted access to the We Buy Ugly Houses branding and trademarks, as well as numerous shared resources throughout the franchise network [13].
Branding
editWe Buy Ugly Houses is represented in branding materials by its cartoon caveman mascot “Ug.” The network primarily advertises via billboards and television commercials [14].
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The phrasing behind the “We Buy Ugly Houses” trademark has become widely used and imitated by unaffiliated real estate investors recently, so much so that the network has had to vigorously defend its trademark. Since 2013, it has taken action against more than 160 trademark violators[15].
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References
edit- ^ "They did what to that House?". Chicago Tribune. March 4, 2011. Retrieved March 10, 2015.
- ^ Gosselin, Kenneth R. (July 4, 2012). "They Buy Ugly Houses — And Then 'Flip' Them". Hartford Courant. Retrieved March 10, 2015.
- ^ Prevost, Lisa (July 17, 2014). "Single-Family Homes as Rentals". New York Times. Retrieved March 10, 2015.
- ^ "Frequently Asked Questions". We Buy Ugly Houses. Retrieved March 10, 2015.
- ^ "Homepage". We Buy Ugly Houses Dallas. Retrieved March 10, 2015.
- ^ Palmeri, Chris (January 25, 2006). "Who Buys Those Ugly Houses?". Bloomberg BusinessWeek.
- ^ "'We Buy Ugly Houses' Network Growing Fast". Inman News. September 11, 2014. Retrieved March 10, 2015.
- ^ "Franchise 500 listings". Entrepreneur magazine. Retrieved March 10, 2015.
- ^ "Top 50 Franchises". Franchise Business Review. Retrieved March 10, 2015.
- ^ Schmit, Julie (February 15, 2012). "Mom and Pop Investors Propping Up Home-Buying Market". USA Today. Retrieved March 10, 2015.
- ^ Thorner, James (May 27, 2007). "They'll buy your home - cheap". St. Petersburg Times. Retrieved March 10, 2015.
- ^ Haas, Joseph (January 1, 2004). "For Sale By Investor". Realtor.
- ^ Straub, Anne (September 29, 2003). "Ugly House guys buy fixer-uppers". USA Today.
- ^ Thorner, James (May 27, 2007). "They'll buy your home - cheap". St. Petersburg Times. Retrieved March 10, 2015.
- ^ Lomelino, Susie (December 9, 2014). "We Buy Ugly Houses continues aggressive trademark enforcement in 2014". PR Newswire. Retrieved March 10, 2015.
External links
editCategory:Franchises Category:Real estate services companies of the United States Category:Companies based in Dallas Category:Companies established in 1996