DeepSummary
The episode features an interview with Linda Kocher and Liz Rashe, co-founders of Cooperty, an innovative platform designed to simplify and streamline the co-ownership journey for aspiring homeowners facing affordability challenges. They explain how Cooperty digitizes the legal framework of tenants in common, providing security and asset protection, especially for the 'Bank of Mum and Dad' scenario, where parents help their children buy property.
Kocher and Rashe discuss the mechanics of Cooperty's platform, which integrates with various service providers to facilitate the entire co-purchase experience, from property lookup and valuation to executing a co-ownership agreement. They highlight key features like the exit waterfall and customizable clauses that address potential issues and disputes among co-owners.
The co-founders share their backgrounds, motivations, and plans for Cooperty, including their current beta phase, customer traction, and intentions to raise funds for further development and growth. They emphasize the broad applicability of co-ownership beyond the initial target market of first-time buyers and parents helping their children.
Key Episodes Takeaways
- Cooperty is an innovative platform that streamlines the co-ownership journey for aspiring homeowners facing affordability challenges by digitizing the legal framework of tenants in common.
- The platform integrates with various service providers to facilitate the entire co-purchase experience, from property lookup and valuation to executing a customizable co-ownership agreement.
- Cooperty addresses potential issues and disputes among co-owners through features like the exit waterfall and customizable clauses in the co-ownership agreement.
- The co-founders, Linda Kocher and Liz Rashe, have backgrounds in finance, product development, and home lending, and personal motivations related to housing affordability challenges faced by younger generations and their parents.
- Cooperty is currently in beta phase, with plans to raise funds for further development and growth, targeting a broader market beyond first-time buyers and the 'Bank of Mum and Dad' scenario.
- The platform includes an educational component to create awareness and understanding of co-ownership as a viable option for home ownership.
- Cooperty positions its co-ownership agreement as a comprehensive and adaptable 'master agreement' that can be iterated based on real-world scenarios and feedback.
- The tenants in common framework used by Cooperty allows for uneven ownership shares based on uneven contributions, unlike joint tenancy.
Top Episodes Quotes
- “Housing affordability is a huge issue, and not just in this country, but definitely in this country. And it's not going away anytime soon and the next generation's priced out and you have parents struggling to help their kids buy.“ by Linda Kocher
- “The idea is to capture them as quickly as possible and iterate not just our app, but our agreement as well, if you like. So that's why we think it's actually a master agreement rather than just your stock standard pro forma.“ by Liz Rashe
- “But you know, I've designed banking products really across the full spectrum, but I keep coming back to my first love which is really lending and more specifically home lending. And so I think, you know, that experience lends itself quite nicely to what we're doing now and then on a more personal front, this really resonates with me as a mum that has one child in their early twenties and one in their very late teens.“ by Liz Rashe
- “And the really good thing about tenants in common, as well as those fractions can be uneven to uneven contributions, where joint tenants, it has to be even because you jointly own the asset.“ by Linda Kocher
- “So we've developed this digital ecosystem which actually includes our website and then we have a web app that launches from the website and the idea behind that is the website itself serves as an education portal.“ by Liz Rashe
Entities
Person
Company
Product
Organization
Episode Information
The Proptech Podcast with Kylie Davis
Kylie Davis
7/2/24
Welcome to the PropTech Podcast! In this episode, we are delving into the world of co-ownership and its potential to revolutionise modern property ownership.
My guests are Lynda Coker and Liz Rochaix, the co-founders of Co-operty, an innovative platform designed to simplify and streamline the co-ownership journey.
Co-operty is tackling one of the biggest challenges facing aspiring homeowners: affordability which they tackle through digitising the long existing legal framework of tenants in common, and providing some security and asset protection around the idea of the Bank of Mum and Dad.
Whether you're a potential first time homebuyer or the parents of Milennial or Gen Z - this is a cracking episode.