The internet service organization known as Angie’s List has rebranded, redid its website and launched another application as it hopes to additionally enter the home services industry.
Under its new name, Angi wants to streamline the home remodel process by offering shoppers a single platform to associate with contractors, book and make payments. The chance has an addressable market of $500 billion, CEO Oisin Hanrahan disclosed to CNBC Wednesday.
“This is a huge market … It’s everything you need done inside your home,” he said in a “Mad Money” interview. “This is an enormous market. It’s unbelievably broken.”
The holding organization changed its name from ANGI Homeservices to Angi Inc. It’s portfolio of services incorporates HomeAdvisor, Handy, Fixd Repair and HomeStars.
Planning an improvement project can be distressing for the average homeowner, from tracking down a professional for the job to negotiating costs to sorting out financing for costly work. Hanrahan said Angi was intended to help streamline a job by allowing purchasers to deal with everything in one place.
“There’s so much friction in the buying process,” said Hanrahan, putting accentuation on the significance of the client experience.
Angi said it has 250,000 businesses for recruit on its platform, which was utilized by in excess of 18 million U.S. households a year ago.
Also, with homebound buyers hoping to rebuild their living situations in the midst of the pandemic, Angi saw double-digit growth in 2020. The organization detailed about $1.47 billion in revenues for the year, up 10.7% from 2019.
“If we make that experience unbelievably easy by supporting our pros, giving them great work, then our customers will keep coming back,” he said. “We’ll see us really change the category from one that’s incredibly fragmented to one that’s much more consolidated.”
Shares of Angi fell 1.74% on Wednesday to close at $16.33 per share.