Agility Meets Compliance: How Obie and Backflip Unlocked Faster Closings for Real Estate Investors

Real estate investors often face tight deadlines in the housing market. Delays in receiving financing and complications during renovations can quickly stall progress on a project and eat into potential profits. Backflip, an innovator of real estate fintech, aids in this process by providing entrepreneurs with cutting-edge technology, data, and financing solutions typically reserved for large institutional investors.

While building their platform, Backflip identified a slowdown when investors began seeking landlord insurance. Traditionally, securing insurance can be a cumbersome process of forms, calls, and waiting periods that can hinder crucial deal closings.

In 2022, Backflip partnered with Obie, a leader in tech-powered landlord insurance, to change the investor experience by prioritizing efficiency when getting coverage. Obie's intelligent automation streamlines the entire process, by using advanced metrics that reduce the need for manual entry. Backflip members now have the opportunity to instantly binding quotes that fit their needs. From basic dwelling coverage to comprehensive liability protection, projects stay on track.

However, Obie's intelligent platform goes a step further. It remembers Backflip's specific requirements, enabling members to request quotes with minimal effort that are guaranteed to meet program parameters.

“Obie has been a great addition to our loan process both internally and with our members. Since the start of our partnership, Obie has consistently provided timely and competitive quotes that fit the needs of our members and comply with our internal guidelines,” Cory Petersen, Director of Loan Operations at Backflip.

“We are excited when we see a member elect to obtain a quote for their project through our partnership with Obie, as we know they will have an elevated plus efficient experience,” Petersen said.

By integrating Obie, Backflip creates a smoother experience for everyone involved. Members enjoy competitive rates, reliable coverage, and freed-up time previously spent on insurance shopping. This translates to a high conversion rate - 65% of quotes created by Backflip members lead to Obie policies.

Since the partnership began, over 371 of Backflip’s investment properties have been insured through Obie, with a cumulative loan value of $98 million. 

But the real victory lies in the empowered investor.  Faster insurance approvals mean faster loan closings, allowing Backflip members to capitalize on hot deals before the competition. This accuracy and speed translate to securing properties, revitalizing neighborhoods, and ultimately contributing to a healthier housing market.

Ryan Letzeiser, CEO and Co-founder of Obie, echoes this sentiment: "Beyond streamlining insurance, we aim to transform how investors view risk management. Backflip recognizes the power of intuitive technology, and our partnership empowers investors to manage their properties with confidence."

Partner with Obie 

Obie offers leaders in the proptech space a solution to create more efficient processes and a seamless customer experience as they scale. Contact our Partnerships Team at partnerships@obieinsurance.com to learn how partnering with Obie can add value to your platform.