How We Started

One of our founders, a tech industry entrepreneur/executive had done more than 6 major renovations over 4 years and found the entire process archaic, combative and fraught with risk and distrust. He actually got ripped-off for just over $20,000 by 3 contractors and lost another $14,000 because of unforeseen circumstances of another contractor. So out of a total of 24 contractors, 3 were conmen and 1 unfortunately was not able to complete the job, nor return the deposit.

The majority of the contractors were great and very professional. However 12% of the contractors dealt with were actually fraudsters and another had a health problem which resulted in an incomplete job and lost money. In all instances, all deposits and pre-payments were gone and it cost more money to re-engage new contractors to complete the work.

On the other side, talking to contractors and hearing their stories about completing work and never getting paid, made us realize both parties are at risk during home renovation and home improvement projects. A contractor's primary complaint was trying to collect their final payment. Once a project finished, some homeowners became either resistant or very slow to pay for an abundance of reasons.

The other big issue was the contractor doing additional work along the way and the homeowner not wanting to pay for it. Often it was because of a misunderstanding, other times it was unapproved work being done. The homeowner assumed the contractor was providing excellent service while the contractor was adding additional fees along the way.

Based on these experiences and knowing the Homeowner-Contractor relationship needed to be improved, a group of tech, financial and industry experts came together to form Renovation Trust.

The first thing this group looked at was whether or not a fraudster could be identified. People with the intention to defraud the other party often sound good and charismatic. Bad contractors often have fake positive online reviews, provide the best pricing and the best justification for that pricing. Fraudsters make it hard for you not to use them.

Fraudsters have caused distrust and tarnished Homeowner-Contractor relationships. Now, most contractors, even the honest and good ones, want a sizeable deposit or prepayment to protect themselves. This has become industry standard, making it easier for fraudsters to mask themselves. Now, more than ever, homeowners are at a greater to lose their money.

From this, Renovation Trust was born.

We Set Out To Accomplish A Few Things:

Protect the money so neither the homeowner nor the contractor is at risk to lose their money.

Provide leading edge tools to better manage and facilitate the completion of a renovation project.

Make paying the contractor easier and less stressful.

For contractors, getting paid easier and less stressful.

Provide the foundation to build better relations that are safe and easy, leading to more satisfied clients leading to more repeat work.

Provide dispute resolution process to get things settled quickly and keep everyone out of expensive legal battles.

Make doing a renovation stress-free and enjoyable.

Renovation Trust also allows you to document change orders in real-time. Changes made by either the homeowner or the contractor to the project, scope of work or price must be approved by the other party. All changes will be documented in your Renovation Trust account, accessible through both our app and website. Once changes are approved, all milestone payments are automatically updated. This way, there are no surprises and everyone knows the cost of the project at all times, in real time.

It's simple

Never give a deposit or prepayment to a contractor.

Deposit the entire cost of the project into Renovation Trust. The contractor knows the project is fully paid for.

As the contractor completes the work, upon approval of the homeowner, Renovation Trust pays the contractor for the work done.

The money is fully protected for both parties. Tools have been provided to make the renovation process better to manage and stress-free. We make paying and getting paid as easy as the click of a button.

Renovation Trust has revolutionized how renovations and home improvements are done. It is now safer, easier and less stressful for everyone involved.

Enjoy your renovation or home improvement. Protect your money when you renovate.