Hey everyone! Some friends and I got fed up with everything going on in real estate (realtor lawsuits, inflated commission rates, outdated systems, etc.) and decided to use AI to build our own better real estate agent and avoid paying 6% of our life savings every time we move 🤮.
Everyone we talk to is very interested in it, so we will be putting it out to the public on a rolling basis starting in January. I’m not going to add a link because that’s not the point of this post.
This sub seems like the group of homeowners most forward thinking it terms of technology, so I wanted to: 1) give the opportunity to AMA about what we are building, and more importantly 2) ask what everyone’s biggest problems have been selling/buying a home recently. What are your biggest technology sticking points when it comes to transactions?
Who is doing the actual leg work of taking the “photo scans” of the properties being listed?
What is the commission your firm is getting per sale and how does that percentage compare to what a human agent would get?
What sort of “sanity check” is in place for making sure the listing prices are actually in line with reality? That seems to be the biggest problem I see with listing in my area is that people are asking 2-3X the asking price for properties that are clapped out. So what is going to stop this from becoming the “AI powered real estate” version of the tip screens that show up everywhere asking people to tip as a gas pump just because “well why not turn it on and see if someone throws us free cash” If you have an automated real estate system I immediately could see someone using that system scraping Zillow or other listings to get photos, cross referencing with GIS and bank data to figure out how much is owed on a property and then basically sending everyone the equivalent of those fake handwritten car dealership letters “we want to sell your house, you only owe $20,000 on it and we can sell it for $230,000 netting you a profit of $90,000, call us TODAY”