Artificial intelligence is seeping into many professional fields and the real estate sector is not immune to its technological pull. Innovating tools using this technology are being invented and put into practice faster than the markets can adapt, meaning these creations are beginning to disrupt the industry and even replace jobs. One startup is looking to address that by employing AI to help agents do their own jobs more efficiently.
First, a Durham, NC-based startup, has raised a $5 million Series A round from over 30 investors to continue development of its AI and machine learning platform that helps agents predict which contacts they need to reach out to drive deals. The platform houses data on all U.S. homeowners and learnings based on all of its current agents to drive its relationship management solution.
“We serve the top agents that have large networks, thousands of relationships and hundreds of past deals,” explains Mike Schneider, co-founder and CEO. According to Schneider, home selling is a particularly concentrated business, with the top 10 percent of agents doing 90 percent of the deals.
“They have the network, they just don’t have the time to keep up with all of them. Our whole system is a really simple, big recommendation engine for where they should spend their time building those one-on-one relationships,” Schneider says. He cites that, from the company’s research, 70 percent of deals come from personal relationships.
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