greenfish6

Thanks for the insight, noted.

Why would we mimic Redfin, who's a fairly small & declining player in the real restate brokerage space, when we could mimic features of much more successful players like Keller Williams

Yea definitely playing a bit of persona since comments drive up the rating on HN. 3500 uniques inbound from this post, couple home tours scheduled from inbound users, I'd say I'm happy about it. I would say 75% of people I meet face to face when I say I'm making an ai realtor, it's a negative reaction. Although it does much better in the bay

Fwiw redfin is also tiny with 0.78% market share and slim or negative profits

When I bought my house as a first time buyer in sf, my agent walked me through my disclosures over email..

- Zillow doesn't actually transact homes themselves, once you click that you're interested in a house, a realtor will call you who is non-zillow affiliated, they could be with any brokerage. Redfin only offers you discount services if you buy + sell through them, but most people buying in the bay area aren't simultaneously selling a home through Redfin.

- We are currently using a 3rd party showing service which has people come and literally open doors.

- Yes we are offering representation agreements to help people tour in light of the NAR suit.

- We will solve the blacklist problem when we get to that size. Not going to start running before catching the ball.

- Incumbents like Zillow have agents as their primary customer, they wouldn't put out their main customer. Redfin's model is to have the human agent at the heart of their product, it would have to be completely remade if the customer was using the interface.

- Liens are analyzed using our disclosure summary tool. Solar loans are often liens, so same applies. Inspections are a disclosure. Contingencies fall into 5 buckets which are fairly standard of inspection/mortgage/insurance/title/appraisal. Negotiations are usually done over text message or email.

I think the DoJ is having a field day with NAR as are the many individuals currently suing them

:)

Our goal is not to rewrite every property description, but rather just link you the properties that we think you would like. If a property is mis-listed on Zillow, then that would be the same issue if a Realtor would send you that property as a recommendation

You can't get everybody. But, I'm sure you've bought a canned alcoholic beverage from a store before? That was made by a robot, are you ok with that?

Your bartender also may pour you a drink from a can as well - I've seen this

I, like many of the other people in this thread, had a buyer agent that did nothing. If you need someone who can do these things, looks like you've found that person!

About 4 months ago when I launched Modern Realty, it was at discount. However, what comes with a product branded at a discount product is people aggressively questioning our quality and services all the time. Also, we would get lots of potential clients who would try and push our prices even lower. We don't have any of these problems at full price, and people have a significantly higher presumption of our services out the gate.

We have similar real estate insurance to real estate agents. Agents make mistakes describing property all the time - we make mistakes, but fewer than the an agent.

Yep! I'm already on the Coffee Clozers newsletter

Thanks for the support a_d :)

You have 8 comments on this thread and have not mentioned anything about having any real estate experience yourself, just contradicting everything I say with 0 evidence.

People buying consumer products typically believe in price signaling. We've actually had clients believe in our services much more at full price than when we were discount a couple months ago.

The default question when we charged a discount price was - "but what am I missing out on if I choose you?" - and even when we said "Nothing!" clients bought into the discount pricing signal already and could not be swayed. This question is never asked at full price

Thanks for feedback. Our priority is on good service

True, I'll update the website to reflect our updated pricing model

The texting service we provide works similarly to texting a regular realtor. You can text it "Is a $1200 HOA fee per month high for san francisco?" and it will do the searches and compare the local properties to tell you an answer

We are not participating in the race to the bottom. There are a lot of 0% fee realtors out there! Try https://www.turbohome.com/, I've seen them on social media

Struggling realtors list their fees as a feature. Look through any of the top realtors in the bay area from last year: https://www.theleading100.com/honorees/theleading1002024/, you'll notice none of them list their fees. Here's the websites of the top 2 realtors in the bay area from last year, to save you some clicks: https://www.kerinicholas.com/, https://go2marin.com/

The math is that if the buyer Realtor convinces their buyer to bid a higher $, then they increase the probability that the buyer will get their bid accepted quickly.

My own realtor convinced me to bid a price that the seller accepted in 30 minutes for my home - immediately == high.

Realtors still spend the majority of their time working on marketing themselves as opposed to servicing clients. "Referrals" is disingenuous because realtors spend so much time reminding clients of themselves - would this referral have occurred without that?

Human buyer agents wouldn't do these things that you're asking

Our goal is to own the listing service that homes are listed on. There is this network effect of needing to be on the same listing service that everyone else is on.

We let you drive your own process and interpret real estate data with AI. We target customers who are looking for these in their Realtor

Other relators do not put their fee pricing on their websites so we decided to follow suit. We have the same pricing model - negotiable. But we provide better service.

Currently, the description on our website says that we use AI to help you interpret real estate data and gain an edge on other buyers - nothing about fighting other agents.

I think that is injected opinion from commenters here. & yes, we are targeting buyers who already believe that they need a service like this due to their past or current experience

The vast majority of agents communication is over text and email. It is quite rare that it is required that a realtor must make an in person appearance somewhere, usually that's just for first meetings.

But yes, when stuff like this happens, we'll have a person do the required representation.

Put it like this: if 90% of realtor time is spent on communication that is done over text an email, then each realtor will be able to serve 10x the clients. But that still leaves time for them to show up at a courthouse on a Friday, as you mention

Disclosures analysis and text-to-tour scheduling were first to be automated, and those were available for our first close. We now have market analysis, offer drafting, full AI texting, etc.