A company named reAlpha is a publicly traded firm focused on property technology — proptech. And it’s very big on artificial intelligence.
But who’s Claire?
That’s reAlpha’s Smart Buyer’s Agent. Claire is powered by generative AI. Claire helps the home buyer pick out the best homes to consider. Claire then provides data-informed virtual tours, and offers support all the way through closing day.
With round-the-clock support, Claire is poised to make a home purchase, well…user-friendly. And if Claire’s your agent, you needn’t worry about paying commission.
A Timely Debut? No Doubt.
Here at Deeds.com, we’ve been following the lawsuits that pressed the National Association of REALTORS® to stop protecting brokerages’ automatic 6% commissions. Practically on cue, here’s a commission-free service with cutting-edge technology.
Claire, rolling out in a few Florida counties this year, has insights into market trends, and can set up tour dates, present offers, and help a buyer negotiate. For backup, customers can tap into reAlpha Realty’s team of licensed agents, still commission-free.
The company’s president, Mike Logozzo, describes Claire as “a timely solution while the residential real estate industry is undergoing a significant reset.”
Jorge Aldecoa, the company’s Chief Product Officer, says Claire could be setting “the new standard for home buyers.” Aldecoa suggests that the impact of generative AI on real estate will be both powerful and inevitable.
Hey, Claire! Meet Luxora.
For 20 years, Bruce Hiatt has owned the Luxury Realty Group in Las Vegas. Hiatt’s latest innovation? Luxora — an elegant AI character who converses with prospective buyers of high-end homes.
The India-based chatbox startup Kore.ai, which has won funding from Nvidia, built the software.
Luxora learns names, personal preferences, and the market context. Every conversation brings more data to Luxora, so the web-based AI tool becomes increasingly knowledgeable with each interaction.
According to Hiatt, Luxora works easily with buyers who come with lists of must-have features. They need not pore through the listings themselves, or spend hours upon hours digesting photos of staged homes searching for that needle in the haystack. Luxora takes care of all that for the client in seconds. Luxora finds the homes that match the client, presents all the information needed, and provides an immersive online tour for clients to enjoy in the privacy of their current homes. By the time they actually walk into a home for sale, they know the place.
By early June, we can expect to find Luxora in 22 U.S. cities and a few more in Canada. Hiatt’s ahead of the curve, but this curve is definitely taking shape. And it’s not just for the wealthy. The development of AI-informed chat software is part of the real estate market’s global automation trend.
Could Claire or Luxora Be Your Next Real Estate Agent?
AI can work with large data sets and those sets are increasingly available given the shift to cloud computing. No question: AI is going to provide rafts of new tools for improving real estate transactions. Does that mean it’ll replace people?
It’ll replace the need for people to carry out certain tasks that could be done better with the aid of machine learning. AI is poised to disrupt a range of online real estate platforms and even the Multiple Listing Services. As automation tends to do, AI promises more accurate information, and easier data processing with lower costs.
Bruce Hiatt of the Luxury Realty Group says there’s some concern in the business; agents and support staff are wary of becoming less central to the typical transaction. Hiatt points out that an AI character isn’t a licensed agent and doesn’t take the place of an agent.
Indeed, there are agents who praise generative AI for its ability to whip up advertisements and listing descriptions. They say AI is helping agents, not replacing them.
Either way, AI continues to change the way homes are sold and bought.
Supporting References
Patrick Blennerhassett for the Las Vegas Review-Journal, via Whittier Daily News: Could AI Start Replacing Real Estate Agents? (published Apr. 9, 2024, by the Tribune Content Agency, LLC).
reAlpha Tech Corp. (reAlpha.com) via Business Wire: reAlpha Tech Corp. Launches Claire, Real Estate’s First AI-powered, Zero-Commission Smart Buyer’s Agent (Apr. 24, 2024).
Abel Garcia for KTNV Channel 13 Action News Las Vegas: Las Vegas Company Introduces AI Real Estate Agent to Help Families Find Homes (Mar. 14, 2024; updated Mar. 20, 2024).
Michael Gerrity for The World Property Journal™ (Miami edition): Meet Samantha: Your AI Real Estate Agent of the Future (Apr. 19, 2024).
And as linked.
More on topics: What AI Is Doing for Real Estate, Can We Use AI Instead of Real Estate Agents Yet?
Image credit: Google DeepMind, via Pexels/Canva (modified).