Launch HN: Modern Realty (YC S24) – AI Real Estate Agent for Home Buyers

Post by greenfish6 » Tue, Sep 24, 2024, 7:16 PM UTC

thinkmorebetter wrote: post #95

greenfish6 wrote: post #72

Earlier quoted context omitted.

I actually do believe that AI can make someone feel more comfortable with their purchase. Let's break down the communications that realtors currently do to comfort buyers (mostly over text, which is also how we communicate): Tell you comparably priced properties - we do this. Remind you the steps in the process - we do this. Tell you basic stats about local transactions (such as telling dejected buyers that only 1/6…

Fair enough, and I wish you luck because I welcome down pressure on existing fees. My take is simply that the positioning seems to unnecessarily make it a fight against all buyer agents, whereas it might be better to start by targeting the buyers who already "get it".

Post by dparker8281 » Tue, Sep 24, 2024, 7:18 PM UTC

danfunk wrote: post #20

There are good realtors and bad realtors. I could imagine an AI chat bot that was better than some of the mouth breathers out there. But I wouldn't use those people anyway. But there are good people in the real estate business . if you want someone that can negotiate a good deal, and answer complex questions specific to the local laws, who knows the local neighborhood, and the local realtors, who can handle last minu…

Post by rco8786 » Tue, Sep 24, 2024, 7:21 PM UTC

keeptrying wrote: post #46

eagleinparadise wrote: post #29

Best of luck. I’m a commercial real estate professional who has spent time as a broker, lender, and private equity investor. Residential definitely is a lot More of a ridiculous market. But ultimately as an agent, you get hired to work with mostly irrational actors (sellers and buyers). As someone who is very interested in AI and taught myself how to code (I don’t know any other real estate people who know anything a…

The ludicrous 6% fee is whats going to drive adoption by end users and in turn by brokers. Move that fee to 1% for buyer agent and you have a massive market.

Post by rco8786 » Tue, Sep 24, 2024, 7:22 PM UTC

whiplash451 wrote: post #92

keeptrying wrote: post #46

Earlier quoted context omitted.

The ludicrous 6% fee is whats going to drive adoption by end users and in turn by brokers. Move that fee to 1% for buyer agent and you have a massive market.

If there was a serious opportunity to arbitrage under the 6% fee, you bet that someone would have done it already — and well before the AI era.

Post by cortesoft » Tue, Sep 24, 2024, 7:27 PM UTC

koolba wrote: post #97

itake wrote: post #67

Earlier quoted context omitted.

The 6% fee was paid by the sellers, not the buyers. Buyers didn't pay anything to the agents. But even then, the buyer's agents would "refund" the buyer ~2% of the fee as a cashback incentive to use a specific agent. but recently, the rule changed so the sellers are only required to pay the 3% fee to the seller's agent and buyers need to negotiate their own deal with the buyer's agent. Currently, there are many broke…

> The 6% fee was paid by the sellers, not the buyers. Buyers didn't pay anything to the agents. Buyers are the ones paying everything. At 6%, that means the seller is willing to accept 94% of the sale price for the deal. So with a lower fee or simply less middle men feasting on low information transacters, a buyer with 94-100% could purchase that house and both parties would be happier.