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

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

#151

Post by greenfish6 »

Gerardo1 wrote: post #148

This is, yet again, Y-Combinator backing an AI startup that is a terrible idea, with people who don't recognize what a terrible idea it is (the responses by the poster in this thread smack of inexperience and someone who hasn't thought through the risk their building for themselves and their customers). I thought the Y-Combinator backed company whose entire pitch was that they could use AI to forge survey results had…

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.

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

#152

Post by greenfish6 »

a_d wrote: post #142

It is important for some company to make home buying better. Even outside of the pain of unaffordability, it is an utterly broken process. Advent of LLMs do give hope that this process can be imporoved signifiantly. Fun fact: I met Raymond and Raffi a long time ago and discouraged from going into this area. But now, I am glad they did. Their conviction is inspiring. If Turbo tax can make it possible for a person to f…

Thanks for the support a_d :)

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

#153

Post by greenfish6 »

liammaher wrote: post #134

Looks cool, we're in the same industry, so let us know if we can help! If anyone is looking for cash-flowing investment properties, you can check us out at Coffee Clozers: http://coffeeclozers.com/

Yep! I'm already on the Coffee Clozers newsletter

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

#154

Post by Gerardo1 »

greenfish6 wrote: post #151
Gerardo1 wrote: post #148

This is, yet again, Y-Combinator backing an AI startup that is a terrible idea, with people who don't recognize what a terrible idea it is (the responses by the poster in this thread smack of inexperience and someone who hasn't thought through the risk their building for themselves and their customers). I thought the Y-Combinator backed company whose entire pitch was that they could use AI to forge survey results had…

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.

I don't have any, and indeed I've not criticized or questioned anything about real estate.

I've questioned how you'd support some of the claims you made that were overly-broad and seemed disconnected from the technology you're describing.

I've questioned your lack of transparency on pricing, and your justification for it.

I've asked a few questions about the general risk/liability of being a real estate agent and how you're managing those risks.

I think you've entered into this with a very narrow view of the technology you're using, the risk you're taking on (and creating), and the ethical considerations you need to be making.

If I'm wrong, it would probably benefit you to clearly lay out some of the considerations you've made around the above.

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

#155

Post by truk5828 »

DowagerDave wrote: post #58

Sellers, sure but I don't understand why a buyer would NOT want to use an agent? You mention better prices, but I don't believe I'm in a unique environment where the seller covers all costs and agents work on commission. >> The founders of Modern Realty realized that since buyer agents are paid for by commission, they will encourage you to buy immediately and high. Modern Realty allows you to transparently control yo…

Buyer agents are not free. The buyer agent commission has historically been felt more indirectly by the buyer, sure, but sellers pay them out of proceeds. The recent NAR settlement agrees that this needs to be clear. This is also a contributor to higher transaction costs and inflated commissions that Modern Realty seems to be addressing.

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

#156

Post by Gerardo1 »

greenfish6 wrote: post #4
Veuxdo wrote: post #3

Earlier quoted context omitted.

Trademark, but yeah, that was my understanding as well.

Our agents have real estate licenses and we are registered with a real estate brokerage.

Does your product produce any work that isn't examined and approved by one of those licensed agents?

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

#157

Post by xienze »

cortesoft wrote: post #113
xienze wrote: post #90

Earlier quoted context omitted.

> The 6% fee was paid by the sellers, not the buyers. Buyers didn't pay anything to the agents. It’s the buyer’s money, which becomes the seller’s money, which gets paid to the agents. Realtors need to stop lying about who pays the fees.

The seller is the one who signs the contract with the agent and determines what percentage of the purchase price goes to the agent. It doesn’t matter that the buyer was the source of the money, the seller is who decided what to do with it. If the seller uses 10% of the sale price to buy a boat, are you going to say that the house buyer bought the boat?

That’s a transaction that occurs after the sale. The paying of agents is something that happens as part of the sale, so yes the buyer is very much paying the agent fees.

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

#158

Post by hansonkd »

Raffi_Isanians wrote: post #26
mattw2121 wrote: post #21

Earlier quoted context omitted.

Raffi doesn't scale. Are you going to hire more Raffis?

There is only one Raffi. -Raffi Edit: AI is currently being coded up to mimic my behavior/tone/advice/etc.

> AI is currently being coded up

Said every failed half baked AI startup the past year. Show the results when done. Saying that you are working on AI is barely a step beyond saying you have a concept of a plan.

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

#159

Post by a_d »

greenfish6 wrote: post #152
a_d wrote: post #142

It is important for some company to make home buying better. Even outside of the pain of unaffordability, it is an utterly broken process. Advent of LLMs do give hope that this process can be imporoved signifiantly. Fun fact: I met Raymond and Raffi a long time ago and discouraged from going into this area. But now, I am glad they did. Their conviction is inspiring. If Turbo tax can make it possible for a person to f…

Thanks for the support a_d :)

congrats on the launch! .. I am loving this entire thread.

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

#160

Post by greenfish6 »

Gerardo1 wrote: post #154
greenfish6 wrote: post #151

Earlier quoted context omitted.

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.

I don't have any, and indeed I've not criticized or questioned anything about real estate. I've questioned how you'd support some of the claims you made that were overly-broad and seemed disconnected from the technology you're describing. I've questioned your lack of transparency on pricing, and your justification for it. I've asked a few questions about the general risk/liability of being a real estate agent and how…

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.

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