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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

#31

Post by candiddevmike »

noleary wrote: post #28

Guys, this is so cool! I am strongly in favor of anything that cuts out rent-seeking middlemen. Every time someone mentions real estate to me, I immediately think back with intense resentment to the thousands upon thousands of dollars I paid brokers just to unlock crappy studio apartments for me in Boston. I was just out of school and barely had any money, but I was still paying a huge premium over the cost of rent f…

> Guys, this is so cool! I am strongly in favor of anything that cuts out rent-seeking middlemen.

This company is another rent seeking middleman.

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

#32

Post by complianceowl »

the_gorilla wrote: post #13

I'll try anything to get rid of realtors. They're the worst form of rent seekers, and it requires no real skill or training other than a certificate that I could purchase with a highschool diploma, taking one class, and passing a multiple choice exam.

The biggest contribution my realtor made was good negotiation, but even that cannot be confirmed. Why? Because I never spoke to the sellers directly. For all I know, I was their only offer and they were just holding off to see if anything else would come through.

When I sell my current home, the realtor commission would be around $20,000. That's $20,000 cash equity that is taken out of my hands. When I did this simple calculation, that's when beyond the shadow of a doubt, I knew I would not be using a relator -- I don't care how much of a headache it could be. I'm keepin' that $20K.

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

#33

Post by the_gorilla »

bigstrat2003 wrote: post #18
the_gorilla wrote: post #13

I'll try anything to get rid of realtors. They're the worst form of rent seekers, and it requires no real skill or training other than a certificate that I could purchase with a highschool diploma, taking one class, and passing a multiple choice exam.

My realtor was invaluable when I bought a house. He had a lot of valuable guidance on what to look for and what to avoid, as well as advice on how to make our offer stand out in a seller's market. I'm not saying that there aren't realtors who are just parasites, but some do earn their pay. Mine was one such.

My realtor was worthless. I picked the house, picked the inspector, and then just had to find a realtor in the area who wouldn't bumblefuck it up too badly. He still managed to somehow cost a lot of extra money by moving extremely slowly. I don't need or want a realtor but the system is set up to ensure they continue to exist regardless of if they have any value.

The issue is that we don't really have a choice in the matter. In a properly functioning market, you could still have your realtor if you wanted, and I could pretend they don't exist instead of having to help support their lifestyle.

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

#34

Post by greenfish6 »

Finnucane wrote: post #27

When the seller's agent tells you they have another offer, and this is a lie, will your AI be able to figure that out?

We forward a lot of the text communication from agents back to the client, so if it's said in a way that it's possible to figure out, then it can be figured out.

For most seller agents, if they will send you that one text that says there's other offers, and that's a lie, and they don't respond to other inquiries about it... is there a way to tell that this is a lie? I'm not sure this is possible even for the best buyer agent

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

#36

Post by Raffi_Isanians »

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…

Appreciate the support. We aren't necessarily trying to uproot the industry, just want to deliver a better buying experience. People deserve agents who go out and do a lot of the work for them. Our goal is to do everything we think a real estate agent should do. Lots of value to be provided.

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

#37

Post by lasermike026 »

Unfortunately this doesn't solve the problem of over priced houses and property. We don't need these mansions. What is required is cheap land and affordable, maintainable houses. This market requires a complete teardown. I'm not going to be satisfied until trillions of dollars in phantom value is goes to it's ration number.

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

#38

Post by bityard »

the_gorilla wrote: post #13

I'll try anything to get rid of realtors. They're the worst form of rent seekers, and it requires no real skill or training other than a certificate that I could purchase with a highschool diploma, taking one class, and passing a multiple choice exam.

Are you speaking from experience in the real estate industry?

I'll agree that RE agents ("Realtor" is a trademarked term) are essentially unnecessary for the happy path when a property sale goes smoothly. In that case, they are overpaid secretaries.

But the reason RE agents are their own profession is because when a sale starts to wander off the happy path, there can suddenly be a LOT to know, discuss, and do. A good RE agent will be honest with you if the asking price is ridiculous in either direction. They know all the little local details and laws that are easy for a layperson to miss. They'll help you deal with a difficult buyer/seller. They know where the flood plains are. They know about zoning. They know who to call when the weirdest shit pops up. There are few other areas in life where ignoring (or not seeing) non-obvious red flags can ruin a person or family so completely.

I have had bad RE agents that were uncooperative paper-pushers who kept dropping the ball, and I have had good RE agents that were worth every single penny they earned.

If you want to be mad at something, I suggest looking into the National Association of Realtors. It is essentially the union that all RE agents are a part of, whether they want to be or not. NAR essentially owns the bulk of property listings in the US and heavily gatekeep access to it.

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

#39

Post by greenfish6 »

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…

Is your wife looking to join a startup?

I think many parts of being a realtor are already automated by realtors. They are already trying to automate themselves.

They use scripts to get first clients and negotiate. They use automated email campaigns to advertise their market and local expertise. They use automatic mailers for algorithmically selected properties. They use APIs & software services to determine similar property suggestions.

So these pieces are already automated by softwares that realtors use.

Our difference is we'll wrap everything up with a bow and just fully acknowledge that we are an automated solution.

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

#40

Post by Raffi_Isanians »

noleary wrote: post #28

Guys, this is so cool! I am strongly in favor of anything that cuts out rent-seeking middlemen. Every time someone mentions real estate to me, I immediately think back with intense resentment to the thousands upon thousands of dollars I paid brokers just to unlock crappy studio apartments for me in Boston. I was just out of school and barely had any money, but I was still paying a huge premium over the cost of rent f…

Same. Its why we started this.
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