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Two Young Roommates Are Building An Artificial Intelligence Real Estate Empire – Forbes

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For many years, people dreaded the emergence of artificial intelligence and new technologies. Those who grew up before the iPhone and internet felt that their jobs would be put into jeopardy. 

The pandemic made even the most fervent Luddites change their attitude toward robotics, AI and technology. While sheltering at home, riding out the Covid-19 outbreak, they turned to online shopping on Amazon, ordering food deliveries via DoorDash and having others shop for food with the Instacart app. If a person needed to venture outside, and didn’t want to risk going on public transportation, they requested an Uber or Lyft car.

Now that we’ve become accustomed and dependent upon tech platforms for most of our activities, we don’t want to turn back. There is nearly an app for all aspects of our lives. Instant information and results are what we want. 

Just as there is an Uber app, a driver is needed—at least until we have autonomous driverless cars. In many industries, AI will start the process and a person will be around to help. Car salespersons, real estate agents and clerks at department stores will supplement the initial interaction between AI and the customer.  

If you think about it, most any sector can offer a better experience with the introduction of technology. Real estate is a great example of how AI, chatbots and tech can make the renting of an apartment a better experience. If you’ve rented before, you know how irritating it can be.

Two young entrepreneurs, Shiv Gettu and Kendrick Bradley, saw a need in the real estate rental market. Bradley left his engineering job to work at a property management company to learn the space, as a leasing agent. He noticed that there was a lack of technologies to support real estate sales teams. Roommates, Gettu and Bradley, while both working full-time jobs, set out to build a hospitality property company. It grew to $2 million in revenue in nine months.

However, when Covid-19 hit in 2020, Gettu and Bradley’s company had long-term lease commitments, and with business and leisure travel at a standstill, were running out of runway and needed to get their properties leased. The cofounders quickly turned the company into a virtual leasing office powered by AI to automate the conversion process, and that grew to become Zuma, launching today with a $6.7 million seed round in funding led by Andreessen Horowitz.

Their idea is to change the way apartments are rented. If you’ve ever shopped for a new apartment, you may have run into a hardened, tough-talking real estate agent. They  schlep you around to apartments that are “amazing, beautiful and priced at a bargain price.” When you actually see the property, you think a mistake was made, since they’re not amazing, beautiful nor a bargain. After being shown five more apartments, you call it quits, as you’ve lost trust in the agent’s judgement and feel pushed into something you don’t want.

The next outing, you’re supposed to meet the building’s property manager, who can’t be found. An hour later, you spot him fixing something on the premises and gruffly orders you to follow him to see the apartment. His phone keeps ringing with tenants calling. You politely leave, and he doesn’t notice or seem to care.

Consider how different this would be if the process was started online. You can send a text inquiring about an apartment listing. The AI will send a blueprint, the rental prices, amount of money required for deposit and the their terms of the lease. The texts can offer rich graphics, photos and videos highlighting the place. This could all be done from the comfort of your home. It’s less running around and a more productive use of time.

Automation also benefits the property owners. Consider a multifamily building with a property manager. If there is an interested renter who wants to make a quick decision, but it’s a night or weekend, this lead will go unanswered. The prospect will go elsewhere.

Zuma’s dynamic AI platform automates lead qualifications, engagement, follow-ups,  demo and appointment scheduling. The platform, called Kelsey, is an “AI-powered sales assistant that answers complex questions in minutes, to qualify, nurture and convert leads to customers.”

“Kelsey understands which conversation tone, architecture and patterns are most successful at converting leads to sales, and converses with all inbound leads via text message within minutes to keep prospects engaged.” A human will step in to supplement Kelsey. 

Connie Chan, general partner at lead investor Andreessen Horowitz, said, “Zuma’s blend between human support and AI creates a magical conversation experience for prospective customers that drastically increases conversion.”  

The guys are working toward growing their business in the multifamily and related real estate sector. Ultimately, they plan to use their concept to apply to other industries. It’s amazing to see that the pandemic has created a boom in entrepreneurialism and shown how AI and tech, along with the human touch, can both improve the lives of people and build new innovative businesses.

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Google real estate executive says 5% more workers coming in to office each week

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Alphabet Inc’s Google has seen an increasing number of employees coming in to its offices each week, particularly younger workers, the company’s real estate chief said during an interview at the Reuters Next conference on Friday.

On Thursday, Google indefinitely pushed back the mandated return date for employees due to concerns about the Omicron variant. The company had previously said its 150,000 global employees could be required to come in to the office as soon as Jan. 10.

Nevertheless, David Radcliffe, Google’s vice president for real estate and workplace services, said many Googlers are returning of their own volition. About 40% of its U.S. employees on average came in to the office daily in recent weeks, up from 20-25% three months ago, he said. Globally, 5% more employees are returning to offices week after week, he added.

“People are actually showing voluntarily that they want to be back in the office,” Radcliffe said. “We’re moving in the right direction.”

Younger employees and those who joined Google more recently have been coming in at higher rates, seeking opportunities to learn from colleagues, Radcliffe added.

Google expects workers in the office at least three days a week once it mandates a new return date.

Based on feedback from those already back, it is redesigning floor plans to increase private, quiet spaces for distraction-free individual work and adding conferencing and other collaboration areas in open spaces both indoors and outdoors.

Real estate and human resources experts have considered Google a trailblazer for the past 20 years in sustainable office design and variety of workplace perks, including free meals, massages and gyms.

To extend those sustainability and wellness benefits to remote work, Google has encouraged employees to buy carbon offsets and non-toxic furniture for their home offices. It also has provided free cooking classes and discounts to fitness studios near workers’ homes.

“It was amazing how many employees had really never cooked themselves,” Radcliffe said.

 

(Reporting by Paresh Dave in Oakland, Calif., and Julia Love in San Francisco; Editing by Sonya Hepinstall and Matthew Lewis)

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Calgary real estate is on a late-year roll – Western Investor

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With $468 million in sales – not counting the $1.2-billion Bow office tower purchase that has yet to close – in the third quarter (Q3) 2021, Calgary is on track to top $2 billion in commercial and industrial real estate sales this year, according to Altus Group.

Meanwhile housing sales in November reached 2,110 transactions, just shy of the record for the month set in 2005, as the sales-to-new-listing ratio hit a blistering 100 per cent.

Altus reports that the Calgary’s commercial real estate market recorded 115 transactions for a total investment volume of $468 million in the third quarter, bringing the total investment volume for the year close to $2 billion. The total sales volume was up 37 per cent from the first three quarters of 2020.

Industrial sales led the commercial and industrial assets investment parade in the third quarter, with 27 transactions valued at $188 million. This sector was dominated by two substantial distribution logistics centre deals. These were the $69.7 million purchase of a Canadian Tire 496,000-square-foot distribution centre by Skyline Commercial Real Estate Investment Trust (REIT); and the $32.18 million sale of the Valad Construction headquarters industrial and office complex to Nexus REIT.

The ICI (industrial-commercial-institutional) land sector was the second most active in terms of dollar volume with 38 transactions amounting to $83 million, up 62 per cent from Q3 of 2020.

The multi-family rental apartment sector saw 15 transactions totalling $82 million, a 70 per cent increase from the same point last year, and only a marginal decrease from the previous quarter.

The retail sector tallied $44 million in transactions amounting to a 110 per cent increase from Q3 2020.

The biggest retail sale was the $8.35 million purchase of the Hansen Ranch Plaza, a near-12,000-square-foot retail centre in northwest Calgary, bought by local investors.

“Calgary’s beleaguered office market has remained flat, with five transactions amounting to $15 million, a negligible change from the same quarter last year,” noted Ben Tatterton, manager of data solutions at Altus, who prepared the Calgary report with national research manager Krut DSesai.

The landmark sale of the Bow office tower will be registered in a future quarter, Altus noted.

The two-million-square-foot Bow tower was purchased in August from Toronto-based H&R REIT by Oak Street Real Estate Capital, of Chicago, for $1.216 million, in a deal expected to close by the end of this year.

The Calgary Real Estate Board (CREB) reported a rush of home buyers in November.

“Lending rates are expected to increase next year, which has created a sense of urgency among purchasers who want to get into the housing market before rates rise,” said CREB chief economist Ann-Marie Lurie. She added that supply levels have tightened, causing prices to rise.

The benchmark composite home price in November was $461,000, up nearly 9 per cent from November of 2020, according to Lurie.

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Saskatchewan real estate market conditions making it hard for buyers: realtors – Globalnews.ca

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Saskatoon real estate agent Warren Ens says the current real estate market conditions in Saskatchewan aren’t for the faint of heart.

“The really good houses, you pretty much have to go the exact same day as (they’re) listed, and even then you probably are going to get into a bidding war,” he said Friday.

Read more:

Saskatoon real estate market slows but still healthy, says realtors association

He adds that bidding wars over Saskatoon homes are happening at a rate he has never seen in his 11 years working in Saskatchewan.

“(Last) Friday I got into two bidding wars with two different clients,” he laughed. “That’s not something you see too much of.”

A new report from RE/MAX shows this is the case across the country, making it harder for first-time homebuyers to get into the market.

Read more:

Canada’s housing market hotter than ever — and investors are playing a big role

RE/MAX Canada Regional Executive Vice President Elton Ash says this competition could continue.

“In March, we’re anticipating the Bank of Canada to start edging the overnight rate up with inflation concerns and that sort of thing,” he said Thursday. “That’s going to push buyers suddenly, because they’ve been looking and they’re going to want to lock in at a lower rate.”


Click to play video: 'Rural Boom: Why millennials are flocking to small town Canada'



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Rural Boom: Why millennials are flocking to small town Canada


Rural Boom: Why millennials are flocking to small town Canada – Nov 20, 2021

He said buyers from all across Canada are now seeing the value of an affordable new house in the Prairies.

“People are looking at that and saying, ‘Hey, yeah I might today be working in Toronto but I can work remotely and I can move back home to Saskatchewan where prices are much more affordable; family life will be better and I can work remote,’” Ash explained.

Read more:

Toronto-area home sales top November record, prices reach all time high

Ens says he’s seen this play out in his day-to-day job, with plenty of newcomers in the last year.

“We’ve seen people from Toronto, Chilliwack, B.C., places like that that are coming here,” he said.

From his perspective, the report is accurate in its prediction that houses will likely only continue to slowly increase in price, but he says a seller’s market won’t always make things easier.

Read more:

‘Not as crazy as it seems’: How COVID-19 gave rise to home-buying sight unseen

“When you have bidding wars and you have multiple offers it sounds great for a seller,” he explained. “But it’s also very tricky because you could actually lose all the offers because you do something wrong.”

The bottom line, he says, is that Canada is a seller’s market — and Saskatchewan is selling fast.

© 2021 Global News, a division of Corus Entertainment Inc.

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