Nuhom

So, we did something today… ?? With limited resources, our incredible engineering team built an AI-powered home search platform in less than 2 months that home buyers in Massachusetts can use to purchase their next home. I asked the Nuhom team, what would happen if you combined AI with real estate, specifically residential home buying. From a simple sketch, to a POC, to now a working solution....they came back with an AI-powered home search platform that can help home buyers find their next home, answer home buying FAQs that they would generally ask their agent, and facilitate the buying process. WOW! It’s a lot, but they pulled it off! How did we make this happen? - We developed a conversational interface to allow home buyers to receive guidance without the pressure, and take action at their own pace in a more natural way - We integrated with the latest LLMs, including OpenAI, Mistral, and other proprietary models, to better understand home buyers’ needs and wants more naturally - Created an RAG system that allows us to ingest local real estate data to provide a more contextual and personalized home search experience at the right moment - Integrated with MLS to access millions of home listing data points - We’ve integrated observability, prompt management, and other tools like Langfuse and Signoz - On the operational side of things, we have on-demand licensed real estate agents facilitating the offline moments like home tours and inspections And, today we just onboarded our first home buyer using this new search. So it works ?? So, why does this matter? Two reasons… 1. The traditional way of buying a home using an agent is ripe for an upgrade. We can create a better home buying experience that puts home buyers first and gives them access to more insights that help them make a good purchase decision (much like a good agent does today). 2. The real estate industry will change - Regulations may impact how agents get paid (a $110B industry). Even if no regulations change, we still believe technological and behavioral shifts will force the industry to evolve in meaningful ways that will ultimately benefit the consumer. Buying a home is a special moment. One that requires a thoughtful process and care as home buyers navigate this big purchase. Our goal is to deliver a high-touch, personalized home shopping experience to consumers online, and we believe generative AI and smart utilization of human agents will play a vital role in enabling this. I might be biased, but I like to think it can be better than Zillow (or will be soon) Give it a try and tell us what you think. It’s still rough around the edges, and there is much more to do to improve it. But we will get there.. Try it: search.nuhom.co If you're interested in what we’re doing, AI, or real estate, let's chat https://lnkd.in/eGj3H3TW #AI #realestate #proptech

A Settlement That Will Forever Change How Homebuyers Buy A Home In the U.S., over 85% of home sellers pay 5-6% commission, totaling nearly $38K on a $750K sale, regardless of the level of service provided! These commissions are paid from the seller's home sales proceeds. While negotiable, the real estate industry at large, as incentivized, has worked to keep this two-sided cooperating commission structure in place for more than 50 years. This structure does not exist outside of North America. U.S. home sellers pay more than $100 billion annually for this service. That's with a "B." Ebay is worth one-third of that. In my opinion, this cooperating model has long led to inefficiencies or, better put, a lack of compelled innovation. If a buyer broker is nearly always guaranteed a frothy (~$19K on a $750K sale) payout and only needs to do a handful of these a year to earn a good keep, they are never forced to truly compete. On Friday, The New York Times reported the National Association of REALTORS?, which defends the brokerage community, agreed to a proposed settlement for $418 million in damages and to eliminate several rules on brokerage commissions. The change inhibits real estate brokerages from encouraging sellers to pay for buyer broker services the way they do today. If a home seller or buyer wants guidance in the search and sale process, they will have to pay for it from their respective pockets. What does this mean for consumers? ???????? ??????????????: You will only be responsible for a seller's agent fee. This shift could potentially save you 2.5-3% on the home sale. ???????? ????????????: You can decide and pay for the guidance you need directly with a buyer's agent. As buyers decide with their wallets, head-on, this change will force competition but, most importantly, compel innovation. As the saying goes from one of my favorites, Moneyball, 'adapt or die'. This isn't just a win for consumers; it's an endorsement of Nuhom's foresight. For years, we have lowered buyer agent commission fees to nearly 1% (of the purchase price) while giving home buyers ???????????? and providing 5-star services. Nuhom is prepared for the industry shift and positioned to stay ahead of the curve. As we build, our use of AI and human touch will directly give home buyers a differentiated and inviting experience, but more importantly, the confidence needed to move ahead in the search and purchase process at a competitive rate. Our conversational platform understands your needs and educates you on the nuances of what to look for, what to stay away from, buying, financing, and ownership on a personal level. We believe this self-empowerment is what home buyers have always wanted during this important decision. The industry's reset button has been pressed. Nuhom is ready to lead the next real estate chapter. Investors and all, join us as we redefine this sector, advocating for consumer-aligned home buying. Now is the time! #NARSettlement