This report is available exclusively to subscribers of Inman Intel, a data and research arm of Inman offering deep insights and market intelligence on the business of residential real estate and proptech. Subscribe today.
On the first morning of its annual conference held in San Diego, technology-driven real estate brokerage Real unveiled a new consumer-facing app with the promise of bettering the way homes change hands, according to an Oct. 23 press release sent to Inman.
At the company’s RISE 2023 gathering, Real Chief Technology Officer Pritesh Damani demonstrated to attendees a branded mobile application that engages buyers in the mortgage pre-approval and application process with One Real Mortgage, its proprietary financing arm. The company said that in some cases, people can be cleared to close in as few as 14 business days.
Damani’s app announcement was followed by the unveiling of yet another company-bred technology milestone, Leo 2.0.
Joined by company president Sharran Srivatsaa, the duo showed off the artificial intelligence-backed, in-house productivity solution that puts the firm’s entire knowledge base up for grabs by agents and staff. The GPT-based second iteration of Leo knows more, is faster and interacts with reZEN, the company’s transaction management solution.
Real has used Leo’s initial version to learn what its agents want from it, scaling it to predict questions and address needs proactively through ongoing agent behavior.
Srivatsaa said the consumer app, and the internal concierge that is Leo, demonstrate that real estate can break free of its manual footings and remain relationship-focused.
“We are upon a new frontier where the consumer is way ahead of the industry on many fronts,” Srivatsaa said. “We are committed to combining the core human element of the business with the agent in the center while introducing cutting-edge tools to help agents and consumers have an elegant and seamless experience.”
The Real mobile app, available for both operating systems, gives consumers a direct path for communicating with a lending team, eschewing third-party email accounts, upload limits and uncertain security on the receiving end, among other productivity benefits. By keeping all documents and communications within the confines of the application and the Real brand, greater efficiencies can be achieved. Upon approval, consumers are encouraged to search their market’s inventory, tag homes with interest, arrange showings and work with their agent.
One Real Mortgage is available in 20 states.
Damani said in a statement that Real’s newest technology advancements, combined with its digital lending workflows, are inching the company closer toward what he called an “ultimate vision, a one-stop homebuying solution.”
Technology wasn’t the only topic of discussion on the first day of the show, as Real Chairman and CEO Tamir Poleg raised the curtain on a significant benefit for its agents, called Real Wallet. The benefit is designed to support and empower agents’ financial strategy as they navigate the intrinsic ups and downs of the profession, often the reason why agents aren’t able to advance as quickly.
The program, according to Poleg, is a “fintech revolution” that blends the functionality of a debit and credit card with reward points with a number of other benefits. The intent is for agents to have easier, more secure access to financing needs and economic security.
“We envision a future where agents have a transparent, reliable and predictive approach to a major portion of their finances, and this is a significant stride in that direction,” he said.
Testing for Real Wallet will start in the first half of 2024.
Real announced a program in early October that will enable its agents to access resources for group purchasing of healthcare plans.
At Inman Connect Las Vegas in August, Poleg, Srivatsaa and Damani jointly accepted the “Innovator of the Year” award.
