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Publicly traded real estate software company reAlpha Tech Corp (AIRE) has shipped what it’s calling a “super app” that will provide a free solution for end-to-end homebuying representation and services powered in part by an artificial intelligence called Claire.
In an Aug. 20 press release, reAlpha directly referenced new rules put in place as part of a settlement between the National Association of Realtors and a class of consumers seeking restitution for the way real estate commission payment has traditionally been structured.
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The application will not charge a commission for its use by a homebuyer and includes human intervention and suport by a licensed sales professional, according to the release. It offers home search and onboard title and escrow services.
The application was called Claire at one time, but its new iteration reflects a deeper integration with the AI and a more comprehensive consumer-first experience in the mobile environment.
“This launch is timed to coincide with the real estate industry’s shift in light of the National Association of Realtors’ (NAR) recent settlement to eliminate the standard 6 percent sales commission when purchasing a home. These rule changes went into effect Aug. 17, and reAlpha believes such changes make its commission-free offering to be even more compelling for property buyers,” the release stated.
In summary, the application is a digital buyer services solution. Highlights include “commission-free homebuying,” the support of Claire, its AI real estate agent, and AI-based natural language home search and recommendations.
Claire offers 24/7 support for general app use, as well as insights on the market and answers to concerns on the homebuying process, including offer submission and negotiations. It can also review and distill transaction documents, the company said. This would include home inspection overview, settlement statements and more digestable analyses of contracts, addenda and other pertinent paperwork.
“At reAlpha, we know buying a home is the biggest and most important decision many people will ever make,” said Mike Logozzo, president and chief operating officer of reAlpha, in the release. “We believe in leveraging AI to create a more personalized and supportive homebuying experience. The reAlpha super app is designed to provide homebuyers with all the tools and support they may need to find their dream home, at a great price and with the best experience, all from their mobile device.”
The July 2024 acquisition of Hyperfast, a title company licensed in Florida, Virginia and Tennessee, will allow reAlpha to offer built-in title services, and, when more meaningful, custom homebuyinig needs arise, the company’s licensed agents can step in. The company also said in the release it plans to offer mortgage services and home insurance options as it assembles a portfolio of industry service providers.
The company acquired an AI investment analysis tool in 2023, at which time the company was focused on income property.
An Inman report stated that the company sold a retail-grade fractional investing platform providing a wide range of users the ability to establish a stake in Airbnb homes and other STR opportunities. Its GenA product uses its AI to create marketing content for STR hosts, similar to what many tools in the residential sales space do for listing agents.
