UrbanAgents Singapore, a startup using artificial intelligence to value real estate properties and curates the best real estate agent who is aligned according to the need of the consumer.
The company aims to connect the home sellers to a selection of real estate agents from various agencies. UrbanAgents enrolls only the licensed agents and before adding them to its platform their last 5 transactions and listing history data is also taken into consideration.
UrbanAgents Singapore was founded by Michael Cho in 2018. The platform intends to change the traditional model where real estate agents take a fixed commission rate and have a little incentive to go a step further to get a higher price for the home seller. UrbanAgents Singapore offers a performance-based commission model which means that the consumer pays what they think their agent deserves.
UrbanAgents Singapore Creates A Win-Win Platform For Agents And Homeowners
UrbanAgents Singapore assures the homeowners of great outcomes while the real estate agents get a healthy list of clients. Since the company provides a curated list of agents, the home sellers know that they will be dealing with experienced professionals and to help agents in improving their performance UrbanAgents equips them with data analytics tools and progress portal for every transaction.
UrbanAgents Singapore leverages the power of AI and machine learning to make the UrbanAgents model function. They have used the technology to build an auto valuation system called Zoom Value. However, this service is presently available for condo and HDB homeowners. With this system, the ‘target price’ can be attached to the home’s Zoom value that is calculated based on AI-model. It includes inputs such as; relevant listings, recent transactions, and specific features of the unit as provided by the homeowners.
The homeowners have a choice to choose on how they want to incentivize their agent- rating-based, result-based or a fixed fee. So in case of result-based, if the agent has managed to sell a property at a price which lower than the target price, he will receive only a nominal commission. On the other hand, if the agent has managed to get a significantly higher price than the target price, he deserves a higher commission, up to a maximum of 2.5%.
The Road Map
UrbanAgents Singapore recently announced that it has secured USD 1.5 million in funding from APAC Realty, FarSight Capital and angel investors.UrbanAgents Singapore plans to use to maximize the use of artificial intelligence to set a commission guide for homeowners connecting to best agents in Singapore. Also, to make it fair for the home sellers to have an option of performance-based commissions.
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Image Source –UrbanAgents Singapore Official Website, pixabay.com