articles | 06 June 2024

Cyprus born AI assistant aims to support real estate professionals

A new AI-powered assistant called Placy has been launched in Cyprus, aiming to transform the real estate sector, according to a recent announcement.

The announcement noted that this tool aims to simplify the traditionally complex property market, offering increased efficiency and insight for both professionals and clients. “Cyprus presents a unique opportunity for Placy,” the announcement said, adding that “with an open market, enthusiastic community, and high commission rates, the country is an ideal launchpad for this innovative solution”. Moreover, the makers of Placy explained that the real estate industry has long struggled with opaque practices and overwhelming amounts of information that can confuse even experienced buyers and sellers. Much like how the internet revolutionised access to information, AI innovations like Placy are set to reshape the real estate landscape.

Placy enhances the decision-making process by providing reasoned, actionable guidance, similar to how search engines have evolved from simple link aggregators to sophisticated advisors.

Conceived by a trio of industry experts—Sergey Osipov, Mike Vasiliev, and Alex Alexeev—Placy is the culmination of their extensive experience and a deep understanding of the sector’s nuances. In the company’s announcement, Mike Vasiliev shared his vision of a new era where “the time for property portals is over”, noting that “the next decade is all about AI co-pilots”. 

Alex Alexeev added his perspective on the future workforce, indicating that while AI may not reduce the number of real estate agents, it will enable them to “solve 2x more problems with the same team,” thereby handling a more diverse international clientele more effectively. Placy’s technology is adept at parsing through property listings, state registries, and social media to deliver customised, multilingual information. Furthermore, this capability not only optimises the workflow but also cuts operational costs significantly.

Sotiris Komodromos, the Chief Commercial Officer (CCO) of Placy, expressed the company’s mission as aiming to “automate 50 per cent of the real estate agent’s tasks at 25 per cent of the cost,” which indicates a new paradigm for the profession. Beyond automation, Placy Pro also facilitates a condensed 4-hour workday for agents through its continuous automation processes, helping them understand local regulations and pinpoint properties that meet unique client requirements.

The announcement also mentioned that “having lived in Cyprus for nine years, Sergey Osipov brings invaluable local market knowledge and insights that can expedite the project’s launch and adoption”. “Placy’s introduction marks a new era in the real estate industry, where technology and human expertise converge to create a seamless, empowering experience for all,” it added. “Placy can be for the realtor what Google has been for the marketeer, a practice so deeply rooted in what they do that it becomes impossible to separate the two,” the announcement concluded.

Source: Cyprus Mail

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