Zown betting on AI, bankrupt agents and buyer discounts
Break down the agentrol
ZOWN’s model The aim is to revise the way in which real estate agents are revised by introducing AI and specialization. “Usually that is a broker to generate lead generation, leading cherishing, cold calling, beating on doors … instead of negotiating or doing deals.”
So, he says, the Zown divides the agentrol into separate functions. “One is, when it comes to training the buyer across the market … then you have an agent who actually shows you property. Then they negotiate and get the deal done,” says Ramez. “We have two sets of agents,” he says. Zown divides them into showing agents and personal agents.
Leading agents earn an hourly wage. “That agent gets about $ 50 per hour paid for their work, and each takes about an hour. So if I now see 10 properties before I find my dream house, there is around $ 500 spent on showing agents,” explains Rishard. Personal agents become salary, with extra reimbursement for closures.
Lisa Touney, the first American broker of Zown, adds that this compensation model helps reduce stress for agents. “It takes away that chaos. It offers peace of mind. Because they are in paid employment, instead of having the committees that are spread and not consistent, they are consistently paid, so they are more at ease when working with customers.”
AI and the consumer experience
Technology is the core of Zown’s offer. “Zown has the technological side to a T,” says Tourney. “We wanted to be ahead. We wanted to introduce it.”
Ramez introduced AI to automate many of the processes involved in buying a house to “reduce the inefficiency that we see today.” He adds: “That authorizes agents to do what they are good at – negotiate and deals are done.
“When we did that, we were surprised that we were able to shave a lot of time that brokers spend it, so we can give back to the buyer. Today we give back almost 50% of our committees to buyers to help them with their home purchase and reduce their closing costs,” he says. “About, that’s around 1.5% of the purchase price.”
Ramez compared the structure of Zewn with a production line. “What we have done instead, this is essentially treated as a production line, such as how an iPhone is made. Regardless of how much iPhones are made, you buy the same iPhone everywhere. We have divided what one [real estate agent] Does in several small buckets … and we have built technology and AI to automate things in each of these microservices. “
A tweak for the Redfin model
If this sounds like a model that is similar to RedfinThat’s because it is. Ramez compared the model of Zown directly with Redfin, and pointed out what he sees as an important difference: “Redfin and companies such as ZillowThe same looks on the outside. But then, when you look at Redfin, they get a lead and pass it on to one [real estate agent]. If so [agent] Does not perform well, that lead may not have the best experience. ”
He continues: ‘We made these individuals [experts] With these individual tasks. ZOWN has been able to collect that innovation and technology behind it that Redfin or Zillow will never be able to do. “
The experience must be seamless for consumers. Touney describes it as “more specified in skills and then able to fully offer that service.” She emphasized the goal of Zewn: it is about “the experience to feel that it is a fun, involved process.”
Growth plans outside of California and Canada
Since the launch of his platform, Zown has completed “more than $ 300 million in transactions” in California in California. Ramez says: “Our launch in California has so far been extremely successful. Now we are looking at the next 12 to 16 months in every state in the US.”
Zown is already preparing for expansion to Texas and Florida. “We are working on the launch in both Texas and Florida, two major real estate markets.
Touney says that her focus on California remains. “We currently have four of us. We work through the figures to know that the largest market to break into now is California, and that is going very well.”
Mission and future
Ramez sees zew as a way to help younger buyers. “First home buyers are absolutely fond of what we do, and we want to help many other, younger individuals like me to transfer in the twenty from renting to homeowner instead of waiting for their thirty, 40 or never being able to own a house.”
He adds: “We want people to start building wealth, go into their own home and have that peace of mind. So our growth plan is to be the understanding of first home buyers.”
