DALLAS - A new artificial intelligence tool is helping homebuyers in the Dallas-Fort Worth area find their future homes without a traditional real estate agent.
It cuts down on costs for those who don’t care about working with the same person from showing to signing.
AI Home Buying
What we know:
TurboHome is one of several new AI-powered real estate brokerage firms operating in Texas.
Founder and CEO Ben Bear said most of the home buying research is done without a realtor. Instead, it’s just the buyer and technology.
"You can get full service, but you’ve got a great tool where you can analyze comps and inspection reports, get recommendations, and self-schedule your own tours. But you have expert support and advice in the negotiations and closing process," Bear said.
The AI disclosure analysis tool helps buyers identify potential red flags. And a comparison tool uses AI to gather data on similar homes in the area, putting that information into a helpful dashboard.
What they're saying:
Paul Chou is one of three new North Texas homeowners who recently purchased a home using TurboHome.
"Their interface was pretty easy, just had to sign in and let them know we were looking for a new home," Chou said.
He is not a first-time homebuyer. He said that compared to the traditional process, the technology-driving process was a breeze.
"It would say a much better experience because you have control over the houses that you want to look at and they are there to support you," he said.
Big picture view:
AI home buying tools are best for tech-savvy people who don’t care about working with the same person from showing to signing.
It’s also a way to save money. TurboHome charges a flat fee and then splits the commission that’s typically paid to an agent. Buyers get their money back at closing.
"We can give them thousands of dollars back which they can use to lower their down payment, get a closing cost credit, actually boost their offer so the seller’s netting more, or reduce their interest rate, which is a pilot we’re going to actually be rolling out as a pilot in Texas starting next week," Bear said.
But the new technology may not be for everyone. Bear said a traditional real estate agent may still be the right choice for people in difficult situations or those who need live, in-person help navigating the daunting process of buying a home.
The Source: FOX 4's Shaun Rabb gathered information for this story by interviewing Paul Chou, a new homeowner in North Texas, and TurboHome CEO Ben Bear.