Avenue 8 Will Cease Brokerage Operations in Order to Market AI App

Avenue 8, a San Francisco-based brokerage, has announced that it will be shutting down its brokerage operations to focus on selling an innovative artificial intelligence-powered assistant for real estate agents called Sidekick. This shift in focus comes as the company aims to maximize the potential of Sidekick by allocating all its resources to the development and promotion of the AI tool.

Michael Martin, co-CEO and co-founder of Avenue 8, stated that the decision to pivot towards selling Sidekick was made to capitalize on the opportunity presented by the AI tool. The company plans to support all of its agents’ ongoing transactions until July as they transition their operations.

Currently, Avenue 8 has 164 agents and nine brokers affiliated with its brokerage operations, as reported by the California Department of Real Estate. In addition to its San Francisco branch, the company also has offices in Santa Monica and Palm Springs.

Sidekick, which is available as an app, will be offered on a subscription basis for per month. The tool provides agents with features such as MLS listing browsing, spreadsheet development, and automatic generation of listing descriptions from photos. It aims to streamline various tasks that real estate agents typically perform, such as scheduling showings, creating comparative market analysis presentations, and searching for listings in specific areas.

According to Martin, Sidekick is designed to benefit both newer and seasoned agents by helping them work more efficiently and effectively. Avenue 8 has already partnered with realtor associations in San Francisco, Miami, and Broward, Palm Beaches & St. Lucie to access their respective multiple listing services.

Founded in 2019, Avenue 8 achieved 0 million in home sales in its first year of operation. Despite initial plans for expansion into New York City and the recruitment of 1,000 agents, the company currently has 20 agents and six brokers in the city, according to New York State records.

While Avenue 8 is the first brokerage to transition towards an AI-powered assistant and away from traditional brokerage services, other firms have also introduced similar tools. For instance, Douglas Elliman’s Fredrik Eklund and John Gomes launched Maya, an AI assistant that provides real-time answers to user queries based on the team’s listings. Users can rate the responses provided by Maya, enhancing the interactive experience.

Similar Posts