Former Zillow Execs Launch Tomo Real Estate, a Next-Gen Home Search Portal Redefining Home Buyer Strategies
I-powered search, insider equity insights, and negotiation tips give home shoppers an edge in today's competitive housing market
STAMFORD, Conn., Feb. 20, 2024 -- Tomo, the mortgage startup founded by Zillow alumni that has raised $110 million, today launched a new real estate portal, Tomo Real Estate, designed to give homebuyers a strategic advantage. Tomo Real Estate's unique home search experience offers home buyers insider intel, transforming the way they approach negotiations and ultimately helping them land their dream homes.
Tomo Real Estate has built an AI-first platform that leverages OpenAI to power free-text search capabilities. Home buyers can simply describe their ideal home just as they would in a conversation, and the platform delivers accurate results.
The new portal augments Tomo's core business — purchase mortgages, offered through Tomo Mortgage. The company has spent the last three years building mortgage tech that shortens closing times and provides a better customer experience. Tomo is taking a major step forward in furthering its mission to support home buyers at every stage of their journey. The company is extending its commitment to better another critical, yet technologically stagnant, step of the home shopping experience: search and find.
Tomo Real Estate offers home buyers insider intel, such as home equity data and owner names, transforming the way they approach negotiations and ultimately helping them land their dream homes.
"Tomo's beginnings as a mortgage company set us apart in the real estate industry. We recognized that the mortgage process was the catastrophe of the real estate transaction, and tackled that first. Now, we're channeling that motivation into the real estate search," said Tomo Co-founder and CEO, Greg Schwartz. "Let's face it. The search and find process hasn't changed much since mobile phones launched. Home buyers have been stuck adapting to the technology and experiences available, instead of the technology and experience streamlining how people actually search for homes – which is far more nuanced than a zip code, bed and bath count."
At launch, Tomo Real Estate will be available in key markets covering 50 percent of real estate listings in the U.S. To better meet the needs of the next generation of home buyers, Tomo Real Estate has built an AI-first platform that leverages OpenAI to power free-text search capabilities. Unique to Tomo Real Estate, home buyers can simply describe their ideal home just as they would in a conversation with a friend or real estate agent — such as, "a Seattle home that has a top of the line kitchen with space to entertain, great views, and a spot to WFH" — and the platform delivers accurate results, making the home-search process more intuitive and efficient. Additionally, Tomo Real Estate is pioneering the use of computer vision to index photos, extracting over 200 attributes that go beyond standard property descriptions, including features like water views, fenced backyard, and natural light.
Home buyers will also have access to valuable information such as home equity data and owner names. Equity data is a game-changer, allowing buyers to gauge negotiation strategies based on a seller's financial situation. Owner names will be displayed based on public record data, serving as a resource to better understand an owner's motivations for selling.
"We're not just another listing portal," said Carey Armstrong, Tomo Co-founder & COO. "Tomo Real Estate is here to give home buyers a distinctive advantage with real, actionable insights — not overwhelming them with a buffet of information and ads to decipher alone. Think of Tomo Real Estate as your strategic partner, paving the way for home-buying success."
The new portal works in lock-step with Tomo Mortgage's existing purchase mortgage business, which has among the best customer satisfaction in the business. Tomo Mortgage regularly logs NPS scores that are 20-plus points higher than industry stalwarts like Rocket Mortgage, thanks to its tech and customer service center.
Start your home search with Tomo Real Estate at https://tomo.com.
About Tomo
Tomo is a fintech startup on a mission to digitize residential mortgages and vastly improve the home-buying experience through its two companies, Tomo Mortgage and Tomo Real Estate. With a unique perspective rooted in its founding DNA as a mortgage company, Tomo Real Estate is a next-gen real estate portal offering a comprehensive home shopping experience, leveraging AI, visual insights, and purpose-driven data to give home buyers an advantage and redefine the real estate industry.
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RETECHNOLOGY PREMIUM MARKETPLACE RELATED PRODUCTS | WEBINARS | SPECIAL OFFERS
Buyers are in the game, but interest rates are keeping sellers on the bench
Relatively high rates are keeping new listings low, frustrating willing buyers
SEATTLE, March 21, 2023 -- Mortgage rates — both their high levels and their wild swings — are making life difficult for both buyers and sellers, according to Zillow's® latest market report1. Relatively high rates have brought new listings down to record lows, leaving buyers with limited options. Any dips in mortgage rates are stimulating demand and stiffening competition, but they have been short-lived.
"We know there are a lot of motivated buyers looking for homes. When we see mortgage rates fall, sales pick up," said Skylar Olsen, Zillow chief economist. "But buyers are disappointed in their options. Homeowners aren't giving up their current house and low monthly payments to join a tight, expensive market. Meanwhile, volatility in the economy makes planning extremely difficult."
The flow of new listings in February is at a record low for this time of year, nearly a third lower than before the pandemic and 22% lower than last year. Mortgage rates are likely driving the decline — those who bought or refinanced in 2020 or 2021, when rates were well below 3.5%, are unwilling to trade in their current mortgage for a new one with double the interest, Olsen said. The largest annual declines in new listings are in West Coast markets: San Jose (-47%), Portland (-46%), Seattle (-45%) and Sacramento (-44%).
The trickle of new listings is contributing to extremely low levels of total inventory, now 17% higher than what was the absolute bottom in February 2022, but still about 43% below pre-pandemic norms. Instead of inventory growing through the first two months of the year, like it did in 2018 and 2019, the number of choices shrank.
"This market is not as frenzied as it was during the last two years, but home buyers might start to feel some déjà vu at the dearth of options," said Jeff Tucker, Zillow senior economist. "Home sellers seem to be sitting out the early spring selling season in surprising numbers."
Mortgage rates have been incredibly volatile over the past six months, and buyers are responding to the chance to lock in a cheaper monthly payment when the opportunity arises. Sales activity is picking up, just not accelerating like it usually does at this time of year. After being reinvigorated by lower rates in late January, sales slowed over the course of February as rates hiked back up. All in all, February saw 19% fewer newly pending sales than last year and 5% fewer sales than the most recent pre-pandemic reading in 2020.
Ultralow inventory means that when attractive, well-priced houses do come on the market, they are readily finding buyers. Homes that went under contract in February did so after a median span of 17 days. That's more time than in 2022 and 2021, when time on market was seven and nine days, respectively, but significantly less than before the pandemic.
Home values flatlined from January to February, leaving the typical home value at $328,604, or 4% below the peak value set in July 2022, according to the Zillow Home Value Index. Home values are 4.4% higher than one year earlier — a rapidly decelerating pace of annual growth, down from the nearly record-high 18.8% year-over-year growth measured last April. The overall lack of inventory, along with the resurgence of buyers when costs fall, should prevent significant price declines.
Rates are likely to remain volatile through the spring selling season. Working with a mortgage professional early in the process can help buyers demystify what's affordable, prepare their credit and get pre-approved to strengthen their offer.
*Table ordered by market size
1 The Zillow Real Estate Market Report is a monthly overview of the national and local real estate markets. The reports are compiled by Zillow Research. For more information, visit www.zillow.com/research.
About Zillow Group
Zillow Group, Inc. (NASDAQ: Z) (NASDAQ: ZG) is reimagining real estate to make it easier to unlock life's next chapter. As the most visited real estate website in the United States, Zillow® and its affiliates offer customers an on-demand experience for selling, buying, renting, or financing with transparency and ease.
Zillow Group's affiliates and brands include Zillow®; Premier Agent®; Zillow Home Loans℠; Zillow Closing Services℠; Trulia®; Out East®; StreetEasy®; HotPads®; and ShowingTime+℠ , which includes ShowingTime®, Bridge Interactive®, and dotloop® and Listing Media Services. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).
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NEW: The Benefits of Homesnap Showings for Buyer's Agents
By now, we hope you've heard the good news: Homesnap Showings is now included as part of Homesnap Pro, available for FREE to agents nationwide as an MLS benefit.
We've already covered how Homesnap Showings is a boon to listing agents, but we built this one-stop showing management technology with buyer's agents in mind, too. As a buyer's agent, you have specific challenges and needs — namely, going above-and-beyond to help your clients find their new home. With Homesnap Showings, being a buyer's agent becomes easier for you and buying a home becomes more enjoyable for your clients.
For agents looking for a one-stop showings management tool that improves their clients' experience, Homesnap Showings offers five primary benefits:
Instant bookings: See available times and book them in a single click.
Seamless agent communication: Connect with listing agents seamlessly via Homesnap Messages.
Customized itineraries: Compile all your showings — across different showing management tools — in one place.
Smart routing: Get an optimized route mapped out for your day of showings.
Easy feedback: Fill out feedback forms and let the listing agent know how interested you are in the property.
1. Instant bookings
Homesnap Showings eliminates the time-consuming need to make calls or wait to schedule a showing. If you find a time that works for you and your client, instantly book it. All available showing times are preset by the listing agent for you to select. If the property requires approval before the showing can be booked, the listing agent will be immediately notified upon your submission request. Better yet, Homesnap Showings will hold the calendar reservation even before approval to avoid double bookings.
2. Seamless agent communication
With Homesnap Messages, Showings keeps agents in-the-know. Once you submit your request, the listing agent will receive a notification — and as soon as they approve your request, you will be informed immediately!
Life can be messy. If you have an issue, need to reschedule, or just have a quick question, you can use Homesnap Messages to send the listing agent a note directly within the app.
3. Customized itineraries
Plan the optimal day for a buyer. With itineraries, you customize the best experience for your client. Whether you plan a day to see 1 property or 10 properties, you have full control over your itinerary, even if one of the properties on your itinerary is managed with a different showing management tool.
Your whole schedule, access details, and agent contact info will be in one place. Share the day you planned with your client, and add non-showing related stops such as getting coffee or lunch to design a wonderful experience for your client.
4. Smart routing
Once you've built your itinerary and booked your showings, Homesnap Showings will automatically map out the best route to take. You can adjust and set the path you wish to take and share it with your client.
5. Easier feedback, better client collaboration
Within your itinerary dashboard, you can access easy-to-use feedback forms to let the listing agent know how your client felt about the property.
Once your showing ends, you will receive automatic notifications that give you the option to work with your client and provide comments or interest level in the property — making it more likely your client will receive a call back about properties they're actually interested in.
Check out our Homesnap Showings dashboard and experience first-hand how Showings improves buyers' agents performance and client satisfaction.
To view the original post, visit the Homesnap blog.
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W+R Studios Announces New Cloud Streams Complete with Redesigned User Interface, New Activity Stream, and Improved User Experience
Updated design inspired by social media will feel new, yet familiar and activity streams help agents and buyers work better together.
HUNTINGTON BEACH, CA (April 16, 2019) - Real estate software company W+R Studios announced today the release of a new version of Cloud Streams. Since launching in 2014, Cloud Streams has become the leading listing alert tool for real estate agents and brokers in North America. Agents can easily connect buyers to new listings by setting up streams based on buyer criteria and delivering alerts via text message.
The new Cloud Streams has an updated UI giving agents an even more seamless process for adding new clients and creating streams. Now at a glance, Agents can now see client activity, preview sent alerts as well as see any client comments.
The process for creating a stream in Cloud Streams has also been simplified. Plus, a singular search bar has been added to make selecting an area by zip code or map quick and easy.
"We launched Cloud Streams five years ago with the goal of helping agents deliver the fastest listing alerts to their buyers - and it's done exactly that. But it was time for a refresh," stated W+R Studios co-founder Greg Robertson. "We think our design team has knocked it out of the park. Agents are going to love the new look and feel, activity streams and ease of use," concluded Mr. Robertson.
To find out more about the new Cloud Streams visit http://cloudagentsuite.com.
About W+R Studios
Founded in 2008, W+R Studios is a privately held web software company located in Huntington Beach, California. The company focuses on creating the next generation of web-based software solutions for the real estate industry. By providing a "less is more" approach to software design, elegant user interfaces, and using the latest in agile programming, W+R Studios' software applications are at the same time powerful, yet accessible to everyone. Co-founders Dan Woolley and Greg Robertson have over 26 years of experience each developing and marketing real estate software solutions.
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HomeDiary Plugs into MoxiWorks Power Strip
MoxiWorks adds HomeDiary as the newest member of their Cloud open platform
December 3, 2017 – Seattle, WA – MoxiWorks recently partnered with FloorPlanOnline's HomeDiary service to offer HomeDiary PRO to MoxiWorks users. HomeDiary is a homeowner management platform that includes a free 3D space planner, as well as other tools to help create a digital record of the home.
HomeDiary PRO helps REALTORS® stay connected to their client base throughout the whole homeownership lifecycle. Through the Moxi integration, PRO not only provides marketing tools for the listing side of the transaction, such as completely hands-free, automated single property websites and the free use of the advanced 3D floor plan engine, it also enables agents to stay relevant with their client base as they live in their home with the included HomeDiary sponsorship for an unlimited number of clients. The HomeDiary PRO system is extremely affordable - priced at less than the daily cost of a cup of coffee.
"There has been a lot of discussion recently about staying in touch with your client base, or sphere of influence," says Mike McHenry, VP of Channels and Partnerships. "After all, it is somewhere between six to ten times more expensive to get a new client than keep an existing one. But tools have been lacking that create compelling reasons for homeowners to use and engage, as they are mostly singular or one-time use tools. This is where we see HomeDiary filling a vital gap for the agent and their clients."
As a digital record of a home, HomeDiary is where homeowners can log projects, photos, improvements, and documents for easy reference to create a digital record of the home. HomeDiary's 2D and 3D space planner allows homeowners to draw a room or an entire floor plan if desired. They can plan furniture layouts, virtually change flooring, plan patio and landscaping ideas, and even play with paint color palettes. Homeowners can even experiment with what that open concept might look like, before they pick up a hammer. It enables any home to have a 3D floor plan visualizer, similar to what you see on those popular home improvement shows.
"Our goal is to make documenting your home quick and easy, and to enable every home in America to have 3D floor plan, just like what you see on TV," said Kris Cone, CEO of HomeDiary. "Plus, the HomeDiary platform allows agents to leverage that great content created for the listing to be a useful asset for the buyer, just by claiming the home from the tour, something no other tour company can do."
HomeDiary PRO helps agents provide a simple documentation tool to their client base and add another reason to reach out to their sphere. With all of the natural disasters lately, this is a big problem needing a solution. According to HomeDiary research, some 75% of homeowners have no system to document their home for insurance purposes. This creates an issue if disaster strikes. Homeowners are at risk of losing thousands of dollars in value if a fire, flood, hurricane or tornado strikes and there is no record of what was in the home. HomeDiary can help the homeowner reduce that risk in a fast and easy way.
About MoxiWorks
MoxiWorks is a residential brokerage services company that makes agents significantly more productive and brokerages more profitable by helping them effectively run their businesses. MoxiWorks' integrated tools are centered on a sphere-based selling process that drastically increases agents' repeat and referral business, while lowering overall technology, training and support costs for the brokerage. With MoxiWorks, brokerages are able to make their agents' lives simpler and their businesses more successful. More information at moxiworks.com.
About HomeDiary
Every HOME has a STORY to tell. HomeDiary was created by a group of veterans from the online real estate industry to create a platform to make it easy to manage and document any home. Their mission is to help you better manage your most important asset to improve its value and reduce the risk of ownership. Discover more at homediary.com, or see our Home pro plans at homediary.com/pro.
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Buyside Launches Fall 2017 Update
You spoke - we listened! Based on your feedback we've updated the BMA -- three changes are highlighted below --- and be on the lookout for additional updates as we continue to improve Buyside!
1. Creating a BMA: Decide which estimates you want to display
You can now choose which computer generated estimates that YOU want to appear on the report, giving YOU more control!
2. Creating a BMA: Choose a price range to narrow buyers
If you have the Featured Buyers* section in your BMA, you can now choose the target price range to display the number of buyers YOU want to appear on the report.
Note: The report will display up to 9 sample buyer profiles and the *Featured Buyers section is not available for all brokerages.
3. BMA & HVS Reports: New Layout and Heatmap tooltips
We reordered the sections of the BMA and HVS to provide a more intuitive flow throughout the report.
For those with Featured Buyers, your Potential Buyers Circle will now appear on the same page as your Buyer Profiles:
Heatmap Tooltips have also been added to provide better clarity of activity in area:
"Buyer Activity" is now "Online Activity" to better represent the source of the data.
Additional information on this release can be found on the Product Update Log within our Help Center.
If you have any specific questions, please reply to this email or contact us: [email protected].
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Cloud Streams’ Listing Alerts are Faster and More Reliable than All Major Listing Portals
HUNTINGTON BEACH, California – Privately held software company, W&R Studios, announced today results of an internal study showing that listing alerts sent via Cloud Streams are delivered faster and more reliably than all major listing portals tested.
“Starting in September of 2015, we did an experiment. We signed up for the same saved search on every major listing portal to see how they compared to Cloud Streams. The results were pretty shocking,” stated Greg Robertson, co-founder of W&R Studios. “In total, we tested 5 major metropolitan markets and are now releasing the data for two of them, Southern California and the Seattle area. In every case, Cloud Streams beat them all.”
Cloud Streams is a listing alert and client collaboration tool for real estate agents. Buyers receive branded “real-time” listing alerts by email and/or text via desktop, tablet, iPhone or Android app. Listing alerts link directly back to the client’s personalized property stream, and agents are immediately notified when their clients “like” or want to discuss properties in their stream.
“In the Seattle area, buyers using Cloud Streams would get listing alerts up to 23 hours faster than Zillow’s “Instant” alerts on average, and up to 45 hours faster than listing alerts on realtor.com,” stated Mr. Robertson.
“The other side of the coin is reliability. Of 56 qualifying properties Zillow only sent out 25 alerts (45%), realtor.com only sent out 29 (52%),” continued Mr. Robertson. “In a hot real estate market being the first to know can make all the difference. Real estate agents using Cloud Streams make sure their clients get all matching properties, first.”
Testing was done from 9/17/2015 to 12/21/2015 in both Southern California (CRMLS) and Seattle (NWMLS). W&R Studios will post a spreadsheet showing the data collected. To learn more about Cloud Streams, please visit http://CloudStreams.net.
About W&R Studios
Founded in 2008, W&R Studios is a privately held web software company located in Huntington Beach, California. The company focuses on creating the next generation of web-based software solutions for the real estate industry. By providing a “less is more” approach to software design, elegant user interfaces, and using the latest in agile programming, W&R Studios’ software applications are at the same time powerful, yet accessible to everyone. Co-founders Dan Woolley and Greg Robertson have over 20 years experience each developing and marketing real estate software solutions.
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