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Avenue 8 ceases brokerage to focus on selling AI app #restructuring

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Avenue 8, a San Francisco-based brokerage, is shutting down its operations to focus on selling an artificial intelligence-powered assistant for real estate agents called Sidekick. The firm currently has 164 agents and nine brokers, with branches in Santa Monica and Palm Springs. Sidekick, priced at $25 a month, offers features such as sifting through MLS listings, developing spreadsheets, and generating listing descriptions from photos. Avenue 8 has partnered with various realtor associations to access their multiple listing services. Despite receiving new funding from Cox Enterprises, the firm decided to pivot solely to Sidekick. Founded in 2019, Avenue 8 initially saw success with $600 million in home sales in its first year. However, plans for a major expansion into New York City fell through, resulting in only 20 agents and six brokers in the state. Avenue 8 is not the only brokerage to introduce an AI-powered assistant, with Douglas Elliman launching Maya, an AI assistant, in September. Maya provides answers to user questions based on the team’s listings and allows users to rate her responses. Avenue 8’s shift towards focusing on Sidekick marks a unique move in the real estate industry.

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Source link: https://therealdeal.com/sanfrancisco/2024/06/11/avenue-8-to-shut-down-brokerage-operations-to-sell-ai-app/

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