Tomo, a mortgage startup established by former Zillow team members, announced the launch of Tomo Real Estate, an innovative real estate portal aimed at empowering homebuyers with strategic advantages. With $110 million in funding, Tomo Real Estate revolutionizes the home search process by providing insider insights, redefining negotiation strategies, and facilitating the attainment of dream homes.
Tomo Real Estate complements the company’s primary focus on purchase mortgages, offered through Tomo Mortgage. Over the past three years, Tomo has developed mortgage technology to streamline closing processes and enhance customer experiences. Now, with the introduction of Tomo Real Estate, the company extends its mission to support homebuyers at every stage, addressing the technologically stagnant search and find phase of the home shopping experience.
Greg Schwartz, Co-founder and CEO of Tomo, remarked, “Tomo’s origins as a mortgage company set us apart within the real estate industry. Having addressed the challenges of the mortgage process, we are now directing our efforts toward enhancing the real estate search experience.” Schwartz emphasized the need for innovation in home search technology, which has remained largely unchanged since the advent of mobile phones.
At its launch, Tomo Real Estate will cover key markets representing 50 percent of real estate listings in the U.S. Leveraging an AI-first platform powered by OpenAI, Tomo Real Estate introduces free-text search capabilities, allowing users to describe their ideal homes naturally. The platform utilizes computer vision to index photos, extracting over 200 attributes, including unique features like water views and natural light.
In addition to property listings, Tomo Real Estate provides access to valuable information such as home equity data and owner names, enabling buyers to tailor negotiation strategies based on sellers’ financial situations and motivations. Carey Armstrong, Co-founder and COO of Tomo, emphasized the company’s commitment to providing actionable insights rather than overwhelming users with information and advertisements.
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By Proptechbuzz
By Ravi Kumar