Weekly Real Estate News
Tomo, a Stamford, Connecticut-based mortgage startup founded by two former Zillow (NASDAQ:Z, ZG) executives, launched its real estate portal Tomo Real Estate.
According to the company, Tomo Real Estate was built on an artificial intelligence (AI) platform that leverages OpenAI to power free-text search capabilities. Home buyers can describe their ideal home just as they would in a conversation, and the platform is designed to deliver the results being sought.
The company added the new portal augments its core business — purchase mortgages, offered through Tomo Mortgage. At launch, Tomo Real Estate will be available in key markets covering 50% of U.S. real estate listings.
“Tomo’s beginnings as a mortgage company set us apart in the real estate industry,” said Tomo co-founder and CEO Greg Schwartz, a former president of media and marketplace at Zillow. “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. 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.”
“We’re not just another listing portal,” added Carey Armstrong, Tomo co-founder and chief operating officer and a former vice president and premier agent at Zillow. “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.”
