The team behind EasyKnock-acquired power buyer Ribbon has launched Indigo, a deal management and home search platform powered by artificial intelligence. The platform is only available in Charlotte and is free to use until October 1.
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The team behind EasyKnock-acquired electricity buyer Ribbon are back with a new artificial intelligence-powered home trading platform, Indigo, executives exclusively revealed to Inman on Thursday.
Shaival Shah, CEO and co-founder of Indigo, said the platform centralizes communication between agents, signing of contracts and disclosures, buyer offers and negotiations to provide a more transparent buying and selling experience.
Shevar Shah
“As an independent platform, we help all market participants – real estate agents, buyers and sellers – by facilitating open and transparent home transactions,” Shah said in a statement. “We believe this will be the new industry model. As the industry shifts from a search-centric model to a transaction-centric model, consumers and agents will demand more convenient and intuitive experiences.
On the seller side, listing agents can set up storefronts for their listings. Storefront pulls listing information from multiple listing services and allows agents to add additional announcements, comparisons and seller preferences for earnest money deposits, due diligence fees, due diligence end dates and preferred closing schedules. The storefront takes less than 10 minutes to set up.
indigo storefront
On the buyer side, agents can use the platform to generate exclusive or non-exclusive written buyer agreements and process quotes and have them automatically sent to the listing agent. When a buyer’s agent makes an offer, Indigo organizes it into a streamlined dashboard so listing agents and clients can easily compare offers.
Indigo’s proprietary artificial intelligence model reduces the confusion associated with paperwork by generating and organizing contracts, disclosure forms and addendums into listing and buyer agent workflows. Indigo AI also automatically fills out paperwork at every stage of the transaction, allowing agents to focus on other tasks for their clients.
Indigo Offers Dashboard
“In order to bring new industry models to the market, information, real-time intelligence and decision-making capabilities must be improved to promote the transparency that the market deserves,” Shah said. “Reimagining new experience and workflow infrastructure requires strong technical capabilities.”
“Indigo’s proprietary AI models do just that – solve new and existing problems that were previously impossible to solve,” he added. “To provide a more modern and transparent experience, we believe this is where we should double down on our efforts.”
In an interview with Inman, Shah said Indigo’s launch comes at a good time as the industry gets closer to the deadline to implement changes to cooperative compensation policies under the National Association of Realtors’ Buyer Broker Commission Settlement Agreement. He said the changes increase the need for platforms to reduce friction and increase transparency while ensuring agents comply with the new rules.
“You know, we spent the past five or six years operating and building products for agents, buyers and sellers,” Shah said of Ribbon. “We learned a lot from that. One thing we learned was how complex the transaction process was. At one point we were processing close to 5,000 quotes a month.
“Over the past year, we’ve been working on solving fundamental problems in the transaction process and how to use really advanced technology to solve those problems,” he added. “When the lawsuit information started to come out, we started to see changes [happening]we hope to build platforms and technologies that are very consistent with these changes.
While Indigo is primarily a transaction management platform, he also sees the company as a portal because consumers can use Indigo as a home search platform. Indigo’s Storefront gives listing agents “more control” than other portals and creates a home-search experience for consumers, he said.
“It allows the listing agent to have more control over the dynamics of the portal rather than having it run by a third party,” he said. “This allows the listing agent to provide information they see fit and has been verified by the seller, rather than having the business automatically brought in by a third party, and allows the listing agent to communicate more directly with anyone willing to provide information.” . This is how it differs from traditional search portals.
Shah said some of the leading real estate agents and teams from Compass, Keller Williams, eXp Realty and RE/MAX have joined the platform, which launched Thursday in Charlotte, North Carolina. Indigo will be free to use until October 1 and will then charge a “nominal fee” to listing agents and buyer’s agents who use the site.
Indigo will expand to more markets by the end of the year.
Email Marianne McPherson
