In an interview with Insights Success, Flipt’s CEO, Andrey Nokhrin highlights the remarkable benefits of the unique platform that Flipt has created and how it helps to grow the real estate businesses using AI technology by connecting them to the potential sellers and also recalls the interesting story behind the inception of the organization.
Below are the highlights of the interview between Andrey and Insights Success:
Give a brief overview of the company, its uniqueness and its vision.
There are over 5 million home sellers in the US and Canada, and 2 Million listing agents that can’t efficiently find each other online. Flipt is on a mission to use housing and social data to make real estate home selling more transparent, faster, and efficient.
Residential home selling is a daunting process! It’s slow, inefficient and time consuming, and very expensive. An avg. Realtor closes only 3 transactions per year according to the National Association of Realtors. The main reason why real estate agents do so few transactions and have to charge so much is because real estate home advertising to prospective sellers is wasteful, expensive, and doesn’t bring a lot of business. Advertising to real estate home sellers hasn’t changed significantly in nearly 100 years.
Flipt aims to create the best online experience for home sellers. To achieve this, Flipt has created an artificial intelligence technology to better connect top real estate professionals with homeowners who are likely to sell. Since 2015, Flipt has connected over 230,000 motivated sellers with 2000 agents in 44 states and Canada.
At Flipt, we’ve gathered a world-class team passionate about real estate, technology, and marketing to transform the real estate industry. We provide easy to use and effective solution to connect home sellers and top local real estate professionals on the web and mobile.
What are the cutting-edge products/solutions offered by Flipt?
Flipt uses AI to enable real estate agents to connect with home sellers before they visit a real estate portal or receive a postcard. It allows great listing agents to get a competitive edge to reduce the waste with postcard marketing. Instead of blanketing whole neighborhoods with the same postcard, not knowing whether someone looked at it and understanding ROI results from the campaign. Flipt targets only likely home sellers going through life changing events in the desired neighborhood, and provides a report on how many people saw, clicked and requested info from the ad. Think of it as a smart digital postcard.
Describe the experiences, achievements or lessons learnt that have shaped the journey of the company.
We have pivoted the company a couple times to find the right product market fit, initially starting with a commercial product, then an investor product, a self-sign up model for agents. And finally we have come to a conclusion that our product works best and is really tailored for the top 20% agents but require more account management and optimization to get the most value out of Flipt.
What according to you could be the potential future of your relative industry and how does Flipt envision sustaining its competency?
Flipt focuses on creating the best experience for home sellers specifically (not buyers). In the near future a positive effect on early investments in AI, data, and technology can be seen. Flipt’s existing client base + partnership/traction and over 230 fivestar reviews, shows that it would sustain its competency in the future.
Give us a few testimonials of your clients that accurately highlight Flipt’s position in the market.
“I truly love the product for building my pipeline, it’s a game changer for me. What really sets them apart is their customer service reps. I’ve had the pleasure of dealing with Gabrielle and she has been more than supportive in getting my lead follow-up in place.” – Dominic Pietrangelo, Keller Williams, Los Angeles and West Hollywood, California
“I have been with Flipt for about 6 months and have had one listing and one purchaser close so far. I’ve received an ROI of over 400% and have valuable information to hopefully get more listings in the next 6 months. I would recommend giving Flipt a try.” – Michael Freeman, RE/MAX, Williamsburg, VA
“Great Customer Service, Good leads. Not all the prospect leads are good but a few will be converted into listings. Also, Helen and Gabby have been great. I decided to purchase more spots to diversify my limited zip code. Very grateful that they are looking out for me.” – Grace Thomas, Keyes, Fort Lauderdale, Florida
About the Leader
Andrey is a former real estate broker with a technology background. He sold his full service brokerage in 2012, to pursue an opportunity to innovate the way home sellers connect with listing agents and launched Flipt in 2014. Flipt was recognized by the National Association of Realtors as a top technology in real estate.
Andrey completed his BA in Applied Math and Business. He is a technology entrepreneur who has interest in real estate and achieved various honors. The list of his accolades includes Microsoft Techstars 2013 grad, Young Entrepreneur of the Year Nominee by Geekwire 2014, Realogy FWD Finalist 2015. CEO of Flipt, dubbed “Top Technology in real estate” by National Association of Realtors in 2016.
He has expertise in several areas including AI & data to grow real estate business, Competitive advantage with home sellers, Generational Shift Millennial Home Sellers, How sellers’ needs differ by generation, and How to fix new-agent on-boarding.
Many of Andrey’s articles that were published are also in the list including How AI could kill traditional ad models on 08/10/2018, What we have learned from #DeleteFacebook on 25/04/2018, How Sellers’ Needs Differ By Generation on 18/08/2017, Real estate circle prospecting done right on 26/10/2017, How to work with potential home sellers on 31/07/2017.
Andrey’s recent speaking engagements consist of AI at ROCK THE MARKET conference to 2,000 top NAR members in Miami September, 2018. He gave an interview before speaking at the Annual National Association of Realtors meetings in Chicago “Top Technologies in Real Estate”. Andrey wins Geekwire Startup Day Pitch contest on stage with a panel of 6 top VCs.