Contraca
Turning written real estate contracts into usable data and automating paperwork for brokerages
Introduction
Real estate agents fill out over 100M documents every year, and none of the data from them is saved. Companies are required to keep all the documents from transactions for legal reasons– We turn these massive document libraries into usable data and train AI models to automate tasks and paperwork.
Problem
Real estate agents fill out over 100M documents every year in the U.S. Since these documents are written out in Word or a PDF format, all of the data and key terms are being thrown in the trash. There are 180 dense document pages per real estate transaction. After agents collect their commission, they do not spend days typing these data points into a spreadsheet; They move on to their next transaction after saving a few terms like the sale price and closing date. This means that the data from billions of real estate contracts has not been collected, and there is an opportunity to create the most valuable real estate database in the world if the technology to scrub these documents is created. Companies are required to keep every document for 5-7 years for legal reasons, but most companies keep them forever because storage is very cheap, meaning there is an opportunity to create massive databases, today.
Opportunity
Our proprietary technology turns unstructured contract formats into usable data. By collecting data from every document iteration, addendum, and counteroffer from millions of real estate transactions, we would not only be able to create any data report imaginable in seconds for these brokerages, we would be able to create an AI agent that thinks like a top-performing real estate agent. This would allow real estate teams to automate almost all administrative functions. Since we would be the only company with aggregated access to this data, we would have a significant competitive advantage. After talking to hundreds of potential customers, one of the clearest examples of how we can automate administrative functions is the broker review process– At the end of a transaction, brokers–the highest-paid people at these companies–review all their agents’ documents for spelling errors. One of our pilot customers (3500 agents) automating this inefficient process with Contraca will save over $5m per year in payroll.