😂 Looks like you guys did not read the article. It really has nothing to do with ChatGPT. Mea culpa, I should've checked that it was in English. Here's the Google-translated version:
Who is the Argentine entrepreneur who, with artificial intelligence, seeks to revolutionize the US real estate market?
Matías Recchia and his startup Keyway apply an approach that combines cutting-edge technology and data analysis. They have already received investments for USD 40 million and did business for close to USD 300 million
May 19, 2024 00:55 am AR
The world of
real estate is witnessing a true revolution. At the center of this transformation is technology and especially Artificial Intelligence, which impact the sector with the same force and expectations of change as in other segments of the economy.
Argentine entrepreneur
Matías Recchia is one of the founders of
Keyway, a real estate investment management platform powered by artificial intelligence that was born in the United States. He is also one of the leaders of
proptech, real estate businesses crossed by technology, in that country. So much so that
Business Insider magazine included his venture among the most promising firms in the sector and
The Financial Technology Report included it in the “
Top 25 Real Estate Technology Companies .”
The company was born in 2020 in New York and although it is in the startup stage,
it has already raised $40 million in venture capital funds, with renowned investors such as Camber Creek, Canvas Ventures, Thomvest and Montage Ventures, among others. In addition,
it generated business for USD 300 million, in 2024 it plans to add another USD 200 million and in a couple of years it promises to export the model to Latin America.
In a talk with
Infobae during a visit to Buenos Aires, Recchia shared details about how Keyway integrates advanced technologies to transform the real estate sector. “We use AI to replicate the human factor of someone who knows a neighborhood in a certain city very well. To know in detail what is happening with average rents, how many cafes are opening, how the average spending of residents and pedestrian traffic is evolving, how many trees there are per block, etc. Quantitative data analysis through AI allows us to find unexpected correlations that give us a very good idea of the areas that have the most potential,” explained the entrepreneur. This approach not only allows large volumes of information to be analyzed in real time, but also facilitates the creation of more effective and personalized investment portfolios.
“We work with
family offices , individual investors and
hedge funds, to help them put together investments in real estate, in the US in particular. For example, in the medical or
multifamily building sector.
Our team is made up of professionals who come from Google and Microsoft and others who are Goldman Sachs and Blackstone specialists, on the side of more traditional real estate investments. We join the two legs,” she highlighted.
The platform chooses the best transactions, crossing millions of data, many of them public. Keyway not only relies on artificial intelligence to analyze real estate market data; It also uses machine learning algorithms to predict trends and optimize its clients' investments. This proactive approach allows you to act quickly in a market that is constantly evolving.
Before venturing into the
proptech world, Recchia had already made his mark in the tech industry as co-founder and CEO of IguanaFix, the regional technology platform for temporary staff, such as plumbers and electricians. His professional career also includes leadership roles at Vostu, the largest social gaming company in Latin America, and experiences at renowned companies such as McKinsey and P&G. Additionally, he has an MBA from Harvard Business School, where he worked with notable figures such as
Eric Schmidt , former CEO of Google.
—How
is the real estate market in the US?
— It depends a lot on each city. In New York, in the One Vanderbilt area, in downtown Manhattan, there is a lot of demand. The Hudson Yards area is very busy, but the class B buildings on Third Avenue are almost empty.
The common office is going to die completely, accountants and customer service are going to work from home. If some have to go to work, they want to do it in nice places. The industrial sector is very strong, with a lot of weight in distribution to urban centers that allow
delivery in 24 hours. In residential housing there are many opportunities. Rates are high and volumes have dropped while waiting for prices to adjust. In addition, there is a lot of movement towards the south of the country. There is talk of Florida, but states like Tennessee, Georgia and, obviously, Texas also grew a lot. A lot of manufacturing work is moving from Chicago and Detroit to Dallas, Houston, Nashville, because costs of living are lower, so are taxes, there are better properties, less harsh unions and center-right governments. There are opportunities, too: at a certain price range, San Francisco is a good option, but with some risk.
—What
motivated you to create Keyway after your experience at IguanaFix?
— While working at IguanaFix I closely followed everything related to property maintenance and management. I started making some personal investments in real estate in the United States and I was frustrated by how difficult it was to find good opportunities due to the interests of the brokers. I saw that technology and data were a solution to make better investment decisions in the sector.
—How
do you face competition in the US market?
— There are many competitors in general, but few with good technology. It's like new, digital banks versus traditional ones. The big players, like Blackstone, have their IT people, but they are more concerned about security than innovating. We
are the Mercado Pago of real estate investment market, always innovating and improving the user experience.
------------------------------------------------------------------------------------------------------------------------------------------------
Would love to hear what
@earlyretirement thinks about this.
www.infobae.com
