This interview is part of our new AI in Real Estate series, where we interview the world's top thought leaders on the front lines of the intersections between AI and real estate.
In this interview, we speak with Rudi Skogman, co-founder and CEO of Blok, to understand how his company is using AI to transform real estate, and what the future of the real estate industry holds.
1. What's the story behind Blok? How and why did you begin?
RS: Blok started out of my own frustration towards real estate agents. I sold an apartment in Helsinki and ended up paying nearly four percent in commissions. I really felt ripped off and started thinking that there has to be a better way to do this. That's why we're building with Blok, a product that's not only cheaper but simply the best experience you can have selling your home.
2. Please describe your use case and how Blok uses artificial intelligence:
RS: We're currently using AI in two mission-critical parts of the product. The first one is the valuation tool, which we've managed to tune in just right so that it has incredible accuracy in Finland (median error is less than 7 percent). The tool is being used for thousands of valuations every month and is available for anyone to use. The other AI component is our machine vision algorithm that reads through the official paperwork for us. It extracts the needed information and helps us get objects to the market faster.
3. Could you share a specific customer/user that benefits from what you offer? What has Blok done for them?
RS: Currently we're selling apartments faster and at a better price than traditional agents. We also charge considerably less than traditional agents, so it's truly a win-win-win for the end user. This is also very well shown by how happy customers are with our service with our long-time net promoter score (NPS) standing at +85.