MOGUL has introduced MAIA, a generative AI-powered home search tool designed to address the inefficiencies of the traditional property search process. Built on Google Cloud’s Vertex AI and leveraging the Gemini models, MAIA aims to simplify homebuying by streamlining searches, scheduling viewings, and managing commission structures.
The home search process has long been cumbersome, often requiring buyers to navigate multiple classified portals, interact with numerous agents, and manually coordinate viewing schedules. MAIA automates these aspects, allowing users to conduct geospatial searches, schedule viewings with a single click, and organise their calendars more efficiently.
By reducing these friction points, the platform promises to save time and potentially lower costs, particularly for buyers of Housing & Development Board (HDB) flats.
One of the primary challenges in the property market is the complex commission structure that varies across different property types. In private property transactions, sellers typically pay their representing agents a commission of two per cent or more. If the buyer also engages an agent, the two representatives negotiate a split. In contrast, HDB transactions require both sellers and buyers to pay a one per cent commission to their respective agents.
MAIA eliminates the need for HDB buyers to pay this one per cent commission, offering a clear financial advantage.
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Beyond cost savings, the platform’s geospatial features enhance the search experience. MOGUL has previously pioneered geospatial keyword search, allowing buyers to filter results based on specific amenities and location-based preferences. This capability is now integrated into MAIA, ensuring more precise and efficient property discovery.
Gerald Sim, CEO and co-founder of MOGUL, emphasised the transformative potential of AI in property transactions. “We are on the cusp of a revolution in property buying, much like the travel industry’s evolution from phone bookings to travel agents and AI-powered aggregators. MOGUL aims to be the ultimate homebuying aggregator, similar to how online travel agents (OTAs) have reshaped hotel bookings, and drive Singapore to the global forefront of this exciting transformation.”
The platform’s development stems from close collaboration between MOGUL and Google, ensuring that MAIA is both technologically robust and user-friendly. Vertex AI’s machine learning capabilities and the agentic features of Gemini models contribute to its seamless automation.
MAIA also brings efficiency to scheduling, an area where property transactions often face bottlenecks. Traditional scheduling involves back-and-forth coordination between buyers, sellers, and agents. MAIA centralises this process, allowing users to manage agent contact information, listing addresses, property prices, and viewing dates/times within a single platform.
Despite the ambitious goals for MAIA, Sim remains measured in setting targets for its launch. At a recent event, when asked about specific benchmarks, he stated, “We have our own internal estimates and stretch targets that we would like. But now, we are more focused on getting the message out, letting people know that we have built this.”
MOGUL has been in the commercialisation phase for the past 18 months, following a funding round in 2022 that supported the development of MAIA and other initiatives.
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Looking ahead, the company aims to collaborate with buying agents and expand its reach to new launch properties, further refining the home search experience.
MAIA’s strengths lie in its platform-agnostic approach, its ability to save time through automation, and its potential cost savings for HDB buyers. By integrating geospatial search and AI-driven scheduling, the tool streamlines what has traditionally been a fragmented and time-intensive process.
The launch of MAIA by MOGUL reflects a broader trend of digital transformation in real estate, where AI-driven solutions are reshaping how properties are bought and sold. As technology continues to evolve, platforms like MAIA could play a pivotal role in redefining property transactions, making them more efficient and accessible to a wider audience.
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Image Credit: MOGUL
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