In our latest real estate tech entrepreneur interview, we’re speaking with Jerry Chu from Lofty AI.
Who are you, and what do you do?
Jerry Chu, I’m the CEO & Co-Founder at Lofty AI, a Y Combinator-backed real estate tech startup in Silicon Valley.
What problem does your product/service solve?
Real estate investors buy investment properties based on gut feeling, local knowledge & lagging data. We use A.I. & real-time data to identify undervalued properties primed for rapid appreciation allowing real estate investors to take a much more data-driven approach to investing.
What are you most excited about right now?
The adoption of artificial intelligence in the real estate industry. It’s the last trillion-dollar industry that’s not very data-driven at all, and I’m very excited to be at the forefront of this disruption. I’m also excited about our last walk-forward test results — in January 2019 our A.I. chose over a thousand properties that it deemed primed for rapid appreciation. Fast-forward to today, the average appreciation of our properties was a weighted average of 33%.
What’s next for you?
We just released our product for retail real estate investors. It shows them undervalued properties primed for rapid appreciation in a very easy-to-use web application. We’d been selling our data mostly to large real estate investment firms up until this point, so we’re excited to be releasing a product that every-day investors can use at a reasonable price.
What’s a cause you’re passionate about and why?
I’m very passionate about animal rights. I was a dog walker at the Westside German Shepherd Shelter & a feline caretaker at SPCA International.
Thanks to Jerry for sharing his story. If you’d like to connect, find him on LinkedIn here.
We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).