A real estate tech startup is poised to make life easier for real estate agents as it has raised $7 million to grow its Folio assistant for agents.
Amitree originally launched with Closing Time, a consumer-facing tool to help usher homebuyers through the closing process. It was a list with all the things a consumer needed to accomplish while purchasing a home.
Because buying a home isn’t something a typical client does every day, or even every decade, repeat business can be a challenge. As a result, Amitree went back to the drawing board and came up with a new product called Folio that was targeted at real estate agents.
Amitree CEO Jonathan Aizen said this tool is designed to make real estate agents’ lives easier.
“The best pathway to a better buying experience comes from empowering the real estate agent.”
Just like clients, real estate agents have a checklist of items they must complete as they usher clients through the closing process. They also are handling multiple purchases at any given time and tracking where each client is in the process can be a challenge.
Folio is a Google Chrome extension that connects with real estate agents’ email accounts and acts as a smart assistant that processes millions of emails to help understand what is happening with each transaction they manage.
Folio helps busy real estate agents organize and manage their transactions right from their email inbox. When agents connect Folio to their email inbox, Folio analyzes the inbox for keywords and phrases that identify that an email thread is about a transaction. It then automatically categorizes the emails, files, and contacts related to each transaction
Launched about a year ago, Folio is gaining attention among real estate agents, with more than 30,000 downloads. It has managed more than 200,000 transactions to date. That adds up to about 5 percent of all real estate transactions in the U.S., Amitree estimates.
That success has enabled the company to generate $7.1 million in funding led by Vertical Venture Partners, bringing total funding to about $13 million.