The real estate technology startup, Loft, announced last Friday (19th) the launch of an innovative mortgage simulator via WhatsApp. Utilizing Artificial Intelligence, this free tool acts as a virtual assistant for real estate agents and financing advisors, responding to queries in less than 15 seconds.
“Currently, 98% of real estate agents and brokers conduct their business through WhatsApp. Last month, we released the tool to some of our partners, and the feedback has been excellent; we’re already able to reduce the journey from 60 to about 30 days,” says Sandro Westphal, CEO of fintech at Loft.
This significant time-saving is possible because the simulator allows for a ‘pre-emptive’ financing journey for the buyer. By the end of this quarter, it will also be possible to pre-collect the necessary documents, which occurs simultaneously with the property selection.
The pilot project of the simulator was tested with some partner real estate agencies over the past 30 days. During this experimental phase, Loft’s technology team noticed that when a potential buyer is taken to the property, the agent increases their chances of advancing in the negotiation if armed with the correct data.
“With our tool, using natural language, the agent or buyer can perform the simulation. In 15 seconds, the tool completes the analysis and returns the bank options and rates,” explains Westphal.
In the next two weeks, all over 700 real estate agencies in 389 cities across the country will adopt the simulator in their daily operations. Through a quick interaction via WhatsApp, by simply informing the amount to be financed, the agent or financing advisor receives the simulation in a PDF file.
The simulation provides a comparison of the conditions of various banks in the market, including term, minimum income, amortization, amount of the first installment, interest rate, and the effective total cost of the financing. Additionally, the simulator allows users to perform unlimited simulations with different amounts to be financed.
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