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Richard听Xie, an enterprising听undergraduate听student at the听Cheriton听School of Computer Science,听is changing the way we interact with听today鈥檚 housing market. A听fifth-year听student,听Xie听has听brought听artificial intelligence to real estate through his company听Manorlead听and is actively working on a metaverse for preconstruction real estate.听

While Manorlead was developed during his university years, the concept began in elementary school.

鈥淢y dad听got into听real estate around the time I was听ten听years old,鈥澨齢e听recalls. 鈥淎s a kid听I would help him听set听up听the听open house signs when he had properties听to show and I collected them afterwards. Later, when I was 13, I听was helping听him听with听real estate contracts. A contract has a lot of legal terms and I didn鈥檛 understand them at the time, but the more involved I became the more I听learned and the more I understood听how听real estate听works.听But听I听also saw how real estate听sometimes听doesn鈥檛 work鈥� the听rigidness and听inefficiencies in the industry.鈥澨�

Even though听Xie听obtained听his听real estate licence at听age听18, the听inspiration to launch听Manorlead,听a novel听way to buy a property,听didn鈥檛 fall into place听until听he听had a few co-op placements听鈥斕齱ork opportunities that gave him听not only听real-world听experiences听but听perhaps even听more importantly听the confidence to launch a business.

鈥淒uring my second co-op placement听I听worked as听an AI software developer at the National Bank of Canada,鈥澨齢e听said.听鈥淚 worked with other interns听and an AI听lead听at National Bank听to build听an app that听provided听financial听advice听using AI.听It was then that it听hit me 鈥斕齜uilding an听AI听tool听being听used听at听a bank听didn鈥檛 require a large team of senior software engineers.听It was created by听a small, but enthusiastic team.鈥�

Xie听also saw how Airbnb was changing hospitality, and how Uber was disrupting听the听taxi industry. He听wondered if similar听technology听could be brought to real estate.听鈥淏uying and selling properties听is something we听can听change听for the better,鈥� he said. 鈥淎ll听these听things came together and gave me the听inspiration听to launch听Manorlead.鈥澨�

Manorlead听鈥� a听team of software engineers, real estate agents, and mortgage specialists听鈥斕齢as been in operation for听more than听a year听now,听补苍诲听its AI technology听has helped people buy听and sell听more than听$100 million of real estate.听

鈥淲e鈥檝e built the Manor AI platform and a mobile app for both 听补苍诲听,鈥澨齒ie听explains. 鈥淥nce you鈥檝e downloaded the app you can begin to search for new developments and residential listings, though we鈥檝e听focused听mostly on new developments 鈥� preconstruction听or unbuilt properties such听as听condos that are typically sold听to buyers听before or during听their听construction.鈥澨�

The Manorlead app听includes various features that serve as an asset management platform for real听estate. It has听an integrated听mortgage and payment听calculator听that helps听buyers听determine听how much money听they听need to save for a听down payment听and what their monthly mortgage payment will be.听鈥淭he app also听has a school area boundary听feature听that lets听people听see if听a听property听they鈥檙e considering听falls听within听a school鈥檚 catchment area,鈥澨齒ie听said. 鈥淣o听other platform does this.鈥澨�

In the coming weeks, Manorlead听will听have听a听new听feature that听lets buyers track the value of their听preconstruction property. 鈥淚f听you鈥檙e buying听a unit in a听preconstruction听development, you鈥檙e buying at听a projected price, what the听unit will听cost听in, say, 2025,鈥澨齒ie听said. 鈥淭he way many people听decide听if a听condo听is worth buying is seeing if the听unit鈥檚 value will听exceed the 2025 price,听which听the听website鈥檚听value-tracking function听will allow听them to do.听Ultimately, it will be built up like Wealthsimple or Robinhood,听apps that let you buy stocks and to track your portfolio from your smartphone. We want to provide that same experience for real estate 鈥斕齮o easily buy property using your phone and听to听check how much your real estate portfolio is worth.鈥澨�

The app also has an upcoming听recommender system, which听will use听AI to predict preferences.听鈥淏ased on听a听user鈥檚听search听behaviour,听the recommender system听will听suggest听new developments听and floor plans听based on听preferences听and financial needs.鈥澨�

But听Xie鈥檚听grand听goal听for his company, admittedly a few years away, is听to create听what he calls the听Manor Metaverse,听a full AI-driven experience听coupled with 3D virtual reality听to imagine, interact,听and buy real estate.听

鈥淟et鈥檚 say you鈥檙e interested in buying a听unit in a condo听in downtown听Toronto听that hasn鈥檛 been built yet. You put on VR goggles and say,听鈥業鈥檇 like to check some new units in the downtown area.鈥� You then see a virtual听Manorlead听advisor appear who听takes听you听along with your family听through property options. And you have a slider that lets you听picture听what the development will look听like听in five years.听And not听just the听one you鈥檙e considering.听Others听that will be听built, too.鈥澨�

鈥淭hat鈥檚 the听customer-focused听experience we would like to move towards. This is Manorlead鈥檚 vision and it鈥檚 attainable.听We鈥檙e at the stage where we鈥檙e seeking funding, so we think听we can听fully听realize this听experience soon.鈥澨�