Ridley provides homeowners with access to the multiple listings service (MLS), market reports, attorneys, an AI chatbot to answer questions, comparable property analyses and vendors, among other services to aid the home selling process.
And if the homeowner prefers a human to the platform for any stage, Ridley can connect them with one through a partnership with brokerages, which also allows sellers on Ridley to list on the local MLS. That’s important because it could remove a huge barrier in for-sale-by-owner (FSBO) transactions.
The platform launched to the general public in Colorado on Tuesday, with plans to expand to four other states in the near future.
“The goal is not to fully replace [an agent],” Chambers told HousingWire in an interview. “It’s to empower consumers to have the tools they need to navigate it, but also be able to call on people throughout the process. Ridley concierge is there to support you at any stage if things get tricky.”
Chambers doesn’t need an introduction to those who are familiar with his social media journey. He documented all the ways he believes the real estate industry impedes sellers who want to cut down the fees they pay to agents, which is typically 6% that’s split between the buyer’s and seller’s agents.
He was denied access to the MLS because of Colorado’s minimum service law, which requires agents in the state to provide a baseline level of services for a seller to post a listing. This also denied him access to portals like Zillow, which buried his listing due to the no commingling rule.
He believes agents were steering buyers away from his property. Chambers says one agent accused him of stealing their photos for his listing.
Colorado has a minimum service law that requires agents to provide a baseline level of services to get a seller on the MLS. This makes it almost impossible for a homeowner to sell without paying an agent commission. The cheapest way to get on the MLS, according to Chambers, was $10,000.
He found a buyer in about two weeks after he went viral. He estimates he put in a total of 23 hours of work, which saved him about $3,000 per hour. His social media posts earned him coverage from traditional news outlets, including The New York Times’ popular podcast, The Daily.
“I had no intention of starting a company in the real estate industry,” he said. “It was pretty obvious to me that there was a product that I wanted when I started this process that didn’t exist. I started having conversations with some of the community members to gauge an appetite for a new platform that would use AI to help sellers navigate this process of selling their home.”
The ultimate idea of Ridley is to allow sellers to use an agent for only the parts of the process where they feel they need help, while also giving them access to an agent for the parts they do need help with.
It comes at a considerably lower cost than the 3% agents charge, due to Ridley’s partnerships with brokerages to provide these services ad hoc. But a home seller on Ridley still needs to pay the buyer agent.
Ridley’s platform is built on top of major generative AI platforms like ChatGPT and Anthropic. The company has raised funding from unspecified investors.
“I’ve had mostly positive experiences with Realtors,” Chambers said. “I’m learning more and more every day that the issue is an issue with the industry and with the system — not the individual agents who are part of that system.”