AVENUE 8 DOUBLES DOWN ON GENERATIVE AI, SHIFTS FOCUS TO SIDEKICK PLATFORM FOR REAL ESTATE AGENTS

San Francisco-Based Real Estate Tech Company To Focus Exclusively On Developing Its Groundbreaking AI Assistant For Agents

SAN FRANCISCO, June 10, 2024 /PRNewswire/ -- Real estate technology company Avenue 8 announced today a strategic realignment to focus exclusively on Sidekick, its game-changing generative AI assistant for real estate agents. The decision marks a new direction for the company, aimed at furthering its mission to empower real estate agents with a technology platform that enables them to work more effectively and efficiently.

"This is an exciting time for Avenue 8 that's coming amid significant changes for the real estate industry, from the way AI is reshaping how agents work to anticipated changes in how they may earn commissions," said Michael Martin, Co-Founder of Avenue 8. "Focusing on Sidekick allows us to channel all of our resources into enhancing this powerful tool and better support agents so they can grow their careers amid a rapidly evolving industry. Our mission and the core of what we do remains unchanged — helping agents succeed. Now, we are focusing on Sidekick to achieve this goal."

Sidekick is designed to streamline an agent's workflow and enhance their productivity at a fraction of the time and cost associated with traditional virtual assistants. With a subscription cost of $25 per month, Sidekick helps agents to easily generate detailed, personalized market and property reports, develop customized marketing strategies and content, and automate client communications and task management.

Using generative AI technology, the platform allows for seamless MLS property listing searches, the development and interpretation of spreadsheets, and the generation of listing descriptions from photos, among other features. Sidekick's trainable interface also learns an agent's preferences and implements them in real time, ensuring a personalized and efficient workflow.

"Avenue 8's decision to prioritize Sidekick is a bold strategic move that will enable the company to meet the needs of a real estate industry in the midst of its most dramatic changes in decades," said Andrew Davis, Senior Vice President of Strategy & Investments at Cox Enterprises. "This approach will position Avenue 8 for sustained, long-term success and underscores its dedication to delivering innovative solutions for agents and brokerages. It's a strategy for meeting the moment now that will continue to pay off down the road."

Sidekick has already garnered significant attention within the industry, and Avenue 8's move to focus on the platform comes at a time when real estate industry professionals are increasingly turning to AI to support their work. In May, Avenue 8 partnered with the MIAMI Association of Realtors, the nation's largest local Realtor group, as well as BeachesMLS, to bring Sidekick to over 100,000 agents and brokers across South Florida. Those announcements came on the heels of Avenue 8's inaugural partnership with the San Francisco Association of Realtors to connect Sidekick to more than 4,000 agents in the AI capital of the world.

As part of Avenue 8's strategic shift, and after a recent round of funding earlier this year, the company announced that it will transition away from providing brokerage services to its agents at the end of July as it accelerates Sidekick's growth. This change empowers the company to engage with other brokerages and offer Sidekick to them directly without raising competitive concerns.

"Focusing on Sidekick allows us to seize this unique moment of change to better serve our industry," said Justin Fichelson, Co-Founder of Avenue 8. "We started Avenue 8 convinced of a better way to support agents and brokerages and we've developed an innovative technology that does exactly that. We are, of course, sensitive to the impact this strategic shift will have on our employees and agents, and we are committed to supporting them through this period and as they pursue new opportunities. We're grateful for their commitment and dedication to the company's success over the past five years."

Sidekick has been lauded for its innovative contributions, receiving accolades for both Best AI Product & Service and Best AI Work & Productivity App at the 28th Annual Webby Awards. This recognition highlights Sidekick's excellence in harnessing AI to enhance productivity and work efficiency, solidifying its status as a leading tool in the emerging AI landscape.

About Avenue 8

Avenue 8 is a real estate technology company. Its flagship product, Sidekick, is a generative AI assistant purpose built for agents, teams and brokerages. For more information, visit www.sidekickgpt.io.

SOURCE Avenue 8

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