Ownli, a Denver-based tech startup, is leading the charge in utilizing artificial intelligence and machine learning to automate tasks traditionally handled by real estate agents. The ultimate goal is to empower consumers to navigate the real estate market independently, bypass commissions, and retain more of their money.

“Having sold $200 million in homes, I still felt that the system was outdated and unfair to consumers,” shared Blake O’Shaughnessy, CEO and co-founder of Ownli.

With a background in the oil and gas industry, O’Shaughnessy identified the inefficiencies in home transactions and the industry’s reluctance to lower costs for consumers, despite the surge in home prices in recent years.

MyOwnli.com offers consumers the opportunity to bypass the typical 5% to 6% real estate commissions on home sales. The platform initially launched with a flat fee of $999 for assisting self-directed buyers in finding and purchasing a home. A forthcoming service will cater to FSBO (For Sale By Owner) listings for a flat fee of $1,999.

By leveraging Ownli’s services, consumers can potentially save thousands of dollars in commissions. For instance, in the metro Denver area, where the median price for a single-family home is around $650,000, sellers could save up to $17,500 with Ownli’s flat fee model.

Ownli’s platform integrates AI and machine learning to provide buyers with advanced search capabilities, predictive insights, and tools to streamline the homebuying process. The platform also offers resources for interpreting home inspection reports, negotiating terms, and drafting contracts.

While Ownli is not anti-agent, it aims to prioritize consumer empowerment through technology. However, some industry professionals express concerns about the platform’s detachment from a fiduciary duty to protect consumer interests.

Despite the challenges faced by disruptors in the real estate industry, Ownli remains steadfast in its mission to offer consumers a cost-effective and tech-driven alternative to traditional agent-centric models.

As technology continues to reshape the real estate landscape, Ownli is poised to cater to consumers seeking more control over their transactions while providing the option for additional personalized services through human agents.

For more real estate and business news, subscribe to our weekly newsletter, On the Block.