When the 2017 Inman Innovator Awards were announced, Buyside was among them.
It was not surprising. The company solved a major problem for the real estate industry. In a two-sided market, only one of them was visible: the sellers.
“Buying and selling is much more effective when you know the home market,” said CEO and Founder Charles Williams. “You have so much more information when you know how many buyers are out there – and what they are looking for. It was a mission for us, really.
A trained engineer and third-generation real estate professional, Williams launched the Buyside platform with a focus on visibility into market demand – and it turned the platform into a powerful revenue-generating tool. leads which also creates purchase transaction opportunities for the mortgage. companies.
“Today, we are connected to nearly every major technology provider, from Zillow and Trulia to StreetEasy data, and all major brokerage portals in all major markets. We use their buy signals when researching a property and share that information with industry and consumers. We see all of the activity and combine it from all of these disparate sources so that we can articulate demand for any major metro across the country.”
The company has already explored the many use cases for this data. Homeowners can see the buy side of their home – get an idea of their home’s estimated value and how many buyers are looking for a home like theirs. This encourages a conversation between owner and agent, creating an average conversion rate to a closed listing of 11% in 2021. Agents can add this buyer interest to their listing presentation, strengthening their position as a local market expert.
Today, the company manipulates billions of data points around buyer intent – yes, BILLIONS. And they’re ready to expand beyond real estate with exciting new applications for their service. But there was a problem.
“The company name was just too restrictive,” admitted Williams. “We are moving into other verticals, including mortgages, home supplies, insurance, telecommunications, and more. And the name ‘Buyside’ no longer serves us.
The team therefore set out to find a new name. One that spoke to their mission and strength with AI, that was flexible enough to work across multiple verticals, but also had a connection to the original brand.
This name is Percy.
Percy is the first name of one of Buyside’s early investors – a relative of the family, in fact. But the name has also been given to the powerful machine learning algorithm the company relies on. And not just for internal use.
“Customers would ask about our AI by name: Can Percy do this? Can Percy help us? The name was already part of our culture. Percy was an academic. This resonated with our employees and customers. This is the next generation of our brand.
Now, Percy is a fully white-labeled platform that adds to existing real estate and mortgage technology, enriching data and helping to make smarter business decisions.
Agents need transactions, but they can’t complete them without inventory. Lenders use Percy to help generate leads for agents they have relationships with, which builds inventory. Then, in turn, this creates borrowers for lenders.
“Percy is that coach who sits behind you, whether you’re the owner, the selling agent or the buyer’s agent. This gives you the information you need based on the billions of signals we are collecting across the market that day… we have moved on from what we needed to be perfectly positioned in today’s market.