AI Agents Doing Commercial Real Estate Due Diligence in Minutes. We Demo It Live.

Jackson Reiter: This is a way for them to do instead of taking two months to actually diligence those properties, our platform allows them to do all 10 of them in a number of hours, sometimes even minutes per property.Jordan Metzer: Built this week, breaking it down. Built This Week, we show you how. A fresh idea, a clever tweak you locked in. You built this week.Sam Nadler: Hey, everyone, and welcome to Built This Week, the podcast where we share what we're building, how we're building it, and what it means for the world of AI and startups. I'm Sam Nadler, cofounder here at Rise Labs, and each and every week, I'm joined by my friend, business partner, and cohost, Jordan Metzner. How are doing today, Jordan?Jordan Metzer: Hey, Sam. Happy to be back. Another crazy week in AI land, you know. He who taketh taketh away, so we got Fable, and then we lost Fable, and, you know, everything's still in the mix. But, yeah, another exciting week, and again, it's super excited for this week's guest, actually.Sam Nadler: Yeah. Super excited to introduce our guest. But before I do, please don't forget to like and subscribe. We have new episodes out every single Friday. We're approaching the 30,000 subscriber mark on YouTube, so please like and subscribe.And with that, I'd love to introduce our guest, Jackson, one of the founders of Realm AI. Jackson, if you don't mind, give us a quick intro of who you are and a really brief intro of of your business, and then we'll jump into a demo.Jackson Reiter: Sure. Yeah. Sam Jordan, thank you for having me. I feel, very honored and excited to be here on such a wild week in tech. I'm sure we will have a lot to talk about, and I'm sure I will have some controversial opinions.But, yeah, I'm Jackson Ryder. I'm one of the cofounders of Realm, also known as Realm AI. We are basically, at its core, building autonomous intelligence for the commercial real estate space. Anything that, goes on in the commercial real estate diligence process, think someone buying an apartment building or a giant tower in Lower Manhattan, anything down to a duplex in Iowa, we can diligence it. Our AI agents can research it, and I'm excited to talk about it.Sam Nadler: Yeah. Let's jump in. I'm super excited to see. You know, Jordan and I are potentially new real estate commercial real estate investors, so maybe it could be a good tool for us. But, would love to see how it works.Does it accelerate the due diligence process? Is it more thorough? Like, walk I'm sure it does both. But, like, walk us through, a little bit of how how it operates.Jackson Reiter: Yeah. So our platform kinda comes in two forms. We have two, different products that we offer through Realm. And I know you guys said you may or may not be interested in commercial real estate in the future. Maybe this is possibly a sales call too.Joking. Let's please but what you're seeing here on the screen is our first half of what the company does. This is Realm's self serve platform, we'll say, where anyone, who subscribes can come in and research any property in The US, and soon to be Canada as well. The the whole idea here is that my background comes from a bit in real estate, so does both of my cofounders. And the big problem that we found there was that in order to get any sort of information about any property, what be it a single family home or, again, a tower in Manhattan, Getting information is just really, really difficult because a lot of the industry, though it is digitizing and has mostly digitized, it is still very fragmented.There's no single source of truth. And up until now, there hasn't really been a good way to collect all of that information quickly, or efficiently or thoroughly. So what you're seeing here is Realm's self serve platform that allows you to get all of those that information in one spot. The way we do that, now is the best time ever to be able to do that. Because all that data lives so fragmentedly in so many different places on the Internet, in so many different ways, shapes, and forms, we built models that essentially go out and find the information that's needed in order to quickly analyze a property.So we work with a bunch of different real estate firms, but, for example, I'd say about half of them are real estate investment firms who are looking to buy properties. This platform is great for those analysts on their team who are looking at 10 potential deals a week that need to go through and see if, the math maths, basically. They get, let's say, 10 properties on their desk a week from some managing director and wants them to look through it. This is a way for them to do, instead of taking two months to actually diligence those properties. Our platform allows them to do all 10 of them in a number of hours, sometimes even minutes per property.Everything down to financials. Yeah. So everything from tax information to the ownership record to actually building a full ten year pro form a of financial analysis on that property can all be done in the platform. And, actually, our our CTO has a finance background. So he kinda spearheaded a project where we've also launched an Excel plug in version of all this.So you can have all of these dozens of AI agents that can do research on any commercial real estate property in The US directly inside of Excel. Very excited about that. So that's the one half of the, the company. That's for high volume, great depth, but not really a full due diligence package. The second part of what we do feeds directly off of that.Let's say that same analyst who's using that platform to look at 10 deals a week, finds one that they wanna move forward with. Certainly, there's now more information required to actually get a better look at that. We offer what we call the Realm Report, which is a bit more white glove version of this. Our platform already offers a ton more information in a much more structured and, most importantly, cited way. We give you every source that we pull from so you can go back and check.But what the Realm Report does is it goes 10 times deeper on everything and gives you pretty much a full customized report on the property you're looking into. And that's a one to one client relationship there. We really wanted to make sure that we're aiming towards building Realm into kind of a full stack real estate diligence firm. For every part of the process, we are the node that connects the transaction, that gives you all the information you need to make it happen.Sam Nadler: Very cool. And, you know, I'm not that familiar with the space, like, as mentioned, but I'm curious. You know, I know a lot of these sources of information are hard to access. You have to subscribe to them. Is is Realm bringing that in to the user so they, you know, don't have to pay for 20 disparate services?They all have it through Realm, specifically through the self-service platform or the other one?Jackson Reiter: Yeah. Certainly, there's a few pieces of information that we just simply wouldn't have access to. If you wanna know the birth date, Social Security number, and home address of the owner of a building, we can't give that to you, and we never would. But as far as, like, the things that are pertinent to a deal, we can get pretty much everything. Now, certainly, some properties in much more rural areas or underserved areas, there might be a little bit of a discrepancy in terms of coverage.But far and wide, we're covering everything. And we have more directly to the question, we have a waterfall of data providers. So we'll start with kind of the direct partnerships we have, some of these data feed companies, work our way down through the the chain there, and then we'll supplement with public sources. We'll supplement with, direct relationships with government sources. I'm sitting here in New York City today.New York City's kinda led the way in putting all of their housing information online, and we can connect directly to that. And we'll just do a simple search to find everything else. This is the beauty of AI is that you can have all of these agents in communication with each other kind of delegating to each other of you go get that, I'll go get this. I really hope that they talk to each other in that way on the back end. I haven't looked at the logs, but that would be quite funny.But that is essentially how it works. You can go and find whatever you need to get the deal done.Sam Nadler: Hiring great engineers is broken. Too slow, too expensive. We built a better way. Rise Labs gives you top tier LatAm engineers fully vetted, technically deep, and ready to ship. Not resumes, not guesswork, just people who build.This is Rise Labs. I have another question. Let's say I'm a investment analyst and managing director puts 10 properties on my desk, and I can use the tool to, analyze those 10 properties. Is there also Realm knows my criteria. It knows my criteria, the constraints for my next couple investments.Could it go out and find those properties, bring them back to me, and suggest properties for me, essentially?Jackson Reiter: That that's a very interesting question and one we thought a lot about, had, spent a lot of time thinking about that and working with our, partners during the research phase of building the company. We will not do that specifically because, we genuinely and, wholeheartedly wanna make sure that we stay as the research partner, and we are a tool for them to do their research rather than a recommendation part of it. The second half of that, double clicking into what you said about recommendation or, let's say, preferences that these firms might have, they also have their own processes. They know exactly what they're looking for. And part of what happens in commercial real estate we found is those preferences kind of are the secret sauce that these firms see as their competitive advantage.And so we, by no way, wanna try and model what they see as their competitive advantage. We leave that to them, and we are simply the tool that they can use to go and dig up the dirt and find stuff.Jordan Metzer: Okay. Cool. Alright, Jackson. So let me jump in here a little bit as a non commercial real estate expert and maybe help our audience out a little bit as well. So first, let's just walk through kind of most of this work's being done today.I would say, like, you'd call it, like, manually, like, people are kind of they're getting the data, they're collecting it from multiple sources, they're using Google Maps or Google Earth, they have maybe some proprietary. Is it walk me through kind of like, you know, what is like today or like maybe the previous workflow, and then walk me through kind of like, you know, once you get Realm, kind of how the workflow changes.Jackson Reiter: Absolutely. This is why I get so excited about what we're building because I'd say in, like, the 2021, 2022 era coming out of COVID when the big real estate boom happened in residential, the entire industry got kind of slapped in the face and realized that the jokes everyone had been making about real estate being so pen and paper and antiquated were true, and now it was actually becoming a real problem. Over the last, I'd say, three or four years, the industry has made huge efforts to modernize, I guess you could say. But most of that's taken shape in the way of simple digitalization. I'm not joking.I when I was working in real estate during the COVID era, I worked with a real estate investor who's looking to buy a commercial property in New Jersey, and he was a sophisticated guy. He was not some noob or some guy who didn't know what he was talking about. He owned a wide portfolio. And when it came down to the financial modeling, he was using a, and I'm not joking, a printed out spreadsheet, like pen and paper, doing math with, like, a button calculator on the side. That's what the industry was like not even five years ago.Now some firms were ahead of the curve on that. And, again, a lot have done a lot of new things in the last few years, but it has not really gotten us to the age of, you know, Claude being able to run all of this directly in it, which is why we exist, is all that data is now available online. We're the ones that can actually go and find it. To be more direct about it, though, still to this day, there is a lot of people in the industry, big firms, small firms, who are trying to leverage AI to do this. They all seem to love Claude, as many of us do, and they're trying to use Claude to just do basic automation things for them, but still everything's happening in Microsoft Excel.The data part of it is simple Google search. They'd know that, hey. We're looking in Jersey City. I know where the portal for the tax assessor's office is. I'm gonna go log in, download a PDF of the page, and then type in the the values manually into an Excel sheet.That's really what we're dealing with today. And there's a lot of people, like I said, making great efforts to change that. And hopefully, Realm is the tool that lets them do that much, much quicker.Jordan Metzer: That's awesome. And so give us, you know, obviously, you know, the investor space for commercial real estate is also in, you know, immensely large from, you know, obviously, we've got like trillion dollar global players and all the way down to kinda, you know, mom and pops who just, you know, own like a, you know, two plex or four plex or something like that. So, you know, where where have you found, you know, good good product market feed product market fit kind of, you know, who is who's found value in your tool and, you know, what type of maybe it's like a vertical of real estate, maybe it's great for multifamily or for industrial or maybe you can tell me that it worked for both or whatnot. But, yeah, I'd love to hear a little bit more of kind of, you know, where customers have had success.Jackson Reiter: We initially my background outside of the time spent in real estate was in marketing. So when we actually launched and brought this to market, my assumption was, alright. We need a narrow scope. We need a very specific ICP, you know, initial consumer profile on this. That that's the standard practice.You want a small pool. You wanna take over that and then use that to scale up. Right? And so I I picked out okay. We're gonna start with multifamily.It's a simple asset relatively. It's a building with a bunch of bunch of apartments in it. Pretty simple to model. We can do the financials easily. These people are doing higher volume usually than a office building.And so we launched the the platform was capable of doing everything, all asset types, right from the get go. But we launched positioning ourselves for the multifamily investor. And what we found is that that worked very well except for the influx of people that we knew in our network that worked in mixed use or industrial that were chomping at the bit to use it. So my marketing brain does, feel pain every day at how, diversified our user base is. But in terms of the simple utility of being a cofounder of the company, it really does span the gamut of different asset types and everything.Forgive me. I'm forgetting the first part of your question. I know there was another piece there that I missed.Jordan Metzer: Oh, just like we were talking about, like, well, who's the best, like, customer? So, like, size ofJackson Reiter: Size wise.Jordan Metzer: Investor and then, like, vertical of investor. I think, like, you explained kind of, like, multi vertical. But yeah.Jackson Reiter: Yeah. The the two things that surprised us because, again, when we started, we had a specific consumer in mind or client in mind, and we were positioning ourselves for whatever that was. But with the clients we've worked with that have come inorganically by word-of-mouth through our network and in the events that we've hosted, we really are servicing right now some bigger firms. It's mostly small and medium investors. We're not working with trillion dollar asset managers yet, but the people that have found, I think, the most value are those small to medium investors, offices where the entire company consists of, you know, two principals that started the firm together, three analysts, and one capital advisory guy.And their whole goal is to be able to get deal flow and compete with some of the deals compete on deals with some of the bigger guys. And we're a tool that gives them a huge competitive advantage, like, truly almost unfair competitive advantage against bigger firms that have a 100 analysts going through deals. Well, they have three analysts, and they're getting to the deal table quicker with an offer because they're able to model things quicker, with better data. We've heard, gosh. I could spend the next two hours here with you guys just listing off anecdotes from clients of actual deals that has happened with.We'll have to save that for the the next one. So it is small and medium guys. It's giving them that advantage to actually compete in the market with the big firms that monopolized the space for so long. And on the other hand, the big firms are slower to adopt things just by the nature of large corporations and layers of complexity. The small guys are that they find us, they implement in a couple weeks, and they're ready to go.Jordan Metzer: That's awesome. Yeah. I mean, I think that's, like, probably exactly a perfect use case of AI and like right up the alleyway of what our podcast is all about. But essentially like, you know, small business owners being able to leverage AI to scale up and flex and do things that they previously weren't able to do and like that's probably happening to your point that, you know, these these multi trillion dollar firms. So that's really awesome.I think that was a really great introduction and product demo and whatnot. I don't know. Should we jump into the news, Sam?Sam Nadler: Yes. Let's do it. I'll tee you guys up. So this is a a SpaceX themed week. And, yeah, I mean, SpaceX IPO ed, I think, four business days ago really recently.Sometime in the last twenty four hours, their valuation peaked above Amazon. They also just confirmed in the last twenty four hours that they're going to move forward with that acquisition of Cursor. So just a lot going on with SpaceX. We covered it a little bit last week. Jordan's a huge believer.I I think there's obviously an immense amount of value there. Whether it feels frothy right now at this moment, personally, I think I think it does a little bit, but would love to Jackson, you you seem to have some controversial thoughts. So let's start with you.Jackson Reiter: I guess so. Yeah. I mean, do should we talk about the valuation first and the IPO? Which, by the way, you said it happened four business days ago. Though the IPO happened quickly at the time, it feels like it happened months ago already with just the sheer amount of information about it that's been in the news.I went to school for economics, and a lot of my friends in my classes, they all went on to, you know, investment banking, Wall Street, more in the finance sector. They're all currently taking their bookshelves of investor books and, you know, valuation manuals, and they're just lighting them on fire. They're kindling the fireplaces right now. I don't think my controversial opinion is I don't know if that's a bad thing. We we did shift.I mean, if you think back to the original stock market, company values were based off of,Jordan Metzer: I don'tJackson Reiter: know, kind of a goodwill news and brand and a little bit like that. Then it shifted into, you know, earnings multiples. And now we're kind of in, like, an opportunity cost era where it's people have talked about it in terms of debt and how much we can leverage things. It's just opportunity cost. Like, is SpaceX have the opportunity to do these big things?People are less buying the stock and more placing bets on that, I think. I think that's where a lot of the hype is coming from.Sam Nadler: Cool. And any thoughts on the Kerser acquisition? I mean, to me, think I it makes sense for them to compete with some of the Frontier Labs, but any high level thoughts?Jackson Reiter: Definitely. I mean, everything Elon's done is always funneling up to kind of one mega corporation over time. Mean, you've seen that in Tesla where different companies kinda got acquired and merged into this thing. He's building robots. He's, planning on putting Tesla's on Mars through SpaceX.And I think it totally makes sense. I mean, we saw first SpaceX absorb, x AI, which had in turn acquired x.com. Everything's kind of funneling upwards. And the way that Elon thinks about these things, I think, I'm not him nor have I met him yet, He thinks about it in terms of all of the different seemingly unrelated projects are going to play together to make some bigger vision happen. And, certainly, the acceleration of all of the AI work that they're doing internal to SpaceX, Cursor's gonna be a huge value multiplier there.And that's all in service in some way, shape, or form of going to Mars, I suppose, or building data centers on the moon, which I think I heard someone say at one point. We use Cursor, and I guess we now use Cursor by SpaceX.Jordan Metzer: Oh, man. I love this IPO. I love this company. I don't think it has anything to do with economic books because, you know, like many other technological inventions of the past, and Uber might be an example kind of the total addressable market changes than what was previously expected. And, you know, I I just wanna give you guys some points of reference here.You know, obviously, understand how immense the oceans are considering if you compare them to their size of land. And then you just think about how immense and tiny earth is well, how tiny earth is and the immensity of space. And then you think that, you know, there's only one guy who has the only highway to space. And just to prove that, I just try to pull up the number here. Falcon Nine in 2025 did a 167 trips into space, averaging 14 launches per month.One launch every two point two days. And in 2026, they're on pace to do somewhere between a 145 and a 160 launches. So, you know, essentially the only person or a company that is going to space today is SpaceX. The alternatives are nobody, literally nobody. And, you know, the closest thing was probably Blue Origin, which just blew up their entire launch pad.And so, you know, forget Starlink, you know, forget like data centers in space for just forget everything. If you have a completely monopolistic behavior on the only road into the largest area in the entire atmosphere, I don't even know. I I guess that that I think that's the right term butSam Nadler: Universe? Yeah. Universe. Universe.Jordan Metzer: The entire universe. I mean, it's insanity. So, you know, until somebody catches up on that, I just don't think, like, how can you put a price on, you know, Infinity because, like, you know, if they go a 167 times a year, that's probably just the same rocket over and over again. Only doing one launch a day. Right?So like, you know, really what's stopping them now that they can raise unlimited capital, they can get cheap debt. But if what if he's launching what if he's launching three a day, you know, and he just triples that number by just having one rocket on the West and one on the East Coast and I mean, you know, what if they're launching every every 30 minutes, you know. I I just I think the the the demand for satellite companies to leverage SpaceX at a cheaper price, direct more volume into space is just infinity. And then, yeah, of course, Starlink, Mars, moon, whatever, and the Elon factor, and the sky hasn't missed. So, yeah, I think I think it's early days, but you could definitely see, you know, I I think Sam and I were talking about it the other day, but they had talked about that code to chart of kind of like, you know, as as the company valuation increases, their probability of 10 x ing increases.So, you know, going from a 100,000,000 to a billion, you know, has lower odds than going from a billion to 10,000,000,000, and then from 10,000,000,000 to a 100,000,000,000, yada yada yada, a 100,000,000,000 to a trillion, and now, you know, now we got multi trillion dollar companies. So I think, you know, the point that was made from David Sachs was I like, you know, probability of going from, you know, multi trillion to 10,000,000,000,000 is probably even higher. So, yeah, I'm just I'm super long and honestly, like, you know, unfortunately, we don't have, like, a strong American nationalized space program through NASA like we used to. You know, I mean, I grew up, like, going to Cape Canaveral and all those kinds of things. And really, if you want, like, the future to believe in space and the opportunities it provides, it was really the only way to do that and that's buying SpaceX stock.Alright. I said my piece, Sam.Sam Nadler: Yeah. And wait, Jordan, you've seen a SpaceX launch, right, in person or am I making that up?Jordan Metzer: No. I have been to a SpaceX launch in person and it's it's life changing. I would say, like, if you can go, you should go. You can go in California even I wanna go to Boca Chica. I really do.I gotta figure out like, I wanna like actually like get invited like Nicki Minaj style, but I I wanna go see a launch like at the start at the like SpaceX like launch pad. But, yeah, I saw one in California. Yeah. It's emotional. I mean, you see this rocket go like over the mountainside and it's like up in space and you can see it on the screen and then a few minutes later it's already back down to earth and it ejected all of its satellites and yeah.It's it's incredible. It's absolutely incredible and the things that space provides for us, people don't truly understand. You know, we live on GPS as one example every single day and the entire world depends on, you know, American GPS satellites. So anyway, alright. I love Elon, I love SpaceX and I'm on, you know, you can it's 2026, June 2026.If we can come back to this clip in 2046, we'll see how I did.Sam Nadler: Alright, Jackson. Where can people find you? Are you on X? Are you on LinkedIn? Where where can people I obviously, realm.ai.Where where can people find you?Jackson Reiter: Just walk around New York, and I know you'll bump into me somewhere. That's the best advice. Now, aside from on the streets in New York or potentially soon in the future with Jordan at a SpaceX launch,Jordan Metzer: you can call me youJackson Reiter: can find me on LinkedIn, just my full name. I'm also on x, becoming more of a user, perhaps off the back of the SpaceX IPO, doing my part. That's it. That's where you can find me.Sam Nadler: Awesome. Well, great episode. Thanks for coming, and it was a pleasure.Jackson Reiter: Great. Thanks for having me, guys.Jordan Metzer: Much appreciated. Jackson. See you.