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Saturday, Sep 24, 2022

New Service Promises to Make Home Shopping Easier

A former San Diego aerospace engineer has formed a technology-based real estate company that uses artificial intelligence with a goal of revolutionizing the way people search for houses online.

Richard Montaño created Cribsee to give buyers a more detailed look at what’s on the market, refine their search according to their preferences, and better estimate the value of homes based on what it has inside and out.

The name of his company is a takeoff on the slang for home, crib, and see, as in search.
“If you asked six Realtors the value of something, the precise value of a property, you’ll probably get six different answers,” Montaño said. “We’re trying to remove that human bias and use actual data.”

Soon, Cribsee will offer a scorecard that Montaño said will show “if a home is priced properly and how much in demand that house is at the current time.”
“We look at millions of data points using artificial intelligence and we correlate those features with time required to sell a property, days on the market as well as value,” Montaño said. “We continue doing that loop daily so that the analysis is real time analysis.”
The company’s data base covers homes in California, Arizona and Washington with plans to expand to at least 30 states by the end of summer.
Among other things, Montaño said Cribsee eliminates what he called “real estate fatigue” among people looking for homes online.
“If you’re searching for a property in a certain area of San Diego, you get 20 or 30 listing results. You have to go through all the images to get to the ones you actually like,” Montaño said.
Rather than searching through all listings in an area, Cribsee refines the search by including information not normally included in online searching.
For instance, if someone prefers kitchens with white cabinets, Cribsee will search for homes that meet that criteria and list them at the top of search results.
Other criteria include kitchen appliances, flooring and lighting, fireplaces, outdoor decks, views, pools, hot tubs, chandeliers and outdoor living space.
In all, the website lists more than 60 search criteria.

Faster Results
Montaño said Cribsee is especially valuable in the current real estate market when the inventory of homes on the market has reached record lows, homes are snapped up almost as soon as they’re put on the market, and sellers have a choice of multiple offers.
“We can help expedite that process for them so they can find the one they like faster and direct their realtor,” Montaño said, increasing the odds that the home of their choice will still be on the market.
The Greater San Diego Association of Realtors reported that single family homes in June spent an average of 17 days on the market before they were sold, down from 30 days in June 2020.
The association reported that the inventory of single-family homes on the market in June was down 48.1% in June from a year ago.
The Crisbee search service is free. Montaño said his company makes money if people use his real estate agency to actually buy a home.
The Cribsee website includes a link to a real estate agent.

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Montaño worked for four years as an aerospace engineer at Northrup Grumman Corp. but left to form his own real estate company in 2009.
“When there was a fire in the industry and people were running from the industry, I was running toward it,” Montaño said. “The competition was pretty low at the time.”
With his background in technology, Montaño said he became frustrated with how slow the real estate industry seemed to be adopting new technology.
“It’s very archaic and behind the times,” Montaño said. “With the technology that’s available today, the real estate industry should have a lot more advances.”
Montaño said he formed Cribsee two years ago but didn’t actually put the service online until July 2021, spending the time in the interim developing the software algorithms to make it work.

Founded: 2019
CEO: Richard Montaño
Headquarters: University City
Business: Online real estate search company
Number of employees: 7
Notable: Founder and CEO Richard Montaño is a former aerospace engineer and real estate developer.
Website: www.cribsee.com
Contact: cs@cribsee.com


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