From Classical Piano to PropTech: RealReports Aims to Solve Real Estate's Data Problem

Written by:

Rudi Davis

Date:

27 Nov 2024

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In an industry often criticized for its slow adoption of technology, Zach Gorman’s path to PropTech leadership has been anything but traditional. The Co-Founder and COO of RealReports, which he describes as an “AI-powered Carfax for homes,” started his career not in real estate or technology, but as a classically trained pianist.

After studying Arabic and Middle Eastern Studies in university, Gorman spent a decade as a professional recording artist and electronic music producer. This artistic career unexpectedly laid the foundation for his future in technology, as he developed expertise in marketing, branding, and logistics – skills necessary for managing his music career. These capabilities eventually led him to build a consulting firm serving clients across various industries, with a growing focus on product design.

His entry into real estate came through a partnership with a university friend and former mountaineering partner who was launching a tech-enabled real estate brokerage. What started as consulting work evolved into a co-founder role, where Gorman helped build a brokerage that expanded to multiple states with 40-50 agents.

It was during this venture that Gorman identified the problem that would lead to RealReports’ creation. “Real estate data is incredibly fragmented. It can be expensive, it can be stale,” Gorman explains. “We kept running into the same problem over and over again.”

The challenges manifested at every level: consumers lacked crucial information for buying and selling decisions, agents spent countless hours gathering data, and the company itself struggled with expensive, lengthy contracts for data access when trying to build new features. These obstacles, Gorman observed, weren’t unique to their business but were systemic across the PropTech industry, often preventing startups from gaining traction.

RealReports’ solution aggregates data from over 50 different providers into a single platform, powered by a multimodal AI that can analyze everything from property photos to HOA documents. The system allows users to query vast amounts of property data using natural language, making complex information instantly accessible and actionable.

“You can put 100,000 data points in front of somebody’s face, but their eyes will glaze over instead of lighting up,” Gorman notes. “AI really solves that problem, because it’s able to digest all that information, collate it, analyze it. And basically you just ask a question and you get an answer.”

The platform’s timing is particularly relevant given the recent NAR commission lawsuit settlement, as real estate agents seek ways to demonstrate their value. RealReports helps agents build credibility and trust while streamlining their research process and mitigating risks. The system even functions as a lead generation tool, tracking potential buyers’ engagement with property reports.

This represents a significant improvement over traditional methods, where agents either spent hours gathering information from multiple sources or, due to time constraints, sometimes skipped proper due diligence altogether. “This is not a slight on agents,” Gorman emphasizes, “but they’re very busy. They have a lot of things to do.”

Looking ahead, Gorman is optimistic about both his company’s future and the broader real estate technology landscape. While RealReports currently focuses on serving real estate agents, brokerages, and MLS organizations, the company is already piloting programs with insurance companies and lenders. Their ultimate vision is to become a “data utility” powering innovation across the entire real estate industry.

“I know it’s trite and everybody talks about AI,” Gorman admits, “but I really think that AI presents this immovable inflection point where everything is going to be AI-driven in one way or another quite soon.” This technological shift, he believes, will help accelerate innovation in an industry that has historically been resistant to change.

For a sector still reliant on fax machines and paper processes in many areas, RealReports represents a glimpse into real estate’s AI-powered future – one where comprehensive property information is just a question away.