Elliman Launches AI-powered Data Company, Tech Upgrade

One of the biggest names in residential brokerage is officially betting big on artificial intelligence.

Douglas Elliman Inc. announced on Wednesday that it plans to roll out a new data company, called Elius, built with Google Cloud. Along with the platform launch, the firm said it’s undergoing a major revamp of its technology infrastructure, which it expects will reduce costs by automating and streamlining operations using Google Cloud’s AI.

“The next era of this business will be defined by intelligence,” CEO Michael Liebowitz said in a press release about the initiative.

The new platform will use Elliman’s proprietary data, collected from its brokerage and new development businesses, to form new products and services that it will eventually market to consumers outside the company.

The firm has not yet shared any specifics about those products and services, as Elius is still under development. Elliman has also not yet released any details on the platform’s rollout timeline.

Elliman is self-financing the initiative with existing cash and expects to offset its spending through the cost reductions achieved with the technology, according to the press release.

Liebowitz told Bloomberg, which first reported news of Elius’ launch, that the company’s pivot to AI would result in a “significant amount” of headcount reduction, though he said he won’t determine the exact number of layoffs until after the technology is implemented.

He also told the outlet that he expected AI to reduce the number of agents in the industry overall, though he added that deals in the luxury sector would likely still require experienced brokers.

In the press release, Liebowitz described Elius as Elliman’s effort to capitalize on data that has been historically monetized by third-party firms in the industry. Brokerage leaders, including Compass CEO Robert Reffkin, have previously pushed back on listing syndicators and other aggregators for relying on brokerages’ data to generate revenue.

Compass International Holdings, the holding company of the eponymous brokerage, last week announced its AI-powered platform to many of the brands it absorbed through its merger with Anywhere Real Estate earlier this year.

As of early July, brokerages such as Corcoran, Sotheby’s International, Coldwell Banker and @properties are using Compass’ back-end technology, dubbed Home Platform. The firm said it plans to expand the platform to franchisees under its umbrella next year.

From its inception more than a decade ago, Compass has routinely touted its tech stack as one of the most advanced and efficient in the industry. It spent nearly $1 billion developing its platform.

The rollout follows Elliman’s hire of a new chief technology officer in November. Chris Reyes, who previously led the technology team at Brown Harris Stevens, joined the firm just a month after it announced its AI assistant app, called Elli AI.