Placy CEO Mike Vasiliev on AI’s game-changing role
Mike Vasiliev, CEO of AI-powered property startup Placy, is no stranger to the intersection of real estate and technology.
With over two decades of experience in the field, he has played a pivotal role in shaping the industry, most notably as Chief Product Officer at Cian, Eastern Europe’s largest real estate portal.
Now, as the founder of Placy, Vasiliev is leading a new wave of innovation, harnessing artificial intelligence to revolutionise how real estate professionals operate.
Speaking to the Cyprus Mail, Vasiliev explained that the inspiration for Placy stemmed from the emergence of ChatGPT, which he immediately recognised as a game-changing development for the sector.
He was captivated by the technology’s potential to significantly streamline complex processes, thereby enhancing productivity for buyers, sellers, and agents alike.
He envisioned a system where thousands of listings across the internet and CRM systems could be analysed in mere minutes—a stark contrast to the days-long endeavours previously required. According to him, this vision was akin to equipping every agent with the capabilities of the world’s best real estate agent.
Addressing the ongoing debate about the potential obsolescence of realtors in an era of advancing AI, Vasiliev was adamant that the role of human agents is here to stay.
“The personal touch will become more crucial than ever,” he said.
Placy’s mission, he explained, is to empower agents rather than replace them, providing an AI platform tailored for real estate professionals encompassing agencies, developers, and property management companies.
Describing Placy Pro, Vasiliev likened it to an ideal assistant that clones the best aspects of a realtor but with enhanced capabilities.
It operates around the clock, supports multiple languages, and integrates seamlessly with tools agents already use, such as CRMs.
He mentioned that this integration is key to freeing agents to focus on fostering meaningful relationships with their clients.
In a market saturated with CRM solutions requiring significant customisation to meet the specific needs of the real estate industry, Placy Pro distinguishes itself by complementing, rather than competing with, existing solutions.
It is adept at handling specialised tasks such as capturing leads from missed calls, qualifying inquiries, scheduling appointments, and directly syncing this information to an agent’s existing CRM.
He explained that this capability enables Placy Pro to simplify complex workflows substantially.
Vasiliev was particularly excited about the future direction of Placy, which includes the development of ‘AI clones’—digital replicas of real estate agents.
“We were actively developing technologies like voice replication and even video clones,” he explained.
According to him, this innovation allows agents to extend their presence and capabilities, adapting swiftly to changes in the market and staying ahead of traditional practices that may struggle to keep pace.
A significant focus for Placy is addressing the prevalent issue of app fatigue in the real estate sector.
Vasiliev emphasised that Placy’s approach is designed to streamline rather than complicate an agent’s workflow.
“Real estate professionals don’t need more apps—they need fewer tasks,” he said. By automating repetitive tasks and ensuring consistent processes, Placy enables agents to concentrate on building relationships and closing deals.
Developing AI solutions that are reliable and ready for production presents substantial challenges, including scalability and managing costs.
Since 2023, Placy had committed fully to an AI-first development strategy, tackling these challenges head-on to ensure that their solutions are both effective and tailored to the real estate market’s unique demands.
Vasiliev also emphasised a practical example of how Placy’s innovations were making a tangible difference.
The AI-powered phone system developed by Placy handles calls after hours, accurately transcribes conversations in multiple languages, and generates responses instantaneously.
He added that this system ensures that up to 70 per cent of real estate inquiries that occur outside of traditional working hours are not missed, thereby enabling agents to capture leads around the clock without compromising their personal time.
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The impact of this technology on business performance was significant. “Our clients saw tangible benefits,” Vasiliev noted.
On average, Placy Pro saves an agent about 30 hours per month, which amounts to approximately two and a half months each year.
This newfound efficiency allows agents to dedicate more time to revenue-generating activities and less on administrative tasks, fostering a cycle of growth and productivity essential for survival in the increasingly competitive real estate industry.
The rapid traction Placy has gained in the market can be attributed to its experienced team of PropTech veterans, technology specialists, and global market experts, most of whom are based in Limassol.
This includes key figures, including Sergey Osipov, co-founder, and Sotiris Komodromos, Chief Commercial Officer, whose efforts were crucial in launching and expanding operations in Cyprus.
The strategic placement of team members, including Alex Alexeev as CTO in the UK and Michael Zhigarev as CMO in Canada, allows Placy to effectively broaden its market reach.
Early venture capital backing also played a pivotal role, enabling significant investment in research and development.
This support helped Placy deeply understand industry needs and create a product that is poised for the future of AI-driven real estate.
Currently, Placy is engaged in advanced negotiations with prominent real estate developers in the MENA region and has formed partnerships with recognised brands in Spain and Cyprus.
These developments are a strong indication of the market’s enthusiasm for Placy’s innovative approach, validating the company’s strategy and promising a robust future.