Ready to build your own home? Terrascope, artificial intelligence real estate agent, lists land – Orange County Register

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The first time Kehan ​​Zhou made a purchase of rural land on a third-party Multi-Listing Service site was truly eye-opening.

It turns out that there is plenty of cheap land, and this is a problem.

“You cannot filter; it’s just overwhelming, ”said Zhou, a Wall Street trader and then a tech entrepreneur who knew he could do better.

Zhou is co-founder Terrascope, is described as the first AI-powered real estate agent to find and browse rural real estate on the Internet. This is in the wake of a booming housing market fueled by the pandemic. Last year, land sales rose 3%, according to data Land market overview 2020 The Institute of Land Realtors and the National Association of Realtors.

“As this remote work option becomes more viable, this trend will continue,” Zhou said.

Are you looking for a holiday land?

Terrascope uses machine learning technology to analyze thousands of properties in California and the popular retreat state of Montana in search of the perfect property.

Forty acres of oak-strewn hills and a few building plots, all a scenic hour from Paso Robles in Bradley, can be yours for $ 120,000. List shows that it is ideal for long walks, motorcycle rides and hunting.

How about a 12.5-acre lot on the banks of the Missouri River in Townsend, Montana? Current price is $ 180,000.

The results are based on user feedback on questions such as “Do you want a land with a home?” Are you looking for a specific “property type (s)?”

Location, price, area, and special features such as “utility access”, “waterfront”, “skiing”, “golf”, “fit for horses” further help narrow the results.

“Many of our artificial intelligence technologies are included in every criterion we talk about here,” Zhou said. “For example, our algorithm actually determines if an object is suitable for hiking, boating or fishing. This is not the data that we generate ourselves. “

Results are either flagged by the user or not approved.

Terrascope plans to expand its rosters to other territories and eventually take root in San Francisco, where co-founder and “mastermind of artificial intelligence” Julian Compagni Portis is now based.

Zhou currently works remotely from Montreal, Quebec, where he made Zoomed one morning in late July to talk about his startup.

Q: How did you arrive at your search criteria?

BUT: According to our research, buying a suburban real estate is twice as difficult as buying an urban one. Buyers need to consider things like access to utilities, water sources, land features – and all of that beyond the design itself, right?

We approached the problem by thinking, “Okay, what do people care about when they buy rural property?” This question is actually very insightful.

Q: Do the lists provide information on permitting or zoning rules?

BUT: At the moment, a lot depends on the buyer, who will conduct their own research. But in fact, we are working to provide buyers with additional information on all these requirements.

Q: So you educate buyers how are they looking?

BUT: Absolutely! People are overworked. They need more space. They want a different way of life. But for them, it’s just a fantasy, because they don’t know how to make this transition. So, with this informative and intelligent real estate agent with artificial intelligence, we educate all buyers on how to do it.

Our search is independent of location. We have a button that you can click to search anywhere, because rural property buyers sometimes don’t care about location.

Many buyers are just exploring. Thus, this feature allows them to start watching and learning. AI helps them in this process while they discover their true preferences.

Q: How does Terrascope make money?

BUT: At the moment we are focused on generating transactions. But in the future, we want to be the only agent you turn to. We will replace the real estate agent’s commission with a small fee for the same quality of service with even faster processing.

We are actually studying a virtual tour. It will be so much fun because you will be able to see the farm virtually.

Q: With Wall Street experience, why did you choose to focus on casual shoppers?

BUT: As a leading operator on Wall Street, I talked to CFOs all the time. I was invited to interesting meetings and events. It sounded like a great life. At the same time, I was tired of it because my life had no higher purpose. I felt somewhat dissatisfied. For me, this has always been an attempt to help people.

Before I got my full-time scholarship at Wesleyan, I was literally in a dire situation. I couldn’t go to college without a scholarship. I also couldn’t go to college in China because of the rule that you have to go back to where you were born to take the (entrance) exam. I was born outside Beijing in a small village. So, I decided to take a different route via the SAT.

At that time, no one gave full scholarships to foreign students, especially Chinese ones, because it was 2011. We were right after the financial crisis. Many people needed help. The universities were not rich either. The financial crisis hit their funds as well. They were looking for Chinese students to subsidize home student education.

So I applied to 40 schools and was rejected again and again. I really thought I had no chance. But then Wesleyan came along.

You know, I’m not from a wealthy family. I came from an incomplete family, only with my mother. So, I understand the struggle. I’ve always wanted to use my position through technology or finance to create something that will benefit other people as well.

Q: Where is your father?

BUT: My father passed away when I was very young. My mom raised me and gave me a better education, even though we didn’t have what Beijing calls household registration (a Mao-era system known as hukou that restricts rural migrants’ access to public health). care and education).

Another reason I left China was because I am gay. My mother and I realized that it would be difficult for me as a person to stay in China. She even told me that if I didn’t get the scholarship, she would do her best to get me to America at some point.

It was not an easy childhood, but I was lucky that I had a very caring mother. I always think of it as a source of strength and purpose.

This drives what I am doing now.

Kehan ​​Zhou Profile

Title: Co-founder

Organization: Terrascope

Place of Birth: China

Education: Received a degree in economics from Wesleyan University in Connecticut, received a full scholarship, and graduated in 2015.

An experience: He began his career as a private bond trader on Wall Street. He was in charge of the European lending program for Citigroup in London. He later founded Wall Strategies and co-founded Terrascope.

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