October 21, 2020
The coronavirus pandemic has caused one of the most important economic crises in history. In this unprecedented context, Canadian entrepreneurs have once again shown their courage and ability to adapt. This year for BDC Small Business Week, we sat down with entrepreneurs in our ecosystem to learn about how their businesses have been impacted by COVID-19, how they’re pivoting for success, and how they’re building for the future in these uncertain times.
In October 2020, the breaking news set in that open houses were to be banned in large cities across Canada, including Ottawa, Peel, Toronto and York Region. With the pandemic shifting most in-person experiences to the virtual world, it has never been clearer that technology sets the stage for transformation of business practices across all industries, including real estate.
We chatted with Yanky Li, OpenHouse.Ai’s President and Co-Founder, about how his company has developed a marketing platform for home builders to deliver a dynamic and personalized experience to help generate real-time market research data. Available as an add-on to existing websites, the OpenHouse.Ai platform results in a 50% increase in online conversions, increased sales, and empowered data-driven decision making. All of this data allows home builders to make decisions a lot faster than traditional methods.
“We’re growing a team that believes in a common vision to make an impact,” says Li. “Our competitive edge has always been our team.”
Yanky Li has led the company through COVID-19 challenges, growing the team to reach goals and expand into adjacent markets. A critical element to OpenHouse.Ai’s successful pivot was to build for the future by expanding their team to be more aggressive. “We’re growing a team that believes in a common vision to make an impact. The pandemic has enabled us to find more of these team members,” says Li. “ Our competitive edge has always been our team.”
The journey hasn’t always been easy, with many of their clients facing tough business choices in the beginning of the pandemic.
“Initially, many prospects canceled meetings, and businesses went into a cost-cutting mode,” says Li. “Innovative technology wasn’t on anyone’s mind.”
The silver lining is that OpenHouse.Ai was built as a platform for the future of real estate, combining the power of AI, and the specific data points used by home builders. Now, there’s a bigger sense of urgency for the real estate community, that’s been demanding these types of technologies to help close deals faster and remove the barriers faced by home builders.
The OpenHouse.Ai marketing platform enables home builders to embrace change and secure a competitive advantage with insights they never had access to before.
OpenHouse.Ai understood the need to pivot to modify their value proposition to appeal to the new reality. They changed their messaging to emphasize that their technology is the way to adapt and move forward in this new world. Their marketing platform enables home builders to embrace change and secure a competitive advantage with insights they never had access to before. OpenHouse.Ai is in a unique opportunity to grow from the experience and to encourage home builders to invest in technology that will propel their growth for years to come.
Learn more about OpenHouse.Ai is changing how we approach real estate on their website.
OpenHouse.Ai is part of ventureLAB’s Capital Investment Program. ventureLAB is a leading technology hub located in Markham in York Region, Canada’s second largest tech cluster. Through its programs focused on capital, talent, technology, and customers, ventureLAB has supported over 2,000 tech companies and entrepreneurs, including 100 companies that have raised over $115 million and created close to 4,000 jobs. At ventureLAB, we grow globally competitive tech titans that build-to-scale in Canada. Join us.