Residential Real Estate News
World Property Markets to Commence Industry-wide Joint Venture Fundraise
Michael Gerrity, founder of the Miami-based real estate technology developer World Property Ventures, just announced that its newly formed subsidiary, World Property Markets, will soon launch a major joint-venture funding round in early 2025. The round will consist of three funding tranches totaling $350 million over the next year and will be carried out in collaboration with the global property industry itself that includes large developers, homebuilders, brokerages, landlords, Wall Street investors and mortgage companies worldwide.
World Property Markets specializes in developing next-generation real estate listings marketplaces and search engines on a global scale. Among its current assets is Global Listings, the world's largest property listings marketplace that onboards over 3.3 million property postings each month across 110 countries and growing. The company is also building World Property Search, an emerging AI-powered property listings search engine set to debut in the coming year.
"Now is the time to leverage cutting-edge AI technologies, data, scale, automation and innovative '0-to-1' thinking to build better 'mouse traps' for the global property industry," Gerrity said. "One of our goals is to greatly reduce the $500 billion in 'customer acquisition costs' paid by hundreds of millions of combined property sellers worldwide each year by creating more efficient AI platforms to better connect buyers and sellers on a global scale in a far more cost-effective manner. Think of us as building an artificially intelligent global MLS platform that is publicly accessible to everyone to use."
He further explained, "We are addressing and solving very significant systemic industry problems by developing far better solutions for a massive yet archaic, analog, fragmented and highly underserved $380 trillion addressable global property marketplace that transacts over $13 trillion of real estate deals each year."
