Meet the visionaries behind Placy

After my meeting with Sotiris Komodromos, it’s clear that the realm of real estate is on the brink of a tech-driven transformation.

As the Chief Commercial Officer (CCO) of Placy, an AI-powered startup launched in Cyprus, Komodromos is not just riding the wave of technological advancement – he’s at the helm.

He explained that “we are creating waves by introducing cutting-edge solutions to automate and enhance operations for agents, developers, property managers and short-term rental businesses.”

Furthermore, he proudly added, “Placy is pioneering the integration of artificial intelligence in real estate, offering innovative solutions that streamline a wide array of operational tasks.” 

Raised in Limassol, Sotiris earned master’s degrees from Cardiff University and The University of Texas at Austin. His time in Austin, known as ‘Silicon Hills’, deeply influenced him, driving him to immerse himself in new venture creation courses at the McCombs Business School and to engage in startup initiatives at the Texas Venture Labs.

Transitioning from his engineering roots, he ventured into PropTech by co-founding a company in London and later moved through the ranks to become Chief Operating Officer (COO).

His journey continued at TeamVision Group, a venture capital firm in Cyprus, where he helped a variety of startups and businesses in Cyprus, Greece and the UK to start and scale their operations.

Now back in Cyprus, as Placy’s CCO, he’s spearheading AI innovations in real estate, highlighted by a recent injection of €1.5 million in pre-seed funding.

Reflecting on his unexpected career path, Sotiris remarked, “It’s quite surprising to find myself at the helm of an AI start-up in Cyprus. Given my past, one might have expected me to stay in Austin or London. Yet, the vibrant tech scene here is brimming with incredible entrepreneurs, investors and visionaries.”

The team at Placy is more than just a group of talented individuals; it’s a dynamic powerhouse of seasoned experts in the PropTech landscape. 

Sergey Osipov

The core group includes the trio co- founders – Sergey Osipov (CSO), Mike Vasiliev (CEO) and Alex Alexeev (Tech Lead), each bringing a wealth of experience and a deep understanding of the market’s intricacies. 

Sergey Osipov, a dynamic tech entrepreneur, has co-founded several ventures, including two digital agencies, Red Graphic and Playsense and AdRevolver, an online ads optimisation software that was successfully acquired by Yahoo! Inc. 

Meanwhile, Mike Vasiliev brings a strategic edge to the team with his extensive background in real estate marketing and product management. 

Starting as a marketing director at a real estate agency, Mike’s career trajectory took a significant leap when he became the Chief Product Officer (CPO) of CIAN, the largest Eastern European real estate portal. 

His leadership was instrumental in leading CIAN through its transformational journey, culminating in a $1.1 billion IPO on the NYSE in 2021. This experience has endowed him with an exceptional grasp of market dynamics and a unique perspective on customer-centric product development. 

Placy’s AI-Powered solutions: PRO and Assistant

During our conversation, Komodromos shared insights into the company’s AI-powered solutions. Placy’s AI assistant not only automates mundane tasks but also augments customer interaction through advanced technologies like voice recognition and intelligent profiling. 

He explained that “Placy is an AI-powered entity committed to transforming the real estate industry. Established in 2023 and headquartered in Cyprus, we provide two primary solutions.”

Placy PRO is their bespoke AI agent tool tailored for real estate agencies, developers, property management firms, short-term rental companies and PropTech enterprises.

It automates critical workflows — client onboarding, communication and transaction management — utilising AI to enhance efficiency and productivity.

Further, Komodromos added, “Placy Assistant is a complimentary, B2C service that delivers property evaluations, advanced search tools, direct communication with agents and AI assistants, alongside appointment scheduling.”

Essentially, it facilitates a more seamless transaction process for both buyers and sellers.

Their objective is clear: to streamline real estate operations. By automating routine tasks and enriching customer interaction through AI technologies, they empower real estate professionals to concentrate on their core strengths — fostering relationships and sealing deals — whilst ensuring clients discover their ideal homes swiftly.

The power of voice technology in real estate

“We regard voice technology as a transformative force for real estate professionals,” Komodromos noted, adding, “agents can respond to client enquiries far more rapidly and effectively, even amidst multiple tasks. This means potential buyers or sellers don’t need to wait  until the next business day for a response and agents aren’t swamped by a barrage of messages.” 

From the client’s perspective, he observed, “the advantages are equally significant. Anyone can make enquiries at any hour, in any language, receiving immediate assistance – eliminating the wait for office hours and easing concerns about time zones.”

This high level of convenience cultivates a sense of accessibility and trust, keeping clients engaged throughout their property search.

Placy’s edge: Advanced AI and real estate expertise

“Many voice solutions might seem similar at first glance—particularly if you’re basing your impressions on brief demos circulating on social media. Yet, beneath the surface, Placy is affecting something fundamentally different,” Komodromos emphasised. 

He explained that rather than adhering to rigid logic flows or outdated scripts, we harness state-of-the-art AI, enabling nearly limitless conversational possibilities. This allows clients to pose any query in an open-ended manner. 

According to him, “we deploy various large language models (LLMs) optimised for specific tasks — some tuned for speed, others for accuracy — to ensure cost efficiency without sacrificing performance,” adding that “Placy team handles the setup and configuration for our clients, obviating the need for them to spend months developing their own solutions or engaging with generalist agencies.” 

Market response and expansion potential

“The advantages of activating the AI assistant are immediately evident,” Komodromos stated. 

He discussed in detail the lead qualification feature of Placy PRO, stressing its potential and pointed out, “with our clients we have 67 per cent  of requests arriving after hours and 88 percent of enquiries are automatically qualified, demonstrating that our AI not only captures but also efficiently works with leads compared to traditional methods.” 

Komodromos continued, “This approach results in significant efficiency gains across various real estate sectors — agencies, developers, property managers, short-term rental providers and even hotels. The seamless scalability of these solutions is a testament to our dedicated focus on practical utility.” 

“Being situated in Cyprus places us at the strategic nexus of the  European Union (EU) and  the Middle East and North Africa (MENA) regions,” Komodromos commented on their expansion strategy. 

Placy selected these markets for specific reasons: Their headquarters’ strategic position at the crossroads of the EU and MENA facilitates our expansion plans. Deliberately choosing these markets leverages the EU’s stringent regulations to our advantage, diminishing competition as we establish a solid foundation. 

Additionally, he noted, “our multilingual team is well-equipped to develop solutions for linguistically diverse markets. We anticipate reaching break-even within the coming year, setting the stage for further growth in the region and beyond.” 

“Real estate markets globally exhibit certain commonalities – such as the need to list properties or manage showings – yet each market also harbours its quirks,” Komodromos explained regarding the adaptation of Placy’s AI to diverse markets. 

“We integrate seamlessly with dominant listing websites and CRMs in each market, ensuring minimal friction for agents and their clients.” 

“Our solutions boost client conversion rates from social media, email, offline marketing and paid advertising, enhancing overall engagement,” he noted. 

Additionally, they maintain a comprehensive knowledge database for each market, encompassing local regulations, taxes, trends and market insights. 

Ultimately, their core features are designed to operate universally across markets, thus eliminating the need for costly custom development in each country. 

The Agentic revolution

“We envisage an ‘agentic revolution’ in PropTech, with Placy PRO leading the charge,” Komodromos said. 

By ‘agentic,’ it means AI systems capable of autonomous decision-making, executing complex objectives with minimal human oversight. 

This evolution will further streamline property transactions and enhance the overall customer experience. 

Imagine an AI system that not only responds to routine enquiries but also proactively manages tasks such as document preparation, financial qualification and negotiation support. That is the future we are diligently building towards. 

“AI will continue to reshape real estate in myriad ways,” Komodromos said. 

Exclusive Data Access ensures their integration with proprietary datasets and national registries provides more precise property valuations and compliance checks.

Next-Generation Features involve merging semantic and multimodal search with automated task management to further personalise client interactions.

At Placy, their role is to remain at the forefront of innovation, developing technologies that are not only powerful but also user-friendly.

Empowering agents and redefining real estate

“Placy contend that AI is not about supplanting human agents; rather, it’s about empowering them to work more effectively and intelligently,” Komodromos said.

By streamlining routine tasks, AI enables professionals to focus on fostering robust client relationships and delivering exceptional service.

As the real estate industry progressively embraces digital transformation, Placy distinguishes itself by offering a pragmatic, forward-looking AI solution that addresses real pain points. 

From voice-enabled interactions to autonomous agentic workflows, Placy is positioning itself as a key player in shaping the future of property transactions. 

With success stories in Cyprus and plans for expansion across multiple regions, it is thrilling to anticipate how Placy will continue to evolve – and how its blend of AI innovation and real-world expertise will redefine real estate operations worldwide.