Source: Fortune
Summary
Ryan Serhant, founder and CEO of Serhant brokerage, shared a story at Fortune’s Brainstorm Tech conference about how ChatGPT nearly ruined a $50 million deal for a New York City penthouse. The buyer’s broker used ChatGPT to question the price, which led to the buyer pulling out of the deal. Serhant had to salvage the deal by using old-fashioned research and social media. The incident highlights the debate over whether AI amplifies or replaces real estate agents.
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Ryan Serhant’s $50 million deal was almost blown by ChatGPT. The buyer’s broker used the AI to question the price, and the buyer pulled out. Serhant had to use old-fashioned research to salvage the deal. The incident highlights the limitations of AI in real estate transactions. “People hate being sold, but they love shopping with friends,” Serhant said.
The AI effect is already being felt in the real estate industry, with agents being seen as more like travel agents, providing guidance and expertise rather than just access to information.
Author: Evan Null
