As seen on Real Estate Magazine
News about ChatGPT and AI developments dominated recent headlines. Amongst other data points, AI-driven applications published a peer-reviewed academic paper and passed the infamously challenging U.S. bar exam.
Technological advances of this magnitude have the potential to be generally disruptive at a societal level, and the real estate business is certainly not immune (as cogently described by Natalka Falcomer in a recent article in REM ). Indeed, technological disruptions have always been part of the real estate business.
In the 1990s, many believed that the pervasive adoption of the internet would be the ultimate disruptor in real estate. Fueled by the widespread availability of listing data online, the internet would radically disintermediate the home transaction process: buyers and sellers would consummate deals directly via online platforms, therefore negating (or at least reducing) the need for real estate agents. It was the eBay model applied to real estate.
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This article originally appeared on RealEstateMagazine.ca
