It was a very trustworthy application and hadn’t yet been corrupted by fake profiles, scams and filled with “fake news”. I remember when Facebook first launched and made it’s way into colleges. If AI is anything like an online platform, it may never be trustworthy. Let me expand on some of the issues mentioned by ChatGPT to fully explain why replacing a TC is a much bigger challenge than it seems. AI may be “capable” of performing transaction coordinator duties in a few years, but it might take decades for actual adoption by the industry. But don’t go changing your profession just yet. So in only 3 years, we could see a big change in how real estate transactions are managed. As a result, the adoption of AI in real estate may proceed more gradually compared to other sectors." It's also worth noting that the real estate industry tends to be conservative in adopting new technologies, primarily due to the significant financial and legal implications involved in transactions. It could be several years or even decades before AI reaches a level of sophistication and trustworthiness to handle the full range of responsibilities involved in the role. "Considering the complexity of real estate transactions and the need for human judgment, empathy, and negotiation skills, it's reasonable to expect that the complete replacement of transaction coordinators by AI will take considerable time. I pressed for more specifics about an actual timeline, and ChatGPT had this to say: While AI can automate certain tasks, the evolution towards AI replacing transaction coordinators will be gradual as technology advances and industry dynamics evolve." Real estate transactions involve complex negotiations and human judgment, which AI currently cannot fully replicate. "The potential for AI to replace transaction coordinators in real estate is a topic of ongoing discussion, but complete replacement is unlikely in the near future. In true ChatGPT fashion, I asked for a 3 sentence summary to share below. The answer I received was rather detailed and nearly an essay in itself. To start, I simply asked ChatGPT to tell me when AI plans to eliminate the need for a TC in a real estate transaction. So I decided to do a deep dive on if (or when) each role of a real estate transaction is expected to be overtaken by AI, in an effort to future-proof my business and find out how well AI can predict the future, beginning with the role of a “Transaction Coordinator”. Removing just one step of the real estate transaction process could cause a major shift within the industry, and start a new path towards buying and selling homes for consumers. The latest evolution of Artificial Intelligence may finally bring about meaningful disruption to an industry that remains fragmented. So far, these and other disruptive companies seem to create more news than real change within the industry. With housing making up 17% of the annual GDP, it’s no wonder that the industry has a target on it’s back. Rocket Mortgage is trying to be both the agent and lender for consumers, offering up to $10,000 in credits during a home purchase. Zillow was the most recent company that tried and failed to change the way consumers bought and sold homes, losing $530 Million in the process. The real estate industry has been facing non-stop threats of disruption over the past 10 years from large corporations, tech companies and even the Department of Justice.
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