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Left to right: Robert Lefkin and Rupert Murdoch (Getty, Compass)
A lot has happened in the last two months with ChatGPT, a bot developed by artificial intelligence company OpenAI.
We’ve spent the past few weeks playing around with it by asking more serious questions than others, such as asking the bot to tell a real estate-related joke.
Yes, this is a real estate joke.
Why did the realtor go to the beach?
To catch the “Sealer”!
OK, ChatGPT isn’t going to headline SNL. However, there is no doubt that it will affect the real estate industry. Commercial brokers say the bot will bridge the knowledge gap between brokers and further emphasize the importance of personal connections.
“ChatGPT is the brain of the room,” said Ira Zlotowitz of Gparency. No further knowledge is required as you can basically feed your business. ”
Whether or not ChatGPT will lead to headcount reductions is debatable, but the current general sentiment is that ChatGPT will help rather than replace real estate professionals.
In fact, we asked ChatGPT to write a real estate listing for the gorgeous Malibu mansion where the infamous murder took place.
Enter the world of data. Compass and Anywhere are among the least efficient publicly traded home brokerage firms, according to analysis by Mike Delprete, a residential real estate technology analyst who teaches at the University of Colorado at Boulder.
DelPrete, who is also an investor in real estate startup Side, compared brokerage revenues and operating expenses.
In Chicago, the number of active agents in the Windy City area in the fourth quarter was down 24% from the previous year, according to AgentStory, which analyzes agent numbers and deals.
Meanwhile, Rupert Murdoch’s News Corporation is in talks to sell Move Inc., the parent company of real estate giant Realtor.com, to CoStar Group. The move would further cement CoStar in the residential space following big acquisitions such as Apartments.com and HomeSnap.
Last week saw Starwood working to resolve an $800 million default and Seth Weisman’s Urban Standard to roll out a $100 million gap financing and rescue capital in the wake of high interest rates. There were other notable stories, including the launch of a new venture for
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