Will We Speak to Chatbots or Write to Them?, Obstacles for Apple and OpenAI, Follow-Up on Tech and Real Estate
Nov 15, 2023
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The podcast features discussions on the future of AI interfaces, skepticism towards AI technology, Apple's role in the ecosystem and its potential threat to OpenAI, integration of AI in the legal industry, challenges and potential disruptions in the real estate market.
Text may become the dominant interface for AI in the future.
Real estate agents face challenges due to commission splits and market conditions.
Technology has the potential to revolutionize the real estate industry, offering transparency and efficiency.
Deep dives
Focus on Tech Disruption in Real Estate
The buyer side of real estate is ripe for disruption, as acknowledged by feedback. The current model of real estate transactions involves paying high commissions, which are often split with brokers. Agents may receive as low as 2.5% commission on sales. There is a need for more transparency and efficiency in the real estate market to improve the overall experience for buyers.
Misconceptions about Real Estate Agents' Earnings
A common misconception is that real estate agents make a significant amount of money from a single transaction. However, agents often split their commission with brokers, reducing their earnings. Agents also face challenges where many sales do not close, resulting in no income. The reality is that not all agents earn substantial income, and their overall earnings can be affected by market conditions and other factors.
The Potential for a Better Real Estate Marketplace
Technology has the potential to revolutionize the real estate industry. A more transparent and seamless transaction process, including computer-mediated auctions and pre-qualified buyers, could improve efficiency and offer better outcomes for buyers. While significant change may disrupt the traditional roles of real estate agents, it can also create opportunities for new models that provide value to consumers.
Challenges in Apple's Services and the Role of Data
Apple's challenge with services lies in their product-centric approach, as opposed to the iterative nature of services. While Apple has improved its services, they have not traditionally excelled in this realm. The limitations of large language models like GPTs are also discussed. These models possess vast book knowledge but struggle with context and memory. Efforts to address this involve increasing the context window and simulating memory through repeated interactions. However, there is potential for a different system in the future that utilizes a different architecture. Additionally, concerns are raised about Apple and data privacy constraints, and whether their commitment to privacy will hinder their ability to compete with other players like Google.
Friction and Limitations in Real Estate and AI
The real estate industry is experiencing a shift due to technology. While the disruption of realtors may not completely replace their role, there is a greater focus on convenience and customization for consumers. VR technology, better staging, and integration with devices like smartphones are potential areas of change in the industry. However, there are challenges regarding driving around houses and safety concerns. On one hand, the removal of guardrails may lead to ill-informed decisions by consumers. On the other hand, it provides more opportunities and a richer information landscape. It remains to be seen how these shifts will impact different players in the market and whether new entrants can succeed in this space.
An emailer makes the argument for text over voice as the AI interface of the future, the introduction of Humane's AI pin, and questions for Apple and OpenAI as the AI ecosystem evolves. At the end: A few clarifications from listeners and more thoughts on tech and the real estate market.
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