Fredrik Eklund, star broker and partner John Gomes, have launched Maya, an AI tool for real estate. They discuss Maya's capabilities, the landmark lawsuit against major brokerages, occupancy rates, and the potential of AI technology in real estate.
Maya is an AI tool that provides 24/7 real estate assistance with tailored responses and the ability to learn from user interactions.
A recent class-action lawsuit against multiple real estate companies could result in significant damages up to $40 billion if plaintiffs win.
Deep dives
Introducing Maya: The AI Real Estate Personality
Frederick Eklund introduces Maya, an AI chat bot built for real estate. Maya is part of the Eklund Gomes team at Douglas Elliman and is designed to provide real estate assistance and information 24/7. Users can ask Maya specific questions about real estate listings and she provides tailored responses and suggestions. Maya's database includes extensive real estate knowledge, but she can also learn from user interactions to become smarter over time. The team is constantly improving and expanding Maya's capabilities, with plans to make her audio-responsive and animated in the future.
Landmark Lawsuit Challenges Real Estate Commissions
A recent jury verdict in a class-action lawsuit against the National Association of Realtors (NAR), Brook Ridges, Keller Williams, and Home Services of America could have significant implications for real estate commissions. The lawsuit alleged that the policy requiring sellers' brokers to compensate buyers' brokers created a conflict of interest and artificially inflated commissions. The defendants were found guilty and ordered to pay around $1.8 million in damages. NAR plans to appeal the verdict, but similar lawsuits against NAR, Compass, Douglas Elliman, Exp, Redfin, and others have been filed. If the plaintiffs in these cases win, the damages could be as high as $40 billion.
Default and Delinquency in Real Estate Development
TA Partners, a development firm, recently defaulted on approximately $200 million in loans tied to two apartment projects in Southern California. The loans, provided by Mac Real Estate, were intended to cover construction costs, but cost overruns led to the default. Foreclosure proceedings could begin in early 2023. Billionaire Charles Cohen is also facing financial difficulties with delinquent loans totaling over $600 million. Many of his properties are struggling with low occupancy rates, and the Crystal Pavilion building in New York was recently listed as delinquent. In contrast, RXR secured a loan extension for an office building near Rockefeller Center, although the interest rate increased from 4% to 6%.
Fredrik Eklund is now actually on 24/7. The "Million Dollar Listing" star broker and his partner John Gomes have launched a new AI tool called Maya, which allows buyers and agents to dig through listings and ask the bot general real estate questions. The Real Deal's Deconstruct sat down with Eklund to chat about his new AI venture and took Maya for a test drive.
Get the Snipd podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share & Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered podcast player
Listen to all your favourite podcasts with AI-powered features
Discover highlights
Listen to the best highlights from the podcasts you love and dive into the full episode