Ryan Serhant lost a $20 million real estate deal when both buyer and seller used AI to second-guess the terms and walked away. Andy Neary warns that clients now instantly fact-check advisors with AI, which usually just confirms what they already believe but feels authoritative enough to kill a deal.
Chapters
There's a real estate broker I follow that was on Million Dollar Listing New York, Ryan Serhant. Hmm. And he had posted a video online a couple months back where he was selling, I wanna say it was like a $20 million property. And what happened was both the buyer and the seller went to AI to get AI's perspective on the property. Obviously, what does the seller wanna know? Are we selling it for enough? Are we selling too low? Mm-hmm. And the buyer wants to know, am I, am I paying too much? And what people forget is AI's often there to validate you. So what happened is both seller and buyer came back and said, we're out. Buyer said, it's telling me I'm overpaying. Seller, and he had to, Serhant had to literally teach these people what's happening with AI, that it's there to validate more than it is to challenge. But where I'm going with that is to your point, when you leave the office now as an advisor and you just recommended something, that client can literally go to AI the second you leave and say, tell me what the typical insurance rates look like in my market. Mm-hmm. And now they can instantly compare what they're paying to what the market looks like. Even though that might be not totally accurate, they can do it. You implement or you recommend a solution, a captive, reference-based pricing, whatever it might be, they can instantly go to AI and say, tell me the pros and cons.