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Why 70% of Real Estate Deals Will Be Done by AI Next Year with Patrick Palzkill
Description
Most agents who talk about AI reshaping real estate are brand new to the business. Patrick Palzkill is not. He got his broker's license in 1985, spent 25 years in mortgages running New England for the largest mortgage company in the country, and has sold hundreds of homes on Boston's South Shore. Now he's written a book called The Real Estate Revolution, and he's making some bold predictions. In this episode, you'll discover why Patrick believes 70% of real estate deals could be done by AI by the end of next year, why he says we've all been "brainwashed" into thinking a 30-year mortgage is the only option, and how a 3% mortgage rate could be funded state by state without the Fed, Fannie, Freddie, or the 50 people who currently touch every loan. Patrick walks through what actually happens when you strip the friction out of a transaction: AI pricing, satellite-based title, standard contracts a consumer fills out online, and a lot of people in the industry taking a haircut. I push back on a few of these ideas, including the uncomfortable truth that buyers will always buy the biggest house they can qualify for, and we get into what happens to the hundreds of thousands of jobs tied to the old way of doing things. Whether you think Patrick's vision is a utopia or a fantasy, the cost of a transaction is coming down, and the agents who understand why will be the ones left standing. Are you building a carriage, or are you ready to drive the car?
Listen to today's show and learn:
- Introduction to Patrick Palzkill [00:00]
- Why Everybody Needs a Place to Live [01:35]
- "We've Been Brainwashed": The Case for a 3% Mortgage [05:19]
- Who Takes a Haircut When Transaction Costs Drop [09:42]
- Pocket Listings, AI Pricing, and the One-Click Contract [11:58]
- 70% of Deals by AI: Title, Surveys, and E-Signatures [20:09]
- A Fair Fight: AI, Jobs, and the Future of Homeownership [25:58]
- Why Should a War Raise Your Mortgage Rate? [31:45]
- Cutting Property Taxes by 90% [33:55]
- Plus so much more!
Get Patrick's book, The Real Estate Revolution: realestaterevolution.org
Patrick's brokerage, Beacon Rock Realty Services: beaconrockhomes.com
Full show notes: realestaterockstarsnetwork.com/1368patrickpalzkill