Meet Ethan, an AI robot helping real estate companies decide what properties to buy
That's the moniker of a generative artificial intelligence product from proptech startup Termsheet. The AI tool does the work of a real estate analyst.
Several companies, whose properties are worth a combined $100 billion, are using Ethan, according to Termsheet.He would know. Rattan was once a real estate analyst, where he spent an estimated 90% of his workday doing what Ethan is engineered to do, he said. Rattan thinks tech like Ethan will eliminate mundane tasks assigned to analysts and clear up time for them to do more of what they actually got into the business to do: things like dealmaking, building their network, and strategizing.
While Smith said he doesn't see AI's speed as a job killer for real estate analysts, there are concerns across industries that the introduction of AI will eliminate the need for some roles. Airbnb cofounder Brian Chesky, for example, predicts AI will likely push downin various industries because of the technology's abilities. At the same time, Chesky expects AI could usher in"millions of new startups.
Since the AI tool ChatGPT went live to the public in November, businesses in nearly every industry have been racing to capitalize on AI.
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