Is cutting out the middleman with technology and AI a good idea?
Leanne Binsell
4 replies
This is a question & dilemma I’m constantly faced with when building new systems & creating apps. Let’s take real estate as an example, will there be a day when realtors are a thing of the past & homeowners transact directly with the buyers? Is human interaction a necessary component when negotiating or mitigating, or outright communicating? I would love to hear what the PH community’s thoughts are and predictions are for the future and any insights on the enviable AI and human-like technology.
Replies
Gaurav verma@gaurav_verma10
Substor
I'm from India and I'll let you know the ground realities here. I'm taking a house sale as an example. There are a number of websites which allows you to list your house.
The first big task, taking pictures. If the photos are not good-looking, nobody will contact you.
You need to know the exact market value to negotiate the deal.
After the deal, you need to take care of the legal stuff on your own.
Now, let's say the homeowner hired a middleman.
This middleman will get the buyer, show the property, negotiate the best price and even take care of the legal stuff.
We as human beings do not want to work and where do you think you need to work more?
Share
All through the history of mankind, there have been middlemen. You can look at it negatively as middlemen and rent seekers or positively as market makers. If you replace the current middleman with Technology or machine learning or AI, then the owner of that tech becomes the new middle man, who in turn ends up creating a walled garden. Would tech itself become the middle man, the market maker? Unlikely unless tech becomes sentient and runs the business, collecting the rent.
Is it a god idea to disrupt the existing middle man using technology including AI? Absolutely yes. That is how new businesses are created.