For example, could he imagine a future without local real estate agents? He says it’s unlikely, but technology might have other ideas.
“I think you have to be concerned if people stopped using local real estate agents,” Gehrke said. “It’s hard for me to envision how that happens, but you never say never, especially with technology and some of the things going on. If that stops happening, it’s a whole different game for lenders.”
If that happened, Gehrke compares it to the former movie rental chain Blockbuster Video, and how its inability to keep up with new technology eventually became its downfall.
Everybody relying on that ecosystem for their leads and for their interactions and engagements,” he said. “That’s like a Blockbuster moment. That’s not something you plan for, but don’t pretend that it can’t happen. I think a lot of people believe wholeheartedly that it could never happen.
“And like I said, I think it’s very unlikely. But AI is one of those things that can get to places where we just can’t envision yet. It’s a fascinating time in the industry because we may be seeing some structural changes that we have not seen in a long time.”