Will AI Take Over Real Estate? Here’s the Truth...
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What is the main topic of this episode?
Welcome back to the Science of Flipping Family. This episode is all about AI. I just recently had the blessing and fortunate opportunity to be speaking in front of a large group of real estate investors from hedge fund managers to syndicators to small fix and flippers. And the entire subject matter was about AI. How is AI going to affect our lives? precious real estate vertical.
How is AI expected to affect the real estate industry?
And the cool part about this event is there was three other speakers, so to speak, we had a panel that we really had a lot of time to answer different ways that we believe AI can really impact us. And so I want to give you guys a little insight on what went down on this panel and how we were able to show AI being so powerful in the real estate space. Now, I know AI is kind of that key word right now, and it's the buzzword, and everyone's talking about AI and what platforms can do what. And trust me, everyone knows the major platforms. I get that. We didn't get too far into the major platforms like ChatGPT. Now, we did talk about prompt AI, right? Where you're prompting certain AI technology to do certain things. We talked about it.
But really... where we took the conversation was in a much larger scope, a much larger frame of the impact AI is going to have on real estate as a whole. One of the first questions the moderator asked us as the panel was, do we believe that AI is going to basically take over the space for real estate? which depending upon where you're at in your journey of real estate, that could be something you're thinking about. Maybe it's not, but it is something that some of the big players, the hedge fund managers, the very, very large syndicators, some of the banks, they had intrigue on that question. And the reason being is because if some of these larger players The hedge funds, the banks, the syndicators, insurance companies had a really big intrigue on this question. Um, property management had a really big, uh, interest on this question because some of these larger players, and I'm talking about national property management, not mom and pop. I'm talking about national because they still rely so heavily on human capital. Okay.
And so I actually was the first one that spoke up about this and I kind of went off. Um, and the reason why I went off is because I believe, and it's just an opinion. I believe there will be no way to fully automate the real estate space. Now, do I firmly believe AIs come and is gonna play an impact and impact the real estate place? Yes. It's just too big, too smart, moving too fast.
Will AI fully automate real estate transactions?
It is gonna have a massive impact. I'm not ignorant to that. But still, my belief within the space is there's going to always have to be some human component inside each transaction. Right. We were talking about title companies was another one that had a massive interest in understanding is AI just going to take it over. And let me give you my perspective on this one thing. I run a company called Rocketly.ai. Rocketly.ai. I built a company with my co-founder and you guys should check it out. If you are a small operator in the real estate space, I'm plugging it now. Rocketly.ai. It will help you massively if you're doing any level of marketing spend to your company, okay? Now, so I'm very familiar with AI, the impact of AI and where it can go. But I don't believe...
For the operators, and I'm talking about the people operating the insurance companies, the title companies, the real estate, you know, mom and pop, fix and flippers, and even the hedge fund companies, the people actually operating it, I don't believe they'll ever be able to be fully removed. The reason being, there's a lot of nuance within real estate. I don't believe there'll ever be a one size fits all analysis AI component. This question led in directly, you know, the question regarding is AI going to take over the real estate space led in directly to, you know, is there a program or an AI that can just make analyzing properties faster and accurate? That one task alone, in my humble opinion, and listen, I'm not the smartest person out there.
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Chapters
8 chapters
1
What is the main topic of this episode?
0:00–0:32
2
How is AI expected to affect the real estate industry?
0:32–3:12
3
Will AI fully automate real estate transactions?
3:12–8:57
4
What role does human interaction play in real estate?
8:57–11:32
5
Can AI replace negotiations in real estate?
11:32–13:25
6
How does emotional intelligence factor into real estate transactions?
13:25–19:05
7
What are the limitations of AI in real estate?
19:05
8
What is Rocketly.ai and how does it relate to real estate?
8:28–28:51
Speakers
1 identifiedMore from The MORE Show
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