AI and REI
As a new real estate investor, how is AI going to change the landscape of this industry?
Also, what niche jobs in real estate (Agents, appraisers, house inspectors, lendors, ect.) are going to be replaced eventually? And what jobs cannot be replaced?
In my opinion, the best agents, appraisers, home inspectors, contractors, lenders will utilize AI as a complement towards their existing businesses to spur greater growth and operational efficiencies. This will lead to many of the professionals in the same industries who already are not doing that well to fall out of competition and hence be "replaced'. I personally don't quite see any of these positions being completely eliminated due to AI, at least not in the forseeable future.
I'm glad about that. I think REI business will have to learn to use it like they did social media a few years ago.
Do you think that Investors should learn to use it? I feel like AI analyzing deals will start to be huge..
Quote from @Austin Bull:
I'm glad about that. I think REI business will have to learn to use it like they did social media a few years ago.
Do you think that Investors should learn to use it? I feel like AI analyzing deals will start to be huge..
I think so. Even something as simple as utilizing ChatGPT to speed up certain processes such as asking for generalized information on a market's demographics and immigration patterns can be useful and save a lot of time. You could put in a range of numbers for purchase price and closing costs, renovation expenses, and expected returns and you could very quickly get a range of projected return on investments (although an excel spreadsheet could easily do this as well), but I'm sure as technology develops we will see even more sophistication in AI's ability to assist in deal analyzing.
Quote from @Mason Liu:
Quote from @Austin Bull:
I'm glad about that. I think REI business will have to learn to use it like they did social media a few years ago.
Do you think that Investors should learn to use it? I feel like AI analyzing deals will start to be huge..
I think so. Even something as simple as utilizing ChatGPT to speed up certain processes such as asking for generalized information on a market's demographics and immigration patterns can be useful and save a lot of time. You could put in a range of numbers for purchase price and closing costs, renovation expenses, and expected returns and you could very quickly get a range of projected return on investments (although an excel spreadsheet could easily do this as well), but I'm sure as technology develops we will see even more sophistication in AI's ability to assist in deal analyzing.
I agree. One thing that won't change though is person-to-person relationships. Like if you find an off market deal from someone who knows you and trusts you.
I agree with @Mason Liu on this. The only pros who will be replaced are those that fail to incorporate AI into their work. This has been true about every technological change in the industry - those who fail or refuse to adapt lose while those who embrace new tech win.
My local cable, internet, cell and utility companies are already using it to field calls and answer questions online and phone. A good example is Best Buy. They now use "Dave" to handle customer inquiries efficiently and promptly. It's truly an exciting time for AI development and implementation. ChatGPT and similar AI models provide businesses with a scalable way to interact with customers, answer questions, and even troubleshoot problems. These systems are becoming more sophisticated and (my favorite) capable, leading to improved user experiences and potentially freeing up human employees to handle more complex tasks and interactions. Looking forward to other's thoughts on this thread!
I think it will also high effect search engine rankings. This is something I have been trying to understand. Currently content is a big factor is rankings. The more content I provide on a given topic to Google means I have better understanding of that. Once AI takes over it will just mean my AI has more knowledge on that topic.
