AI and REI

Mesa, AZ · Member since 2023 · 53 posts · 26 votes

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?

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Mason Liu

Financial Advisor · Boynton Beach, FL · Member since 2019 · 127 posts · 80 votes

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.

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Mason Liu
Financial Advisor · Boynton Beach, FL · Member since 2019 · 127 posts · 80 votes
3y
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.
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Austin Bull
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Mesa, AZ · Member since 2023 · 53 posts · 26 votes
3y
@Mason Liu

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..
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Mason Liu
Financial Advisor · Boynton Beach, FL · Member since 2019 · 127 posts · 80 votes
3y
Quote from @Austin Bull:

@Mason Liu

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.
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Austin Bull
OP
Mesa, AZ · Member since 2023 · 53 posts · 26 votes
3y
Quote from @Mason Liu:

Quote from @Austin Bull:

@Mason Liu

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.
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Andres Murillo
Real Estate Agent · Los Angeles, CA · Member since 2022 · 137 posts · 106 votes
3y
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.
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Melanie ThomasBusiness Member
Real Estate Broker · San Antonio · Member since 2022 · 1k+ posts · 490 votes
3y
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!

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Robert DaltonPro Member
Property Manager · Waikoloa, HI · Member since 2023 · 30 posts · 10 votes
3y
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.
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Brad B.
Investor · Bakersfield, CA · Member since 2013 · 146 posts · 93 votes
1y
Follow up re-engagement and appointment setting. Huge opportunity there for real estate investors.
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