\n<\/p>\n
These three <\/strong>real estate investing<\/strong><\/a> tools can make you more money<\/strong> in less time<\/strong> and with less effort<\/strong> than ever. Just ask Mark Simpson<\/strong><\/a> from Boostly; he used just one of these tools to bring in over six figures in sales, save dozens of hours a week<\/strong>, and reach thousands of prospects instantly. But, as a small investor<\/strong>, will these tools help you build wealth<\/strong><\/a> faster<\/strong>? The answer is a resounding YES!<\/p>\n In this episode, we\u2019re going over three types of real estate investing tools that have helped us scale our portfolios<\/strong> and businesses to new heights. And whether you own a rental portfolio, have a few properties, are still looking to buy your first, or run an entire real estate business, these tools can help ANYONE with ANY skill set<\/strong>, no matter what you do or how long you\u2019ve been doing it.<\/p>\n From automatically personalized video messages<\/strong> for prospects to a tool that will design your house for you<\/strong> and automations<\/a> that make your team faster, many of these tools are free or cost FAR less than traditional methods. Now you can reach out to sellers<\/strong>, redesign a rental<\/strong>, and have tasks automatically assigned at the SAME time while you focus on building your business<\/strong>.<\/p>\n David: Mark: David: Rob: David: Rob: David: Rob: David: Rob: David: Rob: David: Rob: Mark: Rob: Mark: Rob: Mark: Rob: Mark: Rob: Mark: Rob: Mark: Rob: Mark: Rob: Mark: Rob: Mark: Rob: David: Mark: David: Rob: Mark: Rob: Mark: Rob: Mark: Rob: David: Rob: David: Rob: David: Rob: Mark: Rob: Mark: Rob: David: Rob: David: Rob: Mark: Rob: Mark: Rob: David: Rob: Mark: David: Mark: David: Rob: David: Rob: David: Rob: David: Rob: Mark: Rob: Mark: David: Mark: David: Mark: Rob: David: Rob: David: Mark: Rob: David: Rob: Mark: Rob: David: Rob: David: Mark: David: \u00a0<\/p>\n<\/div>\n Help us reach new listeners on iTunes by leaving us a rating and review! It takes just 30 seconds and instructions can be found here<\/a>. Thanks! We really appreciate it!<\/p>\n Interested in learning more about today\u2019s sponsors or becoming a BiggerPockets partner yourself? Email <\/em>[email\u00a0protected]<\/span><\/em><\/a>.<\/em><\/p>\n
This is the BiggerPockets Podcast show 811.<\/p>\n
So when everybody zigs, you zag. And so when the world does become a copy and paste, everybody\u2019s doing SMS, everybody\u2019s doing email, when everybody\u2019s just relying on automation, what can you zag instead of what everybody\u2019s zig?<\/p>\n
What\u2019s going on everyone? It\u2019s David Green, your host of the BiggerPockets Real Estate podcast here today with my co-host Rob Abasolo, who will actually be taking over the reigns and hosting today\u2019s show. Or is it Rob? It might be a deep fake that we\u2019re throwing at you. Listen to the show and let us know in the comments if you think this was real Rob or AI Rob. Today\u2019s show is all about artificial intelligence, how it can hurt your real estate business, how it can help your real estate business, how it can make you money or lose you money, all that and more. And we\u2019ve brought in some help. We\u2019re joined by Mark Simpson of Boostly, who shares his thoughts on how he\u2019s using AI to help his business and give customers a better experience. And Rob actually says a few intelligent things in today\u2019s episode as well. Rob, you\u2019re more than just a pretty face who\u2019s losing a lot of weight, getting tan and putting on muscle. How are you today?<\/p>\n
I am doing good, David. Thank you for asking. I am doing swell. I\u2019m going to Las Vegas tomorrow and I\u2019m excited because I\u2019m going to go see a Dell, the real version.<\/p>\n
Which Dell are you going to see?<\/p>\n
The first one, the first and only. I\u2019m going to look at a Dell computer. I\u2019ve been taking this purchase very serious.<\/p>\n
Is this the farmer in the Dell? What is the Dell that the farmer goes to? Do you know what that is?<\/p>\n
I don\u2019t know what that is.<\/p>\n
Let us know that in comments as well. If anyone knows what the Dell is that the farmer is using. Rob in today\u2019s show, what should people keep an eye out for that will help them in their business or maybe help them avoid potential pitfalls that could cost them money in their business?<\/p>\n
So I think we\u2019re talking about a few AI tools here and a few other tools that would help you optimize your business, but giving you actual practical use cases for your business, whether it be real estate or anything else. But specifically I think that today\u2019s message is we\u2019re not here to replace ourselves. We\u2019re not here to replace our employees. We\u2019re not trying to take jobs or cut our team. We are trying to enhance ourselves to be the most efficient and optimal version of our business selves so that hopefully our business can make more money.<\/p>\n
That\u2019s the name of the game. Before we get to the show, our quick tip is if you want to grow your business, consider getting a CRM. The idea is you need to manage your customers and your clients and the people that you want to do business with so that you can be organized and systematic in the way that you stay in touch with them. If you\u2019ve been trying to keep it all in your head or on an Excel spreadsheet, stop. Look into getting a CRM and become a professional in the real estate space, not an amateur. All right, let\u2019s talk some AI in real estate.<\/p>\n
In a not so distant future, when AI rules the land, these three investors are out to get properties with a vengeance. Machine learning has cornered the market. So how will these vigilant investors survive, David?<\/p>\n
So if you two are skeptical about AI, you are not alone. In fact, I\u2019ll go so far as to say people are already abusing AI. I get tons of messages in my Instagram account every single day from people that are wanting to use artificial intelligence to edit my videos and charge me for it. I will reach out to people asking for something and I\u2019m clearly talking with a chat robot that I don\u2019t want to be talking to. That\u2019s stalling for time. Companies are bragging about artificial intelligence, putting them on the cutting edge, but we\u2019re talking about technology that doesn\u2019t work very well, and it\u2019s replacing the human element. If you think about when you go stay at a Airbnb or at even a hotel, if there\u2019s nobody to check you in, we\u2019ll frequently brag about how AI has gotten us out of the business, but we never think about it from the perspective of the client.
That\u2019s the thing that I just want everyone to keep in mind. When you\u2019re looking at a new form of technology or a business opportunity, it is very easy to look at how it\u2019ll benefit you. But as a business owner, we build our business on the foundation of the client. Rob frequently talks about adding amenities to short-term rentals to give a better experience to the client. You\u2019re trying to design a house so that the client would be happy with it. Well, if the client isn\u2019t happy when they\u2019re trying to check in and there\u2019s no one they can talk to, they\u2019re probably going to leave you a bad review and it\u2019s going to cost money.
And AI is not going to smooth out an angry person like a human being could that can give empathy and share concern. And not to make this personal, but I was hanging out with Brandon Turner who was bragging about how much he loves ChatGPT, and he asked ChatGPT what type of animal I would be, and it said an owl, and I wasn\u2019t super thrilled about that. I was looking for a lion, possibly a grizzly bear, something a little more majestic like a Griffin. I just wasn\u2019t happy about being called an owl, and I can admit that that might have colored me a little irritated with ChatGPT.<\/p>\n
Well, thank you for that Black Mirror episode, David. I\u2019d tell you to pitch it to Netflix, but a bot probably already has. Mark Simpson from Boostly, how you doing, man? After hearing DG out, is there anything that you\u2019d like to say as a rebuttal?<\/p>\n
Well, hello. Thank you for having me back. It\u2019s an absolute pleasure. But yeah, I am coming into this episode as somebody who\u2019s a massive fan of AI and I\u2019m excited to share a few things. But in terms of a rebuttal, I would say this is that number one, when it comes to people stopping using their brains, we are programmed as humans to only make certain amount of decisions a day. And I\u2019ve been doing everything in my day-to-day to try and cut down on how many decisions I need to be making. And if we can have a tool that can help us with said decisions, whether it is, what are you going to order for your groceries, what are you going to watch tonight? Or if it\u2019s something more business related in terms of organizing your to-do list, et cetera, I am all for that.
And I actually think that it\u2019s not going to stop us as humans wanting to talk to other humans. If anything, I feel like what\u2019s going to happen with all of this is it\u2019s going to encourage and help us relate more to more people, meet more people, do more things and become better because of it. And I will end with this, is that the cream always rises to the top. I think this tool and AI is going to eliminate 90% of Fiverr. It\u2019s going to eliminate 90% of Upwork, but there\u2019s a lot of crap on Upwork. There\u2019s a lot of people who are crap at what they do, but the cream will always rise to the top.
So what will happen is the best people in their field will rise to the top and they\u2019ll be the ones who can command more money, they\u2019ll get more gigs, and that\u2019ll be the offset of this. I think that there\u2019s nothing but positives to come from it, but I do agree with David on one thing is that we can\u2019t just come to a world of copy and paste. We can\u2019t just blindly go down this road. AI will get us 80% of the way there and we have to use 20% of our own intuition, creativity, brain source to get us to the full 100%. So I\u2019m excited to dig into a few things today.<\/p>\n
Yeah, I mean today we\u2019re going to talk about actual tools out there that can help you with your real estate business, and we\u2019re going to get into things like relationship management, design, remodeling, operations. There are also a ton of tools out there that we won\u2019t cover today. So if there\u2019s a particular part of the deal flow you\u2019re struggling with, whether it be deal analysis or comping in general, et cetera, we\u2019ll list some of those tools in the show notes for you. Or you can just ask Mark Simpson what he would use because he is the AI expert here.
And then just a quick side note here, BP does not officially endorse any of these products. These are all just anecdotal things that we have used in the past that we like, and there\u2019s a huge landscape, hundreds of different tools out there. We\u2019re just talking about some of the ones that we\u2019ve come across in our journeys. So let\u2019s get into it. Let\u2019s get into it. Let\u2019s start with Mark, you\u2019re first up, and basically we want to know what is your favorite AI tool that you\u2019re using right now to optimize to make your business more efficient, run more smoothly?<\/p>\n
So my tool is Tavus, and I\u2019ll have to spell it for you because my British accent. So it\u2019s T-A-V-U-S.io. And Tavus is a marketing lead gen sales tool that everybody can go ahead and use right now. The main way that I use it in the business is I record a video right now to the camera and it takes me 10 minutes to record that video. That 10 minute video, I can then send out to 2000 people, 10,000 people in literally one minute. And the way that it works is that as I\u2019m talking into the camera, AI is looking at my facial expressions, it\u2019s following my mouth, it\u2019s looking at my movements. And what I do on the other end is once I\u2019ve finished that video, I will upload a list of contacts that I want to reach out to. And all I have to do is insert tags.
Just like when you\u2019re sending an email to somebody, if you\u2019re going to do a big blast for your CRM, you\u2019ll replace first name. And for example, say I\u2019m going to send a message to Rob and to David, I just have to do in one video that video pitch and it\u2019ll be two minutes, three minutes, and I could talk about anything. For Boostly obviously I\u2019m promoting what we do here at Boostly when it comes to direct bookings, but if you\u2019ve got your real estate hat on and say you want to get in front of a load of realtors, estate agents, et cetera, you can use it for that. And so you record one video, it\u2019ll take 10 minutes to learn you. That video is a maximum of two minutes of your time, and I can then bless that out to thousands upon thousands of people with no extra effort on my end.<\/p>\n
And what\u2019s the time that it took to integrate? What was the learning curve for using this tool?<\/p>\n
Learning time, the main thing that I had to learn personally was how to speak into a camera and read a script because I didn\u2019t know the any thing.<\/p>\n
Harder than it looks.<\/p>\n
Harder than it looks. It\u2019s not a one-stop shop, but as soon as you\u2019ve figured that out, the tool does everything for you. So as far as what I had to implement, I just had to create the script, record the video, send it off to Tavus. They did all their things and then I just had to integrate the link that they gave me into my CRM. So for example, I use ActiveCampaign for sending out emails. I use close.com to send out SMSs. I just had to take that link and put it in and it took me maybe a couple of days to get used to. So all in all, let\u2019s just say a week to get it all turned around, but now it is all automated, so it\u2019s all in the business.<\/p>\n
And what were the results from using this?<\/p>\n
So we pay $275 a month to use this service, so let\u2019s just call three grand over a course of a year. And the ROI has been well over six figures in revenue coming in on the back of it from what we were doing before. Obviously the caveat is that video has to be good. You can\u2019t just be spouting out nonsense for two minutes, it\u2019s got to be a good video, well put together, et cetera. But we\u2019ve been able to fine tune it, create it, and it has been generating some really good results from us personally. And I can see not just how I use it with my Boostly hat on, but I can see how a host could use it, whether it\u2019s SDR, MTR strategy, even real estate investors, et cetera, going for some big deals, et cetera. So it\u2019s very, very powerful tool and I encourage everybody to check it out.<\/p>\n
And would you say that this tool is more for a newbie, for someone that\u2019s kind of an intermediate right in the throes of their business or the advanced I guess technologically savvy investor?<\/p>\n
I would say a newbie. Anybody can use this. It\u2019s more budget. Can you put together $300 a month to use this? If you can\u2019t stretch that far then obviously it\u2019s not for you, try something else, you\u2019d have to eat glass for a little while and do it manually yourself. But as soon as you\u2019ve got that extra revenue in your business, doesn\u2019t matter what level you feel that you are at technically or mindset wise, you can easily do this. All you have to do is have a camera. You can even have your webcam if you want, and just record a video and just talk. As long as you can talk, you can do this tool.<\/p>\n
All right, so do you see a use case in your business for this? It sounds like yes. But is there any reason why you would still have a human do this work? Even if let\u2019s say you don\u2019t want to do it anymore, you\u2019re running the company, would it ever make sense to just hire someone to kind of run with this aspect of the support, the legion and everything like that?<\/p>\n
Well, for me, we\u2019ve got 44 members of staff at Boostly and I would never put somebody on this task, particularly because I\u2019m all for utilizing AI to free up their time. And there\u2019s much more important tasks I personally feel like my team can be doing than doing this. Because again, if they\u2019re going to record a video every single time somebody comes through to Boostly, they\u2019ll be full up all day and they\u2019ll get bored doing it. Unless they\u2019ll come to me and say, \u201cMark, I don\u2019t want to record this video for the a thousandth time, will you stop doing it?\u201d So for me, I would never put a human onto this task. I\u2019d much rather be doing something more proactive with their time. So I\u2019d much rather have an AI do this tool.<\/p>\n
I think there\u2019s a lot of interesting use cases here. I see it from the standpoint of let\u2019s say a real estate meetup. If I throw a real estate meetup and I go through the trouble of creating let\u2019s say an Eventbrite and capturing all the emails of the people that register to go to my meetup, I could in theory create a video that gets sent out to each person via text or via email that\u2019s, \u201cHey Mark, it was so great meeting and connecting with you at the meetup. Don\u2019t forget, I\u2019m looking for a lead in this buy box for this type of investment. Please keep me in mind anytime that you\u2019re looking to offload a deal.\u201d Or something like that. And basically it allows me to reach, based on what you\u2019re saying, a massive amount of people. Now from the AI standpoint, is it basically that they\u2019re capturing my vocal sounds and tonalities?<\/p>\n
So in that 10 minutes that you are training the tool, you are literally reading a script that they\u2019ve provided for me and what they\u2019re doing in those 10 minutes is that they\u2019re seeing how my face moves when I talk, the accent and the words how I speak.<\/p>\n
The diction, yeah.<\/p>\n
The diction, all of that, and it\u2019s taken all of that and it\u2019s training it all up. So when I record the actual script for the video for the woman video, just the example that you say there, when I go to say, for example, instead of me saying, \u201cHey Rob.\u201d I\u2019ll just say, \u201cHey, first name.\u201d And when the video\u2019s being put together on the script that we create, I insert the tags just like you would do on an email blast out, you\u2019ll go, \u201cHey David, hey Rob.\u201d And it makes that email look personal, but instead of it being an email, it\u2019s literally in a video and it\u2019s getting all of that information from the data that you put into that list. So basically you upload a list, sync it with your CRM, wherever you get the information from, however you acquire that information, you load it in and Tavus takes all of that and matches it all together and spits out a quality video.<\/p>\n
Okay, that\u2019s cool. So David, you run a really large real estate team. Are you convinced, is this a tool that you would possibly encourage the team to use to create these mass videos to send out as follow-ups to all of your client base?<\/p>\n
In a situation like this, yeah. In fact, I used to do this when I would hold open houses before I was hosting the podcast, I was just an average realtor trying to make a dollar out of 15 cents, and I would go hold open houses every weekend. I\u2019d do like three or four in a weekend, and then I would do exactly what Mark said. I would send a video of me saying, \u201cHey, it was so nice meeting you at the open house. This is a reminder of what we talked about. I\u2019ll be reaching out somewhere else.\u201d Because everyone\u2019s used to just brushing off realtors, they\u2019re annoying, but when you get a video, it\u2019s so tempting. You just really want to touch that button and you want to see what might be in there. I\u2019m curious though, Mark, how is what you\u2019re describing, how would it play out practically different than if I just recorded a video and sent it to somebody?<\/p>\n
Well, if you\u2019re going to do it on a singular level, do it on a singular level. This is to be acquired at scale, and I assume now in the levels of your careers that you\u2019ve both had, you\u2019ve got a lot more leads, et cetera, coming into your inbox on a day-to-day basis. So this is to be acquired at scale. If you\u2019ve just got five videos to send, say you\u2019ve done an open house and there\u2019s five people, just send five videos. But this is something that you can definitely do for 100, 200, 300,000, 10,000.<\/p>\n
Yeah, I like that because if it\u2019s not replacing something a human did, it\u2019s not like, well, I don\u2019t want to have to do work, so let me use AI, that\u2019s usually where I get anti artificial intelligence. If it is enhancing something that a person would already do, that\u2019s a different story.<\/p>\n
I mean, one of the things that Alex Hormozi talked about in our recent episode with them is that one of the biggest weaknesses basically in any business is the follow-up. And so really seems like this tool can come in handy for that. One quick question and then we\u2019ll move on. Does it have any shortcomings such as like is it ever like, \u201cHello Mark.\u201d And it kind of sounds computery whenever it\u2019s trying to read things like names and then goes back to the AI generated sound or is it pretty seamless?<\/p>\n
It\u2019s pretty spot on. The one time it\u2019s had its shortcoming is when somebody signed up to get something from us and they put their name in as Seymour Butts and so the AI literally sent him a video saying, \u201cHey, Seymour Butts.\u201d It went on that one.<\/p>\n
Yeah. So you talked about lead gen at the beginning of this. What is an aspect where you could use this for lead gen? Can you give us some actual practical use cases there?<\/p>\n
So in terms of actual lead gen, let\u2019s just say for example-<\/p>\n
And that\u2019s lead generation, that\u2019s short for lead generation. That basically, right, right, sorry, I want to clarify for any listeners because not everyone may be up to speed on marketing lingo, although that one\u2019s pretty straightforward, but this is basically the idea of creating leads for your business, right?<\/p>\n
Yeah, 100%. So I\u2019ll show you how I used it for our business and then I can give an example how somebody else could use it for their business. Let\u2019s talk like an MTR strategy. So for what we did, we were able to find a lot of property owners, hospitality hosts who were situated in an area of the United Kingdom, Manchester. What we did is we then went along and we found their websites and on their websites were able to get their email address, first name, phone number. What we then did is we basically put that into a Google Sheet, we uploaded it to Tavus. I created one of my super quick one minute videos.
It was just basically saying, \u201cHey Rob, hope you\u2019re doing well, just to let you know that we are a business here that\u2019s helping direct bookings.\u201d Yada yada, yada. One minute, sent it out, we sent it to that list, and on the back of that, I think we found about 100 that we were able to scrape together. On the back of that, we had 10 people get back in touch with us and they then booked a call and went from there. So in terms of lead gen, instead of me just getting those bits together, blasting out a list, we\u2019re able to use it to then made our outreach a lot more stronger.<\/p>\n
So that\u2019s pretty interesting. So David, I wonder if that would work in the off market side of things. If you are sending text messages out to owners of distressed properties saying like, \u201cHey Mark, I see that you own 111 Main Street and I wanted to just see, are you interested in selling this property? Me and my team buy homes cash.\u201d Or something like that. You could then effectively pull lists from, I guess, I don\u2019t know, privy batch leads, wherever you can skip trace and effectively blast out to people. If you\u2019re looking for an off-market deal, is that a use case that, I don\u2019t know would make sense, David, you think?<\/p>\n
Since we started recording this podcast approximately 22 minutes ago, I\u2019ve received three text messages like you just said, asking me if I want to sell one of my properties, which is annoying AF as the kids would say. So I don\u2019t know if I\u2019m a huge fan of the blast, the text to everybody thing. I see how it\u2019s effective and some people it\u2019s working, otherwise people wouldn\u2019t do it, but it\u2019s also a bit intrusive, someone\u2019s phone is sacred in a way. Usually you give your number out to somebody and say, \u201cHey, you are allowed to contact me.\u201d So I get kind of weird when you get into intruding into that world. But if you have a list of people that have already said, \u201cHey, I\u2019m interested in learning from you Rob built.\u201d Or, \u201cI\u2019m interested in learning from you, Mr. Boostly.\u201d Or, \u201cDavid Green 24.\u201d I think that that\u2019s a great idea. This makes it easier to communicate with the database of people, kind of your pool that you\u2019ve already put together.<\/p>\n
No, that\u2019s very true. I mean, I don\u2019t really mass market in that capacity, but it does seem, I do wonder if it would be less annoying if you got a video. Instead of getting a text that\u2019s, \u201cHey, David Green, I\u2019ll buy your house cash.\u201d If it was a video from someone then it makes them more human, but I mean either way, that method, I can totally see why it\u2019s annoying. Maybe people can use it to create videos and send you on Instagram and ask you to edit your podcast down for TikTok.<\/p>\n
Wouldn\u2019t it be funny if they use the AI to message me on Instagram to ask me if they can edit videos, which they will then be using AI to do, which is zero time for them. That right there, Rob, is why I have my bias towards AI. It\u2019s all these 21 year olds messaging me that they\u2019ll edit my short four videos, but they\u2019re using AI to do it so they\u2019re not working.<\/p>\n
Hey David, I have a couple of ideas for how to go viral. Are you open to a chat? Would you be totally against chatting?<\/p>\n
Are you open to a conversation about how we could add seven figures to your business with no work on your end at all?<\/p>\n
Your business every month. Yeah, oh yeah, that\u2019s 2023 for you on Instagram. Well, before we move on, Mark, is there anything else that you\u2019ve used in your company that may get an honorable mention here?<\/p>\n
We\u2019ve used one more tool, and this is a tool that we actually created within Boostly. So as we were putting together nicksleeps.com, we, which is obviously Rob\u2019s business, we needed to get together all of the property information and a big time suck in our business was getting the property information from say an Airbnb listing and taking it over to our world, which is the Boostly WordPress website. And what we did is one thing that ChatGPT and this AI is fantastic for is creating code, perfecting code.
And we worked with a programmer who utilized AI to put together a tool and we called it the Boostly Scraper, where we could scrape all of the information that was on your Airbnb listing, which was your pitches, availability, wording, all that cool stuff, and we could drag it in with a click of a button to our Boostly website. All in all, this saved 12 hours of time manually doing it and we could do it in a space of a couple of minutes once we\u2019ve created the actual tool.<\/p>\n
Yeah, yeah, that\u2019s good. I was surprised. I was like, \u201cWow, this is all my information. How did he get it so fast? Did they just copy and paste everything? That must\u2019ve taken hours.\u201d<\/p>\n
It was all done in the case of a minute. And so now we\u2019ve rolled it out to all of our sites and this tool now is called the Boostly Scraper and it\u2019s built into every single one that we do. So I think this tool is available for all, and the cool thing is you don\u2019t need to be a master programmer to be able to use this tool. We\u2019re able to create code just by asking it to do things. And it doesn\u2019t matter whether you\u2019re using ChatGPT or Bard, which is the Google version or Claude, which is a new one that\u2019s coming out. They all help you get there. And this is the thing for me is that it helps you get to where you need to be. It\u2019s like having the best intern in the world available 24\/7, doesn\u2019t sleep, doesn\u2019t complain. And we\u2019ve been able to take that into Boostly and with what we\u2019re doing.<\/p>\n
Yeah, that\u2019s super interesting. Well, awesome. Yeah, thank you for all your work on Nick Sleeps, man. Looks really great. Excited to launch that. Let\u2019s move into pitch number two, which is going to be me.<\/p>\n
To be frank, Rob, your accent doesn\u2019t sound nearly as cool or trusting as Mark\u2019s. As a side note, as soon as Mark started talking, I\u2019m like, \u201cIf I have to debate him, I\u2019m going to lose.\u201d Because his accent just sounds so trustworthy. Everything sounds smarter when it\u2019s coming from a Brit. So rather than ask you each question, I\u2019m going to have you pitch me on how you see AI playing a role in your business.<\/p>\n
Sure. So there\u2019s a couple of areas that I think I\u2019m starting to utilize it more and more in my business, but right now the area that I am trying to cover at a bit more of a quicker rate is design. And I\u2019m not trying to outsource it completely, I\u2019m just trying to use it to get ideas to generate my creativity, but I\u2019m not completely relying on AI. But at the end of the day, with the amount of flips that we\u2019re doing with the amount of remodels, with the amount of Airbnbs that we\u2019re setting up, quick design is really needed so that we can start just running with our ideas.
So the tool that I\u2019ve come across is one that I call, well, I don\u2019t call it, so the tool that I\u2019ve come across is called REImagine Home. I think it\u2019s reimaginehome.ai, and there\u2019s also another one called Remodeled AI. They both do very similar thing. And effectively what you can do with REImagine Home is you can actually upload a photo of the exterior of your home or the backyard of your home and you can give it parameters of what you\u2019re looking to do. So if you want to re-landscape the front yard because it\u2019s all dead sod, this is something that\u2019s happening right now with one of my flips, I don\u2019t really, I\u2019m not a landscaper. This is not something I\u2019m good at designing. I\u2019m able to do it, but it\u2019s just not my strength.
So I can upload this photo and basically give it parameters like I want a native landscape, I want 20% sod, I want concrete pavers, I want black gravel. And you can give it some of these guardrails and it\u2019ll basically spit out within seconds an entire, I guess, AI generated photo of a brand new front yard superimposed on the photo that you uploaded. And it\u2019s actually pretty cool because if you\u2019re trying to get a quote from a landscaper, as you know when you\u2019re talking to contractors, a lot of things can be lost when you\u2019re trying to describe a concept without any visuals. So what I like about this is it allows me to get an idea on paper that I can then hand to a landscaper and say, \u201cHey, can you give me a quote on exactly what you see here.\u201d Versus, \u201cCan you give me a quote on exactly what you think I\u2019m asking you to get me a quote on?\u201d
So it cuts out a lot of the back and forth, but it also does this for interiors too. This is what I really like about it. If you want to understand what your space could possibly look like, you can upload a photo of a living room, you can upload a photo of a game room of a bedroom, and you can also put the different styles. Do you want a Bohemian chic style? Do you want a mid-century modern style? Basically click a button and it\u2019ll completely furnish it with that style of furniture. And there\u2019s even some design things that you can do with the actual structural components as well. So again, I\u2019m not using it exactly to furnish my places, but it is a really good way to get really quick comps of what your property will look at so that you can start saying, \u201cHey, I don\u2019t like that. Let\u2019s swap it out for this.\u201d<\/p>\n
And communicate clearly with someone else who\u2019s going to be, \u201cThis is what I want it to look like, go.\u201d<\/p>\n
Yeah, I can basically hand that to a designer and say, \u201cHey, I really like this mood board. I\u2019m not trying to replace you with AI. Just try to bring something to the table. Can you make a better version of this?\u201d Because ultimately it\u2019s not like that designer can go and buy that furniture because it\u2019s all AI generated, so they have to go and make selections based on the mood board that I give them. So honestly, the time that it took to integrate, five minutes.
And the cool thing is when you generate that image, if you don\u2019t like it, you just hit next and it\u2019ll generate another one and another one and another one. And it\u2019s limitless opportunities and you just have to be good at prompting it and making your criteria more specific. Learning curve, I don\u2019t know. I think if you mess around with it for 30 minutes, you\u2019ll pretty much be as good as you can be at that program or that platform. And from a results standpoint, I\u2019m just glad I don\u2019t have to sketch really bad stick figures on paper anymore. I can just actually hand something that actually looks professionally designed.<\/p>\n
I think you said something really important, I think for everybody to take away from this, it\u2019s the quality of the prompt, which is the quality of the command that you are asking said robot to do. That\u2019s so key. The problem is that majority of people that test this technology for the first time, they put in a prompt or a question or a command that\u2019s one sentence, which is crap, it\u2019s nothing. It\u2019s imagine having a worker in front of you, a member of your staff and you say, \u201cDesign me this based on this.\u201d And they\u2019ll look at you like, okay, and they\u2019ll come back with a stick figure like what you\u2019re talking about. But if you can properly give it a really cool command with plenty of detail, don\u2019t forget to say please and thank you, because when they eventually do take over the world, they\u2019ll come back to you.<\/p>\n
You want them to remember you.<\/p>\n
Yeah, we\u2019ll remember you. And then the better the command, the better the prompt, the better what you get back. And that\u2019s really, really, really crucial in everything that you are going to go away and do after watching this episode.<\/p>\n
For sure, man, I did a YouTube video on how I use Chat GPT to write my Airbnb listing copy, and I use it to write my copy, I use it to write my title, but it was superfast. It can spit it out in seconds, but I spent a solid hour tinkering around, say this, make it more casual, make it funnier, punch it up. It\u2019s such a process with AI. I think that\u2019s the big skill right now is not just using AI to replace yourself, but it\u2019s how well can you prompt it to basically do what you would do if you had the ability to do it as fast as AI could do. Does that make sense?<\/p>\n
Yeah, it\u2019s funny because you\u2019re describing that if you want to use AI, you actually have to build the skill in using AI, which is what everyone is excited, oh, AI is going to do things so I don\u2019t have to be skilled at using it, but it might be even worse. It might be, no, the people that are good at using AI are going to destroy all the people that are not good at using it.<\/p>\n
Pretty much. That\u2019s kind of how I feel. Not quite as dramatic yet, but I do think effectively we\u2019re all going to be puppet masters of AI. That\u2019s where I think it becomes a thing in the real estate world is we\u2019re not replacing ourselves, we are just puppeteers, if you will, of all these different AI things that make our business more efficient. That\u2019s how I feel.<\/p>\n
Sounds like an Avengers movie.<\/p>\n
It does sound a lot like Ultron actually.<\/p>\n
Yeah, Ultron, yeah, That\u2019s me.<\/p>\n
If James Spader did the voice of ChatGPT, people would freak out. All right, before we move on, Rob, tell me briefly who is this for?<\/p>\n
Well, keep in mind that people who like to design are always going to design. So we\u2019re not trying to replace the designers, but I would say, I\u2019m not going to say the majority, but there\u2019s a large part of real estate investors that know nothing about design, know nothing about landscape design, know nothing about remodeling the design portion of remodeling a home. And so this tool is for them, and I think it\u2019s whether you\u2019re a newbie or an intermediate or advanced, it can be useful for you. But this really, for a lot of people that are scared to get into rehabbing because they don\u2019t know how to design or there are a lot of people that are scared to get into short-term rentals because they\u2019re like, \u201cI don\u2019t know how to design.\u201d This tool is something that will help you do that so that you can at least communicate with someone that can actually execute on that side of things.
I think an advanced person, I consider myself someone on that end of the spectrum, I\u2019m still using it because instead of me sketching a horrible drawing that I know is that good, I can give it to a contractor and have them quote exactly what they see. And I wouldn\u2019t really say that there\u2019s any shortcomings or surprises of the tool other than it can spit out some pretty luxury premium simulations, if you will. And so a lot of times I\u2019ll be putting stuff in there, I\u2019m like, \u201cOh, that is way too nice for the budget that I have.\u201d<\/p>\n
I didn\u2019t know you could say those words.<\/p>\n
Yeah, well, you got to be scrappy every so often. But yeah, I\u2019d like to hear from the skeptic himself about some ideas on how to use AI for real estate. David Green, David Timothy Green, I\u2019m just kidding. I don\u2019t know what your nickname is or your middle name, but all right. Do you have a business area that you can cover in terms of a use case where you could see AI helping?<\/p>\n
Why was Timothy so funny? I think I was watching an episode of the Office where they called Jim Jimothy, which was so stupid but funny at the same time. That might be what\u2019s in my head.<\/p>\n
Technical Timothy as one would say.<\/p>\n
Maybe that\u2019s where my middle name comes from. All right, so the question was how do I see AI working out in operations? This is something that I think would be very useful and I\u2019m not as disparaging of it within the context of follow-up for operations. I don\u2019t love it in sales. I don\u2019t love AI replacing me talking to a human and solving their problems. I don\u2019t want to call and ask someone a question and get put on a phone tree. I don\u2019t want to chat with a robot when I could have a human being there. I don\u2019t mind as much if AI is doing the work that the client never actually sees, organizing schedules.
I could see logistically speaking hotels could use AI. So when somebody calls in sick, AI automatically figures out like let\u2019s send a text message out to the employees, see who could work it, slot them in, have them check something to say, \u201cYes, I\u2019m agreeing to work and now you don\u2019t need management to do it.\u201d I think that could be smart. So I\u2019d like to see this take place within CRMs. These are the database managers. I believe it stands for customer relationship manager that most businesses use to organize their activity. So this would be for my real estate business, all the people that I\u2019ve ever closed the house with, all the people that I\u2019ve met at an open house, I collect their information, it goes into a database and then I can reach out to them. I could be reminded to talk to them. I could store information about the last time we spoke.
And when I put them into contract on a home, we have what we call auto plans. We use a CRM called Brivity and that reminds the agent or the transaction coordinator or the showing assistant or whoever it is that needs to know the task, hey, you need to do something. So I\u2019ll create, when we take a listing, if Rob comes to me and says, \u201cHey David, can you help me sell this giant potato house that I bought in Idaho? It\u2019s done really well as an Airbnb, but it\u2019s time for me to move it on to somebody else and we\u2019re going to sell that house for him.\u201d I don\u2019t want to have to tell an employee every day exactly what to do and I don\u2019t want to trust that employee to remember what they\u2019re supposed to do.
So I create a list of every single thing that goes into selling a house like there\u2019s 25 steps to get the house ready for market. There\u2019s 20 steps once we put it in the MLS, and then there\u2019s maybe 30 steps once the house closes that we don\u2019t forget anything by. Well, not all those steps are done by the same person. So the CRM will automatically shoot out to each person on the team, \u201cHey, of these 20 steps, these four are yours.\u201d And when this person does their job and they click it done, then the next person gets a reminder that says, \u201cHey, you should do this.\u201d I can see AI stepping into that world and enhancing that experience so that your employees can\u2019t screw it up.
AI can know, well usually at this point when this thing gets done, somebody should have done this by now and they can send a reminder that says, \u201cHey, did you do this and forget to check the box.\u201d Or, \u201cHey, just so you know, you should probably look into this because based on how all of your other escrows are going, this one looks like an outlier.\u201d I also think that AI will be useful for telling me when I should reach out to the client because I think the client still wants the personal touch. They still want their agent talking to them, not a robot, but the robot can tell the agent, \u201cHey, this person bought a house four years ago. Based on what we see in his estimate, their house has probably gone up 35% in four years. You should reach out and see if they\u2019re ready to buy a bigger house or if they want to downgrade or rates have gone down, you should reach out and talk about a refinance.\u201d
Right now, that\u2019s all in my head and it\u2019s scary to be in my head because all the stuff that\u2019s going on in there, it\u2019d be nice if I could get that into AI\u2019s brain and it could just tell one of us, you should contact this person for these purposes. So I am excited to see how that goes down. I\u2019m nervous because I don\u2019t think that\u2019s what anyone\u2019s thinking about when they\u2019re playing with ChatGPT, they\u2019re not thinking about operations, they\u2019re thinking about sales.<\/p>\n
What do you think, Mark? Are there any tools that might mirror some of the stuff that he\u2019d be looking for?<\/p>\n
Not yet. But there are ways that you can implement what you\u2019re talking about from ChatGPT from OpenAI into this. And there are a lot of companies right now that are helping with operations. For example, we use GetCody, so GetCody AI. And what that is doing is that\u2019s building a Boostly bot. So everything that you talked about there where it\u2019s reminding our staff X, Y, and Z, we have that very low end. And what\u2019s really important is we\u2019re recording this in 2023, right now we\u2019re at the first iPhone stage of this technology.
If you look at the first iPhone to iPhone what 15, whatever\u2019s coming out next, it\u2019s so far. We\u2019ve leaped so far in the future of what we can do with these little devices. And we\u2019re at iPhone one stage right now and the crazy thing for me is in less than a year, we have massively got a lot better with this technology and so much so governments are stopping ChatGPT 5 which is the next stage of this from coming out yet because they need to sort of pause and let\u2019s go, \u201cOkay, what are we doing with this?\u201d But there are amazing tools that are available right now at a much lower end.<\/p>\n
Okay, so effectively it\u2019s a tool, it\u2019s a database where you put in all of your different guests, you put in all of the information about that guest last point of communication notes. And so effectively what you\u2019re saying is a use case eventually will be merging ChatGPT or AI with that CRM to create, I don\u2019t know, AI generated email and follow-up sequences that\u2019s personalized to them specifically based on the notes about that person so that whenever you re-market to them, it actually feels like you\u2019re speaking to them and not just sending out a message to 50,000 people.<\/p>\n
Yeah, exactly. And say a message comes in and say you get an email and say, \u201cHey Rob, really would like to come back and stay with you.\u201d When that message comes into you and your team and it\u2019s just, fantastic, who is this person? I remember when I was in our family business, we\u2019d have people message us or send us an email and they came to stay with us five years ago and my mom and my dad and I are like, \u201cWho is this person?\u201d We\u2019re trying to go and we have the standard email that goes about saying, \u201cHey, yeah, I hope you\u2019re well.\u201d Yada, yada yada.
We didn\u2019t have a clue who they were, but with this tool and this technology, they can go, \u201cYeah, this is X. They stayed with you these dates, they actually came back and stayed with you a year later. They\u2019ve got husband and wife, two kids, they came from Texas.\u201d Wherever it may be, the information that they can give you. So then you can act and go, \u201cOh yeah, absolutely, fantastic to hear from you. We\u2019d love to welcome you back.\u201d And all of those sort of things. So it\u2019ll help personalize your communication, your outreach, et cetera. And this can go to you, it can go to your team, it can go to sales, it can go to any department, but this is where AI will be able to help you organize and make your business run much more efficient but much more personalized. I think personalization is the key message to take from all of this.<\/p>\n
I got one last question here. I want to play devil\u2019s advocate on one other thing. If this becomes something that becomes standard in the industry and everyone starts using this, and anytime I go stay at an Airbnb, let\u2019s say I stay at eight of them throughout the year and all eight people are sending me all of those same text messages, how do you avoid someone just becoming saturated and blocking and saying, \u201cI don\u2019t want to hear from this.\u201d<\/p>\n
So when everybody\u2019s zigs you zag, and so when the world does become a copy and paste, everybody\u2019s doing SMS, everybody\u2019s doing email, I think it\u2019s going to become a case in point in time where every single digital message you receive online, the person is going to think, is this a robot sending me this or it\u2019s a human? So what are we going to do? Number one, we go back to the old school, write a letter, pick up the phone and have a conversation with somebody. Do the things at the old school marketing, that\u2019ll be the new school. So instead of sending an SMS, you\u2019ll hand write a letter, pop a little something in the post and send it to the person. I feel like this\u2019ll be where we come to a point in time where it all comes swings and roundabouts. Everything comes back around and when everybody\u2019s just relying on automation, what can you zag instead of where everybody\u2019s zigging?<\/p>\n
Isn\u2019t that funny? It\u2019ll be like, remember the hipsters for a while were making it cool to use a walk man, a cassette tape recorder or something. Or they\u2019re like, \u201cI like to stitch my own clothes.\u201d In a future where AI is taken over, the cool person\u2019s going to be the one who hand writes letters because they\u2019re one of the few people in the world that remembers how to use cursive.<\/p>\n
Exactly.<\/p>\n
People are going to be surprised whenever they answer the phone and it\u2019s a real person. I think ultimately, if there\u2019s one thing to take away is that AI is here to amplify your capabilities. Whether you\u2019re a small investor, intermediate, advanced, it\u2019s not here to replace you. It is here to be an extra set of hands to help you be more efficient. It\u2019s here to help you create concepts and renders very quickly. It\u2019s basically here to help you follow up and be an actual virtual assistant if you will, like a literal virtual assistant that\u2019s all living on the internet. So there\u2019s a lot of use cases there, but ultimately, if there\u2019s one thing you can take away, it\u2019s not going to replace us. It will make us better if we are willing to use it. That\u2019s my stance. What about you David?<\/p>\n
I think it\u2019s going to happen. I think it\u2019s probably going to be messy as we first learn how to do it. I think people are going to rush into it thinking, oh, I don\u2019t have to do stuff anymore. Take their hands off the wheel way too early and you\u2019re going to have a bunch of backlash against it because it\u2019s, \u201cOh, I don\u2019t have to do this anymore.\u201d Let AI take care of it and you\u2019re going to have a lot of irritated people. There\u2019s be a backlash against AI and I think eventually we\u2019ll settle into what human beings are okay with and then it will become the norm and then we will slowly just give more and more power over because that lure of convenience is always so, so powerful and the world will move into a way where, I don\u2019t know, we\u2019re going a little bit too far with that, but yes, I think AI is going to happen at some point, but the wisest people will be the ones that don\u2019t replace themselves with AI, they enhance themselves.
So the analogy that I give in scale is technology should function like Tony Stark suit of armor in the Avengers. It doesn\u2019t replace him. He doesn\u2019t create a suit of armor to go do the job for him. It enhances what he does. His brain still has to come up with the ideas for the lasers. He can\u2019t shoot a laser as a human, but with the suit of armor, he can. He can take damage in a suit of armor he normally couldn\u2019t take if he didn\u2019t have it, he\u2019d never be able to go compete with a Thanos or something if he was just regular Tony Stark. AI should be used in that similar way. Your creativity, your business skills, your savvy, enhanced by technology will give you an advantage over other people, but trying to replace yourself with those things will just guarantee you\u2019re going to lose.<\/p>\n
Yeah, well, on that note, David, while we\u2019re here, since we\u2019re wrapping up, I actually went into ChatGPT and I said, can you write an analogy in the style of BiggerPockets, David Green? And it came up with something pretty good. It said, real estate investing is like gardening. You start with the seed, which is your property, you nurture it with care just like you would water and tend to your plants. Over time, it grows and flourishes and you can enjoy the fruits of your labor, whether it\u2019s rental income or property appreciation. Just like in gardening patience and attention to detail in real estate can lead to a bountiful harvest. Boom.<\/p>\n
I don\u2019t know if I love that, man. What do you think, Mark? On a scale of one to 10, how good was that analogy?<\/p>\n
I\u2019m a solid eight on that. I think that\u2019s pretty amazing.<\/p>\n
I was hoping you would give me a Brazilian juujitsu one, but I guess that\u2019ll be for the follow-up podcast.<\/p>\n
But with gardening, I don\u2019t know I\u2019ve ever mentioned gardening before, but hey, not bad. It just means I got to step on my game so ChatGPT can\u2019t be better at being me than me.<\/p>\n
Exactly, exactly. Well Mark, if people want to learn more about you, find you on the internet, where can people reach out, connect with you?<\/p>\n
Yeah, 100%. Well, you can see me in person at the upcoming BiggerPockets conference. I\u2019m flying over to Orlando, which I\u2019m excited to do. I\u2019m going to be talking on about direct bookings, so come and check me out there. I\u2019ve actually put together talking about prompts so prompts are really important. I\u2019ve put together 100 quality prompts that you can use on ChatGPT, et cetera. If you want a copy of that, just send me an email [email\u00a0protected]<\/a>, B-O-O-S-T-L-Y.co.uk and I\u2019ll get that over to you. And if you want to get one of those Tavus videos that I was talking about, just head over to boostly.co uk and follow the links on there.<\/p>\n
You have opened the flood gates on your email, my friend. What about you, David?<\/p>\n
You can find me at davidgreene24.com to see what I got going on or all social media @davidgreene24. Thank you for asking, Rob. Where can people find out about you?<\/p>\n
You can find me on YouTube and Instagram at Robuilt, R-O-B-U-I-L-T.<\/p>\n
Thank you, Mark. We\u2019ve appreciate your time here today. I know you\u2019re British. This is a Scottish accent, but I\u2019m sure this is someone you\u2019re familiar with.<\/p>\n
It gives me flashbacks to the last episode.<\/p>\n
This is David Greene for Rob, baby V Abasolo. Rob, in a copy and paste world, you\u2019re still the baby V that I want to copy. Have a good one, guys.<\/p>\n