Unlocking Real Estate’s Potential: How AI is Rewriting the Rules
The rules of the real estate game are being rewritten before our eyes, thanks to AI and automation. Tune into this forward-thinking episode of the Real Estate Growth Hackers show as hosts Zach Hammer and Charlie Madison explore possible paradigm shifts for communication, personalization, analysis, and optimization.
Discover opportunities to completely reimagine your systems rather than just bolt on AI, and get inspired about measurable impact for your real estate business today. You’ll come away ready to run your experiments and construct a whole new real estate reality!
Other subjects covered on the show:
- Personalized communication at scale – AI makes truly customized messaging to leads and contacts achievable.
- Data science shortcuts – Affordable optimization of lead sources, agent performance, and conversions using AI.
- Automating paperwork and tasks – Docs and data entry could be handled by AI, freeing up valuable time.
- Iterating for advantage – Surround yourself with others applying AI to shorten learning curves.
- Paradigm shifts available now – Huge opportunities exist already to upgrade systems with AI’s help.
- Future-proof your business – Don’t get left behind the competition by integrating AI strategically today.
- Construct the ideal scenario – Envision your perfect systems, then build towards that future with AI’s help.
AND MORE TOPICS COVERED IN THE FULL INTERVIEW!!! You can check that out and subscribe to YouTube.
If you want to know more about Zach Hammer and Charlie Madison, you may reach out to them at:
[00:00:00] Zach Hammer: Welcome back to Real Estate Growth Hackers. In this episode, we’re going to be talking about some of the foundational paradigm shifts that are becoming possible in AI that were not possible before in the real estate world. We’re, this is going to be a little bit more of a opening up our minds to what’s possible.
[00:00:19] Some of this is theory and concepts and things that we’re seeing either quickly becoming possible. Some of these things might already being done or close to it. But ways that the real estate industry essentially from the ground up is shifting and changing as a result of what’s possible.
[00:00:37] Literally with just what we have today with AI, right? So like not talking about whatever new updates come out next week that completely change everything is that’s how it seems to be with AI and how quickly things develop and change but literally with what we see right now and what’s possible and these large language models and AI art and all that stuff for how we’re seeing it.
[00:00:57] So, with me, I have Charlie Madison, my co [00:01:00] host here today from a realtor waiting list referrals while you sleep and founder, realtor developer, all sorts of great things wearing his bomb pop shirt cause this show is sure to be.
[00:01:12] Charlie Madison: The bomb pop.
[00:01:13] Zach Hammer: It’s the bomb pop.
[00:01:14] Charlie Madison: That’s right.
[00:01:15] Zach Hammer: Welcome Charlie. So what do you think about this topic today? What do you think about AI impacting real estate? Quick, high level thoughts.
[00:01:22] Charlie Madison: You know, thinking of first principles what is the real estate business, right? Like it’s having a list of people that want to buy or sell home, converting them to trust me and then helping them get it or recruiting, getting a list of realtors or people that want to be realtors, coaching them to be good at what they do.
[00:01:42] And helping them close more clients, right? So recruiting, coaching, closing clients. It’s kind of, what we’re talking about with Elon Musk. When Elon Musk went to build the electric car, everyone else was just trying to bolt on electric. Whereas he came from a totally different place, and he [00:02:00] created a brand new thing where electric was just like it didn’t matter.
[00:02:03] Like, it mattered to him, but not them. And coming from those first principles, where AI is today, where it’s going to be in six months, like what happens if we’re not bolting on AI, but we’re actually envisioning what’s possible with AI.
[00:02:17] Zach Hammer: Yeah, absolutely. So yeah, that’s the key. It’s always important. There’s two sides to all of this. There are the foundational principles that always stay the same and then there’s the new things, the new opportunities, the new ways of doing things, the new methods, all of those paradigm shifts that change.
[00:02:33] So, the reality is, the reasons why at a basic level, somebody is going to buy or sell, those reasons have not shifted or changed. And, the ways that we connect with people who are looking to buy and sell at a basic level, like an emotional, foundational level, those things haven’t changed.
[00:02:52] But, the way that we communicate, what those communications look like exactly, the platforms, the methods, all of that might be shifting and [00:03:00] changing. And the way that we convert attention into a client that might be changing and shifting and similarly, all of the ways that we actually work our business, right?
[00:03:10] The way that I like to describe this is a real estate business is comprised of create business, service business, and work on business, right? So the create business is going to be converting attention into a leader database, right? Somebody that you can communicate with consistently, converting that database into an appointment or a sales presentation or somewhere where you get the opportunity for somebody to decide to hire you as their agent.
[00:03:35] And then converting that opportunity that sales presentation into a client. Now, once you’ve got a client, now you’re in the service business, part of your business, which is if it’s a listing, it’s marketing that listing putting it in front of potential buyers, finding and bringing potential buyers to the property. If it’s working with buyers, it’s finding homes, showing homes, getting them to the home that they ultimately want to put an offer in, [00:04:00] then that moves into writing offers or negotiating offers.
[00:04:03] If you’re on the sell side, and then finally, when you got an accepted offer, it’s a negotiating that managing that from contract to close, right. Making sure that the deal that starts together stays together, right? And then the work on business aspect, all of that to me is it’s all the other stuff that falls outside of that, right? It’s things like making sure you got good processes and documentation.
[00:04:23] It’s making sure that you have good hiring practices and you know how to bring people on those sorts of aspects and then in the recruiting element, like you just said, I actually see that as almost it’s complete, like a completely separate business where it’s its own business that needs to be thought about that way, but it still has the same processes, right? You still have the work that you do to create business, right?
[00:04:45] Finding those people that you want to be talking to creating the ways to be able to consistently communicate with them, ultimately having some sort of meeting or opportunity or mechanism that turns interested people into agents that want to [00:05:00] join your team, want to join your company and then there’s the work of servicing those agents, right?
[00:05:04] And what does that look like? That’s coaching, equipping with tools and tactics and strategies. And it’s helping to provide the services that make it easier for them to be successful ,cause otherwise they wouldn’t be joining your team if they didn’t feel like you’re bringing something to the table that they couldn’t do on their own, right? And then similarly, all those processes about how do you make those systems better, more efficient, and maintain them, right? So, that part hasn’t changed, right?
[00:05:27] All of those things are still the things that have to happen in order for a real estate business to run in order to have a recruiting arm of your business. Those things will still always be required, but what the work of doing those things looks like, that’s really what we’re talking about today is where is this changed?
[00:05:46] What are the opportunities that people are maybe missing or even more so like, what are we missing because we’ve been doing the work for so long that we were not looking at it like somebody coming at it from brand new eyes where it’s like [00:06:00] being ready to take the shortcut because we don’t even realize that it’s a shortcut, right?
[00:06:03] It’s just, oh yeah. Like this feels like the right path, right? I know you’re familiar, there’s an example of in the coding world, I’m pretty sure you shared this example with me of where there was a coding project that they put out to two different groups, right? And one person was hired who was just going to code this thing from the ground up as a professional engineer Wood. And then the other one was a fairly amateur person leveraging AI tools to get the same result. You want to elaborate on what happened with that story?
[00:06:30] Charlie Madison: Yeah, fascinating study. It actually changed the way I look at software. And one of the fascinating things is by default, I would lean to the old school guy. That developed it from hand because I almost have too much knowledge. So part of what we’re talking about is how do you look at things with my knowledge, but with fresh eyes?
[00:06:49] So the way this worked it was a development house and they had a project and they hired two people. One guy was an amazing programmer, been 20 years experience, and he [00:07:00] was set off to do the program. Another was a novice developer that was familiar with AI and what’s called no code tools.
[00:07:08] So point and click and you build this out at the end of three weeks, the novice or the expert. Was about a third done with his prototype and he said, it’s going to take three more months and $30,000 to complete it, at the end of three weeks, the novice was completely done with end to end automated test like 1800 bucks.
[00:07:34] And the difference was when this was running, it was supposed to only, you know be $50 a month to maintain and this was 150 bucks to maintain but I mean that the difference was astounding and that’s it. I mean what a difference you’re talking about 10x, 20x, 30x.
[00:07:53] Zach Hammer: Right, yeah. It’s super powerful, and so like those same kind of shifts, you and I, just at this point, we are both [00:08:00] aware that they have to be present basically everywhere, right? Like there are these paradigm shifts that are possible even if we’re not aware of them and so that’s some of what we’re exploring today.
[00:08:09] So, really the foundational question here is, since AI is what it is, how would this be built today from the ground up with this system now existing? right? Like that sort of thinking and the idea is to try and see, like, we’re in a new world, we’re in a new way of doing things.
[00:08:28] It probably isn’t the best strategy to only be thinking, how do I take my process now and bolt AI onto it? But rather we might need to go a step back and maybe slow down for a second in order to ultimately gain a leap forward, right? Where if we rebuilt the system. Would we see a massive benefit that would be worth that extra work to do it right?
[00:08:55] Or if somebody brand new who didn’t have your years of [00:09:00] experience and knowledge was going about it, where would they end up, and is it worthwhile to try and go that route regardless? Right? So, these are the kinds of questions that we’re looking for because we want to see where are the opportunities that might be existing that we’re all missing.
[00:09:14] And here, full disclosure on this. I don’t know if Charlie or I are the right people to actually be able to fully have those kinds of breakthrough. Keep that in mind that as you’re looking at how to implement this idea, it might be worthwhile to have somebody with fresh eyes, have somebody that maybe is playing with AI and leveraging these tools and seeing the opportunities because they might have a perspective that’s really hard for you to tap into on your own and look for those as opportunities for where to do this further.
[00:09:45] You and I have talked about this benefit as well. One of the ways that I think that we could be leveraging this shift is by surrounding ourselves with other people that are trying to do the same thing because somebody else might see a hint at an opportunity that ends up being massive [00:10:00] and they do the legwork for you of figuring it out the system and getting you drastically further than if you had tried to go there completely on your own. And so surrounding yourself with people that are doing the same thing is really important. If that is important to you, we are putting together a mastermind right now. If you want to check out what we’re up to, we don’t have a landing page yet but RealEstateGrowthHackers.com/Contact.
[00:10:21] You can reach out and find out what we’re up to where we’re coming together for, real estate team owners and brokerages that run like a team. We’re coming together and we’re putting this stuff into practice implementing it, actually putting in tangible work to improve your business increase efficiency, increase outputs, etc. By actually putting this stuff together and trying to put it into practice. But at that level, the other kind of questions that we’re looking at is we’re looking at things like the people on my team are there roles that now can do 10 times the work that they used to because of what’s possible and meaningful work, right?
[00:10:57] Like not just output for output sake, but can they [00:11:00] meaningfully increase their output because of what’s possible here and what would that look like? Maybe that means that you don’t need to hire somebody else in order to continue to grow and to scale, whereas previously you would have had to, maybe that means that you have roles that are no longer necessary, right?
[00:11:14] I know, this is one of those touchy subjects. People are very concerned, I’ve heard about, like they really don’t want to venture down the path of getting rid of people on their team but honestly, I think it needs to at least be on the table mentally, right?
[00:11:28] Like I don’t think you need to be in a hurry to say, Hey, this person could definitely be replaced, but man if we aren’t making these paradigm shifts in our own business and somebody else reveals that it’s completely possible, right? That starts to become the thing that holds us back from being competitive in the market as well.
[00:11:45] And I think there’s a balance to it. Does that make sense of at least being open to it, not necessarily thinking like, Hey, the solution is I fire everybody and replace them with a robot. But is that make sense?
[00:11:54] Charlie Madison: Yeah, I think the question is what are you building? What’s the end goal and who does this [00:12:00] job the best? That is the goal of a job. And, we’ve talked before, I’m not the best at this and practice but cause I hate firing people, it’s not easy for me. And I guess that’s a plus and a minus, right? And, I think that’s too, or, a lot of times the mastermind comes in a lot of times someone else can help me just see unemotionally, where we can reiterate and be like, Oh, the way that I came up with my showing agent program was I found some other people that were doing it and I iterated and found a different way to do it, that’s the question.
[00:12:34] What are the roles needed to create the experience that I want? Like Disney, everyone at Disney, one of their roles is if there’s gum on the ground, they clean it up. That’s a really important thing for Disney at my local skating rink. They don’t care.
[00:12:51] Zach Hammer: Right.
[00:12:52] Charlie Madison: So I think, with GPT, ChatGPT just came out with their GPTs, their individual agents, like [00:13:00] there might be a way to have little ChatGPT agents that do little things like clean up the gum, like who knows exactly what it is. But what, like wave a magic wand, what is the perfect experience that you want to create for your agents and for your clients?
[00:13:17] Zach Hammer: Right. Yeah. And I think that’s the key. So like this is one of those things that I see in my world of like helping people just in business in general, like, when I’m not helping real estate agents, I often am involved in a world of just like general business consulting and people talk to me about those kinds of things.
[00:13:33] And one of the problems that I really consistently see is people trying to find a market for a product rather than creating the product for the market, right? So starting with the market and then serving that need. I think that’s foundationally what we have to do. So just like you’re saying, if we really want to see the opportunities here, what we first need to do is we need to think through what is the [00:14:00] ideal outcome?
[00:14:00] What is the , like you said, wave a magic wand. What is the perfect scenario where if this was done at the level that I would want it to, if nothing held me back, what would that look like? And then you start saying, okay, now with what’s available, what would I think is the best way to build that?
[00:14:19] What would, from the ground up? So not assuming the current people on my team, not assuming the current processes, but just sort of giving yourself the freedom to think through how would I get this end result today? If I had to build it from scratch, I think at least starts to open you up to those possibilities, right?
[00:14:36] And so, yeah, let’s talk through. Some of those areas that just top of mind, some of those concepts where I think I see areas that were potentially not possible before that are starting to become possible, even if the path isn’t exactly fully fleshed out, right?
[00:14:51] There’s some of this that we’re still figuring out exactly how to implement on, but we see that the opportunity is right there on the horizon. So going to the [00:15:00] first part of the process. Of creating business, right? So in that first part of the process, there’s all sorts of ways that people leverage creating opportunities.
[00:15:10] But one of the best ways that consistently works is going out and directly, reaching and talking to people personally. And previously that took lots of time, lots of effort in order to personalize messaging talk to people directly, but now maybe there’s starting to be opportunity where with some foundational information and maybe some templates and the right tools to automate this.
[00:15:38] And again, some of these things, right? Like, you need a good QA process, quality assurance, I think is what QA stands for. Where you’re making sure that the messaging that goes out is something that you would actually stand behind but with contextual information, like say what somebody has been up to recently, what their likes are when you last communicated with them whether you know them personally or not like [00:16:00] that kind of information, plus maybe some templates around what a solid outbound message looks like you could have something that instead of just being a generic. Hey are you having any thoughts of buying or selling real estate? Right? Like it’s a lot more personalized and personalized at scale and adapted to that unique person in a way that AI could accelerate it quite a bit. Does that make sense?
[00:16:22] Charlie Madison: Yeah. The one we were testing with our friend earlier, like Facebook is an amazing place to get information. But I know for me personally, if I hop on just to find information about one person, they have a team of behavioral scientists to suck me in and I get sucked in 15 minutes later.
[00:16:38] I’m like, what was I doing? But, you could get AI to say, hey, read this person’s page and tell me, the last three interesting things that they’ve done, and then I could say, Hey, write me a post on the second one and follow it up with the fourth question that, you can even train a ChatGPT the way I [00:17:00] talk, like that’s where we’re getting, or, ChatGPT can sound like me and say, in my voice.
[00:17:05] So, it ends up being like, Hey, is that, I saw that you had your in laws over for turkey day. Hope that was better for you than it was for me. How have you been?
[00:17:14] Zach Hammer: Right. Yeah, and shoot. Honestly, here’s what I love about this. Even what you just did where there’s a little bit of a joke in there, right? Like, you could actually trade AI to make those kinds of jokes in a way that you would, right? With examples. And, what’s cool about this is I think, we might get there at some point where this could be fully automated. I’m hesitant on how quickly we’re there, but like where we are right now, you can definitely shave like a process that might take you like say it’s five minutes per person, right? Like, that’s pretty quick. But at five minutes per person, if you want to reach out to a bunch of people that adds up really quick.
[00:17:53] That’s what ?That’s a 30. No, not 30. What’s the math? 12 people. There we go. 12 people in an hour, right?[00:18:00] What if I want to reach out to a hundred people and I’ve only got an hour, right? Could I make it that I could take that 12 and turn it into a hundred And have most of the legwork done where now all I’m doing is I’m reviewing the messages and saying, yes, that sounds like me.
[00:18:15] Yes. I like this. This hits the right points, etc.. And you go through and you increase that output drastically, right? Like, what does that do to change your process so that your output or the quality becomes more, whereas maybe, in that amount of time you could do quality messaging, but you could only do so much of it. Now, you could do quality messaging, still have a quick, editorial stamp on it and then set it out and do 10 times as much, right? So, and that could be applied to everything, right? So that could be, leveraging social media and outreach on social media.
[00:18:48] That could be email, that could be all sorts of things in terms of doing this. It could even be like I could see it starting to become on the horizon where with enough data points, like it could be involved [00:19:00] with information that’s presented to you very quickly for what you’re hopping on the phone and talking to somebody, right? At where it turns from, I’ve got somebody who answered into, here’s some quick points to bring up and maybe even adapted into a script that’s relevant in this sort of Ford process, right?
[00:19:14] Charlie Madison: Yeah, you know that kind of gets me into one of the things that I love about my real estate practice is when I meet with a client. I asked him you go seven levels deep, right? Like you go, what is it that you really want? And one of my friends what he’s done, I think we’ve talked about it before he says, Hey, I’m going to record this because it’s good information.
[00:19:35] I want to know. And he feeds that into ChatGPT and says, give me the metaphors that they use. For example, when someone is stuck, they might say I’m stuck and they may say I’ve ran into a wall. They may say I’m trying to get over the hump, everyone lives in their own internally generated world.
[00:19:57] Like, if they’re stuck in the mud, that’s [00:20:00] their metaphor. If they’re trying to jump over a wall, that’s their metaphor. And so he uses ChatGPT to get their metaphors. So when he talks to them, he can talk to them using their metaphor, not another one. It’s NLP, so, that’s one simple thing you can use with clients or you can use with real estate agents you talk to three months ago, that’s not ready to move, but you found out what they want for the next year and where they feel stuck, you can say, Hey, are you any closer to climbing over that wall, like that right there is one small little sentence, but if it’s their language, they feel heard.
[00:20:35] Zach Hammer: Right. Yeah. And what’s cool is that not only can you do that, but now that we look at this from like a team perspective, you and I, knowing that exists and that concept is beneficial, we could potentially train a GPT that automatically tries to do that, right? Like it takes in previous conversations, extracts the metaphors.
[00:20:56] And so then when the agent on my team is reaching out to that [00:21:00] person, It’s actually putting in front of them like, Hey here’s some metaphors to bring up. Here’s the pieces to to ask him about, to follow up. And it can be presented in a way that’s really easy for the agent, but has all of your knowledge and training in advance, even if they aren’t fully trained on that yet. Even if they don’t fully understand that idea, like you’re pre-framing them to have those metaphors in mind, to be able to think through it more like the person that they’re talking to rather than themselves, right?
[00:21:27] So yeah, I think at a basic level. Personalization in the extreme is part of what we’re seeing become possible that previously wasn’t, right? Like, what are the ways that AI equips you to make it so that you are even more personal than maybe you could do normally,
[00:21:45] Charlie Madison: I’ve got a book.
[00:21:46] Zach Hammer: Right? To understand, well, what’s that?
[00:21:48] Charlie Madison: I’ve got a book. It’s an old book. It’s called the one to one future. Have you ever heard of it?
[00:21:54] Zach Hammer: Right? I have not.
[00:21:56] Charlie Madison: It was written a long time ago. But he’s basically [00:22:00] saying we are going to get to a place where you can market to individuals one on one. And never been, this was originally published in 1993. So this guy was way ahead of his time, but that’s where we’re at with direct messages with Facebook, AI, Tiktok, and knowing about people.
[00:22:23] Zach Hammer: Right. Yeah. And I think, what’s interesting is some of this stuff, you have to read the room a bit on it, right? And some of this we have to be able to run experiments with to see what works, what doesn’t. I think right now people are very much in a position where it’s still somewhat detectable in a decent percentage of the cases that somebody may not be able to tell completely if they’re talking to a robot or not, if it’s not somebody that they know, but they’re more likely to be able to tell if they’re talking to you or not because of these subconscious things that we may not even realize that we’re doing.
[00:22:57] And people aren’t, I don’t [00:23:00] think yet at the point where they’re happy to talk to the robot version of you. Right? They’ll feel misguided. They’ll feel betrayed if they feel that way. But, that isn’t to say that if like the way that people are right now, we ask Siri questions, we go to ChatGPT and we ask questions and we do often do some back and forth communication.
[00:23:23] We’re aware of what we’re going on. So maybe there’s scenarios where people are often running into questions and you’re like, Hey, this as a solution, this AI solution is probably your quickest way to get a quick answer. But if it can’t find the answer it will ping me and I will reach out personally, right?
[00:23:39] Those kinds of things, maybe that starts creating opportunities to free up your time. But still I think it’s worth testing. Maybe in some cases there are portions where it does a good enough job that we could fully automate and like one of those cases you were sharing an example with me before we got on this, where AI could actually do a really good job responding to a message a lot better than it could do on [00:24:00] that first outreach.
[00:24:01] Now, if you give a good templates and stuff, it could do a pretty good job on that first outreach. But I think you probably need a lot of handholding on that first outreach for it to be done well. But responses, man, it could do a good job if you give it the context, this person said this, I want you to reply with these ideas in mind and sound like me. And there’s ways to train it on that. It can respond really well, right? So.
[00:24:21] Charlie Madison: Yeah. Cause
[00:24:22] Zach Hammer: Maybe there’s a lot of,
[00:24:22] Charlie Madison: We can have it read our Facebook. We can have it read our Twitter. We can have it read our social media. And so now it’s trained on how we talk and what we talk about. One of the tips, use Dell Carnegie, customer service, whatever reason it’s got their info.
[00:24:39] And again, we’re just beginning here in six months, there’s a chance that me and you can feed it all of our podcast, and at that point it’s going to have a lot of information of us.
[00:24:50] Zach Hammer: Right. Yeah, absolutely. And so on the outreach side, I think outreach response, that whole flow of those conversations that ultimately lead to sales, lead to new clients. I [00:25:00] think that’s, personalization there is definitely big.
[00:25:03] I think really that to me, if I was going to give like another foundation. So personalization is probably a really big paradigm shift where things can be drastically more personalized than they used to be. That could be on adapting your marketing materials. So every agent on your team is using the same concepts, but it all feels unique to them.
[00:25:24] Where, when you give a market update social media posts that could be reflowed and reformatted to feel unique to every single person that’s putting it out. Or if a blog post is provided that blog post doesn’t literally show up exactly on every single person’s feed that it’s adapted and made personalized.
[00:25:43] Right? So that personalization, but the other one that I think is becoming more and more available that people are missing is analysis and optimization, right? Like where you previously either needed to pay for expensive, data science [00:26:00] tools or no Data science in order to actually derive meaningful conclusions.
[00:26:05] AI is getting to the point where that kind of stuff, you could feed a spreadsheet that has, the KPI’s that you’re looking for of, Hey here’s the people on my list, here’s the areas where they are, here’s age, gender like whatever. Right. And like, again, who knows some of this stuff might start violating fair housing or what not.
[00:26:23] Charlie Madison: So don’t do that.
[00:26:24] Zach Hammer: So, definitely operate within the law but the idea is that you can, you could potentially feed in all of these things and then say, like, how many of these people are actually picking up the phone when I call? Right? And or of my team who is most often getting to leads the quickest and how often does that correlate to more deals, right?
[00:26:43] And, or how many communications on average for my team and my list seem to be influencing turning into deals, right? Like that kind of data analysis. I mean, it’s not like it’s impossible for us to do but some of that stuff is getting to a point where. [00:27:00] Maybe it’s becoming automated, right? Like if you use a system CSU, where these numbers are being tracked consistently, where you could see speed, delete, you could see contact attempts, you could see appointments set to that ratios. And you have data in there, like lead sources and agents and all of that.
[00:27:16] Like you might be able to correlate really well, like, Hey, this lead source pairs really well to this agent.
[00:27:23] Charlie Madison: Right.
[00:27:24] Zach Hammer: But horribly with everyone else,
[00:27:26] Charlie Madison: Right.
[00:27:26] Zach Hammer: Right? And this lead source peril’s really great to this agent, but, less so to everybody else. And so, whereas, previously we sort of just build systems based on luck of the draw and letting the randomness sort of, get us results, maybe in the future, we now are able to start building our systems where it’s like, Oh, you know what? Like, it’s not that these are good leads or bad leads. It’s like, these leads just need to go to this person because they jive with that style of lead really well.
[00:27:54] Or maybe this person does not handle leads great, but man, when [00:28:00] we create opportunities for them to talk to their list and to their database and just get up in front of the people that they don’t like and trust, like they’re really good at building those relationships and converting that into sales really well.
[00:28:10] So it’s a waste of their time to actually put these leads in front of ’em. ’cause they’re not gonna convert ’em. And that’s okay it doesn’t make ’em a good or a bad agent, but it starts to allow us to have our systems adapt more readily to reality and the data. And maybe in ways where like, we don’t even have to be completely conscious of what’s going on with the data science.
[00:28:29] Right. It just. It looks at the data and says, Hey, this person should be getting more of these types of leads. If you can increase their lead flow of this type of lead, we predict this much growth in business. Right. And like previously that kind of stuff, like it’s always been possible. What’s different is that it’s become easy and cheap.
[00:28:46] Charlie Madison: Right. It’s
[00:28:47] Zach Hammer: Like that’s the thing. Yeah, exactly. Uh,
[00:28:49] Charlie Madison: Used to cost a $100,000 for a special study and six months worth of work.
[00:28:55] Zach Hammer: And now like literally some of the stuff that I just mentioned. You could [00:29:00] export data from something like CSU or from your CRM or whatever upload that as a spreadsheet to chat GBT that plus that costs you 20 bucks a month and potentially get some of those same answers, right?
[00:29:11] And that’s just what’s currently available. Like I expect some of these ideas and concepts to just start being integrated into tools as we move forward, where it just starts becoming easy or even easier, but yeah. So, and then similarly, we look at like the back office and servicing things, right?
[00:29:26] What aspects of real estate transaction are the equivalent of somebody filling in the blanks? Right? What parts of the process are somebody fills out an email or you intake a call, and then that information has to be relayed or translated into a digital format or into the actual paperwork and stuff?
[00:29:42] Like if you could just feed all of that into the right context, possibly it takes something that used to take, somebody 15 minutes, an hour, who knows, right? Like, to relay that concept and maybe by the time they’re done with the phone call, it’s just the paperwork’s already live and the emails drafted and ready to send. [00:30:00] Right. Yeah. Does that make sense?
[00:30:01] Charlie Madison: Yeah. I mean someone might be able to just say either just say what happened or even, with chat GPT visual, you can even say read line 108, tell me what the commission was and snap a screenshot, and so all of your fields get automatically filled in and the compliance person just looks at the snapshot. Yeah, these this number matches this image. Like that’s just one example that can make life easier for the agent easier for compliance.
[00:30:32] Zach Hammer: Right. Yeah, exactly. And so that’s the key to me. Whether it’s outreach, whether it’s marketing communication, whether it’s presentations and creating personalized dynamic presentations, whether optimizing those presentations after the fact by keeping track of the data having things that previously, like somebody would have to type something in or think to do it.
[00:30:54] Like maybe with AI, there starts to become more easier mechanisms where somebody, records a [00:31:00] quick voice note into a thing. And that can intelligently be translated into the digital forms that it needs to be dynamically on demand, right? Whether, but any of those things, front office, back office, recruiting agents, equipping agents, all of these things, these are some of the ideas where I think people definitely need to be looking at some of these paradigm shifts that are happening.
[00:31:20] And honestly, we don’t have right now, more time to keep talking, but we could keep talking in every different facet of the real estate business. And so that’s the key part of what we’re looking to do in that mastermind that we’re putting together for brokers and team owners is looking at these elements and not just talking about ’em like we did here, but actually putting ’em into practice and running those experiments ’cause I think that is what’s key in this.
[00:31:45] Time period that we’re in. Like, things are shifting, and if you wait, you’re going to wait until the systems are figured out, And it’s not a way to stand apart anymore, but if you get in and get involved [00:32:00] now, it could be a way to differentiate and carve out market share, get ahead of this AI shift that’s happening while still leaning on those foundations and fundamentals in a clear practical way.
[00:32:11] And I don’t think this stuff has to be super hard. I think it’s very often people naturally pursuing things that are interesting to them end up. Coming upon the things that will make a difference in their business. And then together in a group, we can now have the shortcut to see, Oh yeah, I see how you’re using AI to drastically increase your content output.
[00:32:34] Oh yeah. I see how you’re using AI to personalize messages and personalized communication. I see how you’re using AI to take your systems and procedures and turn them repeat of your repeatable and automatable as much as possible. Right? And then being able to implement those together by shortening that learning curve.
[00:32:53] So that’s what we’re looking to do. If that sounds interesting to you and you see this potential for what’s possible but you’re really wanting to[00:33:00] figure out how to put it into practice and what can be done right now. And what we’re seeing doable right now.
[00:33:06] That’s really what the mastermind is for, that’s what we’re trying to do is we’re trying to get together, learn together, but implement together even more importantly, and get real meaningful impact in our businesses where we can increase output without increasing cost , increase quality without increasing time.
[00:33:23] Right? And all of those concepts that are really powerful right now, because AI is here and is making a difference. And really together we’re figuring out where are the practical implementable ways that it can matter in your business today. Does that make sense?
[00:33:36] Charlie Madison: Yeah, I love it, and I love just the iteration within the same industry, like whoever iterates the fastest wins right now, that’s one of the thing that technology allows and like I’m part of, I’ve downloaded list of prompts and stuff that are for different industries, but to actually have this person’s working on how to handle the back office while this group of three people are trying [00:34:00] to work on how to use it to for recruiting.
[00:34:02] This is person like to have that group and to have multiple iterations all working at once, it’s going to be powerful because this is the beginning and it’s going to be pretty awesome to see what’s already happening and what’s possible.
[00:34:16] Zach Hammer: Right. Yeah, absolutely. So yeah, if that sounds interesting to you, if you want to come together around other like minded people that are in the real estate industry, looking to implement AI in their real estate business to increase their effectiveness, increase the quality and quantity of output and results without having to increase, You know, workload, time, staff, etc.
[00:34:38] That’s really what we’re striving to do. So, if that sounds interesting to you, RealEstateGrowthHackers.com/Contact, reach out to us. We’ll let you know what we’re up to and see if we have room in the mastermind or not. So reach out if that sounds interesting and we’ll get you the details on how to get involved.
[00:34:52] But otherwise, there you go, that’s our episode for today talking about these paradigm shifts that are happening. Some of these opportunities that we see on the [00:35:00] horizon in terms of what’s possible right now. And just to try and expand people’s thinking again, this wasn’t intended to be exhaustive.
[00:35:06] This is more intended to be inspirational to get you thinking like, what is different? What could be different now to give you those ideas to start going out? Run your own experiments, see what’s possible, see what you could do in order to implement the stuff for a meaningful change in your real estate business.
[00:35:21] But yeah, there you go. Thanks so much again for coming on, Charlie, as always great information. Glad to have you here.
[00:35:26] Charlie Madison: Awesome. Always a pleasure. I love seeing what’s happening in this world right now, being a part of it.
[00:35:31] Zach Hammer: Indeed. Well, there you go. Until the next time we’ll catch you guys on the next one.
Real Estate Growth Hackers Founder
Zach Hammer is the co-founder of Real Estate Growth Hackers. Over the last 36 months Zach and his team have managed ad budgets well over $100,000, generated over 25,000 real estate leads, and helped create over $50,000,0000 in business revenue for their clients. Zach is also a highly sought after speaker and consultant whose work has impacted some of the top Real Estate teams and brokerages across the country.