Unraveling the Power of AI in Real Estate with Matt Britton | Live Keynote

Huge wave of innovation. And AI has such incredible power. I believe that the advent of AI, we're going to look back 20 years from now and having more impact in our lifetimes than the advent of the Internet itself. Now, that might seem hyperbolic, that might seem crazy. I'm going to walk you through why I believe this. I'm not a predictor of the future, right? But I do see a lot of trends here in terms of the drivers of AI, the drivers of adoption, AI, the applicability of AI that gives it incredible promise and why I think it's important that everyone here pays close attention today. By the way, I'm going to send everybody a copy of this deck as well as a spreadsheet of 100 AI tools that I would recommend you checking out over time as a result. So you don't need to take pictures of every slide. You're welcome to, but no need. So why am I a big believer in AI, really? There's four main reasons a AI is improving at an unprecedented rate. When the iPhone first came out in 2007, the space between the iPhone One and iPhone Two was about 18 months. And then it kind of got into a cycle of between 12 to 16 months moving forward. Meaning the innovation in the iPhone was pretty far spread out. Compare that to the pace of innovation in AI, where literally every week there's a new innovation that comes out. I was fighting not to have this deck that I'm presenting to you ready until last night because I didn't want it to be outdated. Seriously, because so many things have happened in the last couple weeks before I got before I submitted this deck and it's really fascinating to see and hopefully I'm going to illuminate some of that for you. AI is easy to use. So unlike blockchain, unlike printing your own house, unlike so many of the early innovations I just talked about, you only need to learn how to speak your own language, which most people know how to do, either type or speak into it. To use AI, there's no technical skills required. So many big innovations, they fail globalizing world to become competitive in their jobs. So there's so many questions right now when it comes to AI and really what I hope to to do for all of you today is just unpack it. Why is AI so incredibly important? Why is this or is this not a fad and what are the applications to everybody in this room? I know it has not been an easy couple years being in real estate. It hasn't been an easy couple years being in software. Either. I know it's a lot of, Harry, Harry, Harry, Wait, wait, wait. With deals and the market and interest rates and all that. And I really just echo the points that were just left on stage. It says, be positive, stay with it, keep your head down, because eventually this too shall pass. And I think when it does pass and when the market does get back to a place where it may not ever be like 2021 again, let's face it. But if it gets back to a normal market environment, these tools that I'm gonna be talking about today are gonna be incredibly impactful and important. But first, before we even get into AI, let's take a look in the rearview mirror in terms of what it means to be a trend and what usually happens with trends. This is called the Gartner hype cycle. And some people hate this, some people love it, but it's a really great framework for looking at trends. And what this shows is that when a new technology comes into the zeitgeist, everyone goes crazy about it. And eventually you see it on Good Morning America or on the front page of the USA Today. Mainstream media publications cover it because the soccer mom is using it and everyone is really adopting it. Everyone's talking about it as, oh, everyone's on this thing. And then what tends to happen is we get let down by this. Technology is not what we thought it was going to be. Or there's a market shift, a macroeconomic change, which basically gets us to basically hit a big trough, which is called the trough of disillusionment, where everyone's like, this thing is dead. This just had a moment in the sun. It's never coming back again. But then once it stops grabbing the headlines, the real work starts to begin. The rails, so to speak, are laid down, and five to 10 years later, it just becomes part of how we operate as a culture. Now, not every trend actually comes back out of this big valley. 3D printing, those of you, obviously, everyone here is in real estate. I remember not too long ago, people were talking about, everyone's just going to print their houses. We don't even need builders anymore, right? 3D printing is going to print our houses. We see what's happened to the 3D printing stock prices, and they have not come back yet. 3D printing might be a technology that may come back, but it's certainly something that has a very long trough of disillusionment. Voice. So Voice, for a while, everyone thought voice is going to be it. Everyone knows how frustrating Alexa got over time. She doesn't understand Anything at all. Right. Siri's getting a little bit better. But voice really never took off with the promise that we thought I was on stage four to five years ago saying we're not going to be typing anymore, we're just going to be talking into our phones. Some people do that, but generally speaking I was pretty wrong on that. Will voice come back and one day replace typing? Maybe, maybe. It has to have the right technology, right wearable. In fact, ChatGPT recently just came out with a whole new suite of voice enabled functions. So that may be the catalyst that gets voice back on track. And obviously we've heard so much about cryptocurrency, we've heard so much about NFTs and, and, and the, the collapse that happened with FTX and so many other platforms. And this is a great example of during the boom cycle everybody was talking about crypto and how great it is. And during the bust cycle, the front page news is how scary crypto is. Right? You see what's happening in the FTX case right now and obviously NFTs were, believe it or not, people did spend hundreds of thousands of dollars on what is essentially a digital image during the boom cycle. What's going to be happening with crypto moving forward? Are people going to be buying homes with cryptocurrency anytime soon? Probably not. But is the blockchain as application gone forever? I would argue that this isn't a trough of disillusionment. And I would think that five to ten years from now, all the real work that's being done right now without the glare of headlines in the world of crypto is going to come back and maybe establish a whole new currency. But that kind of remains to be seen. So the big question with AI is, is this time different? Is AI gonna be different than all other technologies? Cause even if you go back to the web itself, e commerce. I remember my very first job, it was in the year 2000 and I went to my boss, I'm like, I just brought in this amazing.com business, like I don't wanna ever hear anything about the Internet ever again. Okay? It's a fraud. And obviously that didn't happen. But pets.com, the whole implosion and people thought it would never come back. And again then the real work began and then you got companies like Amazon and Facebook and Google, et cetera. So it does happen. But with AI, is this time different? And I think the best way to look at AI is actually to zoom out on one of the history of innovation cycles in our society, in our culture, and going back all the way to the late 1700s, which I don't think anyone in this room is around for. But that's when water power, textiles, iron were invented. I and really laid down the foundations for what would be the industrial revolution. I feel like I'm kind of an announcer at Epcot center right now. But 55 years ago, you had the second wave, which is steam power and rail. And all of a sudden people could travel in ways that weren't driven by horses. And then you had electricity and chemicals. And over time, we got amazing things like aviation. And then, of course, the big wave I was just referring to was the digital wave. Digital networking and software and new media. I believe we are now in a world. And a lot of these things tend to happen during economic downturns, by the way, when a lot of these things get adopted, I think AI is the driver of the sixth huge wave of innovation. And AI has such incredible power. I believe that the advent of AI, we're going to look back 20 years from now and having more impact in our lifetimes than the advent of the Internet itself. Now, that might seem hyperbolic, that might seem crazy. I'm going to walk you through why I believe this. I'm not a predictor of the future, right? But I do see a lot of trends here in terms of the drivers of AI, the drivers of adoption, AI, the applicability of AI that gives it incredible promise, and why I think it's important that everyone here pays close attention today. By the way, I'm gonna send everybody a copy of this deck, as well as a spreadsheet of 100 AI tools that I would recommend you checking out over time as a result. So you don't need to take pictures of every slide. You're welcome to, but no need. So why am I a big believer in AI, really? There's four main reasons a AI is improving at an unprecedented rate. When the iPhone first came out in 2007, the space between the iPhone One and iPhone Two was about 18 months. And then it kind of got into a cycle of between 12 to 16 months moving forward. Meaning the innovation in the iPhone was pretty far spread out. Compare that to the pace of innovation in AI, where literally every week there's a new innovation that comes out. I was fighting not to have this deck that I'm presenting to you. Not ready until last night, because I didn't want it to be outdated. Seriously, because so many things have happened in the last couple weeks before I got before I submitted this deck and it's really fascinating to see and hopefully I'm going to illuminate some of that for you. AI is easy to use. So unlike blockchain, unlike printing your own house, unlike so many of the early innovations I just talked about, you only need to learn how to speak your own language, which most people know how to do, either type or speak into it. To use AI, there's no technical skills required. So many big innovations, they fail because they require consumers to change their behavior. But AI does not require consumers to change their behavior at all. In fact, in many ways it makes it interacting with technology easier than ever before. So since there isn't that chasm or leap to adopt AI, it's another reason why I think it, why it's spreading like wildfire, and why we're only at the beginning, minimal coding required, and really unlimited potential. There is very few industries I've spoken to where I haven't been able to instantly see, oh, this should go here, this industry is going to change this way, et cetera. And I completely agree that this isn't about taking people's jobs. I agree in the statement that AI is not going to take your job. But somebody that understands AI might, and I believe that really is where we're at with every industry is if you try to ignore it, you try to think it's going to go away, you try to down talk it, it's going to be at your own detriment because we are not going backwards. But if you do understand it, you do take the time and the technology, which is relatively easy to understand, you're really going to set yourself up to supercharge your career and supercharge the way you spend your time, both professionally and personally moving forward. Why this is so incredibly important. So what is AI? This is the easiest way. And I'm not going to walk through this complex slide because it's actually really easy. There's three components to AI. There's a database or a neural network. And the database could have anything from images to text to data to videos. It's basically where everything lives. For a platform like ChatGPT, their database is essentially the Internet. They have basically crawled trillions and trillions and trillions of different data points, some of which is from people who really don't want their stuff in AI models. But that's a whole nother keynote conversation. And basically a lot of these large language models have adopted these incredible databases to essentially crawl through. So much like your brain, you have all these different memories of Things that you've gone through in your life before, you say something or interact or create something, you're pulling from all those memories to actually push something out. Right? That's essentially what AI is doing. The second is the prompt. The prompt is the programming language of AI. Again, you do not need to know how to code to use AI. You just have to know how to speak in any language. So you don't even need to know how to speak English. If you live in the United States, you can speak any language and understand how to tell what to do. And then there's the output, the content generation. So it has this database. You tell it what you want it to extract from this database and then it'll spit it out for you and you can use it. And obviously there's a lot of technology behind it, but in terms of the users in this room, that really is all you need to know. Now, prompts are the core programming language of AI, and there's a huge cottage industry popping up now called prompt engineers. Those are people who know how to write the instructions for AI in a way that maximizes their success for the output over time. I think, however, this is not really going to be that big of a demand in the industry because I think a lot of these AI tools are going to translate your English into the best prompts. So I think this is something that is just kind of a beta application in terms of prompt engineering. But I do think over time, you're not going to really even need to know how to do prompt engineering. You just have to tell it what you want. A great example that I brought up a couple times, which I get a lot of head nods for, is you look at Instagram, before Instagram and before the iPhone. If you want incredible looking photography, you'd have to know how to operate a DSLR camera with all the settings and adjust the f stop and adjust the exposure. I'm not a photographer. I'm just throwing out terms I know, but I know enough to know that I'm not a professional photographer. And if you wanted great pictures before the iPhone, you need to know that stuff and you need to get the right equipment right. And then with the iPhone, the only thing you need to know is where to point the camera to. And then you could pick a filter on what you want it to look like. And boom, you were an incredible photographer. All the other work was kind of done beneath the surface, within the technology. Right. And what did it do it 1000x the amount of photos that were taken every single second. Right. Because it was so easy to say the best camera is the one that's in your pocket. AI is the perfect analogy to that because ultimately the things that you're going to be able to do are going to be done so much more because it is so very accessible and the limitations of what you actually need to know to do that really are at the ground level of any person's education and you just need to. So here's a great example. My wife was having about 15 people over on Labor Day weekend and people had all different diet restrictions. There were kids and there were adults, et cetera. And she was like losing her mind, right? And it was 24 hours prior to. So I said, why don't you just type in chatgpt the ages, who's coming over what their dietary restrictions is and the theme and ask it for a shopping ingredients list. And it did it. Game over. I was very happy I delivered for her finally. So, but that's a perfect example. Not talking about business here. Think about the amount of time and the hassle it would have cost not just her but me and my mother in law and, and, and, and, and instead all she had to do was drop it in there. And that's the type of thinking that to most people wouldn't be intuitive as a use case for AI, but it's right there for the taking. And if you apply that type of thinking to business, there are so many little nooks and crannies of your day that all of a sudden you necessarily don't even have to do anymore. The early big players in AI are two major technology players, Microsoft's Bing, who made a massive investment in ChatGPT and is really working to bring ChatGPT to the mainstream. It was a brilliant move by the folks at OpenAI who are behind ChatGPT because it gave them a distribution partner to really allow them to compete against Google. Google has Google Bard, which many of you probably don't use as much now, but you will be using a lot more in the next six to 12 months just because they are slowly but surely integrating it into the Google experience. And Google plus AI is like peanut butter and chocolate in my opinion, the way they're going to bring it to life. And I actually think they are going to end up being the leader. But it remains to be seen and ironically, with all the work that we'd seen in Voice 5, 10 years ago with Alexa and Siri, they're kind of a little bit behind in the AI race and it's going to Be interesting to see what happens with Amazon and Apple when it comes to voice and AI and what they're going to be doing. But ChatGPT is really the de facto tool that many people, when I go to conferences like this, raise their hand up and say they're using. And the growth of ChatGPT is nothing but stunning. Many people don't realize that it was November 30, 2022, less than one year ago, less than 11 months ago, that ChatGPT was available to the public 11 months ago. So think about a world pre ChatGPT. So many businesses have been building on so many work streams. Again, the rate of change here is just remarkable. And you can even see it here in terms of how long it took ChatGPT to get to 1 million users. It took them 5 days versus a platform like Netflix. 3 and a half years. Pretty successful company, right? And then time to reach 100 million monthly active users. It took them 2 months. Almost 5 times as fast as TikTok and 15 times as fast as Instagram. So the adoption with this really proves how powerful ChatGPT is and how easy it is to actually be able to adopt. And we all have seen information like this in terms of how smart ChatGPT actually is, where it's outpacing humans on so many different levels, especially when it comes to ChatGPT4. So what this slide shows you is what the exam results were on the GRE or the SATs, or the bar exam with ChatGPT 3.5. And then three months later, ChatGPT 4 came out and look at that jump. So they talk about the Last mile. What's ChatGPT5 going to look like? And we're talking about months, not years, for that to come out. So this is only gonna get more and more powerful with every single day, not with every single month or year, which is fascinating. They recently announced a platform called Code Interpreter, which for people in real estate, I think is an incredible tool. I have several friends in New York that are in real estate and I know they do a lot of work in terms of publishing reports, market comps, trends, where things are headed to by zip code, by demographic, et cetera. And many of you probably have analysts that are working for you to do so and. And probably often takes long, could be expensive to output these things. What ChatGPT's code interpreter will allow you to do is upload a CSV or an Excel file that's somewhat structured. So it could say, here are all the home sales that happen within a 50 mile radius of this zip code. Here's a square footage, here's how much it sold for, here's how many had a pool, et cetera. And you could actually just upload that Excel, assuming your lawyers let you do it, and basically say, what are five leading insights from this spreadsheet? And it'll tell you print out an infographic on what you learned, it'll tell you, what market should I be focused more on based upon where people are buying? It'll tell you instantly. So if you trained your analyst to do this, then you're going to be pumping out reports weekly, not monthly, and you're going to superpower what they're able to do and you're going to be able to be a much better resource for your customers that want to know comp data not from 60 or 90 days ago, but from yesterday. So this analyst capability is now live within ChatGPT. And it's just fascinating in terms of how this really creates essentially an analyst or a financial analyst that's in your pocket at all times. You can even look at your past historical business data in terms of how much commissions that your team has made, et cetera, and how much time you spent and what are the insights you can pull out of that to help you optimize what you're doing. It's kind of limitless in terms of what you can do. Despite all this, many consumers are really slow to adapt, but they will be adapting, as are many businesses. And one thing I'm definitely finding going back to just a lot of legal and bureaucracy. I work with most of the Fortune 500 and many companies are just very scared. They're scared about their data getting stolen, they're scared about privacy, they're scared about a lot of stuff. I helped a lot of these companies during the dawn of social media. They were scared then as well. Eventually consumer demand will tip it over. So there is a lot of just hand holding with our customers, big cpg, food and beverage companies, tech companies, to say this is where it's headed. Stay with the process because it's not going anywhere. And not only is Google integrating ChatGPT into its search more prominently, but Microsoft is now with a steep price, putting something called Copilot next to Excel, next to Word, next to its documents. So all that data analysis I was talking about, you won't have to actually upload in the chatgpt for much longer. It's just going to do it for you within Excel. So this is kind of a game changing way where you can Turn data. Talk about storytelling, right? A lot of storytelling in real estate comes from data. This is actually gonna allow you to do it for you. So what are some other top use cases for ChatGPT? I'm gonna go through some use cases and maybe I can freestyle some applicability to your business. But the main ways I've seen it being used are idea generation, content creation. We just talked about research, analysis, coding and development, translation, as well as chatbot. So first and foremost, as an AI marketing agency, so this is just crazy to me, but there is an influencer that's making $10 million a year, and she's a robot, right? So that just tells you how powerful it is that there are people that are coding influencers on Instagram, on TikTok that consumers are interested in following. And this influencer is basically crawling through all the most popular trends and topics of that audience and creating a content calendar and is so appealing that this. I want to call her her, but. And I don't know how many of you guys have seen the movie Her Amazing, which I'll get into in a second, but it's just incredible. The audience has been amassed there. Customer service rep. We all know how frustrating it is when you're on the phone with a cable company. You're hitting zero a million times. You just want to smash the phone through the wall. And then you get on the Amex or JetBlue chatbot, and it's just terrible. And they're answering things that have nothing to do with what you're asking. I think those days are soon going to be part of the past, because what companies are doing and what you can do with these AI chatbots is just fascinating. You're essentially able to take any piece of business data that's ever been created in the history of your brokerage or your company. So it could be any piece of collateral, any. Any piece of past sales data or employee data or anything like that, and essentially put it in your own private chatbot, which then it will crawl through and learn and essentially become the ultimate expert on your company. So anything that you have ever experienced is limited by your memory, but anything that your company has ever experienced can be brought to life by this chatbot. So now if any agent, any customer wants to ask a question, and obviously you can create guardrails around it, they can find that information out instantly. So you talk about kind of a communication profile or protocol for your customers. And if this has the right level of information, it's kind of limitless in what can be Done. I do a podcast called Speed of Culture every week. We've had about 100 episodes. I've taken the transcripts of each of these podcasts, I put it into a chatbot, and now people can ask, what are the leading trends that tech marketers are seeing in the last year? And it'll just provide an answer for you. Or I asked them to create a blog post from my past podcast. It'll just do it for me instantly. Content is so huge for you guys. Obviously pushing yourselves out there. You're so busy with customers, you're running around to listings, you're dealing with all these people. Who has time for content? This actually is a great way through a chatbot and having your information to have it extract content for you. A lot of people are looking at AI as lawyers. This is probably a no go for real estate. But in terms of, like, smaller legal transactions, there are platforms out there that for small businesses, they no longer have to hire to create contracts because they're using templated contracts. I don't know if you guys saw the story, but this ChatGPT lawyer actually cited a false past case using ChatGPT and he got disbarred. So again, it's not quite there yet, but it's getting close. AI is personal assistant. So I believe one of the future use cases of AI, and there's already a company, I think it's called U.com, which is getting a lot of publicity right now, where basically you would connect this AI assistant to everything. Your Apple Watch, health information, your personal financial information. Sounds scary, but a couple years ago, or maybe 15 years ago, if I told you you can put your credit card information online and buy a car, you would have said it was crazy. But people are buying everything or even homes online, right? Like it's gonna happen. You're gonna connect all your information, even information in terms of like your emails, et cetera. And your personal assistant could basically just tell you what you should be doing and how you should be spending your time. You haven't worked out in four days and you've been to Wendy's every single day. Time to hit the gym, right? It could say to you, you know, you spent a little bit too much at Saks last month. Maybe this month you should go to Old Navy instead. But there's so many examples. Or your Uncle Fred has called you 10 times, you still haven't called them back to talk about the game. Call them back. These are things that everybody needs somebody to remind them this is going to be happening. In the next 12 to 18 months where you're going to have this assistant or sidekick near you. And the more information you give it, the more it's going to be able to tell you. It's going to help you write emails to people that maybe are a little bit controversial or you don't know how to phrase it the right way. Right. You have to have a tough talk with an employee because it could say you're supposed to have that performance review with Joe and you could say, can you help me frame the talking points? Sure. And you'll get it back already. What ChatGPT has, and you should definitely try this out is something called custom instructions. If you have a premium ChatGPT account, which is $20, let's be honest, you guys can all swing it, right? You log in and you write custom instructions like who you are, where you live, what your family situation is, what your goals are. And basically what you're doing is you're giving ChatGPT context on your world and then everything it provides you will be within that context. And that's just going to the settings, clicking custom instructions and all of a sudden it's 100x more relevant to what you need to talk about. So I highly recommend you doing it. Oh, that's been made out of AI as a personal companion. Friend in love. This is that movie her I was talking about with Joaquin Phoenix, who falls in love with this technology. It doesn't hurt that the voice of the technology is Scarlett Johansson's voice, but I would definitely recommend checking out this movie because it really was such a great predictor of, I think, where we're going, where it got to know him, Joaquin Phoenix's character more and more over time and did some of the things I just told you that this AI assistant might be doing. But AI doesn't just pump out text now it's getting into multi modals, like images, for example. So another spin out of OpenAI who created ChatGPT is called Dall E. And Dall? E is basically a text to image platform. So I just played around with and I said, give me a picture of a raccoon playing tennis at Wimbledon in the 1990s and look at that amazing picture or Homer Simpson on the crosswalk light. Now these are kind of silly, but test it out because you could ask to create anything, any graphic, any signage, any logo, anything you want to create. It's mind blowing. What it can do, super relevant to everyone in this room is text to training videos on demand. So talk about virtual listings. And ways to actually talk through. Maybe it's the closing process. Maybe you want to create content on how to find a mortgage or how to refinance or how to evaluate a home. You obviously could find a broker and you could film them in a studio where. What this platform, Synthesia, does is it allows you to select from about 100 different people, like this woman in the screen, whoever you think best represents your brand, and actually type a script. And he or she will read you that script with any background note. Perfect. And you'll just be able to export it. So when you talk about SEO or anything like that, or even creating something for every single listing, you can do it. So this is just fascinating. Your ability to create a video for every listing that walks through all the attributes of whatever you're trying to sell would be so far out of reach from a time and cost standpoint. And now you can do it almost instantly with a platform called Synthesia. Now we're getting in text to video, not just text to images, but you text something and it'll get you a video in real time. And there's even talk right now about people duplicating actors. I don't know how many of you saw the Black Mirror episode with Salma Hayek. Unbelievable. But basically, they stole her name and likeness and started to put her in in movies and shows that she never agreed to be in. And that's a big concern of Hollywood. It was a big driver behind the recent writers strike, and there's still a SAG AFTRA strike going on because the name and likeness of these actors is really all they have. And in the same way that you can have this person be in the video, you can have a famous actor or actress be in the video. And that's scary and creates promise and opportunity at the same time. We've seen it happening in music in the entertainment world. This was a hit by the Weeknd and Drake that neither of them actually sang. AI was used to create a collaborative song that they worked on together. And it blew up. And both of them were really upset about it because it wasn't their work. Right. But it sounded just like them. And the scary thing is that the public loved it, but it wasn't even their music. So where is that taking us? We all know that we're in an awful socioeconomic and geopolitical environment right now in this world, and AI is not going to help things. It's not going to help things leading up to the election next year. It's not going to Help things with everything that's going on around the world. Because with all these technologies unlocks deepfakes. It unlocks your ability to make people say things that look so real. Right. We went through a world where people were saying things that people said but people knew wasn't the truth. And they still believe. But now we're going to be in a world where basically you can have anybody say anything and it's going to be very hard for people to know what's real and what isn't. And that's very scary. One actual saving grace is blockchain. So blockchain, which is the technology behind crypto, is essentially a public ledger where you can actually validate this person said this. And I think a lot of work's going to be done connecting blockchain with deepfakes. So there'll be some sort of validation or verification system behind some of this content. So I would expect that to come out. AI and future of Education. You know, this is near and dear to my heart. My son, while I was a 10th grader in high school, got caught using ChatGPT to write a term paper. I was very conflicted. Here I am getting paid to talk on stage about AI, how amazing it is, but I'm supposed to punish him for actually just basically using it for a school. But I had to. Cause he's a kid, right? And. But that's basically where we are right now is where should it be used in education? I think the worst thing you can do is block it out. But I think schools are going to have to change around this because this is not going away anytime soon. And there's obviously not just nefarious uses of AI, but you have companies like Google that are testing it, a medical AI chaplet, the Mayo Clinic. So think about how many times that you've heard of doctors missing diagnosis that's based upon their own myopic input, their own limitations of what they understand and how symptoms can equal a cause. But imagine if you had every single medical case history in history feeding this and it could crawl through trillions of information. The chance of it missing something is extremely low and lives can be saved. And that's another huge application of AI that I think you're going to. And this is where regulation could, could get in the way with the healthcare industry and hipaa, et cetera. But ultimately I do believe this is what's best for the consumer. If we can get around some of those things, I'm gonna jump around too, because I wanna make time for questions but obviously there's a lot of fear about AI. You know, Sam Altman, who created ChatGPT, after he created it and got everyone to love it, he warned that there's a risk of extinction. It's like, thanks, dude, but cat's out of the bag. But, you know, a lot of people are super concerned about what it's gonna do. I mentioned a lot of companies are super concerned. Authors are concerned about their IP getting stolen and feeding models. So ultimately, the question I get asked always is, am I going to work for the robot? Am I going to work for you? Where is it going? Will I take my job? And again, it's ultimately going to be up to everybody to adopt this new technology. The same way, when the Internet came along, if people didn't understand it and didn't email and still was writing memos and letters and handing it to people, eventually it was going to hurt their career. This is that times 1,000, right? And that's ultimately what it comes down to is you got to learn it, you got to understand it. And the consumers that you work with, the buyers and the banking partners and the sellers are going to be increasingly using this. So their expectation is that you're going to be using it as well. Right. And your competitors are going to be using it. So I just can't stress how important it is to really adopt this and start playing with it instantly. So I'm going to end with just really core use cases for the real estate industry where I think this is gonna really land home in the near term. So first and foremost is predictive analytics. So data, Data drives decisions. Data drives how you guys price properties. As you know, it probably drives how you write listings. It probably drives the zip codes that you're gonna send potential prospects to based on their income. It probably drives your knowledge of what they can get approved for in terms of how big of a home they should spend. You guys know better than me. But all this information can be far more predictive now, up to the minute by feeding these models and understanding them. And obviously there's a lot more nuance to something like this. But if you're talking about just creating reports and pushing it out for thought leadership, this can be done incredibly quickly now by that code interpreter platform that I was talking about earlier. And I think it's only going to continue to grow over time. Design like Matterport, that'll actually allow you to understand and visualize design. Augmented reality is going to be something that I think will be more adopted. Now, we've all seen the episodes of selling Sunset where you're wearing the big AI goggles and sometimes it works and sometimes it doesn't, et cetera. I do think with Apple's new innovation, their Vision Pro, when Apple gets into something, even though the first one wasn't perfect, just like the first iPhone wasn't perfect, I think you're going to see a lot of adoption in augmented and virtual reality. And I think it's going to have a massive impact, especially in the luxury real estate space. And I think understanding this, understanding how consumers can use these AI applications to basically turn an empty home into their vision, one day it might not make sense to stage anymore if it becomes good enough where they can actually see it the way they want to see it. We're not there today, but I think we're going to get there faster than a lot of people think. Based upon Apple creating the hardware based upon AI, understanding this data and giving people suggestions. You want to put the couch here, TV here? Okay, here's what it'll look like. I think it's going to be incredibly impactful for everyone in this room. Again, that's a perfect example of a false start with some of this stuff that was very clunky with the meta devices that they came out with, where I think it's going to really be a sleek consumer experience for very niche consumer applications. And I think real estate is certainly one of them. Talk about chatbots. I'm sure you guys have so many inbounds from consumers. How many three bedrooms do you have in this neighborhood? We what can I get for 1.2 million? Show me listings that have a pool, et cetera, et cetera. This is where creating these chatbots can be incredible. Because first it can help screen inbounds to help you save time. You can over time probably understand where you're gonna wanna direct somebody, maybe which agent to give it to, which listings to show them. And it's not gonna require the same amount of human resources that you did in the past. So you could have more people out there selling and less people in the office answering queries. Right. And my business is called Working Media. How much money are you spending that's going toward driving your business versus back office? Right. How do you push more people out there to drive more business? This is a great example of how. And this is one platform that I haven't used, but it's one of many that does tenant screening and all sort of different applications that allow you to screen. Obviously you need to make sure it works for all the regulations that you have to deal with in your business. But I think this is going to be something that's going to make the consumer experience better, because the process of buying a house should not be as hard as it is right now. We all know that. I think some of these AI applications, once it gets through the regulatory hurdles and frameworks, is going to make the consumer's life much more easy in that regard. And everything from understanding where documents are dealing with legal, dealing with different version control of different contracts and things of that nature, I think AI is going to be tremendous in it. So ultimately, how do you bring this to life? How do you bring AI to life within your organization? And the way we've been able to do it, Susie, which by the way, is a consumer market research tool that we work with a lot of these big companies and helping them understand their consumer better is first and foremost cultural adoption. You need to get your teams to buy into it, right? They need to understand how big this is. You can't keep pushing them. Ultimately, it's about giving them very small, easy to understand applications and letting them play around with it and gain more confidence. But you're gonna have to be the AI thought leader in your organization if you went down to adopt it. And again, you don't need to roll it out publicly, but just get them to understand it. Two, and this might be six to 12 months out is positioning. How are you gonna position your firm to consumers so they understand that AI is a part of your process? Cause they're gonna wanna see that. I promise you they're gonna wanna see it. There was a time when no one had dot com next to their name and then Everybody had.com next to their name. AI is kind of that. Especially the millennial buyer, who, as we all know, is not so young anymore. The millennials were the first generation that grew up with the Internet in the household. They are now your luxury buyer. Right? It used to be Gen X. Gen X did not grow up with the Internet in the household. The way you were able to work with Gen X was different because their brains were wired differently. But now you're selling to millennials who grew up with the Internet. Gen Z first generation generation that grew up with the phone is an appendage to their body. Right? That's coming down the pike a little bit later. You guys probably aren't selling to many of them yet, but probably some. So ultimately, you need to understand how to position your offering around the context of AI. And then lastly, it's going to be about Product integration. What steps of the consumer journey, of the buyer journey? Can AI save your customer time, maybe money, make their lives easier, give them a more pleasant experience in buying a new home or selling a home? That is product integration. Those are the three steps. But until you get cultural adoption, your team is not gonna understand how to position it and you're not gonna understand what product to integrate. And so it's generally a three step process that many companies are going through. And again, go at the pace that's best for you. But I think not doing anything is not an option. You'll be here a year or two from now and you're saying, I should have listened to Matt, because you're going to have competitors that are going to destroy you on SEO because they're going to have a million articles and you're going to have none. And they're going to search for a luxury broker and your page is going to be buried because you didn't use AI to create SEO based content. Or someone's going to go to your site and expect to get answers instantly and your person's going to be off work and not be able to respond. They're going to go somewhere else. Like there's going to be things or you're going to be on the flip side of it. So ultimately, even before you can gain cultural adoption, you need to adopt it, you need to understand it, you need to do the work. And the great thing is it's pretty easy to dive in. Just go on YouTube and type how do I use AI? That's basically all you need to do. And just watch the videos. Take the time to learn how do I use AI in real estate? Just take the time day by day. Dedicate a couple hours to this versus maybe watching Netflix and I promise you it's going to help your careers dramatically. This presentation, if you want to Download it, it's Mapriton.com CB23 an important note is all lowercase. If you actually try to type uppercase for some reason I learned right before I got on stage, which wasn't convenient. It doesn't work. So all lowercase. Mattbritton.com CB23 and I'll get it to the conference organizers as well to make sure you can get it to get a copy of the presentation. I think we have some time for questions now as well. I think they're going to pop up on the screen if I'm not mistaken. And we'll. So if you have questions, submit it here. I'm happy to answer. So here's the first question. If I don't know about AI, where do I start? So I kind of just mentioned that one, which is go on YouTube, understand an application, and then go on ChatGPT and just try it. I had a great example where I had to talk to a group of employees that were underperforming. And the meeting was in 10 minutes. And my assistant said, you're meeting with these people at 10 minutes? I'm like, oh, shit, I even thought about this meeting meeting yet. And I just went in ChatGPT and explained the situation and said, Give me 10 talking points for this meeting. And it did. And the meeting was fantastic. So it just, it was because I took that framework and I delivered it with empathy. Right. But it told me where to go and how to talk through it, which was incredibly impactful. Any other questions? I guess this is refreshing. Should I be pushing my kids to use AI? So that's an. Another one. I think ultimately that's going to be a personal question of how you're going to create boundaries around it. The reality is that they're going to be using it whether you push them or not. They're probably using it more than you think. Maybe they should be the ones that teach you and that would be a good way to actually understand it. But I'm not a proponent again of telling students that they should not be using AI because I think that they're going to need to use it in the workforce. And if the whole purpose of getting kids ready for the workforce is putting them in real life scenarios, well, they will have AI in real life scenarios, so why take it away from them. But easier said than done in the classroom, for sure. Other questions? Sorry, I'm waiting for this to refresh up here or if anyone just shot one out. We don't. Yes, right here. Will it have access to mls? Will it have access to mls? I don't know, but I don't see why it wouldn't. I think that would probably be. The question is we'll have access to mls. I would think that they would have to create an integration or some type of application with AI, but if that's not in the works already, I'd be surprised. And it is. Okay, great. It's a great question. Yes. Back there. Oh, 100%. So the question is. Yeah. So can. Can AI and predictive analytics help you be more effective in your targeted marketing? Incredibly so. A, it can help you create Personas. So if you're doing paid media, for example, and you say, here's A zip code. Here's how much the house costs. It can tell you and paint a picture of who you should be targeting this house to and maybe where they might live or what other interest they have, et cetera. And then you can actually do programmatic media buying or what content will get people most interested in this. So there's so many ways that you can consult it and you could just do AB testing, have an agency or designer do something, have ChatGPT do it. The thing you asked about MLS, ChatGPT also now has kind of like an application marketplace. One integration that they recently rolled out was Canva, which is really like a easy to use design tool. And you can basically tell ChatGPT to design any type of collateral for you and it'll go through Canva and it'll create it and spit it back out for you. It's like, Matt, you won't believe it if you haven't tried it yet. I'll put the link in the kind of leave behind I sent out to everybody. It's just so easy to do. How can I focus on millennial buyers with AI, which really this is all millennial strategy, because again, that was the first generation to grow up with the Internet in the household, right? So they're going to be disproportionately expecting it, disproportionately understanding it, and again, I think integrating it. But the balance for all of you in a high touch job is going to be empathy and relationships with the efficiency of AI. That's going to be the tension point because none of your customers want to talk to a bot to buy an $8 million property. We all know that, right? So they want your hand holding, your relationships, your leadership, but they also want to make the best use of their time and you want to make the best use of yours. So the tension again is the efficiency and ease of use, data driven power of AI connected with what you all know how to do so best, which is build relationships, storytelling, all those things. And if you can manage the two of that. Cause some are gonna overcorrect the other way and it's gonna dehumanize what they're doing. And that's not what customers want either, especially on the high end, as you know. Are we able to create an AI version of ourselves to be used for social media posts and content? Yes, you are, in fact. So I wrote a book now 10 years ago called Youth Nation and it was around the millennial generation. And the publisher reached back out and said, are you interested in writing a New version. And I actually asked ChatGPT, do you know this book Youth Nation written by Matt Britton? It said, yes, I do. I said, if you were to write a new version of this book ten years later, what would the chapters be? It spit out the chapters. I said, great, can you please get started on chapter one? And it booted. And it wasn't bad at all. Now I wouldn't publish that as is, but like I was ready to call the publisher back and sign a 10 book deal. I mean, but it literally did it. So the more content you put out there, the more information it has, the crawl content, you create it, and the more it can act like you. Right? So at first AI is going to favor those who have content out there that have written, they've written or even video based content which you can crawl because it gets to know the way you speak, but. And then it can actually replicate the things that you're doing. And I would always say in this early stages, you obviously wanna always proofread it and read over it and make sure it's right, et cetera. But the answer is yes. Is ChatGPT free or is it a subscription? The free is Limited. It's $20 a month for a subscription. I would just get the subscription. I just think that's it should be at the top of the list of things that you invest in. For sure, pricing in real estate is nuanced. Is current AI capable of understanding difference between a corner or, or another in somebody? Yes, it is. So now you have to test it. So my example, my answer would be test it because maybe it will give you the wildly wrong answer. But the question is, is AI capable of understanding difference between a corner property or a property that's on a busy road? Like we'll understand that it does have the capability to take that question and spit it back out. Will it do it in a very accurate form consistently or with data? You have to test that out. I can't say for sure, but over time there's a good chance that it will. What about the discussion of AI pulling from outdated data? That's kind of a thing in the past. So when ChatGPT first came out, it only was able to crawl the web up to 2021, but now it has integration with Bing, where that's really no longer the case. So some of these kind of, you know, mitigating factors day by day are kind of falling away and making it more of the AI that people think can be its true potential. How will AI work to integrate with Third parties. Oh, that one just disappeared already. Okay, this is kind of weird reading. Question. Any other question in the audience from real people? Yes, in the back. Can you create it to scan through your emails for what's relevant and what's not working? Yes. There are applications that do that, that will delete spam for you, that will tell you how to respond. There's a great platform that I use called Superhuman, which basically is a layer that sits on top of Gmail and it instantly knows this is important. This is from your team, this is spam, and then it even helps you respond to the emails based upon your voice. It's an incredible tool when it comes to email. That will be another tool that I'll send you. So there's so much to do in this space and I really hope that this presentation has inspired you. And this is kind of weird reading. Questions, any other question in the audience from real people? Yes, in the back. Can you train it to scan through your emails for what's relevant and what's not? Marketing? Yes. There are applications that do that, that will delete spam for you, that will tell you how to respond. There's a great platform that I use called Superhuman, which basically is a layer that sits on top of Gmail and it instantly knows this is important. This is from your team. This will empower you guys to dominate in 2024 and beyond. So thank you so much to spam and then it even helps you respond to the emails based upon your voice. It's an incredible tool when it comes to email. So it's just. And that will be another tool that I'll send you. So there's so much to do in this space and I really hope that this presentation has inspired you. We'll empower you guys to dominate in 2024 and beyond. So thank you so much.