Latest / Own More Doors / #63 AI for Commercial Real Estate: Underwrite 10X Faster and Close Smarter (Jake Heller)

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#63 AI for Commercial Real Estate: Underwrite 10X Faster and Close Smarter (Jake Heller) · Own More Doors

• 0:00
  SPEAKER_01: In today's video, we're going to show you how professionals in the field of commercial real estate are using AI to fast track decision making.
• 0:07
  SPEAKER_01: So whether you're a buyer, you're an investor, you're a real estate broker, tune in to today's show when we interview Jake Heller, who's going to show us some quick ways to fast track decision making in commercial real estate.
• 0:19
  SPEAKER_01: Everyone, I'm Juan Weezar, and I'm super excited because today I'm sitting down with Jake Heller with AI for CRE Collective.
• 0:25
  SPEAKER_01: And we're going to be bringing a new video to you that uh just excites me because I'm passionate about where AI is going.
• 0:31
  SPEAKER_01: And what Jake has been, he's been in the forefront of incorporating commercial real estate and AI together.
• 0:38
  SPEAKER_01: In the past, we were using AI to help us write an email, help us do a post.
• 0:43
  SPEAKER_01: Jake is taking it to the next level.
• 0:45
  SPEAKER_01: And I wanted Jake to come in so that we could all learn from him.
• 0:48
  SPEAKER_01: And there's things that you could do today, once the video's done, where you will feel empowered.
• 0:54
  SPEAKER_01: You'll save hours.
• 0:55
  SPEAKER_01: And so just kind of walk us through like which AI you're in right now and what you're gonna prompt it to do.
• 1:01
  SPEAKER_00: Yeah, got it.
• 1:02
  SPEAKER_00: Okay.
• 1:03
  SPEAKER_00: So let's just jump into Claude.
• 1:05
  SPEAKER_00: Like I said, Claude is my AI girlfriend, it's my go-to source.
• 1:08
  SPEAKER_00: Okay.
• 1:09
  SPEAKER_00: So I always, when I'm using these tools, I ask Claude in this case to create the prompt for me before I actually give it the prompt.
• 1:20
  SPEAKER_00: Got it.
• 1:21
  SPEAKER_00: It's a little kind of backwards and it's it's a funky little step, but these LLMs know exactly what to say.
• 1:30
  SPEAKER_00: Okay, so and I I would always do this.
• 1:32
  SPEAKER_00: Anytime you're using these, these, whether it's Chat GBT, Claude, it doesn't matter, ask it to create the prompt for you before you actually do it.
• 1:40
  SPEAKER_00: Smart.
• 1:41
  SPEAKER_00: So um, real quick, maybe we could build a um just a quick DOV model with broker opinion of value for a multifamily deal and let's just say Long Beach, where we are.
• 1:52
  SPEAKER_00: And so what I might do is I'm gonna say I want to use shortcut AI to build a very simple one-page BOV model for analyzing a multifamily deal in Long Beach.
• 2:19
  SPEAKER_01: While you're doing this, someone might say, uh, hey Jake, do I have to like like I don't use Claude, I use uh Chat GPT.
• 2:25
  SPEAKER_01: Do I have to pay for Claude?
• 2:26
  SPEAKER_01: Is Claude free?
• 2:27
  SPEAKER_00: So there's free versions of all these tools.
• 2:30
  SPEAKER_00: Um you're limited.
• 2:31
  SPEAKER_00: Okay.
• 2:32
  SPEAKER_00: And so a lot of these platforms are credit-based, and oftentimes it feels like you're playing video games and you just you you get so entrenched and you're you're you're working these things so hard.
• 2:41
  SPEAKER_00: You run credits and you gotta put more quarters in.
• 2:44
  SPEAKER_00: Oh yeah, it's it's non-stop.
• 2:48
  SPEAKER_00: But anyways, Claude, there is a free version, there's usage capabilities, so you'll you'll meet that usage restriction pretty quickly, and you you'll be into something, and then all of a sudden it says upgrade to see more.
• 3:00
  SPEAKER_00: So okay, fair enough.
• 3:01
  SPEAKER_00: I I have fair enough.
• 3:02
  SPEAKER_00: I I actually subscribe to all five of the large language models that I describe.
• 3:07
  SPEAKER_00: Oh ChatGPT, Claude, uh Perplexity, Grok, and Gemini.
• 3:12
  SPEAKER_01: Well, we expect him to be in charge of the collective.
• 3:15
  SPEAKER_01: He better know all these things we could learn from Jake.
• 3:17
  SPEAKER_01: It's my job to do so.
• 3:19
  SPEAKER_00: So, like I said, what we always want to do is we want to ask it for the prompt before we do it.
• 3:23
  SPEAKER_00: So we're gonna say, please help me create a prompt for building this model so I could give it to shortcut AI.
• 3:34
  SPEAKER_00: So it'll get to work.
• 3:35
  SPEAKER_00: It's pretty quick here.
• 3:36
  SPEAKER_00: Um and then what we're gonna do is we're gonna get this prompt.
• 3:41
  SPEAKER_00: We're gonna go over to shortcut AI, we're gonna throw it in there, and then we're gonna watch Shortcut build a very basic BO BOV model for us in what I hope is just a few minutes.
• 3:53
  SPEAKER_00: Sometimes it takes a little bit longer for the more complicated stuff.
• 3:56
  SPEAKER_00: I have built institutional grade development models, 13 different tabs, as robust and comprehensive as you could imagine.
• 4:05
  SPEAKER_00: Those take a little bit longer.
• 4:06
  SPEAKER_01: So this is so when you're talking about 13 different pages and it being robust, I mean this is something that a someone who's an analyst, someone who most likely probably has an MBA from a really good university, gets a job, learns how to do this, and that's who you're hiring.
• 4:21
  SPEAKER_01: And now AI is doing the work for you.
• 4:23
  SPEAKER_00: Yeah, so but but you bring up an interesting concept, which oftentimes a lot of people ask, right?
• 4:28
  SPEAKER_00: Is is AI in our tools like Shortcut replacing analysts?
• 4:32
  SPEAKER_00: And my answer to that is no.
• 4:34
  SPEAKER_00: Instead, what these tools allow us to do is multiply our capabilities, right?
• 4:39
  SPEAKER_00: So utilizing shortcut, utilizing there's another one called index AI, it's the same thing.
• 4:43
  SPEAKER_00: They both live in Excel.
• 4:45
  SPEAKER_00: You could underwrite 10 times the amount of deals as you ordinarily could.
• 4:49
  SPEAKER_00: 10 times the amount of deals, right?
• 4:51
  SPEAKER_00: And so I think when you look at underwriting and where we started, where we are now, and where we are going, what happened previously was an analyst spent a majority of their time on data entry.
• 5:04
  SPEAKER_00: So you you'd have a Harvard analyst who you're paying a fortune to, being Excel, and they are spending time taking an OM, extracting all the data, and then a rent roll that's a PDF format, and they got to figure out how to extract that, and then they have a PL and they're extracting that.
• 5:20
  SPEAKER_00: They're plugging all that information, they're creating pivot tables within Excel, and then they go to CoStar for comps, and then they go here for different market research, and you have all these different interfaces.
• 5:28
  SPEAKER_00: It's so fragmented.
• 5:29
  SPEAKER_00: We're still doing that, by the way, here at this office.
• 5:31
  SPEAKER_00: I'm still doing that.
• 5:33
  SPEAKER_00: It's very simple.
• 5:34
  SPEAKER_00: Yeah.
• 5:35
  SPEAKER_00: Um and so that's where we were previously, right?
• 5:38
  SPEAKER_00: And you have these very capable analysts who should be analyzing deals, but they're spending all this time with data entry.
• 5:44
  SPEAKER_00: And so now, fast forward to today, where we're at, is that 80% of that stuff could be automated.
• 5:50
  SPEAKER_00: There's tools like quick data AI, there's tools like shortcut AI, there's tools like Index AI, which you could effectively drag and drop, and it'll do all that data entry for you in Excel.
• 6:00
  SPEAKER_00: And then so that way you could focus on actually analyzing the deal.
• 6:05
  SPEAKER_00: That's what's so brilliant about these tools.
• 6:07
  SPEAKER_00: And so we have a prompt here, very simple.
• 6:09
  SPEAKER_00: We're gonna create a single-page multifamily investment analysis model, back of the envelope, okay, um, in Excel with the following structure.
• 6:17
  SPEAKER_00: And look, you get out what you put in.
• 6:19
  SPEAKER_00: So we didn't spend a lot of time giving it the input.
• 6:21
  SPEAKER_00: So we have what we have here, but that's okay.
• 6:24
  SPEAKER_00: We're gonna copy and paste this.
• 6:26
  SPEAKER_00: Now we're gonna go to shortcut.
• 6:27
  SPEAKER_01: All right.
• 6:29
  SPEAKER_01: So, and so just so people know, we're we we we got a prompt from Claude, and now we're gonna we're gonna take that prompt, which is a prompt, it's just instructions for the next AI.
• 6:39
  SPEAKER_01: So now we're going to a second AI.
• 6:41
  SPEAKER_01: Correct.
• 6:41
  SPEAKER_01: And so I know right now you're gonna be like, oh, this is already beyond my head.
• 6:44
  SPEAKER_01: This is um, you're gonna have to play with it.
• 6:46
  SPEAKER_01: You're gonna have to push the buttons with this type of stuff.
• 6:48
  SPEAKER_01: Um, I know a lot of people are using AI for very basic levels, and this is just one more additional step.
• 6:54
  SPEAKER_01: I've not done what he's doing right now.
• 6:56
  SPEAKER_01: This is why I had him come in so that I can learn as well, right?
• 6:58
  SPEAKER_01: And so now we're we're going into a second AI language.
• 7:02
  SPEAKER_01: Um So this is not an LLM.
• 7:04
  SPEAKER_00: Okay, got it.
• 7:05
  SPEAKER_00: So it it uses an LLM, and and we won't get so technical here, okay?
• 7:11
  SPEAKER_00: But when you think of the LLMs, think of just ChatGBT, Claude.
• 7:14
  SPEAKER_00: Don't even worry about the other ones.
• 7:16
  SPEAKER_00: Those are the two 800-pound gorillas in this basic, okay?
• 7:20
  SPEAKER_00: Which a majority of people either know about or they're using.
• 7:23
  SPEAKER_00: Okay.
• 7:24
  SPEAKER_00: Shortcut AI, not a lot of people know about, but you interface with it the same way that you would with ChatGBT and Claude.
• 7:30
  SPEAKER_00: Okay, so if you see on the right side of the screen here, you have a chat box.
• 7:34
  SPEAKER_00: The same way you communicate with ChatGBT, you plug it into there and then you'll watch it go to work.
• 7:39
  SPEAKER_00: Now, what we are um we're we're not using the actual Excel shortcut plugin at the moment.
• 7:46
  SPEAKER_00: We we could um by clicking this or going into any Excel file and downloading the plugin and then clicking it.
• 7:52
  SPEAKER_00: But what we're looking at here will be the same sort of example.
• 7:55
  SPEAKER_00: So we're gonna copy and we're gonna paste that prompt.
• 7:58
  SPEAKER_00: And now, shortcut is it moves pretty fast.
• 8:05
  SPEAKER_00: Okay, so as you can see, I'll create a professional multifamily investment analysis model for you.
• 8:11
  SPEAKER_00: Let me build this out with proper formatting and structure.
• 8:13
  SPEAKER_00: And so, usually what it does is it creates a little to-do list, a little task list, right?
• 8:19
  SPEAKER_00: So, my guess is that maybe it'll have six to eight different things that it's gonna do here, and you'll see in just a moment, it's already kind of cranking.
• 8:26
  SPEAKER_00: Just within seconds, it's already created this.
• 8:29
  SPEAKER_00: We don't need to touch a single thing.
• 8:31
  SPEAKER_00: Now, because this one's so simple, we actually might not have a to-do list, um, but it's gonna be pretty straightforward.
• 8:39
  SPEAKER_00: All the formatting, all the formulas, everything it's gonna do for us, these tools think of like a PhD within Excel modeling.
• 8:49
  SPEAKER_00: So there is no human who has the Excel capabilities that Shortcut has.
• 8:55
  SPEAKER_00: And you know, if there's something you wanted to add to this model, you would add it the same way that you would by communicating with ChatGBT.
• 9:04
  SPEAKER_01: If there was a formula that you wanted, you could tell it to create this formula and apply it on this trend or on this deal.
• 9:10
  SPEAKER_01: Yeah, I mean that would be a very easy thing for it to do.
• 9:12
  SPEAKER_00: Absolutely.
• 9:13
  SPEAKER_00: I mean, it you can see in real time that it is building a fully comprehensive model for us in real time.
• 9:18
  SPEAKER_00: We haven't touched a single thing.
• 9:20
  SPEAKER_00: And if you go, I'm assuming these are just your assumptions, so there's no formulas here, but look, watch, now it's gonna build calculations.
• 9:26
  SPEAKER_00: These are probably all formulas.
• 9:28
  SPEAKER_00: So if you click in, look, I didn't do a single thing.
• 9:30
  SPEAKER_00: These are these are all formulas here.
• 9:32
  SPEAKER_00: All this will be formatted.
• 9:33
  SPEAKER_00: It's gonna look nice and pretty and beautiful in a matter of minutes.
• 9:37
  SPEAKER_01: So if you're kind of a newer investor and you want to play around with the stuff, you're you know, maybe you own some assets, maybe you don't, but maybe you want to learn.
• 9:46
  SPEAKER_01: This is some this is something someone could do today.
• 9:49
  SPEAKER_01: Absolutely.
• 9:50
  SPEAKER_01: And they could go find a building that's for sale and call for the OM and then start plugging it in.
• 9:54
  SPEAKER_01: Well, no, I guess that you don't even have to plug it in.
• 9:57
  SPEAKER_00: You could take the OM and drag and drop.
• 9:59
  SPEAKER_00: And say, please fill this out for me.
• 10:01
  SPEAKER_00: Please underwrite this entire deal for me.
• 10:03
  SPEAKER_00: Not even blink.
• 10:04
  SPEAKER_00: Please underwrite this entire deal for me.
• 10:05
  SPEAKER_00: And what's so great about these tools too is that it has web search capabilities.
• 10:09
  SPEAKER_00: Look at this model it's built in all within seconds.
• 10:12
  SPEAKER_00: And that look at it, has cash attached returns.
• 10:14
  SPEAKER_00: I mean, can we have this model afterwards, Jason?
• 10:16
  SPEAKER_00: Oh, absolutely.
• 10:17
  SPEAKER_00: It's yours.
• 10:17
  SPEAKER_00: So I I'm actually I'm I'm what's what's so great.
• 10:22
  SPEAKER_00: Well, let me just finish my last thought on that previously.
• 10:24
  SPEAKER_00: So it has web search capabilities, and now I think uh the biggest challenge with a lot of these tools today is that you have data sources like CoStar, which are guarding their data with their life.
• 10:37
  SPEAKER_00: And so you can't guess it unless you have an account of some sort, right?
• 10:41
  SPEAKER_00: So when you ask it to like verify comps, which what I always do is a broker might send me an OM, it's broker math, right?
• 10:48
  SPEAKER_00: They want to oftentimes close the deal, get the highest price for their client, which is great.
• 10:52
  SPEAKER_00: Okay, but I'll always ask it to verify their assumptions and go online and and and just check everything.
• 10:58
  SPEAKER_00: Right.
• 10:58
  SPEAKER_00: And so where it struggles sometimes is with the comps because it relies on the very free and public sources.
• 11:04
  SPEAKER_00: So until CoStar, until some of these big data bohemoths allow these bots or these AI companies to access their data, we're we're gonna just have to work with what we got.
• 11:17
  SPEAKER_00: Sure.
• 11:17
  SPEAKER_00: So, but what I think is so interesting about these tools, and and again, it's continuing to just build this model.
• 11:24
  SPEAKER_00: Um, all these are formulas, these are all dynamic cells.
• 11:29
  SPEAKER_00: Um, again, you could take an OM, you could plug it into there, and and it'll underwrite the full deal for you.
• 11:35
  SPEAKER_00: I think what's so great and interesting about these tools though, is that it levels the playing field.
• 11:40
  SPEAKER_00: Okay, you don't need to be an expert analyst or someone who knows Excel to underwrite deals.
• 11:47
  SPEAKER_00: If you know multifamily assets in Long Beach, but maybe market conditions have changed and you want to start looking at self-storage in the Sun Belt, you could very easily figure out how to start modeling those types of deals.
• 12:02
  SPEAKER_00: If you're an investor and you were previously underwriting deals, you could now hire a VA.
• 12:12
  SPEAKER_00: We've reached our daily credit.
• 12:14
  SPEAKER_00: So these tools are free, by the way, you get to an extent.
• 12:17
  SPEAKER_00: That's what we were talking about earlier, though.
• 12:18
  SPEAKER_00: It's like we want to keep going, so you gotta buy it.
• 12:20
  SPEAKER_00: But with Shortcut, you get free uh five daily credits.
• 12:24
  SPEAKER_00: But back to that example, you could hire a VA or an executive assistant, somebody with no uh analysis experience whatsoever, to start underwriting deals for you.
• 12:35
  SPEAKER_00: Now, quality control with all this stuff is the most important thing, always.
• 12:38
  SPEAKER_00: And you always want to double check AI's work.
• 12:41
  SPEAKER_00: You cannot rely on it 100%, but that's okay.
• 12:46
  SPEAKER_00: A lot of the first pass underwriting, a lot of the initial analysis, a lot of the data entry could be done by someone who has never used Excel before, who has never underwritten a multifamily deal before, right?
• 12:58
  SPEAKER_00: Because you could save what's so great about these tools as well is they have um a prompt library.
• 13:05
  SPEAKER_00: Okay, so you could save prompts, right?
• 13:07
  SPEAKER_00: And so if I have a VA, someone who's never underwritten a deal before, I'll make the time investment to create these prompts for them, right?
• 13:14
  SPEAKER_00: Like maybe it says, um, you know, just as we did this one, please create this multifamily model for us.
• 13:21
  SPEAKER_00: They don't have to think about anything, they have to go in here, take the prompt, plug it into here, underwrite that deal.
• 13:26
  SPEAKER_00: Hey, Jake, here's the model, check it out.
• 13:28
  SPEAKER_00: Next thing you know, I take whatever, five minutes, or if I'm if I'm really good at it, I could take five seconds to know if it's a good deal or not.
• 13:35
  SPEAKER_00: But it levels the playing field and the barriers to entry are a lot lower with tools like this.
• 13:39
  SPEAKER_01: And that's what I love.
• 13:40
  SPEAKER_01: You know, um, six years ago when we started our YouTube channel, it was it was to help people how to build wealth through apartment ownership.
• 13:47
  SPEAKER_01: And a lot of times people are like, well, where do I start?
• 13:49
  SPEAKER_01: How do I know if it's a good deal or not?
• 13:51
  SPEAKER_01: You now, you now are gonna know whether it's a good deal or not because you have uh these resources at our fingertips.
• 13:58
  SPEAKER_01: And to be honest with you, a couple years ago, we didn't know this was coming.
• 14:01
  SPEAKER_01: You know, um, and so I I think for, you know, when you say leveling the playing field and like lowering, it it's it's important for people to to know that it's this is not just a game for the selected few, or hey, if you're you know, if you're born into wealth, then this these are kind of the things you could do.
• 14:20
  SPEAKER_01: You could start playing with this stuff today, start learning, getting familiar with it.
• 14:24
  SPEAKER_01: Um, because it's gonna fast track your decision making.
• 14:27
  SPEAKER_00: With without a doubt.
• 14:28
  SPEAKER_00: And and what I always tell people too is that you need to start playing with these tools.
• 14:32
  SPEAKER_00: Whether you want to or not, you need to, right?
• 14:33
  SPEAKER_00: And so that's what I think is so important is that uh there's been a big mindset shift with with all of this technology and AI specifically, right?
• 14:41
  SPEAKER_00: Because before interest rates went up, people were making money hand over fist.
• 14:46
  SPEAKER_00: Yeah, right?
• 14:47
  SPEAKER_00: Yeah.
• 14:47
  SPEAKER_00: And so at the at that point, sure, you want to know about these tools, you want to know about this technology, but did you need to?
• 14:54
  SPEAKER_00: No, you were making money hand over fist.
• 14:56
  SPEAKER_00: Correct.
• 14:56
  SPEAKER_00: And so when you fast forward to today, now those tailwinds we previously had are not there.
• 15:03
  SPEAKER_00: Now we have these headwinds, right?
• 15:05
  SPEAKER_00: Cap rates are are up, interest rates are up, deals are harder to be done, values, values are down.
• 15:10
  SPEAKER_00: Values are down.
• 15:11
  SPEAKER_00: It's a lot harder to create value nowadays.
• 15:13
  SPEAKER_00: And so, what are some ways of creating additional value?
• 15:17
  SPEAKER_00: Oftentimes it's through technology and technological innovation.
• 15:21
  SPEAKER_00: And so when you look at where we are today, the mindset I think is is no longer this stuff being a want, but now it's a need because you see guys like me using this stuff, being able to underwrite five deals and the time it takes you to underwrite one deal.
• 15:33
  SPEAKER_00: Yeah.
• 15:34
  SPEAKER_00: You see guys like Juan who are learning this stuff, making the effort to learn this stuff, and all of a sudden he's closing and getting 10 times the amount of listings you are.
• 15:43
  SPEAKER_00: You see your competition doing this stuff, and you realize that, oh my goodness, I need to start learning this.
• 15:48
  SPEAKER_00: And so I believe we are on the brink of mass adoption in our industry for reasons I had just mentioned.
• 15:56
  SPEAKER_00: And I think 2026 is gonna be the year of implementation for a lot of this stuff.
• 16:01
  SPEAKER_01: Jake, so if I'm if I'm um, if I'm a seller and and I have a 10-unit building in Long Beach, and I'm aware of the local brokers, you know, we know about Juan and Sage Real Estate, his team, and then some of the others, what's something, and we don't need to go through the example because we are gonna definitely have you back.
• 16:20
  SPEAKER_01: Um, what could a seller do right now?
• 16:23
  SPEAKER_01: And they're like, man, I wonder what my property's worth.
• 16:26
  SPEAKER_01: What could they do?
• 16:28
  SPEAKER_01: Where can they start?
• 16:28
  SPEAKER_01: We don't need to actually give the example, but like what would how would you, what would you tell them to do?
• 16:32
  SPEAKER_00: I I would start with the example that we just gave, right?
• 16:35
  SPEAKER_00: I mean, a broker, what they're typically gonna do with your asset is they're gonna create a BOV, a broker opinion of value.
• 16:41
  SPEAKER_00: And oftentimes sellers don't really know how they do that or where to even start.
• 16:45
  SPEAKER_00: So what we just did here was we created a very simple BOV.
• 16:49
  SPEAKER_00: We're gonna plug in our numbers and we're gonna get a value of some sort.
• 16:52
  SPEAKER_00: Now, I wouldn't rely a hundred percent on that value just based on what we had provided.
• 16:58
  SPEAKER_00: Um, but it's a great starting point.
• 17:01
  SPEAKER_01: It's a great starting point.
• 17:02
  SPEAKER_01: And then when you go interview the different brokers, you could say, are they in line?
• 17:06
  SPEAKER_01: Absolutely.
• 17:07
  SPEAKER_01: Are they in line or are they not?
• 17:08
  SPEAKER_01: Or can can you use AI and say, uh, what uh I own this building, what are recent sales that are the same size or location, same income?
• 17:18
  SPEAKER_01: Would it give me some comparable sales?
• 17:20
  SPEAKER_01: Yeah, I mean, I so Chat GBT, uh believe it or not, um recently integrated with Zillow.
• 17:27
  SPEAKER_01: Yeah, but Zillow doesn't always necessarily show income.
• 17:29
  SPEAKER_01: So I wasn't sure how he was gonna uh pull from there because I haven't tried that yet, but I know where what you're saying.
• 17:34
  SPEAKER_00: So so the hope with that integration is that CoStar is gonna see that Zillow did that, and then they're gonna say, okay, we got to get in the fight here.
• 17:41
  SPEAKER_00: Gotcha.
• 17:41
  SPEAKER_00: So uh, but but but Zillow being able to integrate within ChatGBT's platform instead of going to another interface is is game-changing.
• 17:52
  SPEAKER_00: And I think what what these tools, Claude and ChatGBT, are starting to become is is a master of everything, right?
• 17:58
  SPEAKER_00: And so if you wanted to within ChatGBT, you could say, hey, pull all uh recent sales of apartment units that are five units or less in the last three months, you you would prompt ChatGBT that it would essentially bring in Zillow's interface into ChatGBT and you don't even have to leave or go into Zillow.
• 18:17
  SPEAKER_00: Yeah.
• 18:17
  SPEAKER_00: So there's that.
• 18:19
  SPEAKER_00: There's tools like Hello Data AI, which is entirely focused on comps for rental housing, and they're brilliant.
• 18:29
  SPEAKER_00: The level of analysis that goes into their comps and their data is unbelievable and so much better than CoStar, in my opinion.
• 18:39
  SPEAKER_00: Um, and so they have a 30-day free trial, by the way, so anyone can give that a shot.
• 18:44
  SPEAKER_00: But hello data for apartment rent comps, you won't believe your eyes.
• 18:49
  SPEAKER_01: So this is great.
• 18:49
  SPEAKER_01: So this is if you're if you're sitting with a vacancy and your property manager is telling you, hey, I think we should rent it for this amount, you could take their word for it, or you could go to hello, hello data, AI, AI, and just double checks.
• 19:02
  SPEAKER_01: Some of these, some of these uh resources we're talking about, it's just gonna allow you to double check.
• 19:08
  SPEAKER_01: And if there's two different values, then you call the property manager and say, How did you come up with value?
• 19:12
  SPEAKER_01: Oh, absolutely.
• 19:12
  SPEAKER_01: Because then you could ask AI, how did you come up with your value?
• 19:14
  SPEAKER_01: And all of a sudden you now have more tools and you feel confident.
• 19:18
  SPEAKER_01: Because in the past, I'll tell you this, and I'll in Jake.
• 19:21
  SPEAKER_01: So a lot of times different individuals have apprehension.
• 19:25
  SPEAKER_01: And some people could have apprehension, like, man, I'm not that good on Excel.
• 19:28
  SPEAKER_01: And so there's a level of apprehension.
• 19:30
  SPEAKER_01: Hey, I don't want to do a rental comp analysis.
• 19:34
  SPEAKER_01: Like, I like do I go to Zillow?
• 19:36
  SPEAKER_01: Do I drive around and look for rent signs?
• 19:39
  SPEAKER_01: AI is allowing us to cut all those kind of it's it's allowing you, like if you think you have a weakness, uh, AI could help you address that right away, right?
• 19:48
  SPEAKER_00: Without a doubt.
• 19:49
  SPEAKER_00: I I I think again it's leveling the playing field.
• 19:52
  SPEAKER_00: And so if you I challenge anyone to go to Hello Data and to your example, if your property manager says that your two-bedroom um apartment should rent for let's just let's give the smaller example, but but$2,100, right?
• 20:10
  SPEAKER_00: I don't know the mat.
• 20:11
  SPEAKER_00: Yeah.
• 20:11
  SPEAKER_00: Go to Hello Data and you'll see the most robust and thorough analysis of comps in the area.
• 20:17
  SPEAKER_00: They're getting as granular as like application fees for the buildings next door, for pet fees, for concessions, and all that stuff you wouldn't even normally think about when you're looking at comps, right?
• 20:29
  SPEAKER_00: It's just a whole nother layer of analysis.
• 20:32
  SPEAKER_00: Hello Data brings that to you, and you could you could pinpoint exactly where your rents need to be, and you go back to your property manager, pull a full report, and you say, Hey, here you go.
• 20:41
  SPEAKER_00: You're you're doing their job for you.
• 20:43
  SPEAKER_01: Yeah, sure, sure.
• 20:44
  SPEAKER_01: Uh, and then you're also securing that that you do generate more income.
• 20:47
  SPEAKER_01: As we like to say, the higher the income, the higher the value.
• 20:49
  SPEAKER_01: So that's super important that you're doing some of this um level checking without spending a lot of time on research, is what we're trying to tell you.
• 20:56
  SPEAKER_01: So, okay, um, we're we're gonna conclude with this example.
• 21:00
  SPEAKER_01: What I want you to talk about next, Jake, is about the collective, um, how people could get involved.
• 21:07
  SPEAKER_01: Some people are gonna watch this and say, man, that's already too high level.
• 21:09
  SPEAKER_01: They're playing at a level that's beyond me, and I'm and I'm just getting in.
• 21:13
  SPEAKER_01: Who's it good for?
• 21:15
  SPEAKER_01: Is there like a baby step onboarding to kind of get this stuff?
• 21:19
  SPEAKER_01: Or because most people won't be able to hang with Jake and what Jake is talking about.
• 21:22
  SPEAKER_01: But is there a level where someone could come in, learn the stuff?
• 21:26
  SPEAKER_01: Are there videos?
• 21:27
  SPEAKER_01: Let us know what to look for.
• 21:28
  SPEAKER_00: Yeah, I mean, we dumb this stuff down as as much as possible.
• 21:33
  SPEAKER_00: Um, but the collective's good for anybody.
• 21:36
  SPEAKER_00: Uh we have different tiers within the collective, right?
• 21:38
  SPEAKER_00: So uh the most basic version of it, we're we're showcasing use cases like this.
• 21:45
  SPEAKER_00: We're showcasing how to prompt Claude to get the best output.
• 21:49
  SPEAKER_00: We're doing the same with Chat GBT.
• 21:51
  SPEAKER_00: We're showing you how to build digital twins of yourself with these LLMs, right?
• 21:57
  SPEAKER_00: So the examples I gave with Steven Schweizer.
• 22:00
  SPEAKER_00: And Stuart Miller from Lenar, how to build these digital twins to apply a different decision-making framework to everything that you do.
• 22:08
  SPEAKER_00: We have 80 plus different workflows and use cases in the two months since starting this.
• 22:16
  SPEAKER_00: In other words, 80 different examples like this that we just showed you, where you could utilize AI to 10x your capabilities.
• 22:24
  SPEAKER_00: We have a prompt library broken down by different roles.
• 22:29
  SPEAKER_00: So if you're a broker, we have different prompts for you to just copy and paste.
• 22:33
  SPEAKER_00: Sure.
• 22:33
  SPEAKER_00: Very robust prompts, right?
• 22:36
  SPEAKER_00: Not just the, hey, what are comps, but a very robust prompt.
• 22:41
  SPEAKER_00: We have Excel model templates that you can copy and paste.
• 22:46
  SPEAKER_00: We have role-specific implementation roadmaps, right?
• 22:50
  SPEAKER_00: So if you're a broker, start here, right?
• 22:52
  SPEAKER_00: Here's how you use AI for comps.
• 22:54
  SPEAKER_00: Here's how you use AI for underwriting.
• 22:56
  SPEAKER_00: Here's how you use AI to generate an offering memorandum in five minutes versus four hours.
• 23:02
  SPEAKER_00: Here's all the different tools that you need to know about.
• 23:05
  SPEAKER_00: And we have the same type of implementation roadmap for investors and for lenders and for property managers.
• 23:11
  SPEAKER_00: And so who is it for?
• 23:13
  SPEAKER_00: It's for anybody who is interested in learning about AI in the commercial real estate space.
• 23:19
  SPEAKER_00: And I assure you that we make that process as easy as possible for you.
• 23:24
  SPEAKER_01: Folks, we're going to make sure to have Jake's AI for CRE collectives information down below.
• 23:30
  SPEAKER_01: Jake, before we wrap up, I know you just launched your YouTube channel.
• 23:35
  SPEAKER_01: So, folks, we're going to continue to have Jake coming back.
• 23:38
  SPEAKER_01: I hope you guys like this video.
• 23:39
  SPEAKER_01: This is just the beginning.
• 23:40
  SPEAKER_01: This is the beginning of what I plan to not only learn, apply in our own business, but bring this information to you.
• 23:48
  SPEAKER_01: So, how can someone follow you on YouTube?
• 23:52
  SPEAKER_00: So we just launched our YouTube channel, AI for CRE Collective.
• 23:56
  SPEAKER_00: Um, check us out there.
• 23:58
  SPEAKER_00: We're we're posting demo videos.
• 24:00
  SPEAKER_00: You'll see my face, my voice, me showcasing a bunch of different videos.
• 24:05
  SPEAKER_00: We also have have a podcast, and the idea is we're talking to founders who are building uh AI in the commercial real estate space.
• 24:14
  SPEAKER_00: So uh co-founder of Crexy, Luke Morris, we just spoke to last week.
• 24:18
  SPEAKER_00: He started a new company called Capitalize IO where they're surfacing all mortgage data.
• 24:25
  SPEAKER_00: So, in other words, you could see what loans are coming due, who the beneficiaries are, all that information.
• 24:32
  SPEAKER_00: Incredible company.
• 24:33
  SPEAKER_00: We just interviewed the CEO of Henry AI, which is a company that's focused on building offering memorandums in a very short amount of time for brokers.
• 24:45
  SPEAKER_00: Um, and they do BOVs as well.
• 24:47
  SPEAKER_00: We've interviewed uh folks building underwriting tools, and uh next we're gonna be interviewing the CEO of Hello Data, the company I was just describing.
• 24:58
  SPEAKER_00: So we're surfacing all of these different use cases.
• 25:02
  SPEAKER_00: I've been trying to get in touch with the CEO of Gamma, um, which is a presentation deck generator, uh, which I don't know if we have time for maybe next time.
• 25:14
  SPEAKER_00: Yeah.
• 25:14
  SPEAKER_00: Yeah.
• 25:15
  SPEAKER_00: Which you could build decks in the snap of a finger very easily.
• 25:19
  SPEAKER_00: Um, different use cases might be investor decks.
• 25:22
  SPEAKER_00: If you're buying a multifamily asset and you're syndicating it, you could build a deck very quickly to send your investors.
• 25:28
  SPEAKER_01: That would be awesome.
• 25:29
  SPEAKER_00: Good.
• 25:29
  SPEAKER_00: Make sure you guys come back for the second video because that's what we're gonna show next.
• 25:32
  SPEAKER_00: Lots more to come.
• 25:33
  SPEAKER_00: The use cases are are infinite.
• 25:35
  SPEAKER_00: What's so crazy about this stuff is that we're not even in the first inning.
• 25:39
  SPEAKER_00: You and I were in a bubble, is the reality, right?
• 25:42
  SPEAKER_00: We know enough to be dangerous.
• 25:43
  SPEAKER_00: There's a lot more people outside of this bubble than there are in when it comes to AI and technology in real estate.
• 25:49
  SPEAKER_00: Right.
• 25:50
  SPEAKER_00: We're not even close to the capabilities that some of these tools will eventually have.
• 25:56
  SPEAKER_00: I'm talking as it relates to underwriting, an AI agent that monitors your emails.
• 26:01
  SPEAKER_00: And anytime a broker like Juan sends you a deal, it's gonna flag that deal.
• 26:06
  SPEAKER_00: It's then going to underwrite that deal.
• 26:09
  SPEAKER_01: Yes.
• 26:09
  SPEAKER_00: It's gonna then send you an email.
• 26:11
  SPEAKER_00: So when you wake up in the morning and say, here's your underwriting model, here's what I think you should pay for this asset.
• 26:16
  SPEAKER_00: Would you like me to then generate an LOI?
• 26:18
  SPEAKER_00: And you say yes or no.
• 26:20
  SPEAKER_00: Yes, it then creates the LOI for you.
• 26:22
  SPEAKER_00: After that, it sends it to the broker, it communicates with the broker.
• 26:26
  SPEAKER_00: This is the direction we're heading in.
• 26:27
  SPEAKER_01: This is what I this is what I've envisioned in the past, where like you would tell AI, um, well, I guess in this case, AI is letting you know what the deal is, possibly what the what you should offer at some point is gonna write up the offer for you.
• 26:43
  SPEAKER_01: The example you just gave was it's gonna be an LOI and it's gonna email the offer um uh to the listing agent.
• 26:49
  SPEAKER_01: So everything you just mentioned would help my business and any other commercial broker's business, residential.
• 26:56
  SPEAKER_01: I mean, any doesn't matter, it's gonna apply to everyone.
• 26:58
  SPEAKER_01: And so I, you know, uh I look forward to learning about all that.
• 27:02
  SPEAKER_01: So um I'm gonna give you the final say.
• 27:04
  SPEAKER_01: Um, follow Jake on YouTube, make sure to join the collective so that you could start learning this stuff.
• 27:10
  SPEAKER_01: Now, listen, this is like anything else.
• 27:13
  SPEAKER_01: This kind of reminds me, this is just my example.
• 27:15
  SPEAKER_01: So, six years ago, we started the YouTube channel, and back then, commercial brokers, they kind of like uh they kind of made fun of the residential agents for having YouTube channels and doing a lot of video because they were they were too sophisticated.
• 27:27
  SPEAKER_01: We don't need to do that because they were making a lot of money.
• 27:30
  SPEAKER_01: You know, they were just doing their cold calls, doing their old OMs with small fine print, uh, using broker math, like Jake mentioned.
• 27:37
  SPEAKER_01: And it was the same way for the last 50 years.
• 27:41
  SPEAKER_01: So no one wanted to have a podcast, no one wanted to start a YouTube channel.
• 27:44
  SPEAKER_01: We started the YouTube channel and our channel has taken off.
• 27:47
  SPEAKER_01: And because of this, we've grown a community, our business has grown.
• 27:51
  SPEAKER_01: I feel like I got to catch up with AI at this moment because it's gonna separate, it's almost like uh it's it's gonna separate a lot of the brokers.
• 28:00
  SPEAKER_01: And to your point, I would say most brokers are not gonna adapt this.
• 28:05
  SPEAKER_01: And most will say, man, that's I don't like the direction that it's going.
• 28:09
  SPEAKER_01: And I'd rather just uh do something else, or I was about to retire.
• 28:14
  SPEAKER_01: This this looks like it's gonna put me out of business because some people are gonna run away with this.
• 28:18
  SPEAKER_01: And so um, whether whether you're a broker, whether you're a buyer, you're an investor, this is going to separate you from the uh from the rest.
• 28:27
  SPEAKER_01: So on the buy side, on the sell side, on the brokerage side, you're gonna become better because you're gonna be more knowledgeable because now you have something thinking for you.
• 28:37
  SPEAKER_01: And again, you're not gonna believe everything it says, you're gonna audit some things, but it's super beneficial.
• 28:42
  SPEAKER_01: So I'm Jake, I'm gonna give you the final say and then uh we'll make sure to have you back.
• 28:46
  SPEAKER_00: Yeah, just to echo some of those points, I think the gap's getting wider between those using these types of tools and those that are not.
• 28:53
  SPEAKER_00: So I agree with you 100%.
• 28:55
  SPEAKER_00: Um, and and also this stuff is very overwhelming, even for myself, where all day long I am surfacing different use cases and trying different tools.
• 29:03
  SPEAKER_00: It is so overwhelming.
• 29:05
  SPEAKER_00: Each week they get better, each week there's a new product, each week there's a new announcement or feature.
• 29:10
  SPEAKER_00: And so, what we hope to do with this community is make it less overwhelming for you.
• 29:18
  SPEAKER_00: Show you the basics, do a lot of the hard work for you, surface the winners, and push aside the losers in all of this.
• 29:26
  SPEAKER_00: And we believe in strength and numbers, and so this community, it's growing, everyone's very helpful.
• 29:35
  SPEAKER_00: It's a network of people who are thinking about this stuff the right way.
• 29:38
  SPEAKER_00: It's a network where you could ask questions.
• 29:40
  SPEAKER_00: We're we're talking about all the different AI tools and use cases in commercial real estate, and I think we're staying ahead of the curve.
• 29:48
  SPEAKER_01: Yeah, I love it.
• 29:49
  SPEAKER_01: Jake, thank you so much for coming in.
• 29:51
  SPEAKER_01: We're definitely gonna have you back.
• 29:52
  SPEAKER_01: Make sure to like, comment, and subscribe.
• 29:54
  SPEAKER_01: Let us know if you have any questions or if you're like, I wonder if it would do this.
• 29:57
  SPEAKER_01: Comment below.
• 29:58
  SPEAKER_01: We'll make sure if we think it's a great idea, we'll make sure to cover that in our next video.
• 30:01
  SPEAKER_01: Until next time.