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How will AI affect the real estate industry? · Kvetch & Release

• 0:00
  This is such an interesting story. There is a prominent community developer and homebuilder
• 0:05
  in Alberta, an outfit called Hope Well Residential. They've teamed up with open
• 0:10
  House AI, which is a Canadian company that is bringing AI into the real
• 0:14
  estate industry. They're looking to redefine the home buying process through AI, and
• 0:22
  they're doing it with a platform called open Connect, which will unlike using traditional
• 0:29
  build and price models, this one observes buyer behavior patterns, it enhances customer
• 0:34
  experiences. It also, what they say, facilitates efficient real estate transactions.
• 0:40
  And also the AI allows to strategically adjust their pricing levels and it allows for
• 0:47
  them to meet changing market conditions before they occur. I wonder, though,
• 0:52
  if this is something that's just being touted as a nifty new thing to do
• 0:57
  with AI, and we'll see if it works and we'll find out what someone
• 1:00
  who actually works in this space thinks about it. Dan Jemis of the Dan
• 1:06
  Jemis Real Estate Team joins me right now to discuss AI and predicting the future
• 1:11
  of real estate. So, Dan, it sounds like there might be really
• 1:15
  good money we making this like the stock market, if we can really see
• 1:17
  the trends here, John, I could put my crystal ball away exactly.
• 1:23
  What's your take on this one here? Well, I think you know,
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  AI is going to change the world. We start there and there can be
• 1:30
  a lot of things changing over the next decade. And on real estate is
• 1:37
  no different. You know, we've already seen AI take you know, effect
• 1:42
  in many different ways in our industry. Now, how many of our listeners
• 1:48
  have social media? Have Facebook, have Instagram? AI controls what we see,
• 1:53
  right, and so if you start clicking on you know, if you
• 1:57
  find an article or a post about an item that's for sale on Facebook,
• 2:02
  and all of a sudden, you'll notice to start seeing that item over and
• 2:06
  over and over again. Right, that's all AI generated content. It gets
• 2:12
  to know what you like, and it starts giving you more of that,
• 2:14
  so you watch longer and longer. In real estate, AI is going to
• 2:17
  have the same effect, and we've already started seeing it a little bit.
• 2:21
  And many of the websites realtor dot ca and other websites that well, basically
• 2:25
  again get to know your patterns and they start showing you more of what you
• 2:30
  like. And so this article that we've come across here is something very similar,
• 2:37
  right, it's basically having a user create an account and they start predicting
• 2:43
  what the user will like. So basically you feed it as much data as
• 2:46
  possible and the AI system basically starts giving you more of that information. So
• 2:53
  you're not concerned about this taking your job, I know, no. So
• 2:55
  at the end of the day, listen, there there's gonna be lots of
• 2:59
  do day talk, right of course. And in our industry, you've you've
• 3:04
  been able to, you know, sell your home on your own if you'd
• 3:07
  like, for law, for a long time, for many years, much
• 3:09
  longer than I've been in the business. And at the end of the day,
• 3:12
  people still want service. So you might have some that choose to work
• 3:15
  with a certain way, but others that prefer to have full service. AI
• 3:21
  is going to change the industry. It's going to change every industry. It's
• 3:23
  going to change your industry. It's going to change mind over time. It's
• 3:27
  a matter of which way it does that right. For example, other ways
• 3:32
  that we can have, you know, AI affect this business in real estate,
• 3:38
  well again, predictive analytics is what we just talked about. It is
• 3:42
  that's very you know, that's that's gonna be the first place we see it,
• 3:45
  right, But you have three D modeling. So we've been using on
• 3:47
  our team matter Port, which is a very nifty tool for the last five,
• 3:52
  six, seven years now, and again it's it's incredible. Ten years
• 3:58
  ago, twenty years ago, you would have thought it was crazy. Right.
• 4:00
  You can now pretty much buy a house from across the country just by
• 4:03
  walking through it with with this this modeling tool. All of our houses,
• 4:09
  many of them, we have smart thermostats in our homes or locks. We
• 4:13
  have our AI generated you know, Google homes and their series and everything else.
• 4:18
  It's already you know, gotten to grasp of everything that we do day
• 4:21
  in and day out. We just don't realize it, you know. Obviously
• 4:25
  the talk has been all about chat, GBT and and those different systems over
• 4:31
  the last few months, but AI has been around a long time for us
• 4:35
  in our everyday lives, on our phones and everywhere else. It's just a
• 4:40
  matter of how it shows up, you know, and in our everyday life.
• 4:44
  Digital staging is something else that we might start seeing a bit more.
• 4:47
  You know, before we had to hire someone specifically to virtually stage our photos.
• 4:55
  As time goes on, it's going to become easier and easier and quicker
• 4:59
  to do from an AI standpoint. So there's a lot of different ways that
• 5:02
  will make our jobs more efficient. But at the end of the day,
• 5:05
  in our in our industry, you still have to go out there and show
• 5:10
  houses. You still have to go see them in person. It's all about
• 5:13
  service, right, and so AI can't really take take that aspect away from
• 5:17
  our business just yet. So you sound like someone who is obviously willing to
• 5:21
  embrace it as it continues to roll out, you know, And I guess
• 5:27
  I wonder there's going to be people in your industry who one aren't going to
• 5:32
  be able to utilize it because you know, whether there is a generational gap
• 5:36
  or they go I'm not doing this, I don't want to do this,
• 5:40
  I'm not interested in it. I would like to just show houses do it
• 5:42
  traditionally. Do you think that there's going to be a gap between, you
• 5:46
  know, people who do embrace the new technology and those who decide to stick
• 5:49
  with traditionality one hundred percent. And I've been watching this industry very very closely
• 5:55
  for a couple of years now, John, and I will tell you if
• 5:58
  anyone out there listening does not think that AI is coming. It's coming very
• 6:02
  very quickly. It's already here. Uh it's going to keep getting better and
• 6:08
  better, and it's going to improve a lot of our everyday lives and some
• 6:13
  facets and others. It's going to you know, it's going to force a
• 6:15
  lot of change. Uh So to me, the way I look at it
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  is that you have to jump on board or you know, fall fall back
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  behind. So you don't want to do that. You want to stay with
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  it. It can be confusing for some, but if you start slow and
• 6:30
  you kind of start researching it, it becomes very very very easy, quite
• 6:34
  frankly, just open chatty wet and ask it how to handle a certain situation,
• 6:38
  and they'll tell you how to handle a certain situation. And you know
• 6:41
  with however, whatever industry you're in or whatnot. So it's definitely something that
• 6:46
  everyone needs to keep an eye on. It's coming fast, it's going to
• 6:49
  keep you know, it's going to grow exponentially in the different facets that we
• 6:54
  use it in our everyday lives for every industry. Well, you know,
• 6:59
  I find my self using it for different things than I pictured that I would
• 7:02
  be using more and more frequently as of late, just for generating HTML code
• 7:09
  to be able to have things align on my website because I don't remember writing
• 7:13
  HTML code back from when I was in high school way too many years ago.
• 7:15
  But it is great to have these new tools. And yeah, you
• 7:18
  know, I gotta I gotta admit I agree with you. I think that
• 7:20
  the gap between those who embrace them and those who choose to not embrace them,
• 7:25
  You've got to be a darn good salesperson with a really big rolodex if
• 7:29
  you're looking to not play these games one hundred percent. And John, I
• 7:31
  can tell you you know, I have my show of the Dan Jemis Real
• 7:34
  State Show every weekend here on the station, and I use CHADGBT to help
• 7:40
  plan my show, so I'll if get for different topic ideas, something that
• 7:43
  we haven't covered, I can input all of topics we've covered in the last
• 7:46
  four months and say to chag gybt's topics I've covered, give me some new
• 7:50
  fresh ideas, and they'll give me some fresh stuff. So it's truly there.
• 7:57
  Again, it does not change, not yet, does not change the
• 8:00
  fact that you know, I still have to hope the show for now,
• 8:05
  but you know, it will definitely help in the planning, and it helps
• 8:09
  you keep things fresh, and you know, it's it's there, so it's
• 8:13
  you have to, you know, have fun with it. It can be
• 8:16
  utilized for a lot of great things too. Yes, there are some things,
• 8:20
  you know, our kids in school are definitely going to learn differently over
• 8:22
  the coming years. You know, my my oldest is in grade seven right
• 8:26
  now, and my my youngest is in grade two. So my kids are
• 8:31
  right in that age group where they're really going to see the effect of artificial
• 8:35
  intelligence. And by the time they get to college, everything will have changed.
• 8:41
  The way that you study, the way you write tests, the way
• 8:43
  you write papers will all have to change because, quite frankly, the kids
• 8:48
  are going to start utilizing this, whether we like it or not. You
• 8:50
  know, it's it's like when we were kids, we didn't have the calculator
• 8:54
  at school. It would't let us use it. We had to learn our
• 8:56
  multiplications. Well now we all just use our calculators, right, So it's
• 9:01
  the same effect, just a bit different. Well, it's it's something that
• 9:05
  we're going to be talking about again in the future, I'm sure, as
• 9:07
  we find more and more innovations and uses of AI in all of our industries,
• 9:13
  but specifically yours in real estate. Dan, it's always a pleasure to
• 9:16
  speak with you. See John cheers. Dan jemis is, of course,
• 9:20
  of the Dan Jemmys Real Estate team, and as you heard, you can
• 9:22
  hear him here on AM eight hundred on the weekends as well for his show