1 00:00:00,120 --> 00:00:02,160 Ladies and gentlemen, please take your seats. 2 00:00:02,160 --> 00:00:05,760 The show's about to begin. Ainsley, let's put on another 3 00:00:05,760 --> 00:00:07,120 show. Round 3. 4 00:00:07,120 --> 00:00:17,040 Let's do it. Three Ding Ding Ainsley, you 5 00:00:17,040 --> 00:00:20,480 made a very controversial statement recently. 6 00:00:20,840 --> 00:00:23,760 In fact it was yesterday, and I've hauled you into the studio 7 00:00:23,760 --> 00:00:27,000 to explain yourself. So do you want to just tell the 8 00:00:27,000 --> 00:00:30,880 audience what it They probably already know, but what was the 9 00:00:30,880 --> 00:00:35,360 claim you made? So it was an Arabian business. 10 00:00:35,680 --> 00:00:43,800 The claim was 90% of brokers would lose their job in its 11 00:00:43,800 --> 00:00:49,120 current format over the next 18 to 25 months. 12 00:00:49,600 --> 00:00:52,640 OK, so we're going to dive into that and I think you think the 13 00:00:52,640 --> 00:00:56,880 culprit is AI. So we're going to talk about how 14 00:00:57,040 --> 00:01:00,200 and look, it's there's no, there's no glossing over the 15 00:01:00,200 --> 00:01:04,319 fact that AI is going to change the way we do everything in 16 00:01:04,319 --> 00:01:06,960 every industry. But I think it's important to 17 00:01:06,960 --> 00:01:11,120 have a, a frank conversation about what we see changing in 18 00:01:11,560 --> 00:01:15,640 not just the role of the real estate broker, but also how the 19 00:01:15,640 --> 00:01:19,120 buyer's journey is likely to change, how seller's journeys 20 00:01:19,120 --> 00:01:23,920 are likely to change and how brokerages are likely to change 21 00:01:23,920 --> 00:01:29,880 because there may be some new roles created while old roles 22 00:01:29,880 --> 00:01:33,200 are made extinct perhaps. But I think the one thing that 23 00:01:33,200 --> 00:01:36,760 you know, and we polled Instagram yesterday asking if 24 00:01:36,760 --> 00:01:40,560 everyone or who agrees with that statement or who disagrees. 25 00:01:40,800 --> 00:01:43,640 And a majority, and it's no surprise because my audience is 26 00:01:43,640 --> 00:01:48,880 mostly real estate agents, the majority, 61% felt that they 27 00:01:48,880 --> 00:01:52,560 disagree with that statement. Not to say that they disagreed 28 00:01:52,560 --> 00:01:56,520 in its entirety, but I think it was more perhaps the speed like 29 00:01:56,560 --> 00:01:59,760 18 to 24 months felt a little bit too soon. 30 00:01:59,800 --> 00:02:02,840 Yeah. So, you know, and we already 31 00:02:02,840 --> 00:02:05,760 know what products are emerging in the market. 32 00:02:05,760 --> 00:02:09,600 So we're going to talk about some of the the ways that AI is 33 00:02:09,600 --> 00:02:13,880 going to change that daily way of doing business, as you say. 34 00:02:14,680 --> 00:02:18,960 So let's kind of start by talking about, of course, real 35 00:02:18,960 --> 00:02:23,480 estate is one of the oldest industries in the world, very 36 00:02:23,480 --> 00:02:25,920 much rooted in. That's always how it's been 37 00:02:25,920 --> 00:02:27,000 done. Don't you agree? 38 00:02:27,080 --> 00:02:30,200 Yeah. And one that I think as real 39 00:02:30,200 --> 00:02:35,720 estate brokers or having an agency background, I've always 40 00:02:35,720 --> 00:02:38,960 relied on, Oh no, it's all about trust and relationships. 41 00:02:39,920 --> 00:02:44,440 But I think we're moving more towards efficiency and data. 42 00:02:44,680 --> 00:02:45,800 Yeah. What's your opinion? 43 00:02:46,320 --> 00:02:51,280 So I would agree with that, but let me also clarify my earlier 44 00:02:51,280 --> 00:02:54,040 statement as well, just because I know it. 45 00:02:54,040 --> 00:02:56,560 Well, you had too much backlash. No, no, not at all. 46 00:02:56,560 --> 00:03:01,480 No, no, I, I still stand by it. I, I still stand by it and I do 47 00:03:01,480 --> 00:03:04,880 feel a little bit like the guy that's kind of stood on the side 48 00:03:04,880 --> 00:03:07,000 of the beach saying like there's a tsunami coming. 49 00:03:07,000 --> 00:03:09,880 There's a tsunami coming and everyone's like, yeah, whatever, 50 00:03:09,880 --> 00:03:11,800 mate, yeah, you'll be fine. Whatever. 51 00:03:12,000 --> 00:03:15,520 You know, some are listening and walking back and others of them 52 00:03:15,520 --> 00:03:16,640 are like walking towards the ocean. 53 00:03:16,640 --> 00:03:18,880 I'm like, no, don't go that way, go this way. 54 00:03:18,880 --> 00:03:20,440 And they're not really listening. 55 00:03:20,800 --> 00:03:25,840 Whether that tsunami hits in, in, in, in 12 or 24 minutes or 56 00:03:25,840 --> 00:03:28,000 31 minutes. If I'm, if I, you know, if I'm 57 00:03:28,000 --> 00:03:31,520 slightly out, it's hitting. And when it does hit, care about 58 00:03:31,560 --> 00:03:33,760 how long it took it took to hear, they'll all be talking 59 00:03:33,760 --> 00:03:37,040 about the actual tsunami. So, so the, the, the time period 60 00:03:37,280 --> 00:03:41,120 is semantics to a certain extent, but let me kind of let 61 00:03:41,120 --> 00:03:45,040 me kind of clarify it. I used the Blockbuster video 62 00:03:45,040 --> 00:03:49,680 analogy previously about in 2000, Blockbuster was, was, was 63 00:03:49,680 --> 00:03:53,120 the was offered 50 million by by Netflix. 64 00:03:53,640 --> 00:03:55,680 They laughed them out the room and said, forget about it. 65 00:03:55,680 --> 00:03:58,240 Who do you think you guys are? You know, you've got no idea. 66 00:03:58,480 --> 00:04:02,600 We're the we're the kings of the of the, of the video in the 67 00:04:02,680 --> 00:04:04,760 video rental industry. Come in here with your tech. 68 00:04:04,960 --> 00:04:07,040 Come in here with your tech and. Your trainers, Yeah. 69 00:04:07,040 --> 00:04:09,120 Exactly thinking, you know what's going on, You got no 70 00:04:09,160 --> 00:04:11,880 idea. Yeah, 10 years later, Netflix 71 00:04:11,880 --> 00:04:14,680 was filing for bankruptcy. So Blockbuster story was filing 72 00:04:14,680 --> 00:04:17,519 for bankruptcy and Netflix was kind of, you know, ate their ate 73 00:04:17,519 --> 00:04:21,240 their lunch. And when I look at this, one 74 00:04:21,240 --> 00:04:24,080 thing that's important to also mention, I was previously the 75 00:04:24,080 --> 00:04:27,280 CEO of Groupon. So in the year 2000, that same 76 00:04:27,280 --> 00:04:33,120 year, I also remember we were the we were actually no one. 77 00:04:33,400 --> 00:04:35,080 I remember it because I lived through it. 78 00:04:35,400 --> 00:04:37,240 We were actually the first people that were selling 79 00:04:37,440 --> 00:04:41,640 digitally in in country and taking payments. 80 00:04:42,160 --> 00:04:45,160 Prior to that people were buying from Amazon, but they were 81 00:04:45,160 --> 00:04:48,120 buying from the Amazon in the US and they were drop shipping to 82 00:04:48,120 --> 00:04:49,920 the US address and then they were drop sent and then they 83 00:04:49,920 --> 00:04:52,640 were having it sent over to people weren't buying here 84 00:04:52,640 --> 00:04:54,840 locally. So I've seen this kind of thing 85 00:04:54,840 --> 00:04:56,320 happen before. Tech Revolution. 86 00:04:56,320 --> 00:04:59,080 The tech revolution, digital revolution, I've seen it happen 87 00:04:59,120 --> 00:05:02,760 once before with, with that and now everybody's, you know, the, 88 00:05:02,840 --> 00:05:06,240 the UAE is one of the most technically advanced when it 89 00:05:06,240 --> 00:05:07,720 comes to kind of that, that kind of thing. 90 00:05:07,800 --> 00:05:10,440 So I've seen it before. And not only that, but you're a 91 00:05:10,440 --> 00:05:14,280 property Finder, which is the largest prop tech in the region. 92 00:05:14,280 --> 00:05:16,880 Correct, correct for probably international international 93 00:05:16,880 --> 00:05:18,240 business director for property Finder. 94 00:05:18,400 --> 00:05:21,680 So I open countries in Qatar, Lebanon, Egypt, Morocco, Bahrain 95 00:05:21,680 --> 00:05:24,160 and Saudi Arabia. So I've got a little bit of of 96 00:05:24,160 --> 00:05:26,440 regional knowledge in terms of how these things work and how 97 00:05:26,440 --> 00:05:30,200 these things breakdown. So, So what I would say is in as 98 00:05:30,200 --> 00:05:35,120 much as what Uber did to the taxi business and the taxi 99 00:05:35,120 --> 00:05:39,400 industry in terms of people are no longer picking up the phone 100 00:05:40,000 --> 00:05:42,800 and phoning for a taxi and say I'm still under, you know, this, 101 00:05:43,120 --> 00:05:45,880 this oak tree, come and pick me up house #23 or whatever. 102 00:05:46,040 --> 00:05:49,200 That's gone from that industry. And many of the things will also 103 00:05:49,200 --> 00:05:51,880 be gone from, from the real estate industry as well. 104 00:05:52,080 --> 00:05:54,520 And people will have to evolve in in the way that they conduct 105 00:05:54,520 --> 00:05:56,520 the business. So I want you to stick around 106 00:05:56,520 --> 00:05:59,840 till the end of this episode because hopefully between 107 00:05:59,840 --> 00:06:04,080 Ainsley and I will give you the tools on how you can evolve. 108 00:06:04,280 --> 00:06:08,320 Not that you know, there's by no way claiming to be AI experts, 109 00:06:08,680 --> 00:06:12,600 but I've certainly kind of moderated quite a lot of panels 110 00:06:12,800 --> 00:06:18,280 recently on the subject is we're in AI week now to buy AAI week 111 00:06:19,160 --> 00:06:22,800 and I've been Privy to a lot of conversations about what's 112 00:06:22,800 --> 00:06:25,720 coming. So, and you're obviously on the 113 00:06:25,720 --> 00:06:30,040 ground as a real estate CEO of, of market to buy. 114 00:06:30,280 --> 00:06:34,400 So you know what buyers have access to, you know what sellers 115 00:06:34,400 --> 00:06:38,560 have access to and you can come at it from the broker's point of 116 00:06:38,560 --> 00:06:41,320 view. So as I mentioned, we polled the 117 00:06:41,320 --> 00:06:43,960 audience, 61% of them disagree with you. 118 00:06:44,520 --> 00:06:50,480 I also disagree and we'll, we'll to some extent. 119 00:06:51,680 --> 00:06:55,440 And so I thought it would be rude not to ask ChatGPT what 120 00:06:55,440 --> 00:06:57,080 they thought about your statement. 121 00:06:57,400 --> 00:07:01,480 And here's what they said. I won't replace the traditional 122 00:07:01,480 --> 00:07:05,040 real estate agent, at least not entirely. 123 00:07:05,600 --> 00:07:08,800 But I will change what a successful agent looks like. 124 00:07:09,080 --> 00:07:13,120 Here's how. I can already analyze markets 125 00:07:13,120 --> 00:07:16,680 faster than a human. I can match buyers and sellers 126 00:07:16,680 --> 00:07:20,760 in seconds, not days. I can write listings, optimize 127 00:07:20,760 --> 00:07:24,600 prices and predict trends. I can remove friction. 128 00:07:24,800 --> 00:07:28,680 No emotions, no missed calls, no forgotten follow-ups. 129 00:07:29,000 --> 00:07:32,600 I don't misleads. I don't forget to follow up. 130 00:07:33,400 --> 00:07:37,360 I don't sleep, take holidays, or worry about split commissions. 131 00:07:37,840 --> 00:07:41,800 I don't let bias ego. Chachi PC has got a lot to say. 132 00:07:41,800 --> 00:07:45,160 I don't let bias, ego, or laziness get in the way of the 133 00:07:45,160 --> 00:07:49,080 transaction, and I optimize for speed, efficiency, and outcome 134 00:07:49,280 --> 00:07:53,600 every single time. But it knows its limitations, 135 00:07:53,600 --> 00:07:55,840 and that's a good thing about ChatGPT or AI. 136 00:07:56,560 --> 00:08:00,480 It says there is one thing I can't replace, at least not yet, 137 00:08:00,480 --> 00:08:03,240 and that is trust. I can't walk a nervous buyer 138 00:08:03,240 --> 00:08:06,520 through a home and read the hesitation in their eyes. 139 00:08:06,880 --> 00:08:11,280 I can't negotiate a deal based on gut instinct or calm a seller 140 00:08:11,280 --> 00:08:13,520 who's second guessing their choices at midnight. 141 00:08:14,040 --> 00:08:16,480 I can't replace empathy, intuition, or the human 142 00:08:16,480 --> 00:08:19,560 connection. Most buyers and sellers don't 143 00:08:19,560 --> 00:08:22,880 want a friend in real estate. They want certainty, speed, 144 00:08:23,040 --> 00:08:25,160 results. And I can deliver that without 145 00:08:25,160 --> 00:08:28,360 emotion slowing me down. So enough of this soliloquy. 146 00:08:29,160 --> 00:08:33,679 In a nutshell, ChatGPT is saying for agents who adapt, who let me 147 00:08:33,679 --> 00:08:36,120 handle the heavy lifting while they master the human 148 00:08:36,120 --> 00:08:39,159 connection, I'll be the greatest partner they've ever had. 149 00:08:39,480 --> 00:08:42,960 For agents who cling to how it's always been done, I'll be their 150 00:08:43,120 --> 00:08:48,200 biggest competition. Yeah, your sincerely ChatGPT. 151 00:08:48,760 --> 00:08:52,760 I think ChatGPT has quite succinctly put that together and 152 00:08:53,000 --> 00:08:56,760 explained in much better terminology what I what I was 153 00:08:56,760 --> 00:09:00,680 actually saying as well. The truth of the matter is, most 154 00:09:00,680 --> 00:09:02,400 of the audience that are watching this right now are 155 00:09:02,720 --> 00:09:04,720 probably the ones that are going to be the survivors. 156 00:09:04,800 --> 00:09:06,640 OK. Yeah, because they're switched 157 00:09:06,640 --> 00:09:09,800 on, right? They're they're by watching this 158 00:09:09,800 --> 00:09:11,960 right now, they're already adapting right? 159 00:09:12,200 --> 00:09:16,520 And that's half the battle. So when I made this, so when I 160 00:09:16,520 --> 00:09:19,160 made the statement, when I made the statement, it's for those 161 00:09:19,160 --> 00:09:22,120 that are stagnant, those that do not move and that those that do 162 00:09:22,120 --> 00:09:25,080 not change, they'll be the ones that'll be that'll be ridden 163 00:09:25,080 --> 00:09:26,920 over. So you may you're you're. 164 00:09:27,680 --> 00:09:31,760 I listened to you several times and it was a case of it will 165 00:09:31,760 --> 00:09:34,480 change in its current form. Thank you. 166 00:09:35,320 --> 00:09:37,960 You're not saying that 90% of real estate agents are going to 167 00:09:37,960 --> 00:09:39,160 be out of the job? No, I'm not saying that. 168 00:09:39,160 --> 00:09:41,000 You did say that some who don't adapt, correct? 169 00:09:41,720 --> 00:09:43,160 Should be in its current form, right? 170 00:09:43,200 --> 00:09:47,840 The current form as brokers are working today, yeah. 171 00:09:48,000 --> 00:09:50,760 Everything that they have done today, they've been doing. 172 00:09:50,960 --> 00:09:54,360 That is what's gonna die. Can you give us some highlights 173 00:09:54,360 --> 00:09:57,160 of what you think is gonna change in the way that it's 174 00:09:57,160 --> 00:10:00,760 being done today? For sure one of the ways that 175 00:10:00,760 --> 00:10:03,400 typically you'll get a a lead will come through. 176 00:10:03,400 --> 00:10:05,880 However that comes through the client will say to you I have a 177 00:10:05,880 --> 00:10:09,040 budget of $2,000,000. I'm looking for a property. 178 00:10:09,040 --> 00:10:11,400 I'd like it to be on the Palm, maybe a 2 bedroom. 179 00:10:12,200 --> 00:10:14,160 Every broker's very familiar with how a lead comes through 180 00:10:14,160 --> 00:10:17,680 right now with time, we're going to start seeing clients that are 181 00:10:17,680 --> 00:10:22,400 going to come through that ready baked that have already got so 182 00:10:22,400 --> 00:10:24,880 much more knowledge. They know what they want. 183 00:10:24,880 --> 00:10:28,480 They know where they want it. They, they, they know the market 184 00:10:28,480 --> 00:10:29,880 price. They're going to be a lot more 185 00:10:29,880 --> 00:10:32,640 informed in a similar way as to traditionally we went to the 186 00:10:32,640 --> 00:10:34,640 doctors. You'd say to the doctor, you 187 00:10:34,640 --> 00:10:37,080 know, my head's hurting, my arms aching. 188 00:10:37,400 --> 00:10:39,320 This is going wrong. What is it? 189 00:10:39,320 --> 00:10:42,480 Because you've got no idea. But now you've majority of your 190 00:10:42,480 --> 00:10:45,280 symptoms you're you're Googling your symptoms, you're ChatGPT 191 00:10:45,440 --> 00:10:47,960 before you go to the doctor. So when you go there. 192 00:10:48,080 --> 00:10:49,800 The Doctor hates it when you do that. 193 00:10:49,800 --> 00:10:52,680 Doctors do hate it, but people, we still do it, right. 194 00:10:52,680 --> 00:10:56,400 But but you're when you walk into the doctor's surgery now 195 00:10:56,680 --> 00:10:59,480 you have an idea about potentially, you know, one or 196 00:10:59,480 --> 00:11:01,800 two options and all you're looking for now is confirmation 197 00:11:02,120 --> 00:11:03,760 and then the remedy in the solution. 198 00:11:04,040 --> 00:11:06,160 And I think the same thing's going to happen with real 199 00:11:06,160 --> 00:11:07,560 estate. So you recently had a 200 00:11:07,560 --> 00:11:11,200 conversation with AI telling it about your requirements. 201 00:11:11,920 --> 00:11:15,320 Tell us how that process went. We use AI now everyday. 202 00:11:16,400 --> 00:11:19,240 That's, that's so for us, we've already started adapting, we've 203 00:11:19,240 --> 00:11:22,840 already started to change. So we use it in terms of what 204 00:11:22,840 --> 00:11:26,480 we, how we search for the clients, what we offer them, the 205 00:11:26,480 --> 00:11:29,800 areas. AI as we all know is not based 206 00:11:29,800 --> 00:11:32,000 on emotion. It's based purely on data and 207 00:11:32,000 --> 00:11:35,000 purely on numbers. But what is interesting is it 208 00:11:35,000 --> 00:11:37,480 needs to have the correct data and the correct numbers in all 209 00:11:37,480 --> 00:11:40,720 in the 1st place. Rubbish in rubbish hours as we 210 00:11:40,720 --> 00:11:42,600 all know. So in order to be able to give 211 00:11:42,600 --> 00:11:45,680 that, that combined with the knowledge that obviously that I 212 00:11:45,680 --> 00:11:48,080 have from you know, the time that I've been here and many of 213 00:11:48,080 --> 00:11:50,760 the other great brokers out there also have, that is a 214 00:11:50,760 --> 00:11:52,880 powerful combination and that's what we're using. 215 00:11:52,880 --> 00:11:56,800 So do you think that within 18 months, because that was your, 216 00:11:56,960 --> 00:12:00,960 your, your, your estimation within 18 months is no longer 217 00:12:00,960 --> 00:12:06,960 going to be filter such as price brackets or locations? 218 00:12:07,200 --> 00:12:12,280 Someone will already come to you with a predetermined, like a 219 00:12:12,280 --> 00:12:15,640 predetermined lead that's gone through the algorithm or 220 00:12:15,640 --> 00:12:18,440 whatever it may be. And it spurts out the other end 221 00:12:18,440 --> 00:12:22,400 that this person is eligible for or suitable for this property. 222 00:12:22,800 --> 00:12:27,640 So some of those aspects of it may well take longer to come 223 00:12:27,640 --> 00:12:31,080 into play because once again, it does come down to the data that 224 00:12:31,080 --> 00:12:33,120 goes in. So we're going to start seeing 225 00:12:33,120 --> 00:12:35,640 things change in terms of the kind of data that's collated, 226 00:12:35,640 --> 00:12:39,440 the type of the sun rises on the East and all this kind of thing 227 00:12:39,440 --> 00:12:41,080 depending on what people want from their property. 228 00:12:41,200 --> 00:12:43,520 Also, they're going to become more demanding in terms of what 229 00:12:43,520 --> 00:12:46,800 they actually want because what they want is significantly more 230 00:12:47,000 --> 00:12:49,040 than the than the information they're currently requesting 231 00:12:49,040 --> 00:12:50,600 even from the brokers right now. OK. 232 00:12:50,720 --> 00:12:54,280 So at this point I think we have to segregate off plan and ready 233 00:12:54,280 --> 00:12:56,880 properties. OK, OK, because they're they are 234 00:12:56,880 --> 00:12:58,880 two different roles. Yes, let's be honest. 235 00:12:58,880 --> 00:13:02,760 So do who's more at risk, the off plan agent? 236 00:13:02,920 --> 00:13:05,880 Who should be listening up, the off plan agent or the? 237 00:13:05,880 --> 00:13:09,160 If you sell off plan, then you need to be listening up and you 238 00:13:09,160 --> 00:13:11,040 need to be listening up very, very carefully. 239 00:13:12,480 --> 00:13:14,160 And I'm really taking this very, very seriously. 240 00:13:14,200 --> 00:13:17,640 Why? The reason for that is currently 241 00:13:17,640 --> 00:13:21,200 because you are working with off plan and the product the 242 00:13:21,200 --> 00:13:25,080 property is not yet currently built at that stage. 243 00:13:25,080 --> 00:13:26,920 The stage right now, it's all data. 244 00:13:27,920 --> 00:13:30,040 No emotions. There's no, there's very little 245 00:13:30,040 --> 00:13:32,000 emotion. There's a certain small amount 246 00:13:32,000 --> 00:13:34,800 of emotion, but it, it's based primarily on data. 247 00:13:35,080 --> 00:13:39,280 So the potential buyer that you're speaking to, they want to 248 00:13:39,280 --> 00:13:42,960 know, you know, when it's going to be ready, you know, what, 249 00:13:42,960 --> 00:13:45,920 what, where it's going to be payment plan, correct. 250 00:13:45,920 --> 00:13:47,600 Payment plan is obviously very, very important. 251 00:13:47,880 --> 00:13:51,480 All of this. I, I speak to a friend the other 252 00:13:51,480 --> 00:13:55,120 day and I said I've been in Dubai as, as you know, you know, 253 00:13:55,160 --> 00:13:57,680 almost 20 years. I've got a lot of experience and 254 00:13:57,680 --> 00:14:00,240 I know a lot of different projects, but even me myself, 255 00:14:00,240 --> 00:14:02,480 you have to ask me about a project in a particular area. 256 00:14:02,720 --> 00:14:07,960 I may know only 30 or 50 of the projects that are that are that 257 00:14:07,960 --> 00:14:11,080 are live right now AI. Knows all of them. 258 00:14:11,280 --> 00:14:13,560 Knows all of them. And not only that, he knows all 259 00:14:13,560 --> 00:14:16,840 of them in so much more detail than any human ever would. 260 00:14:17,160 --> 00:14:19,720 In addition to that, one of the problems with all the brokers in 261 00:14:19,800 --> 00:14:23,120 in this country, we all sleep between 6 to 8 hours a night. 262 00:14:23,120 --> 00:14:25,360 If you're lucky. Yeah, if lucky. 263 00:14:25,560 --> 00:14:30,160 So, so, you know, we, we, we're, we're not able to operate all 264 00:14:30,160 --> 00:14:34,280 the time and AI is able to operate all the time in 265 00:14:34,280 --> 00:14:36,560 different languages, in different, you know, countries 266 00:14:36,560 --> 00:14:37,640 and, and that kind of thing as well. 267 00:14:38,080 --> 00:14:42,320 Today's good off plan agent is very good at producing an 268 00:14:42,880 --> 00:14:47,640 analysis of a project or an A comparison of other projects 269 00:14:47,640 --> 00:14:49,160 that are. You know, you're terrible. 270 00:14:49,200 --> 00:14:50,760 Yeah. Comparable properties. 271 00:14:53,080 --> 00:14:54,520 There is a solution for that now. 272 00:14:55,520 --> 00:14:59,520 I was at IPS International Property Show a couple of weeks 273 00:14:59,520 --> 00:15:04,760 ago and there is a product that you just literally put one bed 274 00:15:05,000 --> 00:15:09,680 in whatever project and it spurts out like a three page 275 00:15:10,080 --> 00:15:14,680 analysis of what you need to consider, how the price compares 276 00:15:14,680 --> 00:15:18,240 to everything else in the area, what the projection is, what the 277 00:15:18,240 --> 00:15:20,560 prediction is more or less telling you whether it's a good 278 00:15:20,560 --> 00:15:24,000 buy or not. And that is something that I 279 00:15:24,000 --> 00:15:26,760 know agents will spend hours compiling. 280 00:15:27,040 --> 00:15:30,080 So that's done. So that's for the benefit of the 281 00:15:30,080 --> 00:15:34,160 broker. 100%. But what does the broker like? 282 00:15:34,160 --> 00:15:38,760 If the buyer can get that report themselves, why do they need the 283 00:15:38,760 --> 00:15:40,560 broker? Like are we going to get to us? 284 00:15:40,600 --> 00:15:45,000 Do you predict that developers are going to just start selling 285 00:15:45,000 --> 00:15:49,520 their own stock using? Do they need brokers? 286 00:15:50,320 --> 00:15:52,320 I mean, listen, I think I've made enough predictions in the 287 00:15:52,320 --> 00:15:56,440 last 24 hours for, for, for anyone, but but what I will say 288 00:15:56,440 --> 00:15:58,640 is this, it's all going to change. 289 00:15:59,120 --> 00:16:01,280 It's going to change faster than we anticipate. 290 00:16:01,440 --> 00:16:04,640 These things always do you, you, you're never able to be ready 291 00:16:04,640 --> 00:16:05,960 for it. You know it always, it always 292 00:16:05,960 --> 00:16:08,600 turns up. The discussion has already 293 00:16:08,600 --> 00:16:10,520 started. People are always starting to 294 00:16:10,520 --> 00:16:12,800 make changes. If brokers watching this that 295 00:16:13,000 --> 00:16:16,160 are asking, what's the first thing that I can do to to be 296 00:16:16,160 --> 00:16:19,200 more up to speed to learn more, to understand, get yourself on 297 00:16:19,200 --> 00:16:23,120 ChatGPT, if you're not already, start using that daily and Start 298 00:16:23,120 --> 00:16:25,560 learning about AI because either you're going to start 299 00:16:25,560 --> 00:16:28,120 understanding more about it or you are going to get left 300 00:16:28,120 --> 00:16:29,600 behind. There's no question about that. 301 00:16:29,920 --> 00:16:34,720 In regards to your point about developers, they're also going 302 00:16:34,720 --> 00:16:37,160 to be looking, they're, they're running the business as well, 303 00:16:37,440 --> 00:16:39,840 and they're going to want to have a way that they're able to 304 00:16:40,520 --> 00:16:42,880 be as efficient as they can and, and do as best as they can. 305 00:16:43,160 --> 00:16:46,480 I do believe there is a benefit to brokers because brokers are 306 00:16:46,480 --> 00:16:51,720 able to have that extra reach. They are able to to to take the 307 00:16:51,720 --> 00:16:53,800 clients through. They are able to give personal 308 00:16:53,800 --> 00:16:56,240 opinions based on experience as well as. 309 00:16:56,360 --> 00:16:58,880 You said it's limited to the projects that live that they're 310 00:16:58,880 --> 00:17:02,080 aware of at that time and they may also be swayed like they 311 00:17:02,080 --> 00:17:04,880 might be getting High Commission from 1 developer versus another. 312 00:17:05,040 --> 00:17:09,400 That could influence your push sales tactic you. 313 00:17:09,440 --> 00:17:10,839 Know and that won't happen with AI. 314 00:17:12,040 --> 00:17:14,960 No, no allegiance to anyone. OK. 315 00:17:16,359 --> 00:17:18,920 Anything else on off plan that you see? 316 00:17:19,319 --> 00:17:21,440 I, I, I, I think, I think we're gonna see the most the most 317 00:17:21,440 --> 00:17:24,599 change and there's gonna be the most movement with off plan 318 00:17:24,760 --> 00:17:25,800 when. You say movement. 319 00:17:26,119 --> 00:17:28,040 In terms of what we discussed in terms of. 320 00:17:28,840 --> 00:17:31,480 Drop offs. Yeah, in terms of being able to 321 00:17:32,400 --> 00:17:35,520 the clients, once they're able to have that much more knowledge 322 00:17:35,520 --> 00:17:38,320 and once they're able to put in or buyers are able to put in 323 00:17:38,320 --> 00:17:41,680 what potentially they're looking to to, to, to, to purchase and 324 00:17:41,680 --> 00:17:44,480 get that feedback within a few a matter of seconds. 325 00:17:44,800 --> 00:17:46,080 Yeah, that's gonna, that's gonna, that's gonna 326 00:17:46,080 --> 00:17:47,200 significantly to move the market. 327 00:17:47,200 --> 00:17:51,280 So we could very well see a fully automated service, no 328 00:17:51,280 --> 00:17:55,800 different to Airbnb, where it's like you look at the compare, 329 00:17:55,880 --> 00:17:59,840 you know, you look at the available opportunities and you 330 00:17:59,840 --> 00:18:02,520 just let me. Tell you where the difference is 331 00:18:02,880 --> 00:18:04,880 there are many apps that are available right now that have 332 00:18:04,880 --> 00:18:07,560 got all of the the developments for off plan that are already 333 00:18:07,560 --> 00:18:09,960 there. Most of those are broker 334 00:18:09,960 --> 00:18:12,200 centric. So the brokers will go on the 335 00:18:12,200 --> 00:18:14,200 end user typically wouldn't wouldn't register wouldn't, 336 00:18:14,200 --> 00:18:17,600 wouldn't go on to those. So if that model was to continue 337 00:18:18,400 --> 00:18:22,600 and then the brokers were now using the the the AI in order to 338 00:18:22,600 --> 00:18:25,400 be able to speed up the information they've got, then 339 00:18:26,360 --> 00:18:29,360 for many reasons, it would continue in in a similar to way 340 00:18:29,360 --> 00:18:33,760 to what it is now. But in that dynamic, what would 341 00:18:33,760 --> 00:18:38,280 change if the consumer was then to be able to then use that 342 00:18:38,280 --> 00:18:41,640 tech, which I believe that they will eventually, eventually. 343 00:18:42,280 --> 00:18:44,680 And then that means the consumer is then able to go directly to 344 00:18:44,680 --> 00:18:46,800 source and and then find out exactly what they need to be 345 00:18:46,800 --> 00:18:48,840 able. To do so, similar to the way you 346 00:18:48,840 --> 00:18:52,800 know you used to have a travel agency in every mall on every 347 00:18:52,800 --> 00:18:55,840 High Street. If the consumer can go direct to 348 00:18:55,840 --> 00:18:59,640 the developer exactly there, speak to a chat bot or speak to 349 00:18:59,640 --> 00:19:01,400 a. Booking.com would be the best 350 00:19:01,400 --> 00:19:02,600 example of that. Yeah. 351 00:19:02,600 --> 00:19:05,280 Previously you've walked out to the walk to the High Street or 352 00:19:05,280 --> 00:19:08,120 call up your local travel agent and say, you know, I'm thinking 353 00:19:08,120 --> 00:19:11,200 about this now. You can go, you can look and 354 00:19:11,200 --> 00:19:12,720 then you're able to to kind of go, OK. 355 00:19:13,160 --> 00:19:16,520 And and that can that could work for off plan because it's not as 356 00:19:16,520 --> 00:19:18,040 you said, it's not really emotional. 357 00:19:18,240 --> 00:19:20,800 It's of course there is some emotion involved, but it's more 358 00:19:20,800 --> 00:19:24,880 about data, numbers, gut feelings when it comes to 359 00:19:24,880 --> 00:19:27,680 secondary sales now. So this is ready property that's 360 00:19:27,760 --> 00:19:32,040 being resold. It's a different ball game 361 00:19:32,040 --> 00:19:33,960 altogether. And I've always believed that 362 00:19:33,960 --> 00:19:38,280 that's the real real estate agent, the one who can get a 363 00:19:38,280 --> 00:19:43,240 listing on and sell it or they could act as the seller's agent. 364 00:19:43,240 --> 00:19:45,360 And then there's other people act as buyer's agents. 365 00:19:45,680 --> 00:19:49,360 So or park off plan to one side just for now. 366 00:19:49,360 --> 00:19:51,720 OK, let's talk about secondary cells. 367 00:19:51,880 --> 00:19:54,920 How do you predict it changing for secondary cells? 368 00:19:54,960 --> 00:19:58,080 And you did make a point that luxury cells probably wouldn't 369 00:19:58,080 --> 00:19:59,800 be that affected. Yes. 370 00:19:59,800 --> 00:20:00,320 Why? Yeah. 371 00:20:00,480 --> 00:20:04,560 So luxury would be significantly less affected because that is 372 00:20:04,560 --> 00:20:09,880 more of a personable. The type of business, the high 373 00:20:09,880 --> 00:20:13,000 value people do definitely well, I think that I think that many 374 00:20:13,000 --> 00:20:14,760 people will still definitely want to speak to somebody. 375 00:20:15,080 --> 00:20:18,600 They'll still definitely want to have that that opinion, they'll 376 00:20:18,600 --> 00:20:21,440 value that opinion that much more for the high value luxury. 377 00:20:21,440 --> 00:20:26,120 So I do think those brokers that are doing you know, they're done 378 00:20:26,120 --> 00:20:28,240 very, very well in that they will be significantly less 379 00:20:28,240 --> 00:20:36,880 affected outside of that. I do think that there is a place 380 00:20:36,920 --> 00:20:40,840 for a broker in secondary they, they will always continue to be, 381 00:20:41,720 --> 00:20:45,760 but I just feel that more with data being that much more 382 00:20:45,760 --> 00:20:50,160 accessible with the client being able to have more of their needs 383 00:20:50,160 --> 00:20:53,480 met. I'll, I'll give a silly example 384 00:20:57,480 --> 00:21:02,480 right now, for example, nobody. I mean, maybe this country is 385 00:21:02,480 --> 00:21:04,560 not the best country, not the not the best country to give 386 00:21:04,560 --> 00:21:06,200 this example for. This would work much better in 387 00:21:06,200 --> 00:21:08,240 say for example, like London or somewhere else. 388 00:21:09,120 --> 00:21:14,480 But with time, you'll be able to say I'm looking for this type of 389 00:21:14,480 --> 00:21:17,840 property in that quiet neighborhood, for example. 390 00:21:18,880 --> 00:21:22,640 And the AI will be able to tell you the noisier neighborhoods to 391 00:21:22,640 --> 00:21:25,080 the more quiet neighborhoods. Not something that none of us 392 00:21:25,080 --> 00:21:29,200 are even looking at right now. But that's based on guess where 393 00:21:29,200 --> 00:21:32,320 it gets that information from is all the blogs that have been 394 00:21:32,320 --> 00:21:35,080 written. You know, because as you said, 395 00:21:35,080 --> 00:21:37,880 it's all about data in, data out, rubbish in, rubbish out. 396 00:21:38,120 --> 00:21:41,440 So unless someone's written an article, posted it on the World 397 00:21:41,440 --> 00:21:46,960 Wide Web about the noisiest neighborhoods in London, ChatGPT 398 00:21:46,960 --> 00:21:49,480 is not going to pick it up. Or unless there's a study 399 00:21:49,480 --> 00:21:53,440 published every year with the noisiest areas or noisiest 400 00:21:53,440 --> 00:21:55,960 boroughs in London, ChatGPT won't pick it up. 401 00:21:56,240 --> 00:21:58,800 So do you think when? Of course, we are definitely the 402 00:21:58,960 --> 00:22:04,640 age of information. And one idea that or one thought 403 00:22:04,640 --> 00:22:09,760 that I had was if we do move to like an Airbnb style model or 404 00:22:09,760 --> 00:22:12,720 booking.com model, what's the one thing people rely most on 405 00:22:12,720 --> 00:22:17,120 before they click check out reviews? 406 00:22:18,240 --> 00:22:21,080 So do you think we're gonna get to a stage where secondary 407 00:22:21,080 --> 00:22:25,680 properties or rental properties will come with reviews from 408 00:22:25,680 --> 00:22:28,320 previous tenants or previous? Occupants OK, so let me quickly 409 00:22:28,320 --> 00:22:31,080 clarify, I'm not suggesting that I think that we're moving 410 00:22:31,080 --> 00:22:33,760 towards an Airbnb model. I kind of think to a certain 411 00:22:33,760 --> 00:22:35,960 extent we already kind of have that with the platforms already 412 00:22:36,360 --> 00:22:39,800 property finders the you know, so I'm so I'm not suggesting 413 00:22:39,800 --> 00:22:41,200 that I think we're gonna go to that model. 414 00:22:41,200 --> 00:22:43,920 So, so I don't think it's gonna go down that particular Rd. 415 00:22:47,760 --> 00:22:49,600 What I do think is going to happen is OK. 416 00:22:49,600 --> 00:22:51,360 So let me give you another one because the the example, the 417 00:22:51,360 --> 00:22:53,920 last time I got an example I gave didn't really hit the nail 418 00:22:53,920 --> 00:22:55,440 on the head in, in in the in the best way. 419 00:22:55,440 --> 00:22:57,560 I'm I'm just thinking of them as as a literature as I'm talking 420 00:22:57,560 --> 00:22:59,960 to you, but I. Think I just came up with that 421 00:22:59,960 --> 00:23:03,400 little review idea. OK, that's a great start up idea 422 00:23:03,400 --> 00:23:05,960 for someone. So there's people out there now 423 00:23:05,960 --> 00:23:08,280 that are working on the are working on all these different 424 00:23:08,280 --> 00:23:10,480 ideas because these are going to be some of the biggest growth 425 00:23:10,480 --> 00:23:12,000 areas. So there's no question about 426 00:23:12,000 --> 00:23:14,280 that. But I will say this in as much 427 00:23:14,280 --> 00:23:18,320 as at the moment and and I know that some of the some of the 428 00:23:18,320 --> 00:23:21,880 companies will know exactly how many viewings that the average 429 00:23:21,880 --> 00:23:25,320 broker does in order to put to before they have they have the 430 00:23:25,320 --> 00:23:29,120 actual sale, OK, Let's just say for argument's sake, it's 20, 431 00:23:29,440 --> 00:23:32,880 OK, that number is going to significantly decrease. 432 00:23:33,160 --> 00:23:36,160 There will not be as many viewings in four years time, 433 00:23:36,160 --> 00:23:38,640 three years time, 2 years time as to what we're having right 434 00:23:38,640 --> 00:23:42,960 now because the buyers will have that much more knowledge and 435 00:23:42,960 --> 00:23:45,000 then everything will be the shortlist would have been 436 00:23:45,520 --> 00:23:47,600 distilled, would have been distilled considerably. 437 00:23:47,720 --> 00:23:50,720 So that's one thing that we're going to start seeing so. 438 00:23:51,480 --> 00:23:57,000 So, and I agree with this prediction that the, I believe 439 00:23:57,000 --> 00:24:01,200 the real estate agent role will never die out, but I do believe 440 00:24:01,320 --> 00:24:07,320 that there job is going to or their tasks are going to kick in 441 00:24:07,560 --> 00:24:11,320 much later in the life cycle, in the life cycle. 442 00:24:11,600 --> 00:24:15,960 So right now the real estate agent is involved in listing the 443 00:24:15,960 --> 00:24:20,200 property, getting the inquiry, answering the lead, qualifying 444 00:24:20,200 --> 00:24:25,520 the lead, arranging the viewing. So all of that that beforehand 445 00:24:25,520 --> 00:24:28,080 is going to be taken care of with AI. 446 00:24:28,320 --> 00:24:31,160 They'll come ready, shortlisted, ready, knowledgeable. 447 00:24:31,760 --> 00:24:35,120 All they really need to do at that stage is view the property 448 00:24:35,440 --> 00:24:39,600 for a final sniff test and a sound check, isn't it? 449 00:24:39,800 --> 00:24:42,160 And a vibe check. Let let let's look for the vibe 450 00:24:42,160 --> 00:24:43,600 check. Let's not forget that many of 451 00:24:43,600 --> 00:24:45,400 these if especially if the buyers outside the country or 452 00:24:45,400 --> 00:24:48,320 even inside the country, they may well view digitally as well. 453 00:24:48,320 --> 00:24:49,240 Yeah, true. OK. 454 00:24:49,320 --> 00:24:50,160 Yeah, so. So. 455 00:24:50,160 --> 00:24:52,640 All right, Yeah, yeah. So but you but the vibes check 456 00:24:52,640 --> 00:24:54,000 still stays. The vibe checks still stay 457 00:24:54,000 --> 00:24:55,680 because you could. There's only so much that you 458 00:24:55,680 --> 00:24:58,640 can see on these 3D tours and. The vibe, the vibe, the. 459 00:24:59,040 --> 00:25:01,680 Vibe check and sniff because you want to make sure it's not like 460 00:25:01,840 --> 00:25:03,440 smelling like sewing or something. 461 00:25:04,320 --> 00:25:06,800 So and the final, yeah, like you said, vibe check. 462 00:25:07,680 --> 00:25:13,720 OK, so let's tackle that beginning bit starts with the 463 00:25:13,720 --> 00:25:16,600 listing. So right now, traditionally 464 00:25:17,680 --> 00:25:20,600 secondary seller thinking of selling my property. 465 00:25:20,720 --> 00:25:21,960 What's the first thing they need? 466 00:25:24,160 --> 00:25:25,760 In terms of with a broker, in terms of. 467 00:25:25,760 --> 00:25:29,160 Just the first part of their journey begins with getting a 468 00:25:29,160 --> 00:25:31,040 price, yes. Get an evaluation, yes. 469 00:25:31,360 --> 00:25:35,840 So would you say there's tools out there right now that can 470 00:25:35,840 --> 00:25:37,960 give you a pretty good prediction of what? 471 00:25:37,960 --> 00:25:40,160 There are tools out there right now that can give them a very 472 00:25:40,160 --> 00:25:42,480 good prediction, and there's going to be tools out there 473 00:25:42,920 --> 00:25:45,000 fairly soon. There's going to be even faster, 474 00:25:45,000 --> 00:25:48,600 even quicker and give even more accuracy and more accuracy and 475 00:25:48,600 --> 00:25:52,680 more information. OK, so yes, that's that's that's 476 00:25:52,800 --> 00:25:55,280 that's immediately gonna happen. So then what is that seller 477 00:25:55,280 --> 00:25:58,280 gonna be looking for from their agent? 478 00:25:58,320 --> 00:25:59,680 Because it's no longer come around? 479 00:25:59,680 --> 00:26:01,400 Give me a valuation on my property. 480 00:26:01,520 --> 00:26:03,000 Yeah. What are they inviting them 481 00:26:03,000 --> 00:26:04,680 around to do? They may work, they may well 482 00:26:04,680 --> 00:26:08,960 still invite them around because they may well feel that the 483 00:26:08,960 --> 00:26:11,600 agent, especially if they've worked locally in that area, may 484 00:26:11,600 --> 00:26:14,440 have some additional information that they may well have that 485 00:26:14,440 --> 00:26:16,400 they might want to give. That hasn't been a new 486 00:26:16,400 --> 00:26:19,000 supermarket might be opening up. You know, they may have 487 00:26:19,000 --> 00:26:22,400 knowledge of that's coming or a new subway, you know, tube line, 488 00:26:22,400 --> 00:26:27,880 whatever that they weren't aware of that is going to, you know, 489 00:26:27,920 --> 00:26:30,440 change something impacts them locally. 490 00:26:30,680 --> 00:26:32,640 So they might want to get some local knowledge, but they will 491 00:26:32,640 --> 00:26:35,600 go in armed with the information that they've they've got 492 00:26:36,760 --> 00:26:39,200 themselves from, from their own, from their own work. 493 00:26:39,200 --> 00:26:47,280 So in for me it's the agent has then got to go and justify why 494 00:26:47,280 --> 00:26:50,960 they're best placed to sell that property got nothing to do with 495 00:26:51,600 --> 00:26:54,920 I can get you the best price because they'll already know 496 00:26:54,920 --> 00:26:59,600 what what the value is. So it's more about how do you 497 00:26:59,600 --> 00:27:03,280 convince me as a seller to list my property with you? 498 00:27:03,640 --> 00:27:06,800 Yes, not only that, but what it's going to come back round 499 00:27:06,800 --> 00:27:08,360 to. Unfortunately, I didn't make 500 00:27:08,360 --> 00:27:11,040 these rules, but but this is just what's happening. 501 00:27:11,040 --> 00:27:13,400 And I'm sure there'll be some people watching that'll be angry 502 00:27:13,400 --> 00:27:15,640 with me because I'm the one that's kind of like voicing 503 00:27:15,640 --> 00:27:17,520 this. But this is coming no matter 504 00:27:17,520 --> 00:27:20,240 what. It's coming no matter what. 505 00:27:20,400 --> 00:27:22,720 So you may as well embrace it and start working with it. 506 00:27:22,880 --> 00:27:26,760 So that potential seller may well then say to the broker, 507 00:27:27,320 --> 00:27:30,360 what are you doing, you know, with AI in order to sell my 508 00:27:30,360 --> 00:27:32,560 property? And that's a question that they 509 00:27:32,720 --> 00:27:36,720 may well have not had before. And the broker that has the most 510 00:27:36,720 --> 00:27:41,360 knowledge and says I'm using XY and Z in order to be able to 511 00:27:41,600 --> 00:27:43,800 help market your property may well quite possibly be the one 512 00:27:43,800 --> 00:27:45,080 that gets that wins that listing as well. 513 00:27:45,640 --> 00:27:50,960 And do you think we're gonna move into more of a exclusivity 514 00:27:51,360 --> 00:27:56,200 industry or you think multiple agents will still get AI? 515 00:27:56,240 --> 00:27:58,120 Think it's always beneficial. I think people always want to 516 00:27:58,120 --> 00:28:01,680 kind of sometimes they want to try, you know, multiple agents. 517 00:28:02,040 --> 00:28:04,360 Other times people if they come from other markets especially, 518 00:28:04,360 --> 00:28:06,600 they might say, listen, I'd rather work with just the one. 519 00:28:07,160 --> 00:28:09,680 I I see the benefit in working with just the one. 520 00:28:11,240 --> 00:28:13,960 Well, let's think it's through because if if we're going from 521 00:28:13,960 --> 00:28:17,880 20 viewings to sell a property, even though that's the agent's 522 00:28:17,880 --> 00:28:22,160 KPI, but it's probably quite similar to property. 523 00:28:22,160 --> 00:28:27,360 It probably needs to be viewed 10 to 15 times before you get an 524 00:28:27,360 --> 00:28:31,440 offer, right. So you're going from 10 to 15 525 00:28:33,240 --> 00:28:39,240 people walking through the door to probably two or three really 526 00:28:39,240 --> 00:28:41,520 qualified coming through the door. 527 00:28:41,880 --> 00:28:48,200 So I think that lends to us moving to more exclusive because 528 00:28:49,200 --> 00:28:52,080 you don't need three, you don't need to list with three agents 529 00:28:52,080 --> 00:28:57,240 to get 3 viewers, correct? So we move to exclusivity and 530 00:28:57,240 --> 00:28:59,720 I'm just trying to predict now, get my crystal ball out. 531 00:28:59,720 --> 00:29:03,480 Yeah, less viewings equals more impactful viewings, which means 532 00:29:03,480 --> 00:29:06,800 I just need one agent to bring in that top three. 533 00:29:07,040 --> 00:29:11,840 We're moving towards quality over quantity in in whichever 534 00:29:11,840 --> 00:29:15,000 matrix that you're looking at. That's what we're moving towards 535 00:29:15,000 --> 00:29:17,400 very, very quickly, which is also why I said that, you know, 536 00:29:17,400 --> 00:29:19,840 the sheer numbers of people that we have doing the job at the 537 00:29:19,840 --> 00:29:21,800 moment. But please also understand this 538 00:29:21,800 --> 00:29:25,240 is not just limited to real estate, other other industries 539 00:29:25,240 --> 00:29:27,440 are also going to suffer the same kind of fate as well. 540 00:29:27,760 --> 00:29:31,560 I think the legal profession is is 1 area where I think where I 541 00:29:31,600 --> 00:29:33,200 think lots of people understand that. 542 00:29:33,200 --> 00:29:34,600 Everyone's writing their own contracts. 543 00:29:34,600 --> 00:29:36,680 Now, everyone's writing their own contracts right now and. 544 00:29:36,680 --> 00:29:38,240 Everyone's consulting their lawyer. 545 00:29:39,200 --> 00:29:40,920 Yeah, yeah. Everyone's writing it and 546 00:29:41,240 --> 00:29:44,520 they're taking it to the lawyer just to confirm, you know, is 547 00:29:44,520 --> 00:29:45,400 this correct? And. 548 00:29:46,000 --> 00:29:48,840 But similar to the role of the real estate agent, it's not that 549 00:29:48,840 --> 00:29:52,080 lawyers are going to disappear, it's just that they kick in on 550 00:29:52,080 --> 00:29:53,960 court day. Do you see what I mean? 551 00:29:53,960 --> 00:29:57,280 Or like they they kick in when you need a physical presence, 552 00:29:57,560 --> 00:30:00,840 representation by a lawyer in court in front of a judge. 553 00:30:01,240 --> 00:30:03,720 But who's to say that process isn't all going to be? 554 00:30:04,240 --> 00:30:07,160 So yes, we need to be careful in terms of the speed at which all 555 00:30:07,160 --> 00:30:10,280 these different things happen. But yes, definitely initially 556 00:30:10,720 --> 00:30:13,960 the work that's that's that was that was done previously outside 557 00:30:13,960 --> 00:30:16,120 of the courtroom. Much of that is now starting to 558 00:30:16,120 --> 00:30:19,360 be taken over by Tech. But in addition to that, even 559 00:30:19,360 --> 00:30:22,240 when some of them are in the courtroom, some of the work that 560 00:30:22,240 --> 00:30:24,880 was done by their clerks, the administrators to find different 561 00:30:24,880 --> 00:30:26,600 thing that's also now being done by tech. 562 00:30:26,600 --> 00:30:31,400 So it really is, it really is changing a a fast rate of knots. 563 00:30:31,440 --> 00:30:33,440 OK. So to recap how far we've got so 564 00:30:33,440 --> 00:30:37,520 far, we think off plan is going to change considerably more than 565 00:30:38,000 --> 00:30:39,680 secondary. There's no shadow of a doubt and 566 00:30:39,680 --> 00:30:43,120 I think if anybody thinks that through, they can see how and 567 00:30:43,120 --> 00:30:46,120 why that would that, that, that that clearly is going to be 568 00:30:46,120 --> 00:30:49,280 happening, especially from a, from a broker standpoint. 569 00:30:49,840 --> 00:30:53,920 And then we split up secondary market into luxury and 570 00:30:53,920 --> 00:30:56,640 everything else. So luxury you predict will still 571 00:30:57,000 --> 00:31:00,160 stay relatively the same as it is now built on relationships, 572 00:31:00,160 --> 00:31:05,000 trust who you know and so on. But the mid market and lower end 573 00:31:05,000 --> 00:31:08,160 of the market, you're going to have sellers who are a lot more 574 00:31:08,320 --> 00:31:12,160 savvy on what the value is. So they don't necessarily need 575 00:31:12,160 --> 00:31:14,720 an agent to come in value for them, but they're going to need 576 00:31:14,720 --> 00:31:18,760 to appoint an agent to do the viewings and convince them that 577 00:31:18,760 --> 00:31:20,720 they're best placed to sell their property. 578 00:31:20,960 --> 00:31:24,200 Bottom line, buyers are going to be that much more, much more 579 00:31:24,200 --> 00:31:26,000 educated than they've ever been before. 580 00:31:26,320 --> 00:31:28,680 So they. As will, as will also sellers. 581 00:31:29,000 --> 00:31:32,960 OK, so anything, any other tools you predict that will change the 582 00:31:32,960 --> 00:31:36,720 sellers process or the seller's journey? 583 00:31:38,680 --> 00:31:41,040 I mean, many of the things that we're talking about right now, 584 00:31:41,200 --> 00:31:45,040 those tools haven't gone public. So there are tools that are out 585 00:31:45,040 --> 00:31:47,520 there that have been worked on, they just haven't launched them 586 00:31:47,520 --> 00:31:49,360 yet. They're in testing phases now. 587 00:31:49,920 --> 00:31:53,400 But as these start coming into the market, it's going to start 588 00:31:53,400 --> 00:31:56,480 changing the market. OK, let's move on to buyers. 589 00:31:56,640 --> 00:31:59,280 OK, how's their life going to change? 590 00:31:59,320 --> 00:32:01,240 How's their life cycle going to change? 591 00:32:03,440 --> 00:32:05,240 I think it's going to, it's going to be a much smoother 592 00:32:05,240 --> 00:32:06,400 process. It's going to be a much quicker 593 00:32:06,400 --> 00:32:10,840 process. And I think, I think it'll it'll 594 00:32:10,840 --> 00:32:14,880 be something that'll become a much more enjoyable process for 595 00:32:14,880 --> 00:32:21,440 them as well. They're going to have a new, I 596 00:32:21,440 --> 00:32:29,280 guess more intuitive response to their needs solved by AI rather 597 00:32:29,280 --> 00:32:32,440 than by the advice of a broker. You think all of that's going to 598 00:32:32,440 --> 00:32:34,720 happen? They are going to be able to ask 599 00:32:34,720 --> 00:32:38,480 for more in terms of what, what they, what their requirements 600 00:32:38,480 --> 00:32:39,200 are. Give me an example. 601 00:32:39,200 --> 00:32:40,840 They're going to be able to be that much more detailed. 602 00:32:40,840 --> 00:32:44,120 They're going to be able to say, you know, I want a property 603 00:32:44,840 --> 00:32:51,080 within this particular budget between 8:00 and 9:00 AM in the 604 00:32:51,080 --> 00:32:53,160 morning. I want it to be 20 minutes from 605 00:32:53,160 --> 00:32:56,120 a school because. What happens between 8:00 and 606 00:32:56,120 --> 00:32:56,640 9:00? All right. 607 00:32:56,640 --> 00:32:58,480 OK, 20 minute drive A. 20 minute drive. 608 00:32:58,480 --> 00:33:00,040 Sorry, a 20 minute drive from the school. 609 00:33:00,840 --> 00:33:03,960 I'm gonna which I'm I. Want the sun to rise out the 610 00:33:03,960 --> 00:33:05,920 kitchen? I want the sun to rise on the 611 00:33:05,920 --> 00:33:08,520 east because I can sunbathe on on on the weekends. 612 00:33:08,520 --> 00:33:11,640 You know, I want the rooms to be this particular size. 613 00:33:11,960 --> 00:33:14,840 I want the total, you know, built up area of the property to 614 00:33:15,000 --> 00:33:16,040 be. But they're gonna be able to be 615 00:33:16,040 --> 00:33:21,520 that much more more specific. Right, so let's let's segregate. 616 00:33:21,520 --> 00:33:25,040 So right now as of now you can already search for location, 617 00:33:25,520 --> 00:33:30,200 price range, size and how many bedrooms. 618 00:33:30,320 --> 00:33:32,800 Yeah. And that's probably as detailed 619 00:33:32,800 --> 00:33:35,280 as it goes in terms of search engines. 620 00:33:36,080 --> 00:33:39,760 You think you're going to be able to go super granular into 621 00:33:41,920 --> 00:33:44,720 the where the sun rises, the size of the bedrooms. 622 00:33:44,920 --> 00:33:48,960 The But The thing is, someone has to feed all that information 623 00:33:48,960 --> 00:33:52,040 in in the first place. For some of those things, 624 00:33:52,040 --> 00:33:53,200 someone has to feed the information. 625 00:33:53,200 --> 00:33:58,400 For others of it, AI, think of it as as a team of employees 626 00:33:58,840 --> 00:34:02,040 that all go out to go and research and source the 627 00:34:02,040 --> 00:34:04,440 information and then come back. They can look at where a 628 00:34:04,440 --> 00:34:06,960 particular property is, for example, and they can know where 629 00:34:06,960 --> 00:34:11,239 the sun would rise. They can know you know the 630 00:34:11,239 --> 00:34:13,360 distance that it's going to be from a school during rush hour 631 00:34:13,639 --> 00:34:14,639 because those tools are already out. 632 00:34:14,639 --> 00:34:17,120 There, So that's Google Maps, they can base it off that. 633 00:34:17,840 --> 00:34:23,159 But what you're saying is that in again crystal ball, there is 634 00:34:23,159 --> 00:34:27,840 going to be a digital twin of every single major city in the 635 00:34:27,840 --> 00:34:29,440 world. Do you think so? 636 00:34:30,800 --> 00:34:32,880 I think there already is. I think there already is. 637 00:34:33,000 --> 00:34:35,719 I think, I think it's, it's just the more information. 638 00:34:36,159 --> 00:34:37,600 Everything's now being digitalized. 639 00:34:37,600 --> 00:34:39,600 Now it makes sense, you know, remember Street View? 640 00:34:39,600 --> 00:34:41,360 Well, I mean, it's still here. Street View. 641 00:34:41,639 --> 00:34:45,280 They went around all the roads and so they already know where 642 00:34:45,280 --> 00:34:49,480 every front door faces. I guess it's just someone to 643 00:34:49,480 --> 00:34:51,639 compile all the inside information. 644 00:34:51,639 --> 00:34:54,960 And I know from the UK, every Land Registry has the floor 645 00:34:54,960 --> 00:35:00,920 plans of every property, even if they've extended it or gone into 646 00:35:00,920 --> 00:35:04,640 the loft or built an extension planning department. 647 00:35:04,640 --> 00:35:08,080 That's that thing. Real estate is such a huge. 648 00:35:08,120 --> 00:35:11,400 It's absolutely massive. But in addition to that, one of 649 00:35:11,400 --> 00:35:15,040 the things is people naturally have fear and the fear of loss 650 00:35:15,040 --> 00:35:17,520 and the fear of, you know, am I going to lose my job in its 651 00:35:17,520 --> 00:35:20,320 current capacity? But all these things that you're 652 00:35:20,320 --> 00:35:23,760 also saying is it's also new opportunities and new areas that 653 00:35:23,760 --> 00:35:26,560 are still within the real estate realm that needs to get all of 654 00:35:26,560 --> 00:35:29,240 that information. But it's about the Land 655 00:35:29,240 --> 00:35:34,520 Registry, talking to the count, the local council, speaking to 656 00:35:34,520 --> 00:35:39,120 everybody has to work together to share that information. 657 00:35:39,320 --> 00:35:43,760 If one government body or I'm just thinking UK now, London now 658 00:35:44,520 --> 00:35:48,120 to get a digital twin of every single building, every single 659 00:35:48,120 --> 00:35:49,800 unit type. Of course, every developer 660 00:35:49,800 --> 00:35:53,880 already has a mock up of the of the building. 661 00:35:53,880 --> 00:35:57,160 So I think it'll be a lot easier in Dubai to have a digital twin 662 00:35:57,160 --> 00:35:59,200 of the city than it would somewhere like New York. 663 00:35:59,400 --> 00:36:01,680 OK. So 2222.2 aspects on that. 664 00:36:02,000 --> 00:36:04,200 Number one, if there's an entrepreneur out there that says 665 00:36:04,320 --> 00:36:07,920 I can kind of see where this is going and I would like to put 666 00:36:07,920 --> 00:36:15,440 together an app or, or whatever it may well be to showcase where 667 00:36:16,080 --> 00:36:20,440 the sun comes up in the morning for, for example, on on 668 00:36:20,440 --> 00:36:21,680 different types of properties, right? 669 00:36:21,680 --> 00:36:23,000 If they were just wanted to put that together. 670 00:36:23,240 --> 00:36:26,160 Once that's together, then others can then feed into that 671 00:36:26,160 --> 00:36:27,960 and then we have to get that information out. 672 00:36:28,440 --> 00:36:30,800 So that'll be the first point. Maybe that's what Alexa's been 673 00:36:30,800 --> 00:36:34,360 busy doing in our apartments, in our houses recently. 674 00:36:34,360 --> 00:36:36,080 Scanning. Maybe I'm. 675 00:36:36,520 --> 00:36:38,480 I'm sure all these things are feeding. 676 00:36:38,600 --> 00:36:40,320 It's all about knowledge and it's all about information. 677 00:36:40,320 --> 00:36:41,920 It's all about data. It's all about data. 678 00:36:42,480 --> 00:36:45,120 In regards to the Dubai aspect, we're just. 679 00:36:45,120 --> 00:36:47,160 Speculating. By the way, yeah, in in as much 680 00:36:47,160 --> 00:36:50,280 as to the Dubai aspect, I do think Dubai is going to be one 681 00:36:50,280 --> 00:36:52,680 of the early adopters for much of this. 682 00:36:52,880 --> 00:36:54,920 Why? Because of the size of our 683 00:36:54,920 --> 00:36:57,040 market. I think that helps being able to 684 00:36:57,040 --> 00:37:00,840 let litmus test that much easier in a smaller market as opposed 685 00:37:00,840 --> 00:37:02,320 to going to a much larger market. 686 00:37:02,680 --> 00:37:06,280 I also think because much of the processes over here are already 687 00:37:06,280 --> 00:37:10,480 digitalized, it's much easier to plug things into all of this. 688 00:37:10,680 --> 00:37:12,720 We already have the smart contracts now. 689 00:37:13,280 --> 00:37:14,880 Everything's already been done digitally. 690 00:37:15,520 --> 00:37:17,840 Our process, this is already one of the fastest in the world. 691 00:37:18,200 --> 00:37:21,720 But I think with all of with, with some of the other tech now 692 00:37:21,720 --> 00:37:25,520 added to that, I think that is then going to make it even 693 00:37:25,520 --> 00:37:26,800 faster. And people, we had to buy 694 00:37:26,800 --> 00:37:30,720 properties literally end to end, you know, within minutes. 695 00:37:31,000 --> 00:37:38,560 So globally, there's been $30 billion invested in real estate 696 00:37:38,560 --> 00:37:45,440 technology since 2012, and Dubai is fully embracing the OR 697 00:37:45,520 --> 00:37:49,680 incubating that proptech ecosystem. 698 00:37:50,120 --> 00:37:56,680 I'm part of several groups where I don't see that same support, 699 00:37:56,760 --> 00:38:04,400 encouragement and freedom anywhere else, like New York, 700 00:38:04,720 --> 00:38:06,240 London. Yeah, you've got the startups, 701 00:38:06,240 --> 00:38:10,760 you've got the entrepreneurial entrepreneurialism, but because 702 00:38:10,760 --> 00:38:17,200 they're linked to such heritage assets and oh, this is the way 703 00:38:17,200 --> 00:38:22,880 it's always been done, it's very hard for them to accelerate. 704 00:38:22,880 --> 00:38:28,000 So I think Dubai is going to be the launchpad for a lot of the 705 00:38:28,000 --> 00:38:31,120 future prop tech or real estate related textile. 706 00:38:31,120 --> 00:38:33,000 Types the whole region, the whole region. 707 00:38:33,000 --> 00:38:36,440 I mean, we may well be tested in the UAE, but then after that 708 00:38:36,440 --> 00:38:38,560 it's successful, then it's going to spread across the region that 709 00:38:38,560 --> 00:38:42,480 much faster. OK, so buyer journey, are we 710 00:38:42,480 --> 00:38:45,200 done with the buyer? Do we think their life's going 711 00:38:45,200 --> 00:38:48,080 to be made anymore? So apart from the search. 712 00:38:48,080 --> 00:38:51,920 Function if you're able to take away many of the current pain 713 00:38:51,920 --> 00:38:55,720 points and buying a property, make it more accurate, make it 714 00:38:55,880 --> 00:38:59,600 faster, make it quicker, give you more information and give 715 00:38:59,600 --> 00:39:02,360 you more knowledge. I believe the buyer is going to 716 00:39:02,960 --> 00:39:06,120 is going to be happy with that. Myself as a as a potential boy, 717 00:39:06,400 --> 00:39:08,400 I would be over the moon. People better have even more 718 00:39:08,400 --> 00:39:09,800 knowledge than we're currently getting. 719 00:39:10,000 --> 00:39:11,320 Yes, that's a winner. OK. 720 00:39:11,400 --> 00:39:14,360 And then there's always that thing where people say, oh, you 721 00:39:14,360 --> 00:39:19,200 know, the hand holding the emotional side, where ChatGPT 722 00:39:19,200 --> 00:39:23,320 even admitted itself, you know, I don't have the trust yet. 723 00:39:23,320 --> 00:39:28,680 Yes. Do buyers actually need, is it 724 00:39:28,680 --> 00:39:32,160 that emotional for a buyer? Do you really need hand? 725 00:39:32,240 --> 00:39:35,600 Holding, I believe so I believe, I believe and that might sound 726 00:39:35,600 --> 00:39:37,720 counterintuitive to some of the other comments that I've made, 727 00:39:38,000 --> 00:39:40,560 but I so number one, I think that there's there are going to 728 00:39:40,560 --> 00:39:44,120 be brokers that are going to be available to be able to do that. 729 00:39:44,760 --> 00:39:48,280 But #2 I think it is an important part of the process 730 00:39:48,280 --> 00:39:52,200 for many people, buying a property is the most, one of the 731 00:39:52,200 --> 00:39:54,280 most expensive purchases that they've made. 732 00:39:54,480 --> 00:39:57,400 So that human interaction to walk them through it is 733 00:39:57,400 --> 00:40:01,440 definitely going to be something that that that many people are 734 00:40:01,440 --> 00:40:04,000 going to appreciate and, and, and, and going to and going to 735 00:40:04,000 --> 00:40:07,520 want across the board. And if you're buying a property 736 00:40:07,520 --> 00:40:11,360 to live in rather than an investment, it is less about the 737 00:40:11,360 --> 00:40:14,840 data, it is less about the historic. 738 00:40:15,120 --> 00:40:17,360 To A, to a certain, to a certain extent I. 739 00:40:17,720 --> 00:40:22,800 Think you're more likely to just say oh, below the budget if 740 00:40:22,800 --> 00:40:25,120 you're going to live there? There is more. 741 00:40:25,120 --> 00:40:27,360 I have to love this. There is a lot more emotion 742 00:40:27,360 --> 00:40:29,400 needed. There's a lot more emotion, but 743 00:40:29,400 --> 00:40:32,760 the, the, the data still matters depending on what the data is, 744 00:40:33,080 --> 00:40:34,160 right? I mean, we've, we've spoken 745 00:40:34,160 --> 00:40:36,880 about, you know, distances to, to your office in the morning or 746 00:40:37,280 --> 00:40:41,040 those things are still going to play, play a role, but it 747 00:40:41,040 --> 00:40:43,280 depends on what the data is. And there's so many data points 748 00:40:43,800 --> 00:40:45,680 going all the way through that that could make a that could 749 00:40:45,680 --> 00:40:51,720 make a change in that. OK, So the future of real estate 750 00:40:51,720 --> 00:40:57,760 agents, so there's a debate if it's going to be tech enabled 751 00:40:57,800 --> 00:41:06,680 agents or agent enabled tech. Tech enabled agents or agents 752 00:41:06,680 --> 00:41:09,240 enabled tech OK. Which one do you think it's 753 00:41:09,240 --> 00:41:18,480 going to be? Agents, enabled tech, I think 754 00:41:18,720 --> 00:41:21,880 agents that are that have that, that have more knowledge and 755 00:41:21,880 --> 00:41:25,880 have the tech that they're able to use it, I think those guys. 756 00:41:26,800 --> 00:41:29,160 Then that's a, that's a tech enabled agent. 757 00:41:29,240 --> 00:41:32,520 So you're leaning on the side of the tech enabled agent rather 758 00:41:32,520 --> 00:41:35,000 than an agent enabled tech. It's like who's at the end of 759 00:41:35,000 --> 00:41:38,280 the value chain? Yes, the agent or the tech. 760 00:41:39,640 --> 00:41:45,600 Yes, yes, I so I think that the yes, the agent enabled with the 761 00:41:45,600 --> 00:41:47,200 tech. OK, so you still. 762 00:41:47,200 --> 00:41:48,760 Believe you're worth in it as OK, yeah. 763 00:41:48,920 --> 00:41:53,120 So you you believe in the tech enabled agent rather than the 764 00:41:53,120 --> 00:41:56,680 tech being running the show and they've got some agents coming. 765 00:41:57,040 --> 00:42:00,480 The the tech will run the show, but it'll run the show initially 766 00:42:00,480 --> 00:42:05,320 at first from the back office. But yeah, with time we can play 767 00:42:05,320 --> 00:42:08,120 an even greater role and go all the way, go all the way through. 768 00:42:08,160 --> 00:42:10,200 Well, that leads me onto the back office. 769 00:42:10,240 --> 00:42:11,640 Yeah. Brokerages, yeah. 770 00:42:12,320 --> 00:42:16,640 How do you predict they're going to change over the next 12 to 18 771 00:42:16,640 --> 00:42:20,200 months? And what roles could be created 772 00:42:20,200 --> 00:42:23,400 in the back office? And what roles may be eliminated 773 00:42:23,400 --> 00:42:29,680 in the back? Office, so I, I believe that and 774 00:42:29,680 --> 00:42:31,640 I also, I also mentioned this before on the previously on the 775 00:42:31,760 --> 00:42:38,520 on the other podcast that the brokerages that embrace the AI 776 00:42:38,520 --> 00:42:40,640 and the tech are going to be the ones that are going to 777 00:42:40,640 --> 00:42:46,360 significantly benefit in terms of job roles. 778 00:42:46,680 --> 00:42:48,720 There may job roles could change. 779 00:42:49,800 --> 00:42:52,480 Many of these job roles, even if you were to lose, you know, the 780 00:42:52,480 --> 00:42:55,080 job doing the particular role you're doing right now, you 781 00:42:55,080 --> 00:42:58,160 could also be a reassigned to do something else that would still 782 00:42:58,160 --> 00:43:00,960 mean you're working, but you're not doing the same thing that 783 00:43:00,960 --> 00:43:03,320 you're previously doing because the tech's able to do it for 784 00:43:03,320 --> 00:43:05,680 you. The tech, it's almost like 785 00:43:05,680 --> 00:43:09,040 having the human intelligence of a, of a person or a team that's 786 00:43:09,080 --> 00:43:14,880 able to do those roles that were previously, you know, done, done 787 00:43:15,080 --> 00:43:17,720 by, by a human uploading the listings and all this kind of 788 00:43:17,720 --> 00:43:19,520 thing. This can all be This can all be 789 00:43:19,520 --> 00:43:22,520 done by tech. And one thing that I heard 790 00:43:22,520 --> 00:43:27,480 recently was there's a lot of companies out there now who 791 00:43:27,480 --> 00:43:32,520 don't even hire based on your CV or your interview skills. 792 00:43:32,560 --> 00:43:34,400 They couldn't care less. They sit. 793 00:43:34,400 --> 00:43:39,720 You applied for a job, you come in, you sit down and you prompt. 794 00:43:40,960 --> 00:43:44,000 And they will hire you based on your AI prompts. 795 00:43:44,040 --> 00:43:48,040 And I'm not sure what roles these are, but your ability to 796 00:43:48,200 --> 00:43:54,040 finesse or eloquently ask AI to do something. 797 00:43:54,040 --> 00:43:55,640 Yeah. Right now, let's be honest. 798 00:43:55,640 --> 00:44:01,560 The way we do it is like you ask AI to do something, make it 799 00:44:01,560 --> 00:44:02,600 shorter. Yeah. 800 00:44:02,880 --> 00:44:05,680 Or you'll say make it less formal. 801 00:44:05,680 --> 00:44:09,160 Yeah. Very basic prompting, but it's 802 00:44:09,160 --> 00:44:14,120 now become a really coveted skill to be able to write the 803 00:44:14,120 --> 00:44:23,920 most eloquent prompt that will pull out the ideal output as 804 00:44:23,920 --> 00:44:25,320 quickly as possible. Yeah. 805 00:44:25,520 --> 00:44:29,640 So, so I've got, I've got another couple of points on that 806 00:44:29,640 --> 00:44:32,680 one. The first one would be when many 807 00:44:32,680 --> 00:44:37,600 people are going for these jobs now what we're seeing is, and I 808 00:44:37,600 --> 00:44:42,560 had it recently actually I was speaking to somebody about about 809 00:44:42,560 --> 00:44:45,320 branding and I was just talking to them going through marketing 810 00:44:45,320 --> 00:44:48,240 and that type of thing. And they said to me, oh, all 811 00:44:48,240 --> 00:44:51,240 your ideas and your suggestions, which I've just been speaking 812 00:44:51,240 --> 00:44:55,280 with her over the phone and she said, can you put pen to paper 813 00:44:55,280 --> 00:44:58,520 and put it all down for me and send it across to me and then 814 00:44:58,520 --> 00:45:01,040 I'll come back to you with my feedback based on that. 815 00:45:01,280 --> 00:45:03,320 Pen and paper. Send it. 816 00:45:03,320 --> 00:45:06,160 Send it across in, in, in, in, in, in written format, whatever. 817 00:45:06,240 --> 00:45:07,920 She wants a transcript of the conversation. 818 00:45:07,920 --> 00:45:09,760 She wants a transcript icon. She wants a transcript. 819 00:45:09,760 --> 00:45:11,520 She wants to transcript with the conversation. 820 00:45:11,520 --> 00:45:13,240 There's an Otter Otter that takes. 821 00:45:13,280 --> 00:45:14,080 That's right. That's right. 822 00:45:14,840 --> 00:45:17,400 So but we weren't using that, we were just we just having a quick 823 00:45:17,400 --> 00:45:20,360 call and but then I realised the reason why she wanted that is 824 00:45:20,360 --> 00:45:23,880 because she wanted to have the exact words exactly what I was 825 00:45:23,880 --> 00:45:26,000 looking for. Then she could then probably put 826 00:45:26,000 --> 00:45:32,520 it into, you know, GBT or the like to then work out exactly, 827 00:45:32,520 --> 00:45:33,960 you know, the response that needs to be given back. 828 00:45:34,760 --> 00:45:37,200 That is an example of how things are changing. 829 00:45:37,200 --> 00:45:39,520 Because I wouldn't be, I didn't even think about that initially. 830 00:45:39,520 --> 00:45:41,320 I thought it was, I've just told it to you. 831 00:45:41,320 --> 00:45:43,480 Why would you want more? Why would you ask me to, to put 832 00:45:43,480 --> 00:45:45,280 it all down? And then it then it, it kind of, 833 00:45:45,280 --> 00:45:48,040 yeah, dawned on me that. Well, even the recruitment 834 00:45:48,040 --> 00:45:53,120 process is changing and even the way that brokerage is higher, I 835 00:45:53,120 --> 00:45:57,120 know now there's a, there's companies that you can just feed 836 00:45:57,120 --> 00:46:01,640 the CVS through and it will say based on my requirement for, you 837 00:46:01,640 --> 00:46:05,760 know, you whatever role you're hiring for, it will scan all 838 00:46:05,760 --> 00:46:11,160 these CVS and give you the top five that you need to interview 839 00:46:11,160 --> 00:46:14,960 in order and explain why. So even, you know, if you're in 840 00:46:14,960 --> 00:46:19,120 recruitment, if you're a head of recruitment or you're in the 841 00:46:19,120 --> 00:46:22,280 recruitment department of a brokerage, start looking at 842 00:46:22,280 --> 00:46:27,240 these tools to get through CVS a lot quicker. 843 00:46:27,960 --> 00:46:30,040 Yeah, even though you're gonna miss the, you know you're gonna 844 00:46:30,040 --> 00:46:33,080 miss that gem, aren't you? I, I'm not so sure because many 845 00:46:33,080 --> 00:46:36,560 of these CVS would also be written by ChatGPT for starters. 846 00:46:36,960 --> 00:46:39,760 So, so the human would not have even would not have had that 847 00:46:39,760 --> 00:46:41,360 much input in it to start with, right. 848 00:46:41,600 --> 00:46:44,040 So if you're assessing all these different CV, if you're smart, 849 00:46:44,120 --> 00:46:47,320 which comes back to your prompts question about, you know, being 850 00:46:47,320 --> 00:46:49,880 able to prompt you the, the, the, the, the AI. 851 00:46:50,000 --> 00:46:52,640 Your way through. To, to, to say, you know, make 852 00:46:52,640 --> 00:46:54,840 sure that if this was to go through the screening, the 853 00:46:54,840 --> 00:46:57,440 screening system, this one's one of the ones that comes out. 854 00:46:57,480 --> 00:47:00,840 That's what I'm saying. This is all changing so quickly, 855 00:47:00,840 --> 00:47:04,000 so fast. And, and I'm not claiming to be, 856 00:47:04,760 --> 00:47:07,160 you know, the, the, the, the, the, the, the soothsayer. 857 00:47:07,800 --> 00:47:10,480 Yeah, the soothsayer or even the champion for it. 858 00:47:11,080 --> 00:47:12,480 I'm definitely not saying what I'm saying. 859 00:47:12,680 --> 00:47:17,600 It's happening and we've got to stay with it regardless because 860 00:47:17,600 --> 00:47:20,280 it's going to change the way the things that the way the things 861 00:47:20,280 --> 00:47:22,720 happen, the marketing departments are likely to. 862 00:47:22,720 --> 00:47:29,440 Change so there's do you think? So now even with AII was, I was, 863 00:47:29,440 --> 00:47:32,960 I was on a site earlier, you can make a website within 3 seconds. 864 00:47:33,400 --> 00:47:36,120 You can literally speak, tell you everything and, and this is, 865 00:47:36,120 --> 00:47:38,360 and you can have a website within 3 seconds, make a few 866 00:47:38,360 --> 00:47:41,800 tweet change. There's also another tool for 867 00:47:42,040 --> 00:47:45,240 making the reels and all these kind of things that right now 868 00:47:45,240 --> 00:47:48,280 many people are doing, AI is going to be able to do very, 869 00:47:48,280 --> 00:47:50,120 very quickly. They're able to make it. 870 00:47:50,120 --> 00:47:51,840 They'll be able to do the AB testing. 871 00:47:52,160 --> 00:47:55,240 They'll be able to, you know, check to see which one's going 872 00:47:55,240 --> 00:47:57,200 to get them and it's able to post it. 873 00:47:57,520 --> 00:48:01,280 So all of these things are going to descriptions, descriptions. 874 00:48:01,840 --> 00:48:03,480 They've been writing. Themselves anyway for a. 875 00:48:03,560 --> 00:48:05,600 While yeah, all of these things are going to are going. 876 00:48:05,600 --> 00:48:08,320 To are going to get more and more and more and faster. 877 00:48:08,360 --> 00:48:10,000 And AI is also going to get smarter. 878 00:48:10,880 --> 00:48:13,120 Yes, the more. Because it's probably at what, 879 00:48:13,120 --> 00:48:15,680 working to 10% of its every six months? 880 00:48:16,120 --> 00:48:17,800 It's gonna. It's gonna, it's gonna get, it's 881 00:48:17,800 --> 00:48:19,280 gonna get a lot of significantly smarter. 882 00:48:19,360 --> 00:48:20,960 What was that? I saw an article today. 883 00:48:20,960 --> 00:48:26,320 It was. Like the the cost of you don't 884 00:48:26,320 --> 00:48:30,280 have to be polite to AI. Yeah, like the cost of please 885 00:48:30,280 --> 00:48:32,880 and thank you, it's costing them billions. 886 00:48:32,880 --> 00:48:37,960 It's costing the AI companies billions in responding to your 887 00:48:37,960 --> 00:48:40,960 thank yous, so you don't need to be polite, but it does actually 888 00:48:40,960 --> 00:48:44,400 help train the machine on what politeness is. 889 00:48:45,040 --> 00:48:53,760 OK, back office marketing's going to change. 890 00:48:53,840 --> 00:48:59,880 Conveyancing's going to change. Get streamlined, recruitment's 891 00:48:59,880 --> 00:49:04,800 going to change sounds like just a lot of streamlining, which 892 00:49:04,840 --> 00:49:07,720 means that teams might reduce slightly. 893 00:49:09,000 --> 00:49:14,960 Yes, OK, I think so right. So if you are well, let's talk 894 00:49:14,960 --> 00:49:17,600 to in their current format in their current format. 895 00:49:17,640 --> 00:49:21,560 So start diversifying your skill base. 896 00:49:22,240 --> 00:49:26,560 That would would your advice be to back office support teams. 897 00:49:27,280 --> 00:49:31,280 My advice to everybody. From the administrator to 898 00:49:31,280 --> 00:49:33,040 receptionist to the receptionist. 899 00:49:33,120 --> 00:49:35,280 To. To the business receptionist 900 00:49:35,280 --> 00:49:37,520 safe so. Well, you know. 901 00:49:37,520 --> 00:49:40,640 That's front of house. So I mean to every would be to 902 00:49:40,840 --> 00:49:43,160 to well for robots come in and replace so. 903 00:49:43,200 --> 00:49:44,760 I'm not saying that I'm just going to go to that. 904 00:49:44,760 --> 00:49:47,760 That that much that quickly. We still need the human 905 00:49:47,760 --> 00:49:49,120 interaction, I think. I think that is still an 906 00:49:49,120 --> 00:49:51,160 important part. But my thing would be to for 907 00:49:51,160 --> 00:49:55,480 everybody is to start spending more time, more time than you 908 00:49:55,480 --> 00:49:58,840 currently are into learning about AI and to to being 909 00:49:58,880 --> 00:50:00,720 interacting and to using it across the board. 910 00:50:01,160 --> 00:50:05,160 Everybody, everybody is it. It really is gonna be the 911 00:50:05,160 --> 00:50:08,600 biggest thing we've we've seen a lot of technology change and 912 00:50:08,600 --> 00:50:12,040 evolve over the time. But what's about to happen now 913 00:50:12,440 --> 00:50:16,960 is, is everybody's going to feel it no matter what? 914 00:50:17,040 --> 00:50:19,280 And we can't even fathom what we can't. 915 00:50:19,400 --> 00:50:20,680 Even AI has been around a long time. 916 00:50:20,680 --> 00:50:21,880 Let's. Let's not, let's not get this 917 00:50:21,880 --> 00:50:23,560 twisted to make out that this is just this new thing. 918 00:50:23,720 --> 00:50:26,640 When, when you know, years and 1015 years ago when you used to 919 00:50:26,640 --> 00:50:30,000 have your, your credit card and you'd go, you know, you'd go 920 00:50:30,000 --> 00:50:31,320 shopping and you'd do your regular. 921 00:50:31,560 --> 00:50:35,560 And then if, for example, some high value purchases went 922 00:50:35,560 --> 00:50:40,400 through and the bank flagged that that's AI, much of that was 923 00:50:40,480 --> 00:50:42,120 AI. So AI has been around for a long 924 00:50:42,120 --> 00:50:43,120 time. It's not like this is this is 925 00:50:43,240 --> 00:50:45,680 new thing that's come, but what the the thing that's changed it 926 00:50:45,680 --> 00:50:49,520 so much is now it's gone direct to the end user in terms of that 927 00:50:49,520 --> 00:50:52,800 was used commercially for things like that for a very long time, 928 00:50:53,040 --> 00:50:57,960 but now it's gone to the end user and they are now able to to 929 00:50:57,960 --> 00:50:59,800 use it and act action of themselves. 930 00:51:00,040 --> 00:51:01,960 You know, some of the young people now they're going to get 931 00:51:01,960 --> 00:51:05,040 used to, you know, using AI. My daughter 7 is going to get be 932 00:51:05,040 --> 00:51:06,720 used to using AI throughout our whole life. 933 00:51:07,160 --> 00:51:10,040 And that will kind of, you know, it will know a lot about her 934 00:51:10,240 --> 00:51:14,600 when it comes when, because it will know so much about her when 935 00:51:14,600 --> 00:51:18,680 it, when she then decides to purchase her another property, 936 00:51:20,480 --> 00:51:23,320 it will already know the type of property that she'll like based 937 00:51:23,320 --> 00:51:26,000 on her lifestyle. So it'll know that she wants to 938 00:51:26,080 --> 00:51:29,040 maybe live next to the beach or, you know, she wants a garden 939 00:51:29,040 --> 00:51:32,440 because she enjoys gardening. These types of things that right 940 00:51:32,440 --> 00:51:37,400 now people are typically telling their broker, AI will already 941 00:51:37,400 --> 00:51:39,440 know it. So it'll say, I know you like 942 00:51:39,440 --> 00:51:40,240 going to the gym. Yeah. 943 00:51:40,320 --> 00:51:42,240 So this property's got a gym gymnasium in it. 944 00:51:42,240 --> 00:51:44,200 So actually that's really good advice on what? 945 00:51:44,200 --> 00:51:48,000 We should all be doing is start training your AI. 946 00:51:48,040 --> 00:51:51,000 Yeah, on you and your preferences, Yeah. 947 00:51:51,280 --> 00:51:54,520 Like let it know what kind of tone you like. 948 00:51:54,520 --> 00:51:58,480 What tell it as much about? But then do you feel like some 949 00:51:58,480 --> 00:52:01,280 people are a bit? I don't want to tell everything. 950 00:52:01,360 --> 00:52:02,720 I wouldn't. I wouldn't look at it. 951 00:52:02,720 --> 00:52:07,760 From the point of, of, of, of trying to tell your AI that it, 952 00:52:08,200 --> 00:52:10,720 it picks it up anyway as you're working along the line. 953 00:52:10,960 --> 00:52:15,160 What I would just say is, is and most people that at this stage, 954 00:52:15,160 --> 00:52:17,920 because this is really early, early, early entry in terms of 955 00:52:17,920 --> 00:52:19,000 for the for the consumer using it. 956 00:52:19,280 --> 00:52:22,800 Most people treat AIA little bit like Google and they put basic 957 00:52:22,800 --> 00:52:25,440 Google type requests. Well, I think that's a 958 00:52:25,440 --> 00:52:29,240 generational thing because. There's, I think you and I, we 959 00:52:29,240 --> 00:52:33,360 still Google, yeah. Many of the young people now, 960 00:52:33,520 --> 00:52:34,440 they don't. They skip. 961 00:52:34,560 --> 00:52:36,200 They skip they're. Straight to Snapchat. 962 00:52:36,200 --> 00:52:38,000 Or or or to other? To other? 963 00:52:38,000 --> 00:52:39,920 No, I'm talking about when they've got a question. 964 00:52:39,920 --> 00:52:43,280 Yeah, they're going straight to ChatGPT, whereas we still Google 965 00:52:43,280 --> 00:52:44,960 it. Yeah, but they're straight into 966 00:52:44,960 --> 00:52:48,560 ChatGPT. So ChatGPT knows enough about 967 00:52:48,720 --> 00:52:50,400 this person. So that's what I'm saying. 968 00:52:50,400 --> 00:52:51,680 So you. Don't have to put any effort in 969 00:52:52,040 --> 00:52:55,440 in order to kind of, you know, you know, let it know it will 970 00:52:55,440 --> 00:52:57,720 pick up all of that. And as the more you use it, the 971 00:52:57,720 --> 00:53:00,240 more it'll learn about you and then the more it'll learn about 972 00:53:00,240 --> 00:53:02,120 what's beneficial for you and what you would like. 973 00:53:02,160 --> 00:53:04,440 And that will come into, you know, part of your life, 974 00:53:04,440 --> 00:53:11,360 including housing, so. Back-to-back office there was a 975 00:53:11,360 --> 00:53:15,320 report done by Harvard University I think it was or 976 00:53:15,320 --> 00:53:17,160 Oxford, one or the other I can't remember. 977 00:53:17,680 --> 00:53:20,400 Don't quote me on this, but Price Waterhouse Coopers 978 00:53:21,200 --> 00:53:26,680 predicts that by 20-30, AI could eliminate 30% of traditional 979 00:53:26,680 --> 00:53:30,360 real estate jobs globally. Not just agents, but also 980 00:53:30,360 --> 00:53:33,520 mortgage brokers and property managers and property 981 00:53:33,520 --> 00:53:35,800 management. I've seen again, something 982 00:53:35,800 --> 00:53:42,320 that's very heaven, heavily human to human emotional and not 983 00:53:42,320 --> 00:53:44,880 good emotions between you and your property manager. 984 00:53:46,680 --> 00:53:50,080 That's something that can definitely be overhauled with 985 00:53:50,720 --> 00:53:55,480 Technology 22. Comments back again on that one, 986 00:53:55,840 --> 00:53:59,600 the first one, happy to hear either Harvard or Oxford. 987 00:53:59,840 --> 00:54:02,520 They're saying they're saying similar lines to what I'm saying 988 00:54:02,520 --> 00:54:08,200 already, which they said 30%, yeah, you know, which is the 989 00:54:08,200 --> 00:54:10,960 actual losses. I'm saying, you know, changes in 990 00:54:10,960 --> 00:54:13,240 terms of the dynamic. But the second thing is 991 00:54:13,520 --> 00:54:16,080 regarding property management and property maintenance, how 992 00:54:16,080 --> 00:54:18,160 that's going to change, we already ourselves. 993 00:54:19,240 --> 00:54:22,880 So there's an app that the team's been using where we've 994 00:54:22,880 --> 00:54:26,200 transcribed all of our Whatsapps that we're using because we have 995 00:54:26,200 --> 00:54:27,600 a property management business as well. 996 00:54:27,880 --> 00:54:30,560 So we've transcribed all of the, the messages that have gone 997 00:54:30,560 --> 00:54:32,440 through that. We've then got all of that. 998 00:54:32,440 --> 00:54:34,120 And then we've put all of that into ChatGPT. 999 00:54:34,320 --> 00:54:39,560 And then it's been able to then tell us 40% of the, the, the 1000 00:54:39,560 --> 00:54:42,920 properties that we look after and the team manage, you know, 1001 00:54:43,080 --> 00:54:44,720 the problems are with, you know, AC. 1002 00:54:45,320 --> 00:54:46,920 Yes, AC. So then it. 1003 00:54:46,920 --> 00:54:49,320 Lets us know then, for example, we need to have somebody 1004 00:54:49,320 --> 00:54:53,000 permanently just doing XY or Z and just by going through and 1005 00:54:53,000 --> 00:54:55,680 streamlining through all that process, it can tell us about 1006 00:54:55,680 --> 00:54:57,720 the business and about what needs to be changed, what needs 1007 00:54:57,720 --> 00:55:00,400 to be, you know, streamlined and, and, and where to put where 1008 00:55:00,400 --> 00:55:02,880 to put more focus and you'll end up not just doing. 1009 00:55:02,880 --> 00:55:06,200 Reactive maintenance, then it'll be like proactive, oh, we know 1010 00:55:06,200 --> 00:55:11,280 that in June our number of AC unit leakages triples, right. 1011 00:55:11,280 --> 00:55:14,440 So we're gonna send out the teams in May, for example. 1012 00:55:14,440 --> 00:55:16,240 So that's all coming. Yeah, OK. 1013 00:55:17,200 --> 00:55:23,360 Where is AI already winning? So I think like property 1014 00:55:23,360 --> 00:55:30,840 descriptions, the CRMS, the IT is, but all of this stuff is tip 1015 00:55:30,840 --> 00:55:33,440 of the. Iceberg stuff, it's tip of the 1016 00:55:33,440 --> 00:55:36,960 iceberg stuff. Where we're at now to where it's 1017 00:55:36,960 --> 00:55:39,480 going to go. It's touching the we're we're. 1018 00:55:39,480 --> 00:55:41,360 Not even touching the. Surface it's going to it's 1019 00:55:41,400 --> 00:55:44,000 really going to be quite surprising where it's going to 1020 00:55:44,000 --> 00:55:47,600 go across the world and and the more that everybody kind of gets 1021 00:55:47,600 --> 00:55:49,640 involved and starts learning about it, they'll start, you 1022 00:55:49,640 --> 00:55:52,360 know, it's almost like you you end up going down a rabbit hole 1023 00:55:52,880 --> 00:55:55,480 of of of of things. This leads to this this leads to 1024 00:55:55,480 --> 00:55:59,280 this So yeah, I'd implore everyone to try and learn as 1025 00:55:59,280 --> 00:56:01,120 much as possible because it'll make you a better broker. 1026 00:56:01,120 --> 00:56:03,000 I'll make you a Better Business owner. 1027 00:56:03,000 --> 00:56:04,400 You've said that a few times, like. 1028 00:56:05,160 --> 00:56:07,600 You're imploring everyone to learn as much as possible. 1029 00:56:07,760 --> 00:56:12,320 What are you using? How are you training yourself to 1030 00:56:13,880 --> 00:56:16,760 YouTube podcast? What you so so number one, I've 1031 00:56:16,880 --> 00:56:18,640 I've got. No skin in the game, as it were. 1032 00:56:18,640 --> 00:56:21,400 I'm not, I'm not representing, you know, I'm not here for, you 1033 00:56:21,400 --> 00:56:24,400 know, flying the flag for artificial intelligence with any 1034 00:56:24,400 --> 00:56:27,840 kind of benefit for myself on it. 1035 00:56:28,880 --> 00:56:30,320 It's just something I genuinely believe in. 1036 00:56:30,600 --> 00:56:34,480 And I'm also at a stage in my career now that I genuinely want 1037 00:56:34,480 --> 00:56:37,560 to help those other guys that are coming up and that are 1038 00:56:37,560 --> 00:56:41,920 coming through and let them know what I believe is going to 1039 00:56:41,920 --> 00:56:43,560 happen and how I see it's going to happen. 1040 00:56:43,880 --> 00:56:46,920 And then how they can kind of like offset that for themselves. 1041 00:56:47,280 --> 00:56:49,640 They save themselves because it would have you know your, your, 1042 00:56:49,640 --> 00:56:52,320 your. Comment did create a stir and 1043 00:56:52,320 --> 00:56:55,640 certainly if I was new into the industry and I heard that, I'd 1044 00:56:55,640 --> 00:56:58,760 think to myself, it's hard enough as it is, should I just 1045 00:56:58,760 --> 00:57:01,680 pack up and go back home? Is that what you're saying to 1046 00:57:01,680 --> 00:57:02,920 them? No, I wasn't. 1047 00:57:02,920 --> 00:57:04,760 I wasn't suggesting that. Anyone should pack up and go 1048 00:57:04,760 --> 00:57:07,120 back home. But I'm suggesting that if that, 1049 00:57:07,120 --> 00:57:11,000 if that, if those, some of those comments that I've made have 1050 00:57:11,120 --> 00:57:14,400 concerned you or worried you, then I'll say take action and 1051 00:57:14,400 --> 00:57:17,840 take action now. Because if you don't, then the 1052 00:57:17,840 --> 00:57:20,080 situation's going to become even tougher and even harder. 1053 00:57:20,320 --> 00:57:23,200 And those that do take action are going to be the ones that 1054 00:57:23,200 --> 00:57:26,720 are gonna are gonna, you know, benefit from being normal 1055 00:57:26,720 --> 00:57:28,800 knowledgeable and being able to be an even better broker. 1056 00:57:29,080 --> 00:57:30,600 And those that don't, they will lose their job. 1057 00:57:31,040 --> 00:57:32,560 And I actually think that there's a. 1058 00:57:32,560 --> 00:57:38,040 Real opportunity here for, I mean you, you look at 10 years 1059 00:57:38,040 --> 00:57:43,680 ago, there's probably of the agents that were smashing it 10 1060 00:57:43,680 --> 00:57:50,040 years ago, there's probably only a few, 100 maybe that are still 1061 00:57:50,080 --> 00:57:54,440 in the industry, hundreds, let's say 1000 that are still doing it 1062 00:57:54,440 --> 00:57:56,600 right now. Survival of the fittest. 1063 00:57:57,560 --> 00:58:02,840 Those that really position themselves well in the dawn of 1064 00:58:02,920 --> 00:58:07,600 AI and as it kind of starts taking over, they've got a 1065 00:58:07,600 --> 00:58:12,240 chance to make serious money because there's not going to be 1066 00:58:12,240 --> 00:58:14,320 that much competition. They're going to be, it's like 1067 00:58:14,320 --> 00:58:18,040 having the best plastic surgeons in the city like you. 1068 00:58:18,120 --> 00:58:19,960 You're going to be the Creme de la Creme. 1069 00:58:19,960 --> 00:58:23,280 You're going to have waiting lists of people to let. 1070 00:58:23,280 --> 00:58:24,960 Let's have a positive spin to this. 1071 00:58:25,280 --> 00:58:26,480 Let's have a positive spin to this. 1072 00:58:26,480 --> 00:58:28,960 I know that the -1 is normally the one that kind of it's 1073 00:58:28,960 --> 00:58:30,400 sensationalized. Yeah, let's have a. 1074 00:58:30,480 --> 00:58:36,080 Positive spin, right? Those that stop think about 1075 00:58:36,080 --> 00:58:38,640 where we're at, which is which is it's almost like a a new dawn 1076 00:58:38,640 --> 00:58:40,520 in terms of what's going to be taking place now. 1077 00:58:40,920 --> 00:58:44,560 And and really think about it and think to themselves, OK, so 1078 00:58:44,640 --> 00:58:47,840 if these things that have already started were to continue 1079 00:58:47,840 --> 00:58:50,480 to accelerate the speed at which they're going right now, where 1080 00:58:50,480 --> 00:58:52,280 is this going to go and what's this going to do? 1081 00:58:52,600 --> 00:58:57,320 And for those guys that do take it on, yes, smaller brokerages, 1082 00:58:57,320 --> 00:59:00,160 smaller companies are going to be able to give the big, larger 1083 00:59:00,160 --> 00:59:03,360 companies a run for the money as long as the larger companies 1084 00:59:03,360 --> 00:59:05,600 don't also adapt and don't also move as well. 1085 00:59:05,600 --> 00:59:14,800 So I'll put it like this, a smaller brokerage that adapts to 1086 00:59:14,960 --> 00:59:19,520 AI and utilizes that combined with, you know, smart marketing 1087 00:59:19,520 --> 00:59:21,920 and all the other things compared to a much larger 1088 00:59:21,920 --> 00:59:23,800 company that doesn't and believes. 1089 00:59:23,840 --> 00:59:26,720 I've been doing this for, you know, 10 years and it's been 1090 00:59:26,720 --> 00:59:28,280 going very well. Nothing's going to change. 1091 00:59:28,480 --> 00:59:31,240 I'm going to carry on. That smaller company will eat 1092 00:59:31,240 --> 00:59:33,400 that larger companies for breakfast. 1093 00:59:33,800 --> 00:59:35,280 I mean and I've had the CE OS of. 1094 00:59:35,280 --> 00:59:38,200 These larger companies on my show, they're very forward 1095 00:59:38,200 --> 00:59:43,320 thinking, yeah, but so they are definitely up to something, but 1096 00:59:43,320 --> 00:59:45,920 they're definitely on the case. They're definitely aware of it. 1097 00:59:46,000 --> 00:59:47,640 Yeah, they're definitely looking into it. 1098 00:59:47,640 --> 00:59:49,360 Many of them are some some have buried their. 1099 00:59:49,360 --> 00:59:51,440 Head in the sand, Yeah, And don't believe that things are 1100 00:59:51,440 --> 00:59:52,320 gonna change that much, but yeah. 1101 00:59:52,600 --> 00:59:54,640 And I think everyone's kind of waiting to see. 1102 00:59:54,640 --> 00:59:58,640 What the next one's gonna do? But your advice, and my advice 1103 00:59:58,640 --> 01:00:03,360 is start looking into it now. 100% be the first. 1104 01:00:03,360 --> 01:00:04,560 Runner get the. Edge. 1105 01:00:04,600 --> 01:00:05,560 Get the edge. Yeah. 1106 01:00:05,800 --> 01:00:10,720 And then the like, don't be a be a trailblazer, don't be a 1107 01:00:10,720 --> 01:00:12,280 follower, which is what I'm doing now. 1108 01:00:12,320 --> 01:00:15,000 You guys need to. Wake up and smell the coffee on 1109 01:00:15,000 --> 01:00:17,360 this one. So aside from studying it, 1110 01:00:17,360 --> 01:00:20,520 learning. It implementing it implementing. 1111 01:00:20,640 --> 01:00:23,440 Implementing using it so when you're you're dealing with your 1112 01:00:23,440 --> 01:00:29,000 clients and you know start using ChatGPT, which is kind of one of 1113 01:00:29,000 --> 01:00:32,000 the most well known AIS that you know that's easily available. 1114 01:00:32,960 --> 01:00:36,160 Start using it before you get the premium before you before. 1115 01:00:36,160 --> 01:00:37,280 You're going out with your with your. 1116 01:00:37,280 --> 01:00:41,080 Clients, you know the local area already, but you can use this 1117 01:00:41,240 --> 01:00:44,000 even, you know, to find even more detailed information 1118 01:00:44,400 --> 01:00:47,320 regarding the location and around the areas and around the 1119 01:00:47,320 --> 01:00:53,720 property so that you're you can be an even better broker for for 1120 01:00:53,720 --> 01:00:56,280 for your clients. Yeah, and what? 1121 01:00:56,760 --> 01:00:59,080 What? Other advice do you have on how 1122 01:00:59,440 --> 01:01:01,520 a broker should be positioning themselves? 1123 01:01:01,560 --> 01:01:06,880 Great question. Negotiation, negotiation 1124 01:01:06,960 --> 01:01:09,560 ultimately you said that process is becoming smaller and smaller 1125 01:01:09,560 --> 01:01:13,280 and smaller negotiation being able to negotiate well for your 1126 01:01:13,280 --> 01:01:16,880 client is going to play in a much more important part in in 1127 01:01:16,880 --> 01:01:20,000 that. That's not to say with time that 1128 01:01:20,000 --> 01:01:23,120 may not also be handled by that may also. 1129 01:01:23,280 --> 01:01:26,520 Be handled but for. Now that's an impact and funny 1130 01:01:26,520 --> 01:01:27,960 you should say that actually, because I actually. 1131 01:01:27,960 --> 01:01:31,080 Think it's being a real estate agent. 1132 01:01:31,080 --> 01:01:35,160 You might end up being kind of a bit of like a sports agent, you 1133 01:01:35,160 --> 01:01:37,840 know, you watched, you know, Jerry McGuire. 1134 01:01:37,840 --> 01:01:40,200 Show me the money. So if you look at how? 1135 01:01:40,600 --> 01:01:44,240 Sports agents negotiate for their client and their client is 1136 01:01:44,240 --> 01:01:45,600 their client exclusive with them. 1137 01:01:46,040 --> 01:01:48,160 So there's a lot to be learnt on. 1138 01:01:49,520 --> 01:01:52,320 Well, let's start from the very beginning branding yourself as 1139 01:01:52,320 --> 01:01:56,160 an as an agent, as a negotiator, because if we think that the 1140 01:01:56,200 --> 01:02:00,000 service begins at much later stage, it's not that you're a 1141 01:02:00,000 --> 01:02:04,760 real estate broker, you are an advisor, you are a strategist, 1142 01:02:05,080 --> 01:02:11,720 you are a negotiator. So you have got to have the 1143 01:02:11,720 --> 01:02:14,880 right brand first of all on that point. 1144 01:02:15,000 --> 01:02:17,320 Let me talk to you about you've hit the nail on the head. 1145 01:02:18,640 --> 01:02:24,040 Personal branding is going to be one of the most important things 1146 01:02:24,320 --> 01:02:26,160 for many of the brokers moving forward. 1147 01:02:26,600 --> 01:02:30,240 The best known beats the best and that's going to be how it is 1148 01:02:30,240 --> 01:02:33,240 going to be moving forward. That's going to be that's going 1149 01:02:33,240 --> 01:02:35,560 to be critical for those that move. 1150 01:02:35,560 --> 01:02:38,360 So say people say what can I do? What's the most important thing 1151 01:02:38,360 --> 01:02:40,360 where the where are these personal brand? 1152 01:02:40,360 --> 01:02:44,960 Because as AI does take a greater seat at the table, those 1153 01:02:44,960 --> 01:02:48,000 that have that personal brand are gonna be the ones that are 1154 01:02:48,000 --> 01:02:50,040 gonna they're gonna be the ones that are known that are gonna be 1155 01:02:50,040 --> 01:02:52,480 recognized and the people are gonna want to go to. 1156 01:02:52,640 --> 01:02:54,200 Because if you're gonna if you're gonna be dealing with 1157 01:02:54,200 --> 01:02:56,160 human, you're gonna be wanting to deal with one that you 1158 01:02:56,160 --> 01:02:58,760 understand the way their mind thinks and, and, and where 1159 01:02:58,760 --> 01:03:00,760 they're coming from. And I, you know, I go on on 1160 01:03:00,880 --> 01:03:03,200 about. This a lot where you know talk 1161 01:03:03,200 --> 01:03:05,720 about the importance of social media for real estate agents. 1162 01:03:05,840 --> 01:03:09,880 I'm not gonna do that now. What I am gonna say is if start 1163 01:03:09,880 --> 01:03:14,920 thinking about get your crystal ball out and go through OK. 1164 01:03:15,720 --> 01:03:18,520 If I want to be a real estate agent in five years time and I 1165 01:03:18,520 --> 01:03:22,160 want to be one of the elite ones, I need to feed this 1166 01:03:22,160 --> 01:03:26,440 machine with data the only I can give it right now. 1167 01:03:26,760 --> 01:03:29,560 So if you are, for example, a Jumeirah Golf Estates 1168 01:03:29,560 --> 01:03:34,800 specialist, start writing blogs, have your own website, start 1169 01:03:34,800 --> 01:03:40,560 writing blogs about Jumeirah Golf Estates so that the machine 1170 01:03:40,560 --> 01:03:47,200 starts learning that aha Ainsley Duncan, he knows an awful lot 1171 01:03:47,200 --> 01:03:50,960 about Jamera Golf Estates so that when someone says they want 1172 01:03:50,960 --> 01:03:54,680 to buy in Jamera Golf Estates, your name comes up as a source. 1173 01:03:55,200 --> 01:03:58,280 Or when I I. I let me just change one of the 1174 01:03:58,280 --> 01:04:01,040 words in your sentence that you just said right now, because you 1175 01:04:01,040 --> 01:04:04,840 just said start writing blogs. I think what you may have meant 1176 01:04:05,040 --> 01:04:10,360 is, is start publishing blogs. Because yeah, once again, 1177 01:04:12,720 --> 01:04:15,480 publishing blogs. Yeah, publishing blogs use AI 1178 01:04:15,600 --> 01:04:18,000 to. Help you write it, but we're 1179 01:04:18,000 --> 01:04:21,040 laughing about it. But that's that's, that shows us 1180 01:04:21,040 --> 01:04:24,440 exactly how even our mindset is not keeping up with what's 1181 01:04:24,440 --> 01:04:26,960 taking place, What's happening? There's no more writing blogs. 1182 01:04:27,600 --> 01:04:30,240 Yeah, there's editing blogs, Publishing, publishing. 1183 01:04:30,240 --> 01:04:32,400 Publishing is going. To be what it is, so it means. 1184 01:04:32,560 --> 01:04:35,840 So now imagine you're a broker. You're, you know, you've been 1185 01:04:35,840 --> 01:04:38,760 here, you know, one year, 2 years and you're working away. 1186 01:04:39,040 --> 01:04:45,240 Well, now you've got no excuse not to be publishing 5 * 710 1187 01:04:45,240 --> 01:04:48,000 times more than the guy that sits next to you in the office 1188 01:04:48,000 --> 01:04:50,640 that works in a similar area. And the reason for that is 1189 01:04:50,640 --> 01:04:54,400 because you're able to use AI and chat GBTS more specifically 1190 01:04:54,600 --> 01:04:57,560 to be able to help you have that much more information, that much 1191 01:04:57,560 --> 01:05:01,160 more content put together, that much more materials and be 1192 01:05:01,240 --> 01:05:03,640 Googleable and be Googleable. And to say that. 1193 01:05:03,640 --> 01:05:06,840 Now, when it comes full circle, they're able to find you and see 1194 01:05:06,840 --> 01:05:10,880 you're, you know, a fantastic age for Jamira Golfer State and 1195 01:05:10,880 --> 01:05:13,120 also and the consumers now looking for you is that much 1196 01:05:13,120 --> 01:05:15,640 more information. That's a great a real life 1197 01:05:15,640 --> 01:05:18,840 example of what you can do, which is publishing another one, 1198 01:05:19,120 --> 01:05:22,000 not just publishing. Blogs, publishing podcasts, 1199 01:05:22,240 --> 01:05:25,160 because again, every podcast comes with a transcript that's 1200 01:05:25,160 --> 01:05:28,720 fed in and before you know it, all the data or all the 1201 01:05:28,720 --> 01:05:31,800 transcripts on Spotify, Apple podcasts are going to be feeding 1202 01:05:31,800 --> 01:05:34,480 into these machines and learning who's an expert. 1203 01:05:34,680 --> 01:05:37,680 So get your get your head around it, start publishing, start 1204 01:05:37,680 --> 01:05:39,640 producing. It's not just about social media 1205 01:05:40,080 --> 01:05:41,800 presence, of course, that is important. 1206 01:05:41,800 --> 01:05:46,160 But OK, so your journey begins a lot later. 1207 01:05:46,520 --> 01:05:51,200 You're going to need to nail one thing down as well as the other. 1208 01:05:51,200 --> 01:05:53,640 Sorry. So I think one thing that I 1209 01:05:53,640 --> 01:06:02,240 think goes so on, on people, there's no training courses for 1210 01:06:02,240 --> 01:06:03,680 this. Nobody does this. 1211 01:06:04,080 --> 01:06:08,600 But the style of showing a property, how you do a viewing 1212 01:06:09,200 --> 01:06:13,680 needs to be like if you were selling Bentleys, there's going 1213 01:06:13,680 --> 01:06:19,560 to be a process to how you show the car, do the test drive, how 1214 01:06:19,560 --> 01:06:21,440 you kind of say here's the whatever else. 1215 01:06:22,280 --> 01:06:25,360 There's nobody teaching people how to well, there is, but how 1216 01:06:25,360 --> 01:06:28,920 to do a viewing. Go on YouTube now start typing 1217 01:06:28,920 --> 01:06:34,200 in how to do a successful showing or viewing as a real 1218 01:06:34,200 --> 01:06:38,000 estate agent. There will be so many lessons to 1219 01:06:38,000 --> 01:06:40,800 be learned on how to and how not to do a viewing. 1220 01:06:41,040 --> 01:06:44,520 Agreed. Because you're going to need to 1221 01:06:44,520 --> 01:06:47,920 be like an Olympic. Agent, an Olympic standard agent 1222 01:06:48,240 --> 01:06:50,960 to do a proper remember, you're only you're going from 20 1223 01:06:50,960 --> 01:06:54,440 viewings to three viewings, so each viewing has to count. 1224 01:06:55,200 --> 01:06:56,920 Yes, we don't. Think it's that. 1225 01:06:56,920 --> 01:07:00,760 Important. It's not because I don't think 1226 01:07:00,760 --> 01:07:01,640 it's that important. I. 1227 01:07:01,640 --> 01:07:06,760 Think that now it's, it's easier than ever to be able to get 1228 01:07:06,760 --> 01:07:08,120 knowledge, better to get information. 1229 01:07:09,520 --> 01:07:12,520 So once again, you can, you can quite easily speak into the AI 1230 01:07:12,520 --> 01:07:16,480 and say, you know what is 10 most important things that I 1231 01:07:16,480 --> 01:07:18,800 need to be aware of? Do you know really what I'm 1232 01:07:18,840 --> 01:07:20,880 trying to say? There's no more excuses. 1233 01:07:21,720 --> 01:07:26,760 There is no more excuses because it is now easier than ever for 1234 01:07:26,840 --> 01:07:31,560 anybody young or old to get all of the information that they 1235 01:07:31,560 --> 01:07:34,800 need to better get. And it's, it's easier than at 1236 01:07:34,800 --> 01:07:36,680 their fingertips. It's no longer at your end of 1237 01:07:36,680 --> 01:07:38,480 your fingertips, guys. It's at the end of your tongue 1238 01:07:38,880 --> 01:07:41,560 because you can literally just speak in and say, I've got these 1239 01:07:41,560 --> 01:07:45,280 viewings and I want to know what is the best way in order to be 1240 01:07:45,280 --> 01:07:46,640 able to do it. And all of that information 1241 01:07:46,640 --> 01:07:49,000 comes down and then you can continue to keep going all the 1242 01:07:49,000 --> 01:07:51,720 way through and Start learning. So there's no more excuses, 1243 01:07:51,880 --> 01:07:55,520 which means that the quality of the brokers should start to 1244 01:07:55,520 --> 01:07:59,160 increase and then start to level up because can go up as well. 1245 01:07:59,520 --> 01:08:01,480 And not all it's not all bad news. 1246 01:08:02,040 --> 01:08:03,880 It's definitely not all doom and doom. 1247 01:08:03,880 --> 01:08:06,280 And gloom. But it is important that you can 1248 01:08:06,280 --> 01:08:09,360 kind of level up quickly level. Up and quickly. 1249 01:08:09,360 --> 01:08:10,720 Speed is important. Publishing. 1250 01:08:10,920 --> 01:08:14,000 That's one. Level up your. 1251 01:08:14,360 --> 01:08:16,560 I'm going to stand by it. Level up the way that you do 1252 01:08:16,560 --> 01:08:18,319 viewings. No, no, I wasn't. 1253 01:08:18,319 --> 01:08:19,800 I wasn't pushing back on. That and saying that the 1254 01:08:19,960 --> 01:08:22,279 viewings are not, are not important, you know, involve AI 1255 01:08:22,279 --> 01:08:24,479 if you can. Yeah, you definitely can. 1256 01:08:24,680 --> 01:08:26,479 Negotiation. Learn how. 1257 01:08:26,479 --> 01:08:32,680 To negotiate Olympic standard negotiation, closing, aftercare, 1258 01:08:33,359 --> 01:08:37,520 follow up AI can handle. But what else does an agent need 1259 01:08:37,520 --> 01:08:40,399 to do, if anything, or I mean follow up, AI can handle and? 1260 01:08:40,399 --> 01:08:44,439 Personal brands, but there's nothing better than the personal 1261 01:08:44,439 --> 01:08:45,840 touch. People always appreciate when 1262 01:08:45,840 --> 01:08:47,720 you reach out to them with the personal touch. 1263 01:08:47,960 --> 01:08:52,319 So I'll say let AAI have its place, let it help you and 1264 01:08:52,319 --> 01:08:55,600 assist you, make you more knowledgeable, but definitely 1265 01:08:56,160 --> 01:08:59,479 don't lose the personal touch because that is something that 1266 01:08:59,479 --> 01:09:02,080 AI can't do. It's difficult to get your head. 1267 01:09:02,080 --> 01:09:04,800 Round we're trying to get our head round it like we said when 1268 01:09:04,800 --> 01:09:07,880 by no means claiming to be experts, but what what's your 1269 01:09:07,880 --> 01:09:11,439 closing thoughts on this? My closing thoughts on this was 1270 01:09:11,439 --> 01:09:12,960 everybody. Even in the comments and some of 1271 01:09:12,960 --> 01:09:15,600 the other, you know, we're talking about, you know, is it 1272 01:09:15,600 --> 01:09:20,640 12 months, 18 months, 2425 months, guys, while you're 1273 01:09:20,880 --> 01:09:24,319 arguing, discussing about how many months until this change 1274 01:09:24,319 --> 01:09:27,040 happened, what you're not realizing is the change has 1275 01:09:27,040 --> 01:09:30,720 already happened today. It's already started. 1276 01:09:31,080 --> 01:09:33,240 So forget about how long it's going to happen. 1277 01:09:33,399 --> 01:09:34,600 How long do you think it's going to take? 1278 01:09:35,600 --> 01:09:40,479 Make the changes right now today and start implementing this 1279 01:09:40,479 --> 01:09:43,040 stuff. Because if you don't, those that 1280 01:09:43,040 --> 01:09:44,560 are, there's two types of people in this. 1281 01:09:44,560 --> 01:09:46,840 It's quite simple, those that do and those that don't. 1282 01:09:47,160 --> 01:09:49,479 And those that do are going to succeed and they're going to do 1283 01:09:49,479 --> 01:09:53,479 very, very, very, very well. And those that don't are going 1284 01:09:53,479 --> 01:09:57,400 to suffer. It's that simple. 1285 01:10:00,160 --> 01:10:03,680 I like to use basic analogies. It's the guy that's using the 1286 01:10:03,680 --> 01:10:07,040 oven to cook the jacket potato and the guy that's using the 1287 01:10:07,040 --> 01:10:09,440 microwave or the air fryer or the air or. 1288 01:10:09,440 --> 01:10:11,240 The air fryer or whatever you. Want it to be right. 1289 01:10:11,560 --> 01:10:14,280 One is taking 45 minutes or I don't even know how long it 1290 01:10:14,280 --> 01:10:15,440 takes to cook jacket potato in there. 1291 01:10:15,640 --> 01:10:17,200 If you haven't anymore, because I don't, I haven't cooked it 1292 01:10:17,200 --> 01:10:20,120 like that for so long compared to the guy that's going to be 1293 01:10:20,120 --> 01:10:23,560 doing it in, you know, 4 minutes or or or 6 minutes. 1294 01:10:23,680 --> 01:10:27,040 The difference is going to be that big, but arguably quality 1295 01:10:27,040 --> 01:10:28,760 is. Better because the oven, the 1296 01:10:28,760 --> 01:10:32,880 traditional way of doing it, you get much better potato. 1297 01:10:32,880 --> 01:10:34,920 Is it the same in really? I'm still quite a 1298 01:10:34,920 --> 01:10:36,600 traditionalist. There is that. 1299 01:10:36,720 --> 01:10:39,480 There is that. And there's an argument over 1300 01:10:39,480 --> 01:10:43,320 speed versus the quality. But I think outside of the 1301 01:10:43,320 --> 01:10:46,240 outside of the food element, in the real estate element, I think 1302 01:10:46,240 --> 01:10:49,000 speed is going to win. And those that are able to offer 1303 01:10:49,000 --> 01:10:52,360 better value, better quality, faster are going to be the ones 1304 01:10:52,360 --> 01:10:55,040 that are going to be able to to clean up the other ones. 1305 01:10:55,160 --> 01:11:00,880 What are you doing? To brace for AI or to embrace AI 1306 01:11:01,760 --> 01:11:04,960 so. The most important thing is to 1307 01:11:04,960 --> 01:11:09,000 try and get as much knowledge as possible through some of the, 1308 01:11:09,360 --> 01:11:11,680 you know, speaking to people, industry experts. 1309 01:11:12,440 --> 01:11:15,760 You can find a lot for YouTube using AI as well. 1310 01:11:16,240 --> 01:11:18,040 You can find lots of things. But one of the things I also 1311 01:11:18,040 --> 01:11:21,840 want to do, I also want to help the next generation that are 1312 01:11:21,840 --> 01:11:25,000 coming through and the younger people that are coming up. 1313 01:11:25,080 --> 01:11:29,440 I've been, I'm very fortunate in my time in the UAE in terms of, 1314 01:11:29,560 --> 01:11:31,960 you know, some of the companies that I've worked with, some of 1315 01:11:31,960 --> 01:11:34,360 the things I've done myself and, and being successful with. 1316 01:11:34,760 --> 01:11:37,520 Now what I'd really like to focus on is being able to help 1317 01:11:37,520 --> 01:11:40,560 some of the next generation and be able to give some of that 1318 01:11:40,560 --> 01:11:45,040 knowledge back with much of the tech that they've got, combine 1319 01:11:45,040 --> 01:11:48,200 the two of those and see how we can kind of work to, to, to, to 1320 01:11:48,200 --> 01:11:50,680 be those guys. So my focus is going to be a lot 1321 01:11:50,680 --> 01:11:53,760 on the, on the, on the next Gen. on the next Gen. coming up and 1322 01:11:53,760 --> 01:11:54,840 seeing what I can do to help them. 1323 01:11:55,040 --> 01:11:57,720 I'm still doing the real estate that that's not thrown away, but 1324 01:11:57,720 --> 01:12:00,000 I do feel it's important to send the elevator back down. 1325 01:12:00,000 --> 01:12:03,400 It's a good, that's a nice thing to, to, to the others and 1326 01:12:03,400 --> 01:12:05,840 saying, listen, you know, you can also come up as well. 1327 01:12:05,840 --> 01:12:08,480 And I'd like to do what I can to help them because when I was 1328 01:12:08,480 --> 01:12:10,920 coming through, there wasn't anybody able to, to kind of 1329 01:12:10,920 --> 01:12:12,880 assist and help me. So I'd I'd like to try and spend 1330 01:12:12,880 --> 01:12:15,120 more time on that legacy, love it legacy. 1331 01:12:15,480 --> 01:12:20,480 Well, I hope we've changed your mind if you were part of the 1332 01:12:20,480 --> 01:12:24,360 61%. That said, I disagree that life 1333 01:12:24,360 --> 01:12:26,600 is going to change. As a real estate agent, I've 1334 01:12:26,600 --> 01:12:31,840 certainly changed. I changed my mind a little bit. 1335 01:12:32,040 --> 01:12:32,720 Oh, really? Yes. 1336 01:12:33,040 --> 01:12:34,440 Just so we've got, we've got one. 1337 01:12:34,480 --> 01:12:36,960 We've got one. We've got one where where plan, 1338 01:12:36,960 --> 01:12:39,840 which about off plan, off plan. So you agree that off plan? 1339 01:12:39,840 --> 01:12:41,080 Is going to be is. Going to is going to change 1340 01:12:41,080 --> 01:12:42,440 significantly and you didn't see that before. 1341 01:12:42,440 --> 01:12:47,200 Yeah, so I think off. Plan is definitely some. 1342 01:12:47,360 --> 01:12:52,640 It's so easy for it to all be automated and the the the the 1343 01:12:52,840 --> 01:12:54,760 funniest. Thing about that, over 60% of 1344 01:12:54,760 --> 01:12:56,960 the transactions that are happening right now are off 1345 01:12:56,960 --> 01:12:59,440 plan, right. So already just by you saying 1346 01:12:59,440 --> 01:13:04,240 that you've agreed that 60% of the transactions, yeah, are are 1347 01:13:04,360 --> 01:13:06,840 are gonna change, Yeah, I mean, the, the transactions will still 1348 01:13:06,840 --> 01:13:08,040 happen. They'll still happen. 1349 01:13:08,040 --> 01:13:10,080 They'll still happen through. You as a. 1350 01:13:10,080 --> 01:13:15,520 Broker or a much smaller pool of elite off plan agents who knows 1351 01:13:15,720 --> 01:13:20,640 wait and see let's let's rerecord in six months maybe six 1352 01:13:20,640 --> 01:13:24,360 months is too long we should do another episode an AI follow up 1353 01:13:24,680 --> 01:13:28,000 with all that we've learned yeah and all the new products that 1354 01:13:28,000 --> 01:13:30,680 might come in that that's gonna be the big game changer as. 1355 01:13:30,680 --> 01:13:33,520 Well, at the moment there's literally, you know, only a 1356 01:13:33,520 --> 01:13:37,920 handful of very well known, widely used, Yeah, AI it's 1357 01:13:37,920 --> 01:13:39,920 actually been being the being the biggest one. 1358 01:13:40,520 --> 01:13:45,240 Wait until we start seeing the industry specific ones that have 1359 01:13:45,240 --> 01:13:47,760 started to come out, especially for real estate and especially 1360 01:13:47,760 --> 01:13:49,920 in this region. That's when we're going to start 1361 01:13:50,000 --> 01:13:52,720 seeing the arms race take place. And The thing is, there are so 1362 01:13:52,720 --> 01:13:55,520 many start. UPS in this space so many You 1363 01:13:55,520 --> 01:13:59,560 know what the problem is fundraising it takes a lot of 1364 01:13:59,560 --> 01:14:03,920 money to would you and you were you were in tech so you you know 1365 01:14:04,120 --> 01:14:06,960 this is expensive stuff so a lot of them are actually spending 1366 01:14:07,400 --> 01:14:11,160 they've got the idea they've got the product they just they're 1367 01:14:11,160 --> 01:14:15,080 spending all their time fundraising to finance it true 1368 01:14:15,080 --> 01:14:18,040 but as I said and we go. Right back to the beginning, in 1369 01:14:18,040 --> 01:14:21,960 the next 12 to 18 months, we're going to start seeing some of 1370 01:14:21,960 --> 01:14:24,920 these come online, and this is when the game starts changing. 1371 01:14:25,520 --> 01:14:29,080 So just to be, Yeah, just to be really clear, ChatGPT is just 1372 01:14:29,080 --> 01:14:33,120 one, there's going to be a whole lot more iterations of different 1373 01:14:33,120 --> 01:14:34,880 things that are going to come out there, especially for real 1374 01:14:34,880 --> 01:14:36,480 estate, but in All in all the industries. 1375 01:14:36,480 --> 01:14:38,880 But as we're talking about real estate, well, they call it 1376 01:14:38,880 --> 01:14:40,280 wrappers, don't they? So it's. 1377 01:14:40,280 --> 01:14:45,040 Actually a product on top of ChatGPT, so don't specific, 1378 01:14:45,040 --> 01:14:46,920 yeah, so don't think. That all. 1379 01:14:47,000 --> 01:14:52,760 AI products are their own intellectual property. 1380 01:14:52,920 --> 01:14:56,840 A lot of them are if you think of it as like a dressing on top 1381 01:14:56,840 --> 01:14:59,400 of a salad, the salad is ChatGPT. 1382 01:14:59,440 --> 01:15:01,040 Yeah. And you can have 1000 island. 1383 01:15:01,040 --> 01:15:04,080 You can have that's right. The the the legal industry is. 1384 01:15:04,080 --> 01:15:05,800 Gonna have something more specific for themselves. 1385 01:15:05,800 --> 01:15:07,320 The real estate industry is gonna have something more 1386 01:15:07,320 --> 01:15:08,680 specific. Different industries are gonna 1387 01:15:08,680 --> 01:15:09,920 have things that are gonna be more specific. 1388 01:15:10,120 --> 01:15:12,200 But this is when these things are gonna really start ramping 1389 01:15:12,200 --> 01:15:13,920 up and they're gonna be that much more useful because then 1390 01:15:13,920 --> 01:15:16,240 they are gonna be able to give us even more information and and 1391 01:15:16,240 --> 01:15:17,760 give the consumer more information as well. 1392 01:15:18,520 --> 01:15:21,040 Well, Ainsley, thank you very. Much for coming on and 1393 01:15:21,040 --> 01:15:24,040 explaining yourself. Thank you for inviting me. 1394 01:15:24,040 --> 01:15:25,040 It's. Always a pleasure, yeah. 1395 01:15:25,200 --> 01:15:31,840 And I really look forward to to seeing more and more brokers, 1396 01:15:32,000 --> 01:15:35,480 people in the industry, understanding the positives from 1397 01:15:35,480 --> 01:15:39,640 this, taking it on board, accepting it and utilizing that. 1398 01:15:39,640 --> 01:15:41,200 You know, they're bumping some on the street of the. 1399 01:15:41,600 --> 01:15:44,080 I heard what you said and now I've started using it and now 1400 01:15:44,080 --> 01:15:46,120 I'm starting to, you know, better offer even more value to 1401 01:15:46,120 --> 01:15:48,240 my clients and customers. And that that's that's what's 1402 01:15:48,240 --> 01:15:50,800 most important. And I think it's going. 1403 01:15:50,800 --> 01:15:54,520 To be fast moving, so let's try and catch up in six months time 1404 01:15:54,520 --> 01:15:59,080 and see what's developed, what predictions may have come true 1405 01:15:59,120 --> 01:16:02,960 and what's new. Thank you very much for joining 1406 01:16:02,960 --> 01:16:04,560 us. I hope that was useful. 1407 01:16:04,880 --> 01:16:08,520 Please drop whatever your thoughts are in the comments. 1408 01:16:08,520 --> 01:16:12,480 If you, if you want to challenge anything that we've said, if you 1409 01:16:12,480 --> 01:16:15,040 think there's a really cool AI product that we should be 1410 01:16:15,040 --> 01:16:18,840 looking out for, just, you know, let's just make the down here 1411 01:16:18,840 --> 01:16:24,880 bit a nice little community vibe, sharing educational 1412 01:16:24,880 --> 01:16:26,520 information. Thank you very much. 1413 01:16:26,520 --> 01:16:27,520 Like, share and subscribe.