By: Neil Goradia

We have all seen the headlines: AI revolutionizes the real estate industry! (and every other industry, for that matter).

Generative AI, Analytical AI, AI is taking over! AI AI AI! All I hear about is AI and how if I’m not using it I am absolutely behind and missing out on business opportunities, or extra time or money, etc., etc. Quite frankly, it’s causing me some stress and anxiety.

How about you?

The Impact Of Ai on Real Estate

Search online about the impact of AI in our industry, and its easy to get the feeling you are being left behind. Here are some of the ways AI is impacting real estate right now:

1. Simplifying property searches.
2. Improving property valuations.
3. Better market trend predictions.

All of these things purported are supposed to accelerate business growth and improve customer satisfaction. is accelerating your business growth, improving customer satisfaction, and ensures you are going to exponentially grow your business going forward…

Right?

The reality is though, that AI is used in our industry for so many things in addition to those mentioned above. From apps to marketing and property management to transactions, AI is purported to help us maximize earning potential while giving us back our valuable time to focus on selling, if only we use it. Are you feeling overwhelmed yet? I know I am. It’s all just a bit too much, too fast and feels really complicated. 

With so much talk about AI I have found myself feeling swamped and incredibly anxious that I am not powering up on all levels. Because of this I decided to take some time and reflect on how I use AI to help me and share that with you. My hope is that you might comment that you have the same feelings as me and also get a clearer picture of how you can utilize AI in a small but pragmatic way. 

3 Examples of How AI is Helping My Real Estate Business

My real estate business is based in Denver, Colo. It’s success is based on a team of agents, investors, clients and a whole lot of SEO to find great deals and solve problems. 

When written like that it does sound complicated and I guess it is. In-fact, all of our businesses are. Buying and selling real estate for yourself or clients is tough! Because of this it does make sense that a super smart artificial intelligence could step in and help, and there are some things that I am now using AI for. 

But it’s not all that glamorous. It’s not finding hidden gems or revolutionizing the industry – for me anyway. But it is legitimately helping. Here’s how I’m using it:

Writing Emails: 

I was never a high achiever when it came to reading and writing. In-fact, my handwriting was so terrible as a kid I was the last person in school to be allowed to use pen. 

“Crafting” AKA writing something that is easy to read, and conveys the message I want takes me a long time. Writing a simple email can take me an hour. 

When generative AI (think Chat GPT) came onto the scene, I figured my worries were over. Now when I want to respond to an email I copy the original message into ChatGPT. Next I give a brief description of how I want to answer, push enter, and it creates a response far superior to anything I could come up with— and in a fraction of the time. 

This is saving me a ton of time!

Chatbot: 

Chatbots have existed for a long time. We see them pop up on the bottom right corner of the screen quite regularly. 

Many people do not like chatbots because of the robotic responses and the fact that they rarely answer our questions. Because of this, chat bot popularity suffered. Some companies even removed them from their websites. 

AI machine learning has led to better, more intuitive responses from chatbots though, and we might be seeing a revival in their use. 

I have owned a number of websites for a long time now (some are 20 years old) and three months ago I “employed” my first chatbot that has an AI component. The AI can draw answers from the website and respond to people in a very human like manner. The chatbot, combined with AI can learn from how people respond to the answers it provides. Over time, the chatbots on my websites have started providing better responses to inquiries.

I have surveyed a few website users about my chatbot and they love it. Some people believed the were chatting with a real person. 

Summarizing Long Articles:

How often do you receive reports on housing market trends, market analysis and lengthy articles that you want to read but can’t find the time? This happens to me on a regular basis. Perhaps every day. The blessing and curse of the information age. We have access to all of this amazing data but sometimes it is hard to get through it all and understand it.

My solution? I ask AI driven software to summarize the information for me. It works brilliantly.

The process is very simple. I input the following chat prompt into ChatGPT:

“Summarize the following information and use 8th grade english when creating a response.” I then cut and paste the information I need summarized, and ChatGPT summarizes it for me. You should try it if you haven’t. I love it.

Excel Formulas: 

As a real estate professional I find myself running the numbers on a multitude of properties. I do much of this in excel spreadsheets. In the past I have had to learn how to create formulas, and honestly, my success rate could be better.

Now I can tell a generative AI the data I have and the outcome I need. Within seconds it provides a formula I can plug directly into excel. 

An Advanced Example of Using AI

While my use of AI is relatively basic I do have some friends in the business that are using AI in a much more advanced way.

For example, a friend of mine is using AI to find warehouses to buy and sell all over the country. Throughout the process, the AI is able to learn from his responses. Because of this, the lists that are built become more and more accurate. Plus it is all done in a fraction of the time that he or a virtual assistant could do it in.

Another associate, an agent and home buyer based in Indianapolis, In., is “teaching” AI how to automatically communicate with clients and potential leads through email. 

Both of these applications is really neat and only possible with AI and machine learning. 

In conclusion…

AI is real.

AI is helping me.

AI can help you.

AI will continue to evolve and help further.

However:

I urge you (if you are like me and super stressed that you are being left behind) to relax a little bit. Take a deep breath, and know that you can start small. AI is simply another example of how our world—and our industry—is evolving.

P.S No AI was hurt or used in the writing of this.

---

Neil Goradia is the founder of Go Indy Real Estate in Indianapolis. In addition to being an agent, he has a background in fix and flips, land development, and private lending. Connect with him on Facebook.