Will AI Take Over Real Estate? Here’s the Truth...

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Speaker 35 Welcome back, The Science of Flipping Family. This episode is all about AI.

Speaker 35 I just recently had the blessing and fortunate opportunity to be speaking in front of a large group of real estate investors from hedge fund managers to syndicators to small fix and flippers.

Speaker 35 And the entire subject matter was about AI.

Speaker 35 How is AI going to affect our

Speaker 35 precious real estate vertical

Speaker 35 and the cool part about this event is there was

Speaker 35 three other

Speaker 35 speakers so to speak we had a panel that we really had a lot of time to answer different ways that we believe AI can really impact us and so I want to give you guys

Speaker 35 a little insight on what went down on this panel and how we were able to show AI being so powerful in the the real estate space.

Speaker 35 Now, I know AI is kind of that key word right now and it's the buzzword and everyone's talking about AI and what platforms can do what. And trust me, everyone knows the major platforms.
I get that.

Speaker 35 We didn't get too far into the major platforms like ChatGPT. Now, we did talk about prompt AI, right? Where you're prompting certain AI technology to do certain things.
We talked about it. But really,

Speaker 35 where we took the conversation was in a much larger scope, a much larger frame of the impact AI is going to have on real estate as a whole.

Speaker 35 One of the first questions the moderator asked us as the panel was, do we believe that AI is going to basically take over the space for real estate?

Speaker 35 Which depending upon where you're at in your journey of real estate, that could

Speaker 35 be something you're thinking about. Maybe it's not.
But it is something that some of the big players, the hedge fund managers, the very, very large syndicators, some of the banks,

Speaker 35 they had intrigue on that question. And the reason being is because if some of these larger players, the hedge funds, the banks, the syndicators,

Speaker 35 insurance companies had a really big intrigue on this question.

Speaker 35 Property management had a really big interest on this question because some of these larger players, and I'm talking about national property management, not mom and pop, I'm talking about national, because they still rely so heavily on human capital.

Speaker 35 Okay.

Speaker 35 And so I actually was the first one that spoke up about this and I kind of went off.

Speaker 35 And the reason why I went off is because I believe, and it's just an opinion.

Speaker 35 I believe there will be no way to fully automate the real estate space. Now, do I firmly believe AI has come and is going to play impact and impact the real estate place? Yes.

Speaker 35 It's just too big, too smart, moving too fast. It is going to have a massive impact.
I'm not ignorant to that.

Speaker 35 But still, my belief within the space is there's going to always have to be some human component inside each transaction, right?

Speaker 35 We were talking about title companies was another one that had a massive interest in understanding is AI just going to take it over.

Speaker 35 And let me give you my perspective on this one thing.

Speaker 35 I run a company called Rocketly.ai. Rocketly.ai.
I built a company with my co-founder, and you guys should check it out.

Speaker 35 If you are a small operator in the real estate space, I'm plugging it now, Rocketly.ai.

Speaker 35 It will help you massively if you're doing any level of marketing spend to your company. Okay.

Speaker 35 Now, so I'm very familiar with AI, the impact of AI and where it can go, but I don't believe

Speaker 35 for the operators, and I'm talking about the people operating the insurance companies, the title companies, the real estate, you know, mom and pop, fix and flippers, and even the hedge fund companies, the people actually operating it, I don't believe they'll ever be able to be fully removed.

Speaker 35 The reason being, there's a lot of nuance within real estate.

Speaker 35 I don't believe there will ever be a one-size-fits-all analysis AI component.

Speaker 35 This

Speaker 35 question led in directly, you know, the question regarding is AI going to take over the

Speaker 35 real estate space led in directly to, you know, is there a program or an AI that can just make analyzing properties faster and accurate.

Speaker 35 That one task alone, in my humble opinion, and listen, I'm not the smartest

Speaker 35 person out there. I'm not the sharpest tool in the shed.
I just have a lot of experience in real estate.

Speaker 35 I don't believe based on the nuance of real estate, right? A storage facility versus apartment, a four-unit versus a five-unit, a single-family asset versus a duplex, a

Speaker 35 400-door complex versus a 1200-door complex. There's so much nuance.

Speaker 35 And there's so many people on the money side, right? The people who invest, the companies that invest, the hedge funds that invest, that have different buy boxes.

Speaker 35 They have nuance criteria that will fit their buy box.

Speaker 35 I just do not believe that there will be any type of technology that is a one-size-fits-all.

Speaker 35 Do I believe there could be 42 versions that might

Speaker 35 be implemented? That might be a possibility. But then my point to this entire scope of questions

Speaker 35 was you have to inspect what you expect. I'll say that again.
You have to inspect what you expect.

Speaker 35 So if you expect this technology to be 100% accurate, 100% of the time, the only way to know that is if you inspect it manually with people that it hit the target on a bullseye. right and so

Speaker 35 it was a big talking point just about the the component of analysis that I just really firmly believe there could be 42 or 4,000 different versions of some automated bot that is going to calculate the returns and do all this kind of stuff.

Speaker 35 And some of it is already out there. Do I believe it's going to take over? No.
Right. I just,

Speaker 35 anyone that is going to be.

Speaker 35 investing in the asset, anyone that's going to be putting the money out, and that includes hedge funds, small mom and pops, et cetera, they're not going to 100% rely on technology because technology itself can fail, right?

Speaker 35 That is, it's foolish to think that just because technology is 100% accurate. And so

Speaker 35 you need to inspect what you expect all the time. And that goes through all your business, etc.
Now, the other component that I said really heavily

Speaker 35 makes me

Speaker 35 pretty firmly believe that AI cannot take over the real estate space is the human-to-human component component on negotiations.

Speaker 35 Let's just make the argument that there's enough

Speaker 35 AI out there that we do get to a place where all analysis is done via AI.

Speaker 35 Okay, well now what? So you just send over an offer via technology. Okay.
And then who's receiving that offer? Is it technology? Well, then who owns the asset?

Speaker 35 Probably people, probably a company, probably a hedge fund. You think they're going to allow technology to say yes or no to whatever offer that comes through.

Speaker 35 And so

Speaker 35 again,

Speaker 35 the hand-to-hand negotiation component, and I believe this to be in all spaces, I believe always should be a

Speaker 35 person.

Speaker 35 I believe it should always remain in our hands because I believe negotiations and sales in general,

Speaker 35 there needs to be empathy. There needs to be emotion.

Speaker 35 There needs to be some stuff that just a black and white technology bot, although sure, you can make an argument that all these voice AIs are just as good. I just don't believe that for a second.

Speaker 35 They're fine for what they are, but they aren't ever going to replace us. Right? That's my belief.
This went into the conversation about title companies.

Speaker 35 Title companies, you know, there's always been conversation around even

Speaker 35 not Bitcoin, but

Speaker 35 blockchain replacing title companies, replacing escrow officers. And all this stuff can now happen on the blockchain.
So that's been happening for years. Now we have AI technology.

Speaker 35 Now everyone's leaning into this idea that, you know, okay, well, now we can remove escrow agents and title agents and all these different things.

Speaker 35 I got to be honest with you guys. I don't see that happening at all.
Now, again, I'm not saying that there aren't going to be components of AI or even blockchain coming into the real estate space and

Speaker 35 playing a part.

Speaker 35 But this crowd in our room filled up fast. If you guys have ever been at these conferences, this was the IMN conference, not the Inmin, but the IMN.

Speaker 35 There are some rooms that have eight people and then some rooms who have, you know, 100 people. Our room had 100 people.
Everyone wanted to hear about AI.

Speaker 35 And

Speaker 35 I just, again, believe that the nuance of title insurance coverages,

Speaker 35 going and finding,

Speaker 35 you know, any liens, there's a lot of technology that can do this stuff, but is largely dependent upon human capital, human resources to get the job done and over the finish line.

Speaker 35 If you've ever done deals, you know that, you know, at the closing table, it can be frustrating.

Speaker 35 Buyers don't show up, sellers don't show up all sorts of different things right it's not just spitting out you know title insurance in a hud right there's actual this is why in many states uh fiduciary states there's closing lawyers like quite literal lawyers right um and so i just fully dismissed this idea of title um

Speaker 35 because i just think again just like anything there's not going to be

Speaker 35 a robot transacting the deal just like sales, right? Just like negotiation. There's just not going to be.
And by the way, I sit here today, the year is 2025, right? Like, okay, fine. In the year 2090,

Speaker 35 maybe.

Speaker 35 Maybe this episode will be totally obsolete. But the reality is I believe in my lifetime, in the lifetime I'm going to be doing real estate, I don't believe it can fully take it over.

Speaker 35 And quite honestly, if it does, I think we have much bigger problems. And I think our society is going to change so drastically.

Speaker 35 And I'm not trying to get my opinion too far on this episode, but I mean, I just think society in general would be in a way different place if all of a sudden AI and technology and blockchain just fully take over all this stuff.

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Speaker 35 Again, if you just think about the transaction of a single-family home, let's remove the hedge funds. Let's remove insurance companies.
Let's remove title companies.

Speaker 35 Just think of your home, your transaction. Do you think you have some feelings, emotions in the idea of selling your home? Some pride of home ownership?

Speaker 35 Some frustration of your home, whatever it may be. Do you think that plays into the role of how you would sell your home? And the answer is going to be, of course, right?

Speaker 35 And so it kind of just boils down to that basic concept of think about your own home when you're thinking about can AI take this industry over?

Speaker 35 Is AI, we went all the way into property management, right? Is AI

Speaker 35 fully going to integrate into property management so that there's no human component?

Speaker 35 How?

Speaker 35 When the two

Speaker 35 people

Speaker 35 that either own the home or live in the home are people and there's emotion and there's stuff that goes on, how is AI going to take this over?

Speaker 35 Right. And

Speaker 35 I do believe AI can play a part in some of these bigger companies like insurance, right? So that they can underwrite a property a little bit quicker on the location and,

Speaker 35 you know,

Speaker 35 stuff of that nature is it close to water is not close to water are there fire hydrants around i'm i'm very aware that there is going to be components ai can play within insurance title companies property management um even building these buy boxes i'm aware of there's a component of it

Speaker 35 i would dismiss the entire idea that it's going to be fully taken over Now,

Speaker 35 I'm not the biggest tech person. I'm not the biggest AI person.
There are people listening to this right now. You guys are emphatically way further down the road on understanding and learning AI.

Speaker 35 You may be fully disagreeing with everything I'm saying. You may be thinking AI is coming over and taking over everything.
Okay, that's fine. I just

Speaker 35 maybe it's intuition. Maybe it's a gut feeling.
Maybe it's just the concept of, again, owning your own personal home.

Speaker 35 the feelings you have about your personal home. If I were to sell and I'm not looking to sell, you know, know, I have emotion behind it.

Speaker 35 If I am met, my emotion is met with a black and white cold machine, a bot, AI, whatever,

Speaker 35 then I'm going to go cold. And a lot of times, then we're going to have a standstill whether we're going to

Speaker 35 sell something because it does become black and white. It doesn't become emotional.
I'll give you a short story real quick about. How I bought my home.
It was a for sale by owner on Zillow.

Speaker 35 Very difficult neighborhood to get in. There was nothing listed.
And I said, oh, wait a minute, maybe there's people selling it for sale by owner, not on the MLS.

Speaker 35 So I found a beautiful home. I live in it.
I bought it, right?

Speaker 35 The reason I was able to buy it is because I reached out to the homeowner directly.

Speaker 35 It was currently an escrow of the buyer and the buyer was kind of balking a little bit. and wanted some things.
The seller was kind of like, I don't really feel like doing this.

Speaker 35 I built a very good relationship with the seller. The seller basically said, Justin, if you are 100%

Speaker 35 in and you're willing to put a $40,000 earnest money deposit,

Speaker 35 then I'm going to draw a fine line in the sand with this buyer. I'm not going to be giving.
He's asking for a lot. I'm not going to be giving.
It is a yes or no on my side.

Speaker 35 And he is going to either have to accept it or not.

Speaker 35 The buyer did not. The buyer wanted, I forgot what he wanted, but he wanted some things.

Speaker 35 So it fell out escrow. I immediately wired in $40,000 as an earnest money deposit

Speaker 35 and went through my due diligence of basically I only needed 10 days because I knew what I was looking for. I had an inspection here.

Speaker 35 It passed inspection from roofing to electrical to plumbing, et cetera, et cetera. I then wired in another $400,000 for my down payment and

Speaker 35 we bought the home. Now, how would a bot have been able to handle that? A bot would have been able to be black and white.
There would have been no nuance. There would have been no subjectivity.

Speaker 35 There would have been nothing. And I just don't believe, ladies and gentlemen, that AI can come over and take over our industry.
I believe agents will still be around for a very long time.

Speaker 35 Although, again,

Speaker 35 even with everything that's going on with the agents, I believe there's some nuance that will happen with agents. I believe their businesses will change over time.

Speaker 35 You know, and so

Speaker 35 I don't think there's a black and white answer except this is what i do believe to be black and white ai will not 100 take over our space can ai be very instrumental in certain things yes that is the black and white now the some further questions that went in this is very cool to hear from the property management side is understanding and evaluating risk.

Speaker 35 That was very cool to hear is understanding how do you reduce your downside risk, whether you're buying rental properties, whether you're buying fix and flips.

Speaker 35 And we had a very large national property management company that was on there that has a basic tech company, as a matter of fact. The entire

Speaker 35 thesis for this property management company is you can run property management via technology with very little to no human capital.

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Speaker 35 And so I started listening to how they...

Speaker 35 Presented their ideas and I found it to be very intriguing, right?

Speaker 35 That all the underwriting for the tenants could be done through technology and AI and bots.

Speaker 35 I understood, you know, kind of all their points about making sure, again, the downside risk of a bad tenant, how you can basically use all the screening and all these different things, how you can find tenants through technology and then you can manage it through

Speaker 35 certain levels of technology. And then kind of the point I brought up as a landlord, and I asked, this is a panelist that I basically asked him.

Speaker 35 And it was great, by the way.

Speaker 35 I basically just said, hey, when it's time for said tenant to leave, is there going to be technology or a bot that's going to come in and give me a number of how much money I need to spend to repair or fix the home as they lived in it for two, three, four, five, six, seven, eight, nine, 10 years?

Speaker 35 He said, well, no, that there's going to have to be a contractor involved that kind of gives you an estimate. And I said, okay, fair enough.
And I only asked, not to be rude or to, you know,

Speaker 35 I just asked because I just believe, as much as we can systemize screening a tenant, as much as, and by the way, again, it is the, you know, proper expectations.

Speaker 35 You need to inspect what you expect at all times. So I didn't want to, you know, pepper him, but I would make an argument.

Speaker 35 You know, letting technology simply,

Speaker 35 you know, underwrite whether a tenant is worthy.

Speaker 35 You know, ladies and gentlemen, I hate to say this, but there's not the most scrupulous people out there.

Speaker 35 Doctoring some documents and, you know, PDF editors and all these other things that people can submit to technology and have no human component.

Speaker 35 I don't believe that to be the best decision, right?

Speaker 35 You know, I know that people out there doctoring documents and income and

Speaker 35 whatever the things are, they can go out there and there's enough, again, technology that you can make it look pretty seamless.

Speaker 35 I mean, I just remember COVID and people were saying that they were taking their positive COVID test and just editing it on whatever, I'm guessing, PDF editor and turning it negative and submitting it.

Speaker 35 And then they would be able to travel or whatever the case. Like, this isn't that hard to change things.
So then we're talking about allowing a tenant

Speaker 35 to occupy one of my rentals that all we did was allow technology to say, yes, they have the income and yes, they have the credit. Is that really where we want this to go?

Speaker 35 And I'm going to argue no. This is, again,

Speaker 35 I didn't want to pepper him myself. I just,

Speaker 35 you know,

Speaker 35 knowing what I know about finding tenants and filling tenants and having tenants and dealing with tenants, like holy moly, like if you are just going to let technology make those decisions,

Speaker 35 I believe on a pretty large percentage basis, you're going to come into

Speaker 35 not the tenant you wanted, right?

Speaker 35 Again, this is, and maybe I'm old school, guys. Maybe you guys are listening to this and say, Justin, I totally disagree.
I think this is going to be totally easy or...

Speaker 35 you know, it'll get to this place. I just believe

Speaker 35 you want great tenants who won't trash your home and will pay on time. Allowing tech to

Speaker 35 make that decision for you is to me pretty short-sighted. This goes back to inspect what you expect.
If you expect technology to make that decision, then you still have to inspect it.

Speaker 35 Well, guess who's inspecting it? The people,

Speaker 35 right? We had a great,

Speaker 35 there was another panelist in the insurance space, and he had some really good points on how impactful tech will be in insurance.

Speaker 35 That was probably the most enlightening thing for me that I thought was so cool was the insurance play and how AI and technology are going to play such a massive factor within how people under or how companies underwrite assets and how it could potentially get lower costs.

Speaker 35 Because I think we're all aware. If you've been in real estate here for the last year and a half or two years, you understand what has happened to insurance.
I mean, it's just insane.

Speaker 35 My own own home insurance is insane, let alone all the rentals I have and things of that nature, which, you know, at the end of the day, it changes numbers, right?

Speaker 35 Insurance increasing changes the profitability. It changes,

Speaker 35 is this asset going to be good? Is it not going to be good?

Speaker 35 And so

Speaker 35 I thought it was really

Speaker 35 quite interesting. to hear the perspective on insurance.

Speaker 35 And again, because it's underwriting risk, essentially, it can take a whole lot of data points that are already within the internet and technology and within government, you know, the cities and counties information.

Speaker 35 And so I thought that was really important.

Speaker 35 And it's all important, but I thought it was really interesting, I guess.

Speaker 35 But then as a whole, I think the entire panel and the point I was kind of making really resonated with most people is

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Speaker 35 As a whole,

Speaker 35 humans will be still a very large large part of this space.

Speaker 35 Someone brought up a great analogy, like AI and technology is kind of like wine.

Speaker 35 Not just in the sense that it's going to get better with time, but also there's different varietals, there's different flavors, there's different types of grape, there's different ways to make the wine in different seasons.

Speaker 35 And so there's a lot of, again, nuance to just the idea. of AI within our space.
It will never be a one-size-fits-all.

Speaker 35 I believe we all agreed to it'll never be this one type of platform that's going to be a one-size-fits-all. It serves everybody.

Speaker 35 Because, again, what I brought up on the beginning of this, there's just so much nuance. Now,

Speaker 35 before,

Speaker 35 well, let me say it this way. I do believe you need to get smarter on AI.
I do believe you need to understand it. I do believe there's a very big value in it.

Speaker 35 So I'm not sitting here shitting on AI as like a bad thing.

Speaker 35 I just believe that there are small small components within real estate that AI can be very good at.

Speaker 35 It will not take over insurance. Well, insurance actually felt like it would be faster to take over, but it won't take over title.
It won't take over realtors. It won't take over

Speaker 35 underwriting.

Speaker 35 You know, it won't take over the human component. And so,

Speaker 35 but it doesn't mean you should be ignoring AI. Most of my team uses AI on a daily basis.

Speaker 35 I don't day to day because a lot of my, frankly, seat in my companies is a lot more of the people side, meetings and Zooms.

Speaker 35 But even that, something like the Firefly.ai, you know, that component on Zooms is very helpful in, you know, recording it, having it being a written version so someone can review.

Speaker 35 You can throw that into chat GPT, you know, get a Cliff Note version of what went down for the meeting. I mean, there's just a lot that should be

Speaker 35 adopted by many of you listening to this right now.

Speaker 35 But it doesn't mean this goes back to the thing I'll tell you all the time. It still takes you to do the work, right?

Speaker 35 I sat down with OfferPad's head contractor while I was at this conference and talking about construction. And I mean, obviously, there's just no way

Speaker 35 that can get removed. There's just not.
I know they're building um printed homes now. I get it.
Um,

Speaker 35 I just don't believe there will be a contractor, like who's going to do the inside, who's going to do the electrical. There's, it's just going to be needed, right?

Speaker 35 There's going to be people needed in the construction side. And I say that because one of the things him and I agreed on heavily

Speaker 35 is

Speaker 35 the people that are trying to systemize their business to completely remove their business and exit, so to speak, and just like allow all this automation to work and allow all these systems to work and then remove themselves.

Speaker 35 Those are the same people that are going to find themselves either out of business or in a lot of financial pain. A lot, right?

Speaker 35 Because they didn't stay in the business long enough to find the results they were looking for. So adopt AI as far as you think you can.
Don't get overly, you know,

Speaker 35 I don't know, excited about it in the sense of what we do day to day, negotiating deals, comping deals, making offers. I don't believe it'll change our world there.

Speaker 35 Can it start to help a little bit with underwriting? Yes. But again, inspect what you expect.
And, you know, it's going to be a fun journey with where tech's going. Scary journey, frankly.

Speaker 35 I'm not the biggest tech guy, so it is a little bit scary to me to think about all this.

Speaker 35 I definitely don't want Terminator to be the end result or Terminator 2 to be the end result of this where you have,

Speaker 35 you know, technology and all this stuff.

Speaker 35 So anyways, take it for what it it is guys uh ai is here to stay it's not going anywhere learn the things that are going to be good for you but uh at the end of the day you still got to do the work so if this was helpful if this was interesting you think two or more people need to hear this please share this episode and we'll see you on the next episode of the science of flipping

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