In this episode, we are talking about emerging technology. Dan Weisman and Dave Conroy work at NAR and are sharing with us their knowledge about technology in the real estate industry. We're talking AI — yes, we all love ChatGPT — Chatbots, Fractional real estate, and what they see for the future of cryptocurrency. They have some software suggestions and usage tips for us as well. So, join us for this informative episode!
[2:31] Dan Weisman and Dave Conroy are the Directors of Emerging Technology at NAR.
[3:51] If agents do not feel they are able to keep up with emerging technologies, Dan encourages them not to feel bad. Even Dave feels on some days it's like drinking from a firehose and keeping up with emerging technology is his full-time job.
[5:05] Proptech is any form of property technology. Dan and Dave also look at the adjacent industries of construction tech, financial tech (fintech), insurance tech, and mortgage tech.
[6:59] There is no shortage of data to feed proptech tools to help agents get a better understanding of their market and customers and complete more transactions.
[8:49] Dave explains the amount of data over the past 10 years has grown exponentially. Ninety percent of our data was created in the last 10 or so years.
[10:59] Some companies are backed by NAR, Second Century Ventures, and Reach. Plunk is one of them. They've got an AI-powered valuation model that digs into MLS showing data.
[15:09] Dan discusses AI products he and Dave have been researching for years similar to ChatGPT.
[16:37] When you log into Amazon, it offers things you might be interested in, whether or not you have been thinking of it. That's AI based on your habits, predicting your next move.
[18:22] ChatGPT feels like having a human-level intelligent personal assistant to answer questions about anything; how to write an email, recipes, and no shortage of help for REALTORS®.
[21:16] There will still need to be a person involved with the end product to make sure it's written as you want it, the information is the way you want it to be displayed, and that it's accurate.
[22:32] Monica points out that CRD is teaching classes on applying ChatGPT.
[24:53] ChatGPT is powerful but make sure you understand what problems or what areas you're trying to be better at to increase your revenue, increase your business and provide better service.
[25:36] If Dave were recommending to a REALTOR® how to incorporate one of these large language models, Bard or ChatGPT, into their workflow, he would suggest they use it as a creative muse.
[27:03] Dan discusses image generation.
[30:54] Dan and Dave discuss ways to keep in touch and to join their monthly proptech meetups.
[33:56] Cryptocurrency has disappointed Dave who was bullish on it early. Make sure the tech you're looking at isn't a solution looking for a problem.
[38:03] Fractional real estate or fractional ownership of properties isn't new, but there are new ways to get access to it.
[44:45] Global funding for technology is down. What does that mean for the United States agents?
[48:48] Automated listings use AI to analyze listing photos to help assist agents in creating listings.
[50:32] Some of the changes coming to real estate may require agents to be much more efficient. Agents can improve their efficiency with some of the AI tools discussed in this episode.
[57:46] There are lots of basics in our industry that are about people and relationships, and they're based on that relationship. Technology is a tool to help us, not remove us from our clients' lives.
[58:19] You can follow up with Dan and Dave on LinkedIn to learn more. If you want to expand your tech knowledge, NAR also offers the e-PRO® certification.
Tweetables:
"You need to also know that it's still a machine that was trained by someone that's pulling data from somewhere. … It's like 90% accurate. There's still that 10%, which can get you in a lot of trouble sometimes. … Test it out but … verify everything." — Dan Weisman
"I would suggest that you just use [ChatGPT] as a muse; like a creative muse. … It helps me get from zero to one. I feel like if I can just get started with something, finishing it is so much easier." — Dave Conroy
"How we operate has changed, and most of it is due to technology. It can be overwhelming but what's most important is to understand the problem you're trying to solve and what technology may be out there to help you solve it or at least be better at it." — Dan Weisman
"People will try a new piece of technology and it doesn't work right out of the box, so they dismiss it. I would urge your listeners, please don't dismiss technology because it can be very hard to predict how quickly the technology will advance and be adopted." — Dave Conroy
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Additional Links:
Dan Weisman
Dan Weisman is a Director of Emerging Technology within the Strategic Business, Innovation & Technology group at the National Association of REALTORS®. In his role, he focuses on how the intersection of business processes and technology may impact the real estate industry.
Dave Conroy
Dave Conroy is a Director of Emerging Technology within the Strategic Business, Innovation & Technology group at the National Association of REALTORS®
