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Feeling discouraged about finding the right assistant for your team? Are you worried about how to pay your current assistant(s) due to NAR’s elimination of buyer agent compensation through the listing agent? Are you afraid about what will happen if the portals and lead generation companies shut down your lead pipeline in July when the new FCC regulations go into effect?
National Administrative Professionals Day, sometimes known as Admin or Secretary’s Day, is coming up the last week in April. If finding, training, and paying for an IRL admin seems out of reach for you right now, a generative AI assistant may be your dream solution to meeting these challenges.
Before the advent of AI, the best advice for agents building a team was that their first two hires should be administrative, usually a transaction coordinator and assistant. With all the upheaval from the commission lawsuits, the FCC written consent laws, constricted inventory, and high-interest rates, finding two capable assistants to help you is more difficult and costly than ever.
Enter the generative AI assistant. The big shift that every agent, team, and brokerage should take right now is to start working with generative AI. Forget about all the advice you have seen over the last year. The new generative AI tools will transform the business dramatically over the next 12-18 months.
Best of all, these new tools will be what some experts have called “armchair” AI. You can ask the AI the best way to query it (give it a command), where it will produce the best answers. Better yet, many of these new tools are being designed to respond to voice commands to be virtually identical to talking to a human assistant. However, it’s way more intelligent, requires little or no training, and completes tasks in seconds.
To understand the amazing pivot that AI has recently made from what MIT Professor David Edelman calls “Vanilla AI” to “true” generative AI, as ChatGPT calls it, you must first understand the differences between “Big data,” “machine learning,” and “generative AI.”
Here’s how ChatGPT defines these differences between Big data, Machine learning, and Generative AI:
– Big data: It’s a vast amount of information that, when analyzed, can reveal trends, like what homebuyers are looking for in a neighborhood or when it’s the best time to sell.
– Machine learning: “This is like teaching a computer to become an expert in identifying what makes a house valuable. You show it many examples of houses, tell it which ones sold for more and why, and over time, it learns to predict the value of a house on its own. It’s a type of AI that gets better with experience.”
– Generative AI: “Imagine an artist who can create a masterpiece from just a few words of description. Generative AI is like that artist but in the digital world. It can generate new content, whether it’s images, text, or even realistic voices, based on your instructions. It’s not just copying; it’s creating something new, like designing a house never built.”
According to Edelman, only a tiny fraction (2 percent to 3 percent) of today’s AI applications use generative AI, including 97 percent to 98 percent of all AI in real estate.
When I asked ChatGPT to use Python (its generative AI) to identify the top AI virtual assistants, it came back with the following list:
– Gabbi. AI
– Luke
– Deal Machine’s Alma
These tools, like ChapGPT 3.5, are limited in what they have been trained to do. They can do an amazing number of things, but they’re not true generative AI. For a list of 11 Vanilla AI tools, visit XARA.
I recently interviewed Michael Martin, the founder of Sidekick, a new generative AI Assistant that handles much of what you can do with two administrative assistants at much less than paying two salaries. Sidekick has just emerged from its public beta and is currently available to about 500,000 agents nationally through their MLS. What Sidekick can do with minimal direction is remarkable.
Examples of tasks AI assistants can help agents accomplish:
– Manage your calendar and inbox (setting up appointments, sending emails)
– Search the MLS for listings and perform a market analysis
– Create CMAs/run comparable sales
– Perform data analysis and create/interpret spreadsheets
– Generate listing descriptions based on photos
– Generate social media strategies and content with dynamic hashtags
– Trainable: Requires less training than a human with specific rules
A major challenge in pricing high-rises is determining the premiums between different floors, views, and a variety of other differentiating factors. While an agent who really knows the building may be able to do this, it’s still hard to quantify. This is where generative AI not only identifies the differences in these premiums but can also spot other factors that make a given location in the building more or less desirable.
Wrapping up: Many agents are intimidated by this technology. It’s essential to do your research and learn and explore which option is best for your team, and to price out which models to see how you and your team could benefit from using this tech. Remember that this tech can be an efficiency lifesaver, freeing up time for you to work on your human relationships and grow your business. Don’t be afraid to learn new things; you may find that the solution you have been searching for is just a few clicks away.
Bernice Ross, president and CEO of BrokerageUP and RealEstateCoach.com, is a national speaker, author, and trainer with over 1,500 published articles.
Join the movement at Inman Connect Las Vegas, a conference from July 30 to August 1 where you can shape the future of the real estate industry. With immersive experiences, innovative formats, and top speakers, this event goes beyond just a conference. If you’re struggling to find the right assistant or worried about changes in the industry, consider using generative AI assistants. These new tools can handle various tasks efficiently and require minimal training. By understanding the differences between big data, machine learning, and generative AI, you can make informed decisions for your team. Explore options like Sidekick, a generative AI assistant that can perform tasks typically done by administrative assistants at a fraction of the cost. Embracing these technologies can improve efficiency, free up time for building relationships, and ultimately grow your business. Don’t be afraid to experiment and learn about these new tools to stay ahead in the industry.
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