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How Do We Deal With Artificial Intelligence In Real Estate?
Joe: Hey, it’s Joe Crump. I’ve got another question here. This is from John Canada. He says, “How can we cope with AI in the real estate business?” I’m not really worried about coping with it, I’m excited about using it. Because AI is how we built the Automarketer. It’s a pretty smart system, and it goes out there and finds the properties that you want. You have to put a little bit of input in there. It analyzes the responses that come in, let’s you know whether they’re a yes or a no, it puts them into the appropriate follow up system once they know that. It notifies you that somebody is interested in the property so that you can call them and put the deal together.
Joe: So that AI does a lot of the work for you. If I look at all the work that I had to do before I had the Automarketer versus the amount of work that I have to do after it, 90% of my work has disappeared. The other 10% still has to be done and I have most of that done by outsource workers. So, I have somebody working for me as an admin person, somebody working as a buyer finder, someone working as boots on the ground and sometimes working as a seller finder as well.
Joe: So, those different tasks, that’s about 10% of the work and then the other 90% of organizing and keeping track of all this stuff, making sure everything goes out as it should, doing the marketing, which is the main purpose of any business. If a business isn’t marketing it’s not in business. So marketing is the main function of a business. Nothing happens in business, as Peter Drucker said, until a sale is made. So, and marketing is what drives those sales. Everything else besides marketing and innovation is an expense. So, marketing is the only real profit center you have in your business and as long as you’re doing that, you’re in good shape.
Joe: That’s why you want good AI, you want good automation, you want a good system to do that work for you and that’ll keep you moving forward.
Joe: All right. Hope that answers the question.