How AI Changes Your Staffing

The Real Estate Espresso Podcast

How AI Changes Your Staffing

Spotify Google Podcast Apple Podcast Subscribe via RSS Leave a Review

How AI Changes Your Staffing

Welcome to the Real Estate Espresso podcast. Your morning shot of what’s new in the world of real estate investing. I’m your host, Victor Menasce. On today’s show we’re taking a deeper look at artificial intelligence.

I realized this is a Real Estate podcast, but Real Estate is a business like any other business. AI has changed the world. It has democratized information in ways that we cannot even begin to process.

I’m increasingly finding myself asking more and more questions of AI that historically I would have asked myself. Some questions take me a while to answer and so historically I would put them on my to-do list to work on when I have time that’s free of interruptions.

See, we live in a world of big data. Big data is a tech industry term that’s used to describe information that’s distributed across a wide range of locations. It’s not easily searchable. AI is amazing at aggregating all that information together.

We’re also living in a world where it’s becoming easier than ever to create marketing content. Carpet bombing your potential customers with distractions is becoming the new norm.

It’s hard to know what’s truly going to get people’s attention in that environment. I happen to believe that people will increasingly seek authenticity. That means consuming content from real people. I believe a podcasting medium, in fact, is going to grow in importance as a result.

I suppose it’ll become easier at some point to fake a human in a podcast, but for now, at least the way I convey information that’s not readily copied.

There’s an unwritten rule in the world of digital marketing that it’s easier to go global than to go national and easier to go national than to go local, yet many businesses and real estate in particular are hyper local.

Imagine for a moment that I had access to your location information and I could use that information to market to you specifically, largely on the basis of your location.

For example, imagine you were to drive into the parking lot at say, Burger King. I might offer you a coupon for McDonald’s simply based on your location. I know you’re already willing to eat fast food, what I don’t know is how loyal you are to Burger King. Maybe McDonald’s could steal market share from Burger King simply by knowing that you entered the Burger King parking lot.

If you’re standing at a bus stop and you board a bus, then I know something about you I didn’t know before, that could be useful for marketing.

But I’m not here to talk to you just about marketing. I’m here to share with you how I’m constantly changing the way that I’m using artificial intelligence on a daily basis.

I’m asking AI questions that only a few weeks ago, I was not even contemplating asking. I’m asking AI virtually everything now.

The latest Gemini release has a live streaming mode that provides accurate audio interpretation that’s extremely fast and providing nearly real-time responses. I’ve been asking Gemini to perform numerous research tasks for me and the quality of the results are pretty high.

I’ve also been asking Gemini and ChatGPT to perform planning tasks for me and this is where the tools really shine. Tasks that used to take me hours to complete are now taking minutes.

One of the items that seems to be perennially out of the scope of architects and electrical engineers is the low voltage systems that form part of a modern smart building. The general contractors seem largely ignorant of the scope of work when it comes to new construction and they tend to treat it as an afterthought.

The sequencing of the low voltage wiring needs to happen about the same time as the electrical wiring, but it’s usually done by a different subcontractor. And there are usually issues with multiple subcontractors working at the same time in the same area.

When I consider the job of an engineer or a designer, it’s to produce a detailed set of manufacturing instructions, and producing these documents is now easier than ever.

So last week, I asked ChatGPT to produce a Microsoft project plan for the wiring and installation of all the low voltage systems in a building, including video surveillance, electronic building access, internet Wi-Fi access points and routers, and the electric and water submitting for each apartment in a hundred unit apartment building.

ChatGPT did in minutes what used to take me three to four hours of personal time. Even if the work product wasn’t perfect the first time, I was able to ask it to make changes, so the resulting work product was good enough to consider a first draft.

I could then publish that draft for review by the team within about 10 minutes of work. That is truly extraordinary.

This kind of productivity increase changes the way that work gets done inside an organization. It changes the way delegation is done.

In the past, something like this would have been delegated to someone else who would have put the task on their work queue and maybe a week later, they would allocate the half day free of interruptions needed to immerse themselves in the planning process.

Some people think that AI’s overhyped. I actually think it’s under-hyped. Most businesses have not even begun to think about how their organization is going to change as a result. They have not planned how roles and responsibilities get defined with the assumption that AI is going to assume much of the work that would have been delegated somewhere else in the organization.

ChatGPT is harnessing the collective knowledge of the world and the boundaries of this have not been fully explored. We might be conditioned into thinking that more esoteric subjects that have a small number of subject matter experts will not be in the scope of the AI tool. Well, I’m here to tell you that’s not the case. These tools are not just a better search engine, they’re doing real work. And they’re now part of your staff.

As you think about that. Have an awesome rest of your day. Go make some great things happen. I’ll talk to you again tomorrow.

Stay connected and discover more about my work in real estate and by visiting and following me on various platforms: