Episode Transcript
[00:00:00] Speaker A: Welcome to Real Estate Profits. I'm Griselda, and today we're taking your business from busy to brilliant. You're watching Now Media Television.
Hello and welcome, everyone, Real Estate Profits.
And joining me today is Dr. Alan Badot, a global expert in artificial intelligence, innovation and digital transformation.
As the CEO of Alan Bodeaux llc, he advises leaders across industries, including real estate, on how to adopt advanced technology in practical and profitable ways. So as we're all dabbling into AI, Dr. Alan Badot has really cracked the code on how to integrate it into everything that he does, including his real estate portfolio. And he's here to share his experience with us. Hello, Dr. Allen.
[00:00:58] Speaker B: Hi. How are you doing?
[00:01:00] Speaker A: I'm wonderful. How are you doing?
[00:01:02] Speaker B: I'm doing great, thank you. It's great to be here.
[00:01:05] Speaker A: Yeah. Tell us a little bit more about your background. So, obviously, we're all trying to go through the AI race and learn as much as possible because it's all moving so fast. But tell us a little bit about what you're doing with your AI ventures.
[00:01:18] Speaker B: Well, I've been in the AI space for about 20 years. It was long before it was popular, and I've used it in a lot of different business ventures and, you know, a lot of research. And even, you know what I would. When I was the CEO or CTO of a company, I would use it as much as I could, you know, back then.
[00:01:40] Speaker A: Wonderful. So now the problem we all have is that everything is moving so fast, and we all know that AI is the wave of the future, but sometimes we feel overwhelmed. There's so much to learn. There's so many out there, which is the best one. And so it feels like you're behind just because it's such an overwhelming task to learn it all.
But not you, obviously. You do it every day and you've simplified in terms of how do you use it, how do you make the best out of it to maximize your profitability?
So let's talk about this. What's the first simple step that a real estate professional can take to start using AI so that they're not as overwhelmed? What would you recommend?
[00:02:21] Speaker B: Yeah, I think that the tough part about AI is it came on so fast that it caught so many people off guard. And they're used to using Google and they're used to just typing some things in. And all of these models that are out there, they don't work that way. And they. They really are meant to be more like a partnership with, you know, between you and the AI. And so I Tell people. The first thing that you, you know, you should try when you're using them for the first time is just something that you're comfortable with. And that can be asking a question or it can be having it review something that you've written, you know, anything that you know will allow you to see what it's doing, you know, what kind of responses you should expect back. Because, you know, if it's in your field that you should, you know, be, be an expert in that field. But really just trying to do something that is, you know, it's simple, it's, you know, gonna save you a little bit of time and then, you know, whatever it is, it's, it's just making sure that it's, you know, it's not lying and it's reliable.
[00:03:28] Speaker A: Absolutely. And so one of the good things that I know I tried early on is just give it my resume, upload my resume and say, give me my bio. Obviously I know myself pretty well and what I've done in my background and my experience, so. So that would be a simple test, right? Just upload a resume, ask it for a simple professional bio and see what it gives you. And that would be a good test.
[00:03:47] Speaker B: Don't you think that that's a great test? Anything? You know, I would, I would, I would X out your name just so it doesn't have your name per se, because you don't want some of these models to train on, you know, your, your personal data. But, you know, anything like that, you know, is, is a good way to start. I started actually. It's kind of interesting. The first thing that I had to do was write me a real estate listing and just, just to see what it would, what it would do if I wanted to sell my house. And it did some great things and then it did some, some things that were a little bit surprising. So it's really, it's really about that comfort level that you can get with it.
[00:04:26] Speaker A: Yeah. Now, are there various tools that you use out there? There's so many now, right? There's Cloud, there's Gemini, there's like so many different ones. ChatGPT. Now there's Grok3.
So what do you recommend? Is there one preferred software that you recommend or that you say start with so that people don't feel so overwhelmed when it comes to AI?
[00:04:45] Speaker B: Well, usually I tell people to start with either Grok, with Gemini, with ChatGPT, with or with Claude, if you can, if you can start with one of those four, it's going to be pretty Easy for you to feel comfortable with them. Now the challenge is, is that these models are changing so fast and there's so many different variants, even of the same model, that we will oftentimes get comfortable with a toolkit. And then you may miss an opportunity to, you know, take advantage of something else that's out there, that's brand new, that is even better than what it was before. So I use between 8 and 10 of them every day and it fluctuates because one day I may get a fantastic answer from ChatGPT, and then the next day it may be awful and same with all of them. And so I'll rotate and see which one I feel really good with, which is given the best answer and then, and then go with that.
[00:05:40] Speaker A: Yeah, so. So now you're mentioning you use several yourself, probably on a daily basis. So, so why do you think so many people are overwhelmed when it comes to AI then? I mean, they don't know which one to use. They don't have as much experience as you do.
[00:05:52] Speaker B: So.
[00:05:52] Speaker A: So why do so many people feel overwhelmed and what would you say they could do to overcome that?
[00:05:59] Speaker B: The tough part is that a lot of people were, I would say, nervous about how much information is on the Internet now, really just interacting from a computer perspective. And then when you have a tool like ChatGPT that just overwhelms a lot of folks. When it came out that, you know, it's, it's, it's a nervousness, I think it's an interaction. They don't expect, you know, AI to be able to respond the way that it does. It goes back to kind of the, the ghost in the box. Right, and the ghost in the machine that, oh, it should not know, it shouldn't be able to respond to things like that. There's no way. And then, then it does, and then they start to think about, oh, it's the Terminator and they hear people talking about, oh, it's going to take over the world, it's going to take your jobs, just, you know, relax. None of that, none of that's true. Right? And just, you know, just use it as, think about it as an assistant that can really just help you get through your day, Accelerate, you know, accelerate and do things that you hate doing and then, you know, that allows you to focus on more higher priorities that you have.
[00:07:08] Speaker A: Yeah, absolutely. I have a couple teenagers myself and a 23 year old and they're dabbling in AI now and actually they're encouraging it at college level and even at school. And really they're saying, look, we all Google, right? You're Googling for the last many years, right? Decades, probably. But try just Gemini and doing the AI search engine and just see what it gives you. And they're amazed with the amount of information, links and sometimes graphs and charts that just appear with the simple question that they have. So it's pretty impressive.
[00:07:40] Speaker B: Yeah, yeah. And that's the thing. Even if you wanted to use it to, for, you know, there's so many. I have not come in, you know, an industry where there's not one place that you can use AI, it doesn't matter anymore because there's so much flexibility, there's so much that these things can do. Now it's just making sure that you're using it the right way.
[00:08:01] Speaker A: Yes, absolutely. So now tell us, how can someone test AI tools without making any big changes right away? So they're feeling overwhelmed. There's so many out there, and like you say, they're upgrading daily.
So how can someone test these tools and really test it out to see what it can do for their productivity?
[00:08:24] Speaker B: So start with something easy.
Pick a, you know, a chore that is repeatable. It's manual. And you absolutely hate doing it, because then you're going to be motivated.
Because if you think about your, your daily routine, we often get into a grind and there's something that, you know, all of us can't stand doing. And maybe that's checking email, maybe that's, you know, writing, you know, responses, or maybe it's just writing up, you know, resumes or whatever that is. There's something that it can do. And if it saves you 15 or 20 minutes a day, that's, that's, that's significant. When you think about it, over a month, over a year, over your lifetime, and that's effort that you can put somewhere else. And if you start there, then you just build on it, you just start to expand your questions, you start to expand asking it to do other things, and then that's when you start to feel really good. I'm to the point now where if I give a presentation and I don't introduce the AI that I'm using that day, I feel bad. I feel like I've, I've let the AI down because I should have introduced it. You know, it's those sort of things, and it really becomes a relationship.
[00:09:39] Speaker A: It does. It sure does. And thank you for mentioning that, because a lot of us do that, right? We use it daily. I use it daily myself.
And a business proposal when it used to take, right, sometimes days, a week or 20 hours to do literally within seconds. And I'm not kidding, sometimes a few minutes, but it's just a few minutes compared to 5, 6, sometimes 8 days to perfect it. So, so it pretty amazing what you're able to do with it. And, and once you do, right, get your first result, your first proposal, your first bio or whatever it is that you're doing. Like you say, start simple, start small, you get the hook, right? Because why would you not want something that saves you days, hours? And I mean time is precious, right? We value time and we don't have enough of it in our 24 hour days.
So people usually say, well, how can I get more hours out of my day?
Well, it will feel like you get many more hours out of your day by using tools such as what you're teaching all of us.
[00:10:40] Speaker B: Absolutely, absolutely. And, and you know, if depending on what your industry is, you know, there's social media aspects to it that you can use it for, there's email, there's, you know, just, you know, and you, you hit a great one. Writing business proposals and you know, I used to do them for the government and they were months that it would take us to write them and now you can do them in hours and days.
That's scary, but at the same time it's awesome. I love it.
That's the thing.
[00:11:09] Speaker A: Absolutely. And I feel like I'm pretty smart, right? I got my engineering degree, I went to Stanford, I did this and now I go through and I'm like the amount of information by just a few words that I had on my proposal in my first two paragraph draft, it reaches everything. So it does this research across all of this, you know, large language model and it goes out and grabs everything and then it teaches me about what I'm putting on my proposal. I'm like, oh, I could include that in my proposal. Absolutely. So. Absolutely. And thank you for sharing. Now coming, coming back to real estate. And so you mentioned, obviously you started using it in your real estate portfolio and what you do. So what are some of the small ways that we can save time in the world of real estate with AI?
[00:11:56] Speaker B: Well, the first thing is really writing that attractive listing potentially, because trying to compare and write things that are meaningful and then really highlight what you're trying to really show is something that AI is fantastic at doing. You can tell it, you know, I've got, you know, X, Y and Z type of house, but really focus in on the bathroom because it has red velvet Walls, for example, in it and, you know, anything like that, and it will focus on that and it will, it will highlight it, you know, just that amount of time and getting things right and getting a first draft where you can go from that first draft is really, you know, leaps and bounds of what you would have to do before. And so that's, That's a great place to start if you, if you want to do that. But also comparables, you know, oh, my house is. Is this, you know, many square feet. It's got these amenities and what houses around me are actually similar because we've all gone through the process where the comparables look absolutely nothing like what we. We, we, you know, we wind up having for loans and stuff like that. And so just using, you know, its capability to go grab information so quickly is a huge help.
[00:13:13] Speaker A: Yes, absolutely. Just recently, actually this week, just yesterday, and it's starting today. I have some property on South Padre island myself, and a couple of our lots have this. It's an old home that's never been used. I know I never used it for the last ten years or so. So we're demolishing this home that's on the lots, but we used AI to when we listed those lots to. To just remove the property and like, you know what, this one. And so it goes.
Very nice. Professional aerial shots. At first it had the property on it, and then all of a sudden you blink and there's no home on that lot. Right. So, so now it's actually getting demolished. But. But we could definitely use that. And even video creation. You mentioned social media. For creators out there or for yourself that are out there looking to expand on your business, make sure that your customers and your audience get to know you. Now there's AI video creation. And so for nominal fees, obviously, a lot of the ones that you're mentioning are free access, you know, for the most part. And if you want to use the bells and whistles, there's a little bit of a fee to create videos, to create content, to do some other things.
[00:14:19] Speaker B: Oh, yeah. And the time, the time I am, I, you know, I tell people, if you want an engineering diagram, I'm your guy. I can, I can make an eye chart. That is fantastic. If you want something that is creative, that is a drawing or something that, you know, a video like that, I am not the guy to do that because that's just not my inner being and I don't enjoy doing stuff like that. But I can have a lot of different ideas about what I think it might look like. And having that, you know, I just have to put that in a text generator or a simulation generator and allow it to go make a movie for that. And it's done in maybe 20, 30 minutes. That used to take. Oh, it's just so pain painful for me to even participate in those kind of things. It's just, it's just the speed and the ability for me to not have to worry about it and go do other things is awesome.
Well, I think, I think as long as people go in with an open mind and are really, you know, trying not to, I guess think about that they're communicating with the Terminator, for example, that's a great place to start. Think about a new employee that you've just onboarded and now you're trying to get to understand them, understand what they're good at and understand what they're not good at. And if you think about it from that perspective, the conversation is really different than what you're used to. Do not treat it like Google. Don't ask it a Google question.
Treat it like a new employee that you're just trying to interview.
Yes.
Well, I would say, I would say this, that, you know, try to do something after you get a little comfortable with it, that's something you've never done before, like ask it to program something for you. Because everybody's scared about programming too, right? They're, they're worried about those or they've never had that experience.
If you just ask it to write you a program that will check your emails and it starts to generate the code, you start to see it, it'll tell you how to run it, it'll tell you how to fix it, it'll tell you everything. And all you have to do is follow directions and just having that kind of relationship. That's a next start. Because you've done something you feel comfortable with now you've done something that you've never done before, now you feel pretty good. And then it's really wherever you want to take it.
[00:17:59] Speaker A: In that case where some people feel frustrated with so much, you know, documents and minutiae.
[00:18:04] Speaker B: Yeah, I'm lucky enough my own substantiation of different models. Right. So you want to make sure it's not going to train your data. So that's, that's that first thing.
But I upload the documents and then I tell the, the AI, you know, I want you to behave like a, a real estate professional or a lawyer or, or a banker or whatever the documents are. And I want you to Read the document that I attached and then tell me some important things that I need to pay attention to. Do you see any problems with it? Do you see any issues that I should pay attention to? After it comes back with its response, then you just can start to ask it further questions around that. And by the time you've gone through that process, you feel really good about understanding what's actually in there because, you know there's a lot of legalese in some of these documents and you feel good about that. But then you also are like, oh, man, it only took me 25 minutes to do it and I don't, I don't have a headache. So that's the, that's the great thing about it.
[00:19:35] Speaker A: We'll be right back with more ways to optimize, scale and succeed. This is Real Estate Profits on NOW Media Television. We're back. I'm Griselda, and this is Real Estate Profits on NOW Media Television. Let's keep building smarter together.
Hello, everyone. Welcome to Real estate profits on Now Media Television. And joining me today is Dr. Alan Badot, who is a global expert in artificial intelligence, innovation and digital transformation. So I'm going to read a little of his bio just because of his impressive background here. He's an AI evangelist and the CEO of Alan Badot llc, a consulting firm specializing in AI blockchain, quantum and advanced technology solutions for commercial, federal and international clients. He's also the founder of Harmonic AI, a venture focused on strengthening the AI human relationship to drive smarter decisions and strategic advantage.
So we have someone with a wealth of experience on this topic of artificial intelligence. Welcome, Dr. Alan Badot.
[00:20:47] Speaker B: Hi. It's great to be here.
[00:20:50] Speaker A: Great to be here, and great to have you on our, on our show once again.
[00:20:54] Speaker B: Thank you.
[00:20:55] Speaker A: Tell us a little bit more about what you do, your background, and how you're making sure that AI is making the world easier, not only for you, for your team, but everyone around you.
[00:21:07] Speaker B: Yes. So I've been in the AI business for a little over 20 years. Started when AI was not very popular at all. But the technology has just allowed us to really expand on what its capabilities are and what you're able to do with it. And I want people to use it so that they can save time, get an advantage on what they're trying to do, business wise, life wise. Any way that you can help folks take advantage of technologies that makes things easier to use is.
That's exactly what we're trying to do.
[00:21:44] Speaker A: Wonderful. So now many people in our audience, they're struggling with really how to connect with clients.
And so it often feels like they're guessing as to what their customers want, what do they want to, you know. Or sometimes they assume they know what they want but they miss the mark.
So how would you say AI can help in real estate specifically the professionals better understand their clients needs.
[00:22:12] Speaker B: You know, this is a, it's an issue everywhere. You know, how can anybody understand their clients a little bit better? And you know, of course, real estate, it's even, you know, it's so personal. Right. Because you're trying to figure out the likes, the dislikes. Oh, she, you know, they want a pool and then they find a house with a pool. No, they don't want that house because it's something else. And you know, there's so many different scenarios that you can run into with AI. What you can do is we call them Personas or the popular term now can be agent or it's a cognitive agent or whatever that is called.
At the end of the day, whatever folks want to call it, it's asking the AI to act like it has certain behaviors, certain traits and then you start to ask it questions and interact with it and it will give you the perspective of, you know, that person that you've asked to emulate. Now you can't do that just from a prompt for long term, but you can do it for short term things.
It will work pretty well, you know, four, five, six questions. It'll work pretty well to do that. But then you know, long term there's some other technologies that you have to build on top of that. But you know, it's just asking it to take that Persona on and, and interacting with it.
[00:23:31] Speaker A: Yeah. Now can give us an example of how you used it to better understand your clients needs.
[00:23:36] Speaker B: Yeah, that is, that's a great question. I, you know, part of the company that I own, we build these Personas and we give them human traits and we ask it to, you know, we'll give it its leadership scores, we'll give it its, you know, personality traits, we give it behavioral traits and depending on who the customer that I'm working with, we start to really act and have it act and behave just as that human would.
So a good example is like hackers and the cybersecurity. Right. We're always worried about interacting with bad actors and those kind of things. We will have it act as a bad actor. We will have it try to hack into different systems and then it allows people to, you know, practice to test against it, to ask it different questions. To see what it can pick up. And it's so important from a fraud perspective. Now even, you know, from a real estate perspective, is it fake? You know, are the, how are the pictures AI generated, for example, you know, things like that we start to, we start to do, and the AI will help us do that.
[00:24:47] Speaker A: Wonderful, wonderful. Now what kind of client data can be collected and used in an ethical way using AI?
[00:24:55] Speaker B: You've got to be very careful with that. From my perspective, you know, we're, we're lucky enough that we have different sandboxes, different licenses. I can take customer data and it's not going to be trained on. Okay, so it's not going to go out, it's not going to show up in these large language models. It's not going to show up in some of those other things.
That's a question everybody should ask though. They need to, they need to better understand that. But you know, you don't want it, you don't ever want to give out PII data, meaning, you know, personal identifiable information, your Social Security number, never. Your kids names, never, you know, any kind of identifying, you know, things like that you don't want to, to put out there because it's too easy for folks to get a hold of that.
[00:25:45] Speaker A: Right. And thank you for those caution points because some of us are just using it, enamored with the tool and how much time saving it is and we forget what to take out. Right. What is it that I should not put into this model that everyone's going to have access to? So thank you for those caution points and red flags.
[00:26:01] Speaker B: Yes, that's right.
That's an important thing because when you look at it from a real estate perspective, there's a lot of info that's out there, so just very easy to get. And you want to make sure that folks aren't putting too much info out there.
[00:26:16] Speaker A: Oh, absolutely. Now, in real estate, can AI really help predict what a buyer or seller are looking for?
[00:26:25] Speaker B: Well, there's going to be, there's always going to be edge cases.
[00:26:28] Speaker A: Okay.
[00:26:29] Speaker B: On the average it'll do pretty well. It'll let you predict trends, especially long term trends. It'll do very, very nice job with long term trends.
Unless you're using a Persona or something that is highly tailored to your specific use case, it's going to struggle some. It'll give you, the problem though is it'll give you such a convincing answer that you'll want to believe it. And it's obviously right because the AI said it's right. Of course, in many cases it's worse than Google.
You know, we'd always ask Google a question and Google, you know, It'll take you 25 minutes to get an answer that you like. But Google said it with AI, it's telling you in such a convincing way that it just has to be true. And oftentimes it's not. So you've got to really double check it, right?
[00:27:18] Speaker A: So you got to look at the result, make sure that it's exactly what you're looking for and obviously you know the topic yourself, right. To some extent. Make sure that that's exactly, that it's accurate. Because sometimes it can make mistakes and it'll tell you in the disclaimer too that sometimes it makes mistakes. So make sure you check for that.
[00:27:36] Speaker B: Yeah, I tell people. Assume. Yeah, assume that it's going to make a mistake and then always check it, just in case. Always check it.
[00:27:43] Speaker A: Absolutely, yes. Now, now, how do some of the tools like chatbots or smart CRMs make relationships stronger?
[00:27:52] Speaker B: See, it's, it's all about the data.
It's all about trying to understand your data a little bit more.
Dig in, do an analysis that you haven't been able to do before.
And that's really what is going to drive the strength and the power of what you can do with these tools. I mean, the reports that you can generate, the information that you can gather.
You know, combining your CRM tool with whatever other tool that you have.
It's so easy now to take data that came from so many different sources, put it all together, and then really understand layers that you were never able to see before and information. That's the power of AI right now, right?
[00:28:36] Speaker A: Absolutely. Now, many people shy away from it because it says it takes away the personal touch. It's another E tool that is not feeling like we're connected with my customer.
What's one way that AI can improve the way agents talk to their clients so that they do have that personal connection?
[00:28:58] Speaker B: It's, it's like a lot of different new tools when they first come out. Right. It's, it's one of those technologies where if you let it go by itself, then you can have some issues, but if you interact with it and use it the right way, especially with customers, it will, it will help you so much, you know, and really build on what you have because, you know, being more proactive, for example, you know, you get a new you, you get a new client, or they reach out to you via email, maybe you're so busy, it takes Four or five days, potentially, I hope not. But it could take four or five days to respond.
[00:29:34] Speaker A: Right.
[00:29:34] Speaker B: And with AI, if it's set up, you've got an interaction that can almost take place immediately. And in looking at those kind of things and really trying to be more proactive instead of reactive, with AI, that's where you're going to see the customer benefit and tailoring questions and tailoring different properties that you want to show them and different.
Highlighting different things and even practicing what you're going to say.
[00:30:01] Speaker A: Yeah, absolutely.
[00:30:02] Speaker B: Different.
[00:30:03] Speaker A: A lot different. And so you really could use AI to understand your clients and their needs a lot better. Sometimes you can help them understand their own needs is what I found as well. Right.
[00:30:13] Speaker B: That's right.
[00:30:15] Speaker A: Yeah, absolutely. So, Dr. Alan Badot, thank you so much for sharing everything. How can our audience get in touch with you, find you? How can we get a hold of you out there?
[00:30:25] Speaker B: Well, they can go to my LinkedIn page or they can go to my website.
It's AlanBedot AI very easy to get to. I've got a lot of different information in there. I take questions for free. So if somebody wants to ask me a question, I love them and then I'll use them and try to help educate folks with that. So I love questions.
[00:30:46] Speaker A: Yeah. And in terms of services, obviously you have a suite of services. What are some of those services that you provide for clients?
[00:30:53] Speaker B: Well, it's anything from strategy development and consulting to some folks want to integrate AI across their entire business. And so it really is at all levels.
[00:31:05] Speaker A: Wonderful. Well, thank you so much for sharing your experience, your knowledge and your wisdom.
We look forward to learning more about this topic and look forward to having you back in another segment.
[00:31:17] Speaker B: Thank you.
[00:31:18] Speaker A: Thank you, Dr. Allen. This is Griselda with real estate profits on Now Media Television.
We'll be right back with more ways to optimize, scale and succeed. This is Real Estate Profits on NOW Media Television. And we're back. I'm Griselda and this is Real Estate Profits on NOW Media Television. Let's keep keep building smarter together.
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And we're back with Dr. Alan Badot. If you've ever felt like your day is buried under endless tasks, this next segment is for you.
So we're talking about how AI can actually give you more time, not less control.
Okay, this is the topic of reducing burnout by automating repetitive tasks.
Hello, Dr. Allen, welcome back.
[00:33:02] Speaker B: Hi. It's great to be here.
[00:33:06] Speaker A: Wonderful. So we're back for more cool tips on how to use AI in our daily lives and in our businesses to make sure that we're a lot more productive now. So let's start with something simple here. What types of tasks can AI take off of a real estate agent's plate today?
[00:33:26] Speaker B: Well, I would say the first thing is really going to be around really just digging for opportunities, any sort of data mining that takes a long time, any sort of even writing, you know, just, you know, new client listings, anything that is a mundane task, meaning it's repeatable and it's something that you're not fond of doing, that's a good place to start.
[00:33:49] Speaker A: Okay, wonderful. And now how can automation help reduce stress and increase focus? Because I've heard that you really can do that when you're up against a deadline. You can just make it a lot less stressful for yourself and increase your focus by the use of AI. Can you tell us more about that?
[00:34:08] Speaker B: Yeah, so the important thing is that it's the speed and the quality that it can deliver a lot of material and you know, whatever the reason is that it's a last minute thing or it's, you know, you're just behind and you're trying to catch up. You know, using it for things that it's very good at. Writing is a great example, you know, generating information for you. Digging and data mining, those sort of things take a lot of time. And when you don't have a lot of time, you got to get an answer back in seconds. And AI can do that for you.
[00:34:43] Speaker A: Yeah, absolutely. And now many of us, I mean, we're all busy, right? There's always something to do. There's kids, there are activities, there's events and obviously we're running our businesses.
How can AI help create a better work life balance in the real estate world? What advice would you have for our audience out there on that?
[00:35:01] Speaker B: Yeah, I would say that time is something that you can't get back. We all know there's not enough hours in the day. And if you use AI to save you 10 minutes 15 minutes here, 10 minutes somewhere else. You know, you're getting through things with an assistant, really, if you treat it like an assistant, that normally would take you your normal time, but now you're cutting the time in half, for example, or even more than that in some cases. And that work life balance is really going to be driven by your willingness to use AI to do things that you normally, normally would want to do yourself. And if you are, you know, a micromanager, for example, then using AI is going to significantly help, you know what that work life balance looks like.
[00:35:54] Speaker A: Yeah, absolutely. I know I freed up a lot of time and what I noticed too, not only in myself, but other, either clients or friends, you know, entrepreneurs that are out there, that because they have so much time back on their hands, they're able to spend more time with family and friends or, or maybe just do some vacations or short trips and their focus is sharpened as a result though. Right. They're a lot more alert, they're happier, and they're able to dedicate quality time to family and friends and just as much quality time or better with the use of AI in their businesses.
[00:36:30] Speaker B: That's right. That's exactly right. Because if you think about the real estate business, if you are doing data mining, if you're writing things up, if you're doing tasks that take a lot of time just to manually prepare documents, things like that.
[00:36:47] Speaker A: Yeah.
[00:36:47] Speaker B: You know, if you can accelerate the generation of those, you know, articles, those tools.
[00:36:53] Speaker A: Yep.
[00:36:53] Speaker B: That's more time that you can spend with your client. And the more time you can spend with your client, the more trust that you can build. And then you use the AI to do all the stuff on the back end.
That's where a lot of folks have seen a huge benefit. Their ability to spend more time with their clients and not try to rush through things just because, you know, they've got 15 other things they have to do, that's a smart way to conduct business. Because the more you can get your name out there, your brand out there, and do things automatically with AI that you don't like doing. That's a, that's a great way to use it.
[00:37:29] Speaker A: Yeah, absolutely. Truly, truly powerful. Now, what are some of the tools that can handle repetitive things such as scheduling reminders or maybe lead or client follow up? What are some of the tools that you recommend our audience to use for those repetitive tasks?
[00:37:44] Speaker B: So if you'd asked me this about six months ago, my answer would have been completely different. Even three months ago, it would have been, well, probably Three days ago it would have been completely different. But you know, these large language models that are out there now are trying to make it easier for users to plug into some of the tools that they're used to using. So you can, for instance, if you're a Gmail account holder, you can have some of them automatically plug into your Gmail, respond for you, manage your calendar, you know, give you reminders and follow ups, or you can automate the entire process if you choose to and just have it respond with, with different templated information out there. So there's a lot of different ways that you can plug in now to your tools that you use every single day and you, you don't have to do a lot of integration around those. And so it's not going to cost you as much, it's not going to be as difficult and you're going to be able to use them faster, right?
[00:38:40] Speaker A: Yeah. Now I've also found that as you're driving, right, you just have, you know, your hands free technology within your vehicle, but you can ask it to do certain things and it's scheduling meeting and it's setting reminders, it's making phone calls or it's setting up different conferences. So you can do so much. Now to that point. Right. Some of the concerns out there is that it is replacing some repetitive roles out there. What can you tell us about that?
[00:39:06] Speaker B: That is, that's true. If you're looking to potentially save money, AI do that. Now the reality is though, you know, if you get rid of your, and I use this as an example all the time, if you get rid of your admin and you know you can completely replace them with AI, then maybe your admin's not doing quite as much as they, they probably could have and you're not fully utilizing your admin in the first place.
[00:39:38] Speaker A: Right.
[00:39:38] Speaker B: So the way I look at it is we all want to grow, we all want to do more using AI and increasing your capacity to do more in the same amount of time is going to be more valuable than you replacing somebody. So teaching your admin team, that is going to be a huge win for you. Because the reality is it's not AI that is replacing people today, it's people that know how to use AI. They're replacing those that don't know how to use AI that are replacing them. And so that's going to be a, that will be a huge capacity increase for you, your team and your business.
[00:40:19] Speaker A: Absolutely. So, so for those business people out there, it's really trusting the Process and making sure that you're utilizing it to your advantage so that it empowers yourself and your team. Right. To all team members out there, I would say that, you know, be that savvy and dive right in, look into the power of the tools and how it can help you do things better for your team, for your superiors. And by the nature of doing so, you become 10 times more valuable yourself. Right. So it's really having an open mind to learn new tools, experience with them, and make sure that what output you're producing is now 10 times better because you're enhancing it with AI and then you find that you go into different things. Won't you think, Dr. Allen?
[00:41:05] Speaker B: Absolutely, absolutely. Because, you know, I tell people, you may not be able to be an artist, but you have a vision and AI can help you execute that vision. You don't have to have, you know, the, the intricate, you know, capabilities that you used to have. AI can help you with that now. And that is a, that's a huge win for everybody that's involved, right?
[00:41:28] Speaker A: Absolutely.
So now one more idea out there. What's one thing an agent should stop doing manually right now? What would you say?
[00:41:37] Speaker B: Well, I would say writing listings, that is, that is something that AI can knock out of the park. You can just give it pictures and you can tell it. I want you to write a listing that has this kind of information in it and to use the pictures. And it will be done in less than a minute. And then you can check it, you can proofread it, you can tell it to change it, and within 10 minutes you have a wonderful listing that you no longer, you know, have to worry about. And I don't know how long it takes folks to do that, but it is time consuming and that's a huge, huge win. Huge win.
[00:42:14] Speaker A: Oh, oh, absolutely. It's amazing what it can do whether you're buying, whether you're selling, or whether you're renting. I've used it for my short term rentals and then just very highly enhanced listing that shines above the rest and you can really tell the difference between the AI generated listing and the others. And it does make that impressive, snazzy look, don't you think?
[00:42:36] Speaker B: Oh, absolutely. And the great thing too is, you know, you are the one that is the expert, right? You have the knowledge. The AI is just doing things that it normally would do. Now when you combine your knowledge with the AI speed and you can do that in 10 minutes, that's, that's, that's really what makes the difference and as you said, it will shine above everything else.
[00:42:58] Speaker A: Absolutely. Well, thank you so much for sharing your experience, your wisdom and all those tips and strategies on how we can use AI to simplify our real estate and business lives. Thank you so much. Now for our audience, how do we get a hold of you, Dr. Allen?
[00:43:14] Speaker B: You can go to my LinkedIn page or you can go to AlanBedot AI and and look me up, send me questions because I love questions and I answer them for no cost. So any way I can help, I want to do that.
[00:43:27] Speaker A: Wonderful. Well, thank you so much for being on our show. I'm Griselda and this is Real Estate Profits on NOW Media Television.
We'll be right back with more ways to optimize, scale and succeed. This is Real Estate profit. Great job Dr. M. Media Television.
And we're back. I'm Griselda and this is Real Estate Profits on NOW Media Television. Let's keep building smarter together.
Hello everyone and welcome to another exciting segment of Real Estate Profits. So we've heard about some cool tools that you can use as we utilize and get smarter with AI to make sure that we're highly proud, profitable, productive and efficient.
So in this segment, I want to share with you the most basic principle of lean efficiency to make sure that you're maximizing your profits.
And that is the notion of creating value for your customers.
Now it's simply said, right, just create value for your customers. But it's not as simple as that sounds.
First of all, we need to know who exactly is the customer? Who is your target audience? Who is that person that is getting a benefit from your product or your services.
So now that is the most basic principle, making sure that you, in whatever service or product you provide are giving your customer exactly what they want.
And sometimes they might not even know what they want, meaning, not that they're not aware of what they're wanting to get, but they're not exactly sure of what exactly they're needing to get to get to that next level of service or product, right? So now in this segment, I'm going to show you three simple criteria that any process must satisfy in order to be considered a value added step or process for your customer.
First of all, like I mentioned, you have to define who exactly you're serving, who is your customer. And once you nail that, then anything that you do in what we call the flow of value is from that customer's perspective. Okay? So now I told you there was three simple rules or criteria that any step of your process has to meet in order to be considered a value added step.
So now the very first one, of course is the customer cares. The customer is willing to pay for it, or the customer is asking for it, right? So you need to make sure that the customer is clear in your mind. And from their point of view, are they willing to pay for that service? There's many times in real estate, for example, there's loads of documents or paperwork or activities that have to happen for the title agency or for the real estate agent or for anybody else. From the customer's perspective, perspective, does that really matter?
And that's what we have to really keep at the forefront of our minds. From their point of view, does it matter? And if the answer is yes, then that first rule applies. The customer cares and they're willing to pay for it.
Now, for example, let's consider building a home. It takes approximately by the time you find a lot, get everything ready, have a design in your hands, let's say it takes about 10 months winding the lot, getting the right perfect location, a couple months making sure that you're ordering all of the components, all the materials coming in, you're waiting for them to come in, about six months or so for that.
Then it's probably about a month of actual time to build the home, right? So in that one month is when things are changing, coming together, the frame is going up. So in that one month, that is the value added step in that entire home building process.
Now, at the very end, there's also an inspection process more to come on that to see if that is actually value added or not.
So far, I've told you about the very first step in creating value for your customer. The customer must care. The customer must be willing to pay for it.
The second criteria in making sure that you're adding value for your customer is that something must change. It must change the form fit or function of a product like your home being built. Or it could also just be a transaction, a real estate transaction. You're buying, you're selling. That also is a process with some service in between, right? So that is transactional value.
So now you know the first two rules. Customer cares, willing to pay for it.
And the other one is change. It changes the form fit or function of something.
Now the third criteria, and also very important so you can make sure that you maximize your profit, is the C is for correct. It must be correct the first time.
Many of us have engaged in any type of process and you have to do it twice or three times, sometimes more, only Adding huge amounts of waste and cost to whatever it is that you're designing, buying or like I mentioned, in a transactional process, completing that process.
So being correct the first time saves you a lot of time and money.
So there you have it. The three rules of truly creating and focusing on adding value for your customer. Customer cares is willing to pay for it. C is for customer. The second one is has to change something in the process. So it changes the form fitter function of a process or a widget, a product, anything that the customer is buying.
And last but definitely not least, it is correct the first time. We don't want any rework, any waste, any wasted time, resources or money in the process.
So meeting those three, that means that that is creating and focusing on creating value for what your customer is looking for.
So now back to the home building example. There was time that has to happen, but it's just finding the right location, then getting all the right components. Finally you're building the home and that is value added.
Now, in the last month of this process, home inspection, we all sometimes dread or love the entire home inspection process.
But that home inspection process, does it really add value from the customer's point of view?
The customer expects your construction process to be flawless, just perfect, so that they don't have to put a dime more into checking whether everything was done correctly.
So the inspection process by all means is also a non value added step in the process. So when you consider that about 10 month process and going through really only about one month is truly adding value to that home construction process.
So about 10% is truly value added from the customer's viewpoint.
Now when you dig a little further from that one month only, probably about 15, 12 or 15 days is truly something changing in the process.
So from that 10% that just went down to about 5%.
And I challenge you on this note, any process, building a home, closing a real estate deal, anything that you're selling or servicing, look at your process and you will find that only 5% or less of the time is truly adding value to what you're providing for your customer.
So very eye openening, but very real in any type of real estate transaction, business process, any function I've done this many, many times around the world and it always comes out to be about the same.
About 5% or less is truly adding value. The rest sometimes necessary, but really not value added. And that is the most basic principle in what we call lean efficiency.
So to maximize your profit, you want to make sure that you identify only those value added steps and make those flow in a flawless execution to perfection to make sure that you're maximizing the value for your customer. So if Elon Musk was able to build a huge data Center Colossus in 122 days, I'm pretty sure that we can figure out how to build a home, a car, any widget, a phone in just one month or less.
A few days and pretty soon we're going to hear of more people, businesses utilizing the power of AI like Dr. Allen Baudot taught us here over the last several segments. The power of AI to make sure that we're focusing on maximizing the value.
Now, could AI also be used in for example the home construction process? Absolutely. It is happening now. You'll see robotic arms going through and creating the frame, the foundation, the different elements of a home.
So it is definitely happening. Not in mass quantities yet, but, but I guarantee you that in the next one to two years, absolutely you're going to see AI in every aspect of our lives, even driving vehicles, getting from point A to point B, or even in building your home.
So embrace it, learn it. And like Dr. Alan Badot told us, don't overwhelm yourselves with thinking that it's complicated. It does not have to be. It does not have to be. Just make sure that you're focusing on what is it that you're providing in terms of a service or a product to your customer and make sure that you're focusing on what activities add value, anything else you can get rid of entirely because it's only adding cost in the form of waste to your process.
So that brings us to the end of today's episode of Real Estate Profits. Whether you're new to the AI world or already experimenting, remember it's not about replacing yourself or your team.
It's about freeing yourself to do more of what matters. More of the value added activity for your business or even your personal well being. So a big thank you to Dr. Alan Badot for making this conversation practical, clear and inspiring for all of us.
I'm Griselda Abuselman and I'll see you on the next time right here on Real Estate Profits on NOW Media Television.
