“I know AI is important, but I don’t really know where to start.”
I think it’s pretty easy to see AI opportunities for call centers and marketing firms. Anyone can write a blog or LinkedIn post with ChatGPT (this wasn’t written by AI).
But how does it solve actual problems in real estate?
How could it transform some of the common tasks like lease renewals, tenant onboardings, and sourcing deals?
If you’ve read (Re) Defining AI, you know that we define AI as the following:
Computers doing stuff that humans used to do or shouldn’t do anymore.
This definition eases my mind: there is no practical difference between AI and automation.
If I can free up my team to spend less time from mundane, repetitive stuff and more time helping me solve the biggest problems in my business or capturing the biggest opportunities we can, that’s a win.
Put simply, if I can free up my A-players from 5 hours of mundane busy work per week, I’m going to make them way more effective.
The only thing that matters is that the boring, repetitive task gets handed off to a computer (the right way).
Building a great real estate AI strategy
The single simplest way I’ve found to build a great AI strategy is to do the following:
1. Write down your company’s 3-year vision. Be super clear on it.
2. Write down all the obstacles currently preventing you from achieving that 3-year vision.
3. Next to each obstacle, write down the name of the person in charge of helping you overcome it.
4. Next to their name, write down everything that they absolutely hate to do.
Then, focus on automating all the things in item 4.
Focus on letting your A-players create bigger and better value for you by removing some of the frustrations of being bored or doing low-value work.
In automating the tasks your A-players hate, you’re literally making their life better.
If you take a week and focus on just answering these questions, I think you’ll have a ton of clarity as to your starting point for your overall business strategy.
AI should not be your strategy.
AI should accelerate your strategy.