Transcription
We know a lot of real estate investors are hesitant about AI. I mean, hey, it isn't it just another thing we've got to do, add to the to-do list, you know, figure out AI. It sounds complicated. It sounds risky, or it just feels unnecessary, especially when you're drowning in a to-do list. But by the end of this episode, you're going to understand, you're going to understand exactly why AI benefits your real estate business and why it's quickly becoming something you can't afford to ignore.
Maria Giri and I are here today. We're just two real estate operators talking about how we are using AI in our real estate businesses every single day. And so, let's jump into why you should be using AI as well. Ria, welcome to the show. Let's, let's jump into it. This is, um, this is today's topic. We want to build a case why people, they should like they should be prioritizing AI. So, let's do it to where, uh, you give a reason and I give a reason, and you and I are going to lay out a few reasons each of why people can't ignore AI any longer. Um, so, so what's your, what's your first reason?
Well, one of my first reasons, uh, that I think especially if it's a newer investor or somebody in a newer area is AI can really be used to decipher your market. Who are you going at? What are their pain points? And how can you better market towards that demographic? Because right now, many real, in real estate investors are probably not realizing it, but what we like to call our competitors or other investors out there, especially the bigger guys, that's exactly what they're using AI for is to better target their markets, the demographics, the pain points, and how to craft or create a better marketing tool. Be it responding to emails, responding to text messages, or just your simple as I do, um, mailings.
>> Yeah.
>> So, I think that is a huge time saver.
>> So, it sounds like it's helping in making decisions.
>> Right?
>> Absolutely.
>> So, so it's like it's a, it's a way that people, um, are utilizing, yeah, to, to help with that.
Um, so for me, one of the big reasons why I believe real estate investors should absolutely stop, uh, ignoring AI and embrace it, but then, as, as I said, prioritize it is because I used to, at one point, I grew my real estate businesses where I had, you know, I was outsourcing and I, or I had people on my team up to seven people helping. So, I had multiple acquisitions people. I had, um, you know, different like lead managers. I had like a, um, a business partner that was a project manager. I, you know, I had all these different people on my, my team. And if any of you know my story, if you listen to previous episodes, I share it. But a huge part of that was I had to de-scale. Meaning, I got to a point where it, it was like nails on a chalkboard talking about having, you know, people that, like, it's like this idea of having overhead and I'm forcing myself to do deals just to have that overhead, um, to cover it,
>> every month.
>> Yep.
>> Exactly. And and and so just to be able to to do that part, just to be able to cover, you know, that, like you said, that monthly expense, that monthly nut is, I, I, I really hated that. Co gave me the, the, um, opportunity to de-scale. And so now, you know, I want the ability to grow, but I don't want the cost of it. And AI is absolutely the thing I see doing that. It's, so it's ability to leverage without all the cost of overhead is my point. And and I think that that's a huge. Now, all the, you know, the big costs, right? So salaries, you know, commissions, um, benefits for staff, right? Like all this stuff. Um, and so when used right, AI can absolutely provide multiple different support roles, just like VAs would, just like, uh, actual onsite staff, you know, all of those different things. And so for me, as someone who, you know, scaling grew and had support, but hated like having that office, like I remember I would never go to my office, right? Because a lot of times I think it's because it correlated with that, that very big stress factor of, I am being forced to do deals just to cover all this, right? And so I didn't go to the office
>> because you have a net you have to make every month just to break even,
>> that, that, that level of expenses, right? So there, so ultimately, when AI started coming around and I started to understand it more, I said, this is my chance to get back to that level of leverage without, again, that big overhead. And I, that's what has me most excited. That's why this is my number one reason. You guys have to prioritize it because for all of you, especially solopreneurs or people who already have staff, this is a way that you can grow without extra liability.
And so, Maria, what's your, um, what's your second point?
Um, actually, it's funny that you brought that up because my second point is actually on operations, how it had with that because before Co, I had the office. During Co, I kind of shut down the office. Then when Co kind of opened everything up, I thought, oh, I better get my office back and start doing all that stuff. And then AI come, started coming about and I'm like, getting rid of things, simplifying, getting rid of VAs and all that stuff. Well, I got rid of my office, uh, last year again. But then it was like, okay, using AI or Chat or Perplexity or whatever you're, you're using as the tool to say, hey, these are all the different components of my organizations. How can I map out the operations and what tools do I need? So I think the exciting thing about AI, [snorts] is it's never been, kind of in many ways, easier to be a solopreneur and cheaper without needing all the ancillary support. So, what I use it for is, and I know we've talked before on a podcast, I'm really big about becoming a better operator. What does that look like? How does that map out? What am I missing? So, it's almost like, I guess more than just operations, it's almost like a business coach for me. And it's helping me, um, future-see what could be potential problems or issues, what are things currently I need to tighten up on, just by going through the operations with it. So maybe more than operations, maybe it's just using as a business coach.
>> Yeah, it's so it sounds like you're using it to, to, um, reflect, to analyze, to, um, really draw out, um, and, and like putting in, uh, like, so for example, and so this is adding to your point. It's taking, it's taking, um, for example, this is something I'm looking to do. Let me put in there. And it's getting that feedback, right?
>> Well, you know, what are the pros and the cons about
>> Yeah.
>> what you're doing and you may not,
>> you know, see something, right?
>> Exactly. Thinking of something. It's like, oh my gosh, wow, that was a, a huge drop. Or if I'm doing a marketing piece, I say, um, I may name someone who is, for example, um, you know, whether they are a marketing expert. I say, hey, pretend you're so-and-so, you know, a marketing expert. I may say someone specifically, or I may say,
>> "Okay, I'm writing a piece of copy, you know, an ad for something and I say, you know, you're a, um, a top sales-converting ad writer, you know, copywriter for for ads. Um, give me feedback on this or write me an ad, write me an ad and highlight this, this, and this." Right? And then, but, but, but I'm also getting, you know, whether it's feed, getting them to either do it or feedback, like those things are huge. Right.
>> Right. Well, and you can have it give you the feedback of that demographic too. So say that I am doing probates and a lot of people, I think,
>> um, don't exactly write the best copy for probates because they don't see it necessarily from the other side. And this became very real to me when my mom had lost her significant other last year. And as I'm sitting with her, she just left, you know, as you know, this morning. Um, but she's getting text messages on her property that she had in common with him. And it's like, hey, are you ready to sell your distressed property? And, you know, you've recently, and
>> you just roll your eyes. You just roll your eyes. You're like, so insensitive.
>> So insensitive. And so I take that and I take a piece and I might drop it into, you know, Chat or whatever and say, "Hey, this is my marketing piece. This is what I'm going after. How is that person who receives this going to take it?" And sometimes you'll get some amazing epiphanies that way. And I wish some of these guys that are texting my mom would just freaking drop it in Chat first, guys, because you're kind of coming back a little douchy, as they say. [laughter]
>> Well, but it's also slimy.
>> It's, here's the thing is it's a half-baked thought. That's exactly what it is. It's a half-baked thought. And basically, what this is, is it's having a, a sounding board.
>> Mhm.
>> And and and that's really. So, so when we talk about the ability to get feedback, I mean, I started a new business line, which is effectively something I've been doing for a long time, but I just dedicated it its own LLC. And so then I was like, well, let me build out a business plan for it, right? Like I, I want to kind of outline some of these things and kind of put it in the folder and, you know, whatot
>> and I had Chat help me create it and then I, you know, I, I added and I made some edits, whatever, and then I asked for feedback. Like, and I said, okay, pretend you're so-and-so or whatever, all these different things. And so, so it's ultimately that sounding board that's really. And I would say one of the biggest ways I get leverage as a solopreneur. I, I mean, it's helpful to have feedback. It's helpful to like have someone to like bounce off. And I know it's not a someone, but like something to bounce ideas off.
>> Sparrow. So, I, I name [laughter]
>> Yeah. Is that after Jack Sparrow?
>> No, I think of the bird sparrow.
>> Okay. Okay.
>> It's clever. It's. And actually, yeah. In a sense, you could say Jack Sparrow is kind of like a sparrow, but yeah.
>> Yeah. But [laughter] Okay. So, all right. So here's my second case for for why you need to prioritize as a real estate investor. It is very, very, very obvious that the world is moving at lightning-fast speed towards the advancement of AI. It is very obvious. So let me give you an example. Um, just recently, we had the Christmas holidays. My in-laws were in town and we went to a famous art museum here in town and they had a section of the art museum where, uh, it was, um, the Dali Museum here in St. Pete, Florida. And they had a section where he's known for having this lobster phone, like, uh, in one of his paintings where it's literally like a lobster on top of a dial phone, like a rotary dial phone. And they had it to where you could go to this phone, you could open it, press a button, and ask him a question. And what they did was they uploaded the transcripts from all of his interviews. And ba, they created a large language model. And based on that, you could have a small conversation with the deceased artist.
>> Wow, that's cool.
>> Like, blew my mind. And I was like, I'm gonna, y'all go look in there. I'm like, gonna do this for a few seconds because I was just so, I, I like, I was so, I was playing around. It like fumbled a little bit, but like,
>> that's where we are right now, right? Like, so that's one thing, right? [snorts] We have so many other use cases within the real estate world,
>> right? Um, I've got friends right now who are using AI as they are on the phone with sellers. They are using AI to guess, not guess, to interpret what the personality type is of the seller and then therefore what sales script should the person who's on the phone with the seller right now should be using, you know, stuff along those lines.
>> Um,
>> hey, I have recently done just that. It was about text messages. I did a FSBO. Went, for those of you who don't know, for sale by owner on one of my own properties selling it. And I just had this real estate agent [snorts] that, oh man, over the top. And a lot of it had to do with because I'm not a licensed realtor, I'm a real estate investor, whatever. Anyhow, I took the transcript basically of his text messages to me, [snorts] fed it into AI, and did the exact thing and said, "What personality does this tend to be? What is the best way to communicate with him? How can I, you know, get this deal to the finish line without, you know, losing the farm and, you know, all that kind of stuff?" It was so dead-on accurate. And after that, I took basically what I was going to respond to with them, would put that into AI with that personality type, and it created the the best response for his personality type. Now, some people are probably going to tell, "Oh, you guys are manipulating people." No, actually, if you're enhancing the communication process and it's better for both parties and you get the deal done, I don't see that as manipulation.
>> Yeah. [snorts]
>> You know, look, and and it's being informed as well.
>> Um, and and that's really what it is, right? Because imagine if you read books on personality types and it, again, I mean, come on, in sales, there's books. It's, you know, um, um, I've got some and yeah, I was going to say I have some NLP books on my where it's literally where you can watch how people are responding and then you can then adjust to that, right?
>> Oh yeah.
>> Like, so, so to finish out my point here is the, the world is quickly, quickly adjusting, um, to so many companies are using AI. Uh, literally, um, when I list something, so I just listed something on eBay last night. eBay is writing my description of the item, you know, I'm pinning in the information. It's this color, it's this year, it's this thing, it's this brand or whatever, and then AI is writing the description for me. Uh, I am, there are so many companies who are using AI. Look at your favorite top brands,
>> and go look how they're using AI right now. So many people are using it. So if you're not using it, number one, you're getting left behind. Number two, you are missing the opportunity to adjust and pivot in this changing world that we live in. And and and I, I used to have this in my desk, but I don't have it anymore since I moved. But I had that, um, I had this quote and it said that my competitive advantage is that I can learn and pivot sooner than my competitors. And it's like this idea of, um, being willing to adjust. It's, it's if you're, it's like this idea, if you're not willing to look at AI, it's, you're, you're the last freaking Blockbuster in the world of Netflix. Like, that's, that's really where you're at. And you're like, this is, you know, uh, I'm, we're not go, the world's not going that way.
>> Yep. Exactly. Or you're like that Zoom was the first iPod ever out there. Where's Zoom? Almost nobody even knows of it,
>> because they didn't pivot and evolve,
>> like the iPhones and or the iPods did. And so you are a thousand for. And let me add to that is AI has leveled the playing field for the small businesses, the solopreneurs, because all of your major companies out there had all the money to throw at [snorts] all that research and doing all that testing,
>> and yeah, now they're doing AI to craft the messages and whatnot, but now you have that ability as well without having to spend the thousands or millions of dollars to do it, which that is huge for us. And and and and it's moving at such rapid lightning speeds. And so whatever you think you know of AI, or we all think we know of AI, first of all, it's already changing. Like what we knew yesterday, it's changing. Uh, and it's going to continue to evolve. It is very, very different. And so my, my, my point with that, you know, so my first point was talking about how it can be leveraged with low cost, right? Without all those huge overcosts. But the second part of that is this world is very quickly, massively embracing AI. And so what's going to happen to the people who don't embrace it? There's something to be asked of that with how like my mind is blown when I look at how much AI is being embraced by major companies, you know, and there's all the ways that it's being embraced that you don't see right now. Don't get me wrong, I can definitely see when people go on ChatGBT and they say, write me, you know, write me a post on Facebook because they have all these emojis, they have all these M dashes and they just copy and paste it.
>> Yeah. And then they copy. So like I can definitely see.
>> And sometimes they forget the prompt at the top and the prompt at the bottom.
>> Yeah. I'm like, man, bro, you did the entire
>> posting description. [cough] [clears throat]
>> from Yes. And so, so some of you aren't aren't aren't aren't, you know, adding to what AI is helping you with, or you're not critically reviewing what AI is giving you.
>> Um, so I can see some of you, there's no, there's no hiding it that you're using AI.
>> Um, but I'm using AI all the time. Maria, you're using. That's the whole reason we're doing this series, you know, where we're having these consistent conversations around how we're using AI is because, you know, there so many people are using it frequently. So many businesses are using it. So ultimately, you guys, if you're ignoring it, you're going to, what is the cost of ignoring it to you? That's going to be, I think, the ultimate question.
>> Uh, so Maria, to you, what's your, what's your third point?
So my third point, um, is actually it came probably maybe a year or so ago when I had some newer student, newer investors, super nervous about their scope of work and what their numbers are. And as we all know, you, you do make your money many times, especially when you're flipping, on what you're buying it for and being pretty or as close to rock solid as you can be on your numbers. So on a whim, I thought, and with my son, because my son at the time was 18 and so just coming out of high school and he was very skeptic about this AI thing. It was like all like fun and games and whatever, and I was trying to show him how AI could be a tool. So, this property, and I decided to build my whole scope of work based on this property and go room by room, um, writing down what was needed and putting it all into Chat and we're having this conversation back and forth. That scope of work was so rock solid, the numbers, the everything. And I told it where I wanted to get the materials from. I gave it. Now, you do have to feed it. You can't, I mean, garbage in, garbage out. You do have to get specific on, you know, what level of a rehab are you doing? You know, what is going to be your end price point? You know, all this kind of stuff. So, you're not going and putting in, you know, gold toilet bowls in a mobile home kind of thing. [laughter]
>> Um,
>> you're not the government. Come on.
>> Yeah. Exactly.
>> Um, so it was so accurate and so, and it put in a couple of things that I had forgotten that were critical and changed the numbers. Um, another key point on that is this past summer I had to, uh, finish a porch. Bought a property. It was already, um, another rehabber's flip gone wrong kind of thing. And I needed to get really accurate on the porch, but I have never really taken over someone's porch and, you know, what they've started but hasn't finished kind of stuff.
>> And so I fed all of that into AI, what was going on, what I needed, the square footage, what was being built, with pictures, all of that stuff. And then I asked it to come up with a step-by-step plan for finishing it. What are the pitfalls of taking this over? How can we correct anything that needs to be corrected? But then a solid material list with pricing and where can I get it from in my local market? And I put my preference was for Home Depot. Courtney, that thing was accurate to the freaking screw. It was like, and even including the, you know, 10% for, uh, you know, right, that kind of stuff. But then I went a little bit further and said, okay, in this section, your boards are going to be shorter, so you're actually going to have a little bit more waste here,
>> kind of stuff. And I was just like, you know, because normally we think, oh, blanket 10% whatever. And it's telling me, no, here you're going to actually be cutting these boards shorter.
>> Um, yes, you can use the eight-foot boards, but then you're going to be paying more per board for this than this. And it was like, so it gave me the, the pros and cons of even which length of wood to use and, you know, all that kind of stuff. So, and it gave me the SKUs. So, when I was doing my spreadsheet,
>> wow,
>> my love language. [laughter]
>> it built it all out into an exportable file. And so then
>> that I could go into Home Depot, give to my pro desk,
>> and they could they could go and compile the items and they, yeah, all that.
>> Do you know how good time that saves?
>> Okay, hold on.
>> For those of you who are listening right now,
>> Maria and I are just getting started on this AI for real estate investors, you know, podcast. But guys, if you want to hear us do an entire episode just on what she just dropped, you better put a comment below so that you can encourage us to to do an episode on that. That right there alone is, I mean, there's no price admission here, but that, that is gold.
>> Um, see, that's huge. So, so, so like, what is AI? What's the case for AI? It can help with some efficiency, right? So like, um, compiling everything. It could be a like, invert, like that is a project manager.
>> That's, that's exactly what that is. That is a, or a project assistant at the very least, right? And then ultimately, imagine showing up to Home Depot with that sheet. You're not forgetting stuff, right? Cuz come on, when we're doing renovations, how many of us has gone to, um, Home Depot every single single day because we forgot stuff, right?
>> Um, so you're limiting the amount of trips to Home Depot. You're able to have it in a file that you can send to the pro desk so that they can absolutely, you know, put it into the bid room.
>> Um, and would they
>> the exact SKUs,
>> which is,
>> but then could they could they then shop for it for you and have it ready? Or no?
>> Oh, yeah. They pull it all. Yeah. It's all ready and
>> and then you just show up and they load it.
>> Yeah. Or depending on your level or where you're at, they can deliver it.
>> So,
>> and you can have them save it as a quote, [clears throat] for future jobs,
>> like if you have a base, like, hey, if we're doing a base, um, paint, carpet, fixtures,
>> like, hey, or if we're doing
>> base model package. Yep.
>> Like a base model package, save this. We're using it.
>> Um.
>> Mhm.
>> Oh man. Okay. So, I hope you guys are getting excited with this. Um, because think about this. She is using AI to then have another company, i.e. Home Depot, work better for her, right? And and help her more, right? And and make her life easier. I can guarantee a lot of you are not thinking of AI in this way. Period. And so, you know, as we start to wrap up here, we're going to keep these AI for real estate investor conversations going. We want to keep them, um, grounded and practical, right? We're not singing AI's praises, you know, blindly here. Um, but we also want to make it to be where we're sharing how we're using AI in our day-to-day lives. And sometimes it's a conversation like today where we're sharing ideas back and forth on a general topic like today of why you should not, you know, why you should stop ignoring it.
>> Um, as a real estate related business, as a real estate investor, but then other episodes, we're going to be deep diving in some practical case studies. So, I'm looking forward to those, too. If this is the type of insight that you want to keep hearing, make sure you're subscribing so you can stay plugged in for future episodes.
>> Um, guys, more of this is coming in. Maria, if people want to get in touch with you, uh, where can they follow you at?
>> Um, they can go to my socials, official Maria Giri. Uh, that's my social on, uh, Instagram, TikTok. And then Maria Gyroano on Facebook. And I have my website, real estateprofitsystem.com.
>> Yeah, all of that's going to be in the show notes, you guys. I'm Courtney Fricky. You guys can find me on socials there. All of this is in the in the show notes if you want, if you're like, "How do I spell Gyroano?" Uh, that's in the
>> That's in That's in the That's in the um in the show notes.
>> Guys, this has been another AI for, uh, real estate investor episode. Uh, we're excited to keep bringing you guys some more insights. Appreciate you tuning in. See you on the next episode.
>> Thank you, Maria.
>> Thanks, Courtney.