Got a question for the trio?
Episode Highlights
3.16 – Cate introduces today’s topic
13.10 – How does AI already exist in the property world?
19.30 – A teaser for next week’s show – Can James and Lisa retire by age 50?
20.36 – Mike suggests AI could be the biggest thing for productivity than the Industrial Revolution
25.55 – Are property businesses currently utilising AI to select investment grade properties? Tune in to find out.
35.25 – And our gold nuggets!
Show notes
AI’s Role in Real Estate Investment…
“AI, and particularly generative AI, is a game-changer in real estate investment, even for the average Australian investor.”
Mike and Dave explore some of the immediate scope that AI can offer, from generating realistic property images, to creating detailed market reports, and even forecasting future property value trends based on a range of complex factors.
Understanding Generative AI vs. Traditional Machine Learning….
Mike ponders the power of capturing a series of ‘photographic memories’, and details how AI has aided him with his quantity surveying data and identification of trends. Moving forward, can AI predict sentiment? It’s an interesting thought-experiment.
Dave contrasts the take-up of Chat GPT against other advancements such as the World Wide Web, Facebook, and the telephone.
How does AI already exist in the property world? The Trio ponder…
Mike shares some of the practical applications of generative AI for investors
“These AI tools are user-friendly and are designed with the layperson in mind. They can analyse your financial goals and suggest investment strategies, almost like having a personal investment advisor powered by AI.”
But Dave reminds listeners that information found on the internet shouldn’t be blindly trusted. Cate talks about the risks to businesses when it comes to AI mistakes.
Can AI predict an outperformance property? Or is this a task that requires human touch? Tune in to find out what the Trio each think.
Cate shares the last paragraph of the episode, which was generated by AI: “AI, and specifically generative AI, is transforming how Australians invest in real estate. It’s making sophisticated investment analysis more accessible to everyone.”
Gold Nuggets
Dave Johnston’s gold nugget – Dave ponders the limitations and contradictions associated with AI predicting the best property in the country.
Mike Mortlock’s gold nugget – Mike points out that many price models models and capital growth predictions are often wrong, and he wonders how AI will tackle irrational human behaviour.
Cate Bakos’s gold nugget – Cate challenges the usefulness of chat boxes and scripts when it comes to disingenuous scripting and important client communication.
