Hey Team,
Artificial Intelligence (AI) is all the rage right now…and I’ve got to say I’m pretty geeked out about the possibilities that OpenAi and ChatGPT mean not only for the real estate industry but our lives in general.
This could be a revolutionary tool for your real estate business. It’s as easy as “plug in a term and get a list of actions”. I quickly lost 2 hours of my life plugging in different questions and watching in real time what ChatGPT spit out.
As I experimented with the system, I was trying to think of ways that real estate agents could use ChatGPT in their business. So…I plugged in a simple phrase. Here are the results.
Chat plug: What can a real estate agent use ChatGPT for?
OpenAi chat response:
A real estate agent can use ChatGPT for a variety of tasks, including:
Generating automated responses to common questions from clients, such as property availability and pricing.
Creating personalized property listings and descriptions that highlight key features and benefits.
Generating automated marketing messages and emails that target specific demographics or areas.
Providing virtual tours and walkthroughs of properties using natural language generation.
Creating detailed reports and analysis of market trends and property values.
Helping to schedule property viewings and open houses for potential buyers.
Assisting with the negotiation and closing process for property transactions.
Generating customized marketing materials such as brochures and flyers.
Helping to identify potential properties for clients based on their preferences and budgets.
Generating automated follow-up messages and reminders for clients and potential buyers.
Holy smokes! Talk about adding leverage to your business! This has the potential to be as impactful as the internet itself. I’ll spare you from all of the different inquiries I ran through the program, but here’s one more example:
Chat plug: What are some TikTok video ideas for a real estate agent?
OpenAI chat response:
Here are a few ideas for TikTok videos that could be useful for a real estate agent:
House tours: Showcase properties you're selling or renting by taking viewers on a virtual tour of the space. You could also highlight key features of the home, such as a recently renovated kitchen or a backyard pool.
Neighborhood highlights: Give viewers a sense of what it's like to live in the neighborhood where a property is located. You could show off local amenities, such as parks, restaurants, and shopping centers.
Home staging tips: Share some of your home staging skills by offering tips on how to make a space look its best. This could include ideas for rearranging furniture, choosing colors and finishes, and adding accessories.
Real estate market updates: Keep your followers informed about the latest trends in the local real estate market. You could share data on home prices, sales volume, and other metrics.
Behind-the-scenes glimpses: Give viewers a look at what it's like to work as a real estate agent. You could share glimpses of your day-to-day activities, such as meeting with clients, touring properties, and negotiating deals.
Hint: Remember when utilizing videos to keep your videos engaging and informative, and consider using catchy music and special effects to make them more visually appealing.
Action Step: Use the OpenAI chat tool and share with the team how it helped you discover strategies to grow your business.
The Past 30 Days in Review
One of our 2023 goals is to close 500 listings! Last year we ended with 382.
Our recipe for execution of a goal always follows a 1-3-5 model.
1: Identify one goal….
3: Determine 3 strategies to achieve your goal. You may also hear me refer to this as bullets we’re going to fire, per Great by Choice by Jim Collins. Awesome book!
5: 5 tactics or action items to move the strategy forward. The tactics can continue to evolve every week as you chip away at operationalizing your goal.
So let’s break down one of our “500 Listing” strategies that’s currently in the brainstorm phase.
The Goal: 500 Listings Closed. Remember the partnership we had with Zillow Offers? During that time we completed around 12,000 CMAs for homeowners that showed interest in selling their home to Zillow.
The strategy: Create appointments from that subset of our database by offering updated home valuations.
The Action Items:
1) Being that we don’t have contact info for the majority of these homeowners we need to drop the address list into LeadSherpa at a cost of $0.15 per email/cell hit. LeadSherpa is essentially a skip trace software. Hit rate with LeadSherpa is around 50-60%.
2) Write text/email campaign that stretches over 1 year.
3) Start the automated campaign to see if we get any hand raisers. This will be done in batches of 200 at a time…as we don’t want 1000 CMA requests at once. Initial text/email may look something like, " We’re following up in partnership with Zillow, you had made an inquiry within the last couple years and wanted to see if you would be interested in an updated home valuation".
4) For those that respond we will have our offshore valuations team complete an updated CMA.
5) Once CMA is complete then our CSS team will schedule an appointment with the homeowner and one of our awesome agents to review their updated home value.
If we continue to implement this strategy, it will remain part of our weekly sales meetings to track and measure results to ensure it’s worth continuing. (From the book Great by Choice: Fire bullets and then if it works….fire cannon balls!)
As you work through your own strategies, remember to continue to move forward.
If you find yourself stuck, ask yourself, do I need to spend more time searching for better information or do I need to spend more time acting on the information I already have?
Is the bottleneck strategy or execution? Execution eats strategy for breakfast!
Looking Forward: The Next 30 Days
“Don’t Miss It” Meeting
We have an in-person All Team meeting coming up in February. My good friend and amazing business coach, Amanda Walker will be presenting on different motivational tactics we can use every day.
I’ve personally seen the impact Amanda’s work has had on business leaders as well as myself. What inspired me to have her come in and share was the results she’s had with our friend and team member Ansel Van Horn.
For those that don’t know the story, Ansel heads up our investor division, and six months ago he was in a life altering accident. While boogie boarding in the ocean he broke his neck and became paralyzed from the neck down.
Given a 3% chance to ever walk again, Ansel is defying the odds and is regaining his ability to walk. Amanda has supported him in staying motivated and keeping the right mindset! She’ll be sharing some of these techniques with you at our All Agent meeting!
Must-See Content
Discussed above. Life changing! Experiment with it and see what it can do for your business. https://chat.openai.com/chat
While AI may be the most exciting advancement in our lifetime, it is also causes some “productive paranoia”.(Great by Choice reference) 50k highly skilled workers being laid off(Amazon, Microsoft, SalesForce) It’s a perfect storm for new entrepreneurial endeavors but at the sacrifice of some great humans losing their jobs.
Must-Read Book
One of our core leadership books! This follow up to Collins’ book Good to Great shows why some businesses thrive during the best and the worst of times.
Quote of the Month
“For no matter what we achieve, if we don’t spend the vast majority of our time with people we love and respect, we cannot possibly have a great life.”--Jim Collins
GL
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