How AI Is Killing And Boosting Real Estate Businesses
Everyone is talking about AI. It’s a huge trend. One with many potential benefits, as well as risks, and plenty of controversy.
Let’s take a look at how AI is already helping to boost some real estate investment businesses, while potentially bankrupting others.
The Good
Good AI tools with some intelligence in their application may help create more efficiency for real estate investors and business owners. They might be able to help streamline tasks and your day so you have more time for the most important work, and more free time.
When curated well, AI tools can help feed your high quality, original, human generated content to prospects and potential leads online.
If your business has true, high value AI tools you’ve developed of your own, then you may find that you are able to raise substantial amounts of additional capital for your business right now.
Even if you don’t, then all of the other entrepreneurs and investors in the AI space who are making out like bandits can become great clients with lots of cash to spend with you.
The Bad
Of course, most people have already encountered negative AI experiences. Especially with customer service apps that are worse than having no chat support at all.
Others have run into AI decision engines in lending, credit, and for other approvals. Often ended up confused on why they were denied, and at the lack of actual intelligence in this so-called AI.
The Ugly
Continuing from the above, if you are trying to implement tools like this for your own customers, you may be turning away countless qualified prospects, and be turning them off with horrible customer service experiences.
Be sure to regularly walk through the process as a customer yourself. If they aren’t making things 100x better for your customer, they are likely costing you an enormous amount of business and income.
If you don’t 100% understand the algorithms being applied and can’t convey them clearly and explain how they are applied evenly to all, then you may run into serious legal issues, compliance problems, and investigations by regulators.
Today, one of the biggest dangers of AI is those being lured into using it to create content. Which often ends up being misleading and incorrect junk. This will rob you of your marketing results, ROI, and both new and existing customers. It may work in another 10 years, with a lot more human input, or for creating fun memes. It’s just not ready for business.
Then lastly, the massive shift to AI is also fueling more unemployment. Even AI leaders and CEOs are concerned about how we will need to address poverty in a world where we only need a fraction of the workers we do today. While the population is also increasing.
In the short and medium term this may lead to a lot more financial distress for consumers and homeowners. Which in turn can make for great opportunities to buy deals at discounts. Though may lead to lower renter and borrower performance.
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"I want thank you for the excellent service I received from Best Transaction Funding.The quick response I received from your company from the beginning of the transaction and to the end was unbelievable. I also want to give a special compliment to you as well. You went to great lengths to keep me informed and gave my title company all the information they needed to complete a successful closing. I cannot express how thankful I am. Such service builds great working relationships. I will definitely recommend Best Transaction Funding to all my fellow investors. Thank You."
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