AI Could Create Double Digit Unemployment By End Of Year
AI is trending. It could also create a new downward trend in the economy, and double digit unemployment in just a matter of months.
What does this mean for real estate investors, and where the deals are at?
Change Is Coming Faster Than You Think
When the economy fell off a cliff, seemingly overnight in 2008, business owners and investors thought that they still had 6 or 12 months before a crash. Then it was too late.
With lagging economic data, technology speeding up change to its fastest pace ever, and the Fed with its foot to the floor on the gas pedal to try and increase unemployment and cool the economy, many will wake up tomorrow and find their world has already been disrupted.
Double Digit Unemployment
Even the most vocal advocates of AI and automation technology have also voiced their fears that their success will also create massive unemployment around the globe. Which in turn could create immense poverty.
It’s already happening.
Some AI may be helpful. Unfortunately, it lacks a lot of intelligence in favor of a lot more artificial help. Almost every business seems to be trying to implement it. Yet, without understanding how it is already killing their own businesses.
Virtually all stores are now installing self checkouts, and are putting workers out of work. The frustration this is causing for consumers will likely push them to just a few delivery services.
Big companies like Upwork have replaced human customer service with AI chatbots, which are killing their relationships with their biggest revenue producers and most loyal, long time customers.
According to the Bureau of Labor Statistics, there are almost 3M people working in customer service in the US alone. That represents nearly 10% of the population. Close to 20% of the working population.
Then with many companies blindly turning to AI for content creation, without thinking about how counterproductive it is, and how junk and repetitive content is killing their companies, there’s another 18M freelance jobs at risk on Upwork alone.
More unemployment will be created as even jobs not directly replaced by AI will go away as these companies fail, due to implementing it too early.
It’s easy to see how this could potentially snowball to high double digit unemployment in no time at all.
Discounted Real Estate Buying Opportunities
Mass unemployment and business failures would also mean a tremendous amount of financial distress, credit defaults, and discounted property buying opportunities. Both in the residential and commercial space.
Few many want to hold real estate in a declining market. Though there will be plenty of end buyers who do. This makes for the perfect environment for wholesaling real estate as a strategy.
You can flip to luxury buyers needing asset protection, foreign buyer with economies hit harder than the US, and those investors operating and switching to truly affordable rentals, including Section 8 owners.
Win the space with intelligent human service and differentiate your business with it. You can implement AI later, in the next wave when the kinks are worked out, and there is clarity on the consequences, as well as potential benefits.
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