Ladies and gentlemen, please take your seats. The show's about to begin. Ainsley, let's put on another show. Round 3. Let's do it. Three Ding Ding Ainsley, you made a very controversial statement recently. In fact it was yesterday, and I've hauled you into the studio to explain yourself. So do you want to just tell the audience what it They probably already know, but what was the claim you made? So it was an Arabian business.
The claim was 90% of brokers would lose their job in its current format over the next 18 to 25 months. OK, so we're going to dive into that and I think you think the culprit is AI. So we're going to talk about how and look, it's there's no, there's no glossing over the fact that AI is going to change the way we do everything in
every industry. But I think it's important to have a, a frank conversation about what we see changing in not just the role of the real estate broker, but also how the buyer's journey is likely to change, how seller's journeys are likely to change and how brokerages are likely to change because there may be some new roles created while old roles
are made extinct perhaps. But I think the one thing that you know, and we polled Instagram yesterday asking if everyone or who agrees with that statement or who disagrees. And a majority, and it's no surprise because my audience is mostly real estate agents, the majority, 61% felt that they disagree with that statement. Not to say that they disagreed in its entirety, but I think it was more perhaps the speed like 18 to 24 months felt a little bit too soon.
Yeah. So, you know, and we already know what products are emerging in the market. So we're going to talk about some of the the ways that AI is going to change that daily way of doing business, as you say. So let's kind of start by talking about, of course, real estate is one of the oldest industries in the world, very much rooted in. That's always how it's been done. Don't you agree?
Yeah. And one that I think as real estate brokers or having an agency background, I've always relied on, Oh no, it's all about trust and relationships. But I think we're moving more towards efficiency and data. Yeah. What's your opinion? So I would agree with that, but let me also clarify my earlier statement as well, just because I know it. Well, you had too much backlash. No, no, not at all.
No, no, I, I still stand by it. I, I still stand by it and I do feel a little bit like the guy that's kind of stood on the side of the beach saying like there's a tsunami coming. There's a tsunami coming and everyone's like, yeah, whatever, mate, yeah, you'll be fine. Whatever. You know, some are listening and walking back and others of them are like walking towards the ocean. I'm like, no, don't go that way, go this way. And they're not really listening.
Whether that tsunami hits in, in, in, in 12 or 24 minutes or 31 minutes. If I'm, if I, you know, if I'm slightly out, it's hitting. And when it does hit, care about how long it took it took to hear, they'll all be talking about the actual tsunami. So, so the, the, the time period is semantics to a certain extent, but let me kind of let me kind of clarify it. I used the Blockbuster video analogy previously about in 2000, Blockbuster was, was, was the was offered 50 million by by Netflix.
They laughed them out the room and said, forget about it. Who do you think you guys are? You know, you've got no idea. We're the we're the kings of the of the, of the video in the video rental industry. Come in here with your tech. Come in here with your tech and. Your trainers, Yeah. Exactly thinking, you know what's going on, You got no idea. Yeah, 10 years later, Netflix
was filing for bankruptcy. So Blockbuster story was filing for bankruptcy and Netflix was kind of, you know, ate their ate their lunch. And when I look at this, one thing that's important to also mention, I was previously the CEO of Groupon. So in the year 2000, that same year, I also remember we were the we were actually no one. I remember it because I lived through it. We were actually the first people that were selling digitally in in country and taking payments.
Prior to that people were buying from Amazon, but they were buying from the Amazon in the US and they were drop shipping to the US address and then they were drop sent and then they were having it sent over to people weren't buying here locally. So I've seen this kind of thing
happen before. Tech Revolution. The tech revolution, digital revolution, I've seen it happen once before with, with that and now everybody's, you know, the, the UAE is one of the most technically advanced when it comes to kind of that, that kind of thing. So I've seen it before. And not only that, but you're a property Finder, which is the largest prop tech in the region. Correct, correct for probably international international business director for property Finder.
So I open countries in Qatar, Lebanon, Egypt, Morocco, Bahrain and Saudi Arabia. So I've got a little bit of of regional knowledge in terms of how these things work and how these things breakdown. So, So what I would say is in as much as what Uber did to the taxi business and the taxi industry in terms of people are no longer picking up the phone and phoning for a taxi and say I'm still under, you know, this, this oak tree, come and pick me up house #23 or whatever.
That's gone from that industry. And many of the things will also be gone from, from the real estate industry as well. And people will have to evolve in in the way that they conduct the business. So I want you to stick around till the end of this episode because hopefully between Ainsley and I will give you the tools on how you can evolve.
Not that you know, there's by no way claiming to be AI experts, but I've certainly kind of moderated quite a lot of panels recently on the subject is we're in AI week now to buy AAI week and I've been Privy to a lot of conversations about what's coming. So, and you're obviously on the ground as a real estate CEO of, of market to buy. So you know what buyers have access to, you know what sellers have access to and you can come at it from the broker's point of
view. So as I mentioned, we polled the audience, 61% of them disagree with you. I also disagree and we'll, we'll to some extent. And so I thought it would be rude not to ask ChatGPT what they thought about your statement. And here's what they said. I won't replace the traditional real estate agent, at least not entirely. But I will change what a successful agent looks like. Here's how. I can already analyze markets faster than a human. I can match buyers and sellers
in seconds, not days. I can write listings, optimize prices and predict trends. I can remove friction. No emotions, no missed calls, no forgotten follow-ups. I don't misleads. I don't forget to follow up. I don't sleep, take holidays, or worry about split commissions. I don't let bias ego. Chachi PC has got a lot to say. I don't let bias, ego, or laziness get in the way of the transaction, and I optimize for speed, efficiency, and outcome
every single time. But it knows its limitations, and that's a good thing about ChatGPT or AI. It says there is one thing I can't replace, at least not yet, and that is trust. I can't walk a nervous buyer through a home and read the hesitation in their eyes. I can't negotiate a deal based on gut instinct or calm a seller who's second guessing their choices at midnight. I can't replace empathy, intuition, or the human connection. Most buyers and sellers don't
want a friend in real estate. They want certainty, speed, results. And I can deliver that without emotion slowing me down. So enough of this soliloquy. In a nutshell, ChatGPT is saying for agents who adapt, who let me handle the heavy lifting while they master the human connection, I'll be the greatest partner they've ever had. For agents who cling to how it's always been done, I'll be their biggest competition. Yeah, your sincerely ChatGPT.
I think ChatGPT has quite succinctly put that together and explained in much better terminology what I what I was actually saying as well. The truth of the matter is, most of the audience that are watching this right now are probably the ones that are going to be the survivors. OK. Yeah, because they're switched on, right? They're they're by watching this right now, they're already adapting right?
And that's half the battle. So when I made this, so when I made the statement, when I made the statement, it's for those that are stagnant, those that do not move and that those that do not change, they'll be the ones that'll be that'll be ridden over. So you may you're you're. I listened to you several times and it was a case of it will change in its current form. Thank you. You're not saying that 90% of real estate agents are going to be out of the job? No, I'm not saying that.
You did say that some who don't adapt, correct? Should be in its current form, right? The current form as brokers are working today, yeah. Everything that they have done today, they've been doing. That is what's gonna die. Can you give us some highlights of what you think is gonna change in the way that it's being done today? For sure one of the ways that typically you'll get a a lead will come through. However that comes through the client will say to you I have a
budget of $2,000,000. I'm looking for a property. I'd like it to be on the Palm, maybe a 2 bedroom. Every broker's very familiar with how a lead comes through right now with time, we're going to start seeing clients that are going to come through that ready baked that have already got so much more knowledge. They know what they want. They know where they want it. They, they, they know the market
price. They're going to be a lot more informed in a similar way as to traditionally we went to the doctors. You'd say to the doctor, you know, my head's hurting, my arms aching. This is going wrong. What is it? Because you've got no idea. But now you've majority of your symptoms you're you're Googling your symptoms, you're ChatGPT before you go to the doctor. So when you go there. The Doctor hates it when you do that. Doctors do hate it, but people, we still do it, right.
But but you're when you walk into the doctor's surgery now you have an idea about potentially, you know, one or two options and all you're looking for now is confirmation and then the remedy in the solution. And I think the same thing's going to happen with real estate. So you recently had a conversation with AI telling it about your requirements. Tell us how that process went. We use AI now everyday. That's, that's so for us, we've already started adapting, we've
already started to change. So we use it in terms of what we, how we search for the clients, what we offer them, the areas. AI as we all know is not based on emotion. It's based purely on data and purely on numbers. But what is interesting is it needs to have the correct data and the correct numbers in all in the 1st place. Rubbish in rubbish hours as we
all know. So in order to be able to give that, that combined with the knowledge that obviously that I have from you know, the time that I've been here and many of the other great brokers out there also have, that is a powerful combination and that's what we're using. So do you think that within 18 months, because that was your, your, your, your estimation within 18 months is no longer going to be filter such as price brackets or locations?
Someone will already come to you with a predetermined, like a predetermined lead that's gone through the algorithm or whatever it may be. And it spurts out the other end that this person is eligible for or suitable for this property.
So some of those aspects of it may well take longer to come into play because once again, it does come down to the data that goes in. So we're going to start seeing things change in terms of the kind of data that's collated, the type of the sun rises on the East and all this kind of thing depending on what people want from their property.
Also, they're going to become more demanding in terms of what they actually want because what they want is significantly more than the than the information they're currently requesting even from the brokers right now. OK. So at this point I think we have to segregate off plan and ready properties. OK, OK, because they're they are two different roles. Yes, let's be honest. So do who's more at risk, the off plan agent? Who should be listening up, the off plan agent or the?
If you sell off plan, then you need to be listening up and you need to be listening up very, very carefully. And I'm really taking this very, very seriously. Why? The reason for that is currently because you are working with off plan and the product the property is not yet currently built at that stage. The stage right now, it's all data. No emotions. There's no, there's very little emotion. There's a certain small amount of emotion, but it, it's based primarily on data.
So the potential buyer that you're speaking to, they want to know, you know, when it's going to be ready, you know, what, what, where it's going to be payment plan, correct. Payment plan is obviously very, very important. All of this. I, I speak to a friend the other day and I said I've been in Dubai as, as you know, you know, almost 20 years. I've got a lot of experience and I know a lot of different projects, but even me myself, you have to ask me about a project in a particular area.
I may know only 30 or 50 of the projects that are that are that are live right now AI. Knows all of them. Knows all of them. And not only that, he knows all of them in so much more detail than any human ever would. In addition to that, one of the problems with all the brokers in in this country, we all sleep between 6 to 8 hours a night. If you're lucky. Yeah, if lucky.
So, so, you know, we, we, we're, we're not able to operate all the time and AI is able to operate all the time in different languages, in different, you know, countries and, and that kind of thing as well. Today's good off plan agent is very good at producing an analysis of a project or an A comparison of other projects that are. You know, you're terrible. Yeah. Comparable properties. There is a solution for that now.
I was at IPS International Property Show a couple of weeks ago and there is a product that you just literally put one bed in whatever project and it spurts out like a three page analysis of what you need to consider, how the price compares to everything else in the area, what the projection is, what the prediction is more or less telling you whether it's a good buy or not. And that is something that I know agents will spend hours compiling.
So that's done. So that's for the benefit of the broker. 100%. But what does the broker like? If the buyer can get that report themselves, why do they need the broker? Like are we going to get to us? Do you predict that developers are going to just start selling their own stock using? Do they need brokers? I mean, listen, I think I've made enough predictions in the last 24 hours for, for, for anyone, but but what I will say is this, it's all going to change.
It's going to change faster than we anticipate. These things always do you, you, you're never able to be ready for it. You know it always, it always turns up. The discussion has already started. People are always starting to
make changes. If brokers watching this that are asking, what's the first thing that I can do to to be more up to speed to learn more, to understand, get yourself on ChatGPT, if you're not already, start using that daily and Start learning about AI because either you're going to start understanding more about it or you are going to get left behind. There's no question about that.
In regards to your point about developers, they're also going to be looking, they're, they're running the business as well, and they're going to want to have a way that they're able to be as efficient as they can and, and do as best as they can. I do believe there is a benefit to brokers because brokers are able to have that extra reach. They are able to to to take the clients through. They are able to give personal opinions based on experience as well as.
You said it's limited to the projects that live that they're aware of at that time and they may also be swayed like they might be getting High Commission from 1 developer versus another. That could influence your push sales tactic you. Know and that won't happen with AI. No, no allegiance to anyone. OK. Anything else on off plan that you see? I, I, I, I think, I think we're gonna see the most the most change and there's gonna be the most movement with off plan when. You say movement.
In terms of what we discussed in terms of. Drop offs. Yeah, in terms of being able to the clients, once they're able to have that much more knowledge and once they're able to put in or buyers are able to put in what potentially they're looking to to, to, to, to purchase and get that feedback within a few a matter of seconds. Yeah, that's gonna, that's gonna, that's gonna significantly to move the market.
So we could very well see a fully automated service, no different to Airbnb, where it's like you look at the compare, you know, you look at the available opportunities and you just let me. Tell you where the difference is there are many apps that are available right now that have got all of the the developments for off plan that are already there. Most of those are broker centric. So the brokers will go on the end user typically wouldn't wouldn't register wouldn't,
wouldn't go on to those. So if that model was to continue and then the brokers were now using the the the AI in order to be able to speed up the information they've got, then for many reasons, it would continue in in a similar to way to what it is now. But in that dynamic, what would change if the consumer was then to be able to then use that tech, which I believe that they will eventually, eventually.
And then that means the consumer is then able to go directly to source and and then find out exactly what they need to be able. To do so, similar to the way you know you used to have a travel agency in every mall on every High Street. If the consumer can go direct to the developer exactly there, speak to a chat bot or speak to a. Booking.com would be the best
example of that. Yeah. Previously you've walked out to the walk to the High Street or call up your local travel agent and say, you know, I'm thinking about this now. You can go, you can look and then you're able to to kind of go, OK. And and that can that could work for off plan because it's not as you said, it's not really emotional. It's of course there is some emotion involved, but it's more about data, numbers, gut feelings when it comes to
secondary sales now. So this is ready property that's being resold. It's a different ball game altogether. And I've always believed that that's the real real estate agent, the one who can get a listing on and sell it or they could act as the seller's agent. And then there's other people act as buyer's agents. So or park off plan to one side just for now. OK, let's talk about secondary cells. How do you predict it changing for secondary cells?
And you did make a point that luxury cells probably wouldn't be that affected. Yes. Why? Yeah. So luxury would be significantly less affected because that is more of a personable. The type of business, the high value people do definitely well, I think that I think that many people will still definitely want to speak to somebody. They'll still definitely want to have that that opinion, they'll value that opinion that much more for the high value luxury.
So I do think those brokers that are doing you know, they're done very, very well in that they will be significantly less affected outside of that. I do think that there is a place for a broker in secondary they, they will always continue to be, but I just feel that more with data being that much more accessible with the client being able to have more of their needs met. I'll, I'll give a silly example
right now, for example, nobody. I mean, maybe this country is not the best country, not the not the best country to give this example for. This would work much better in say for example, like London or somewhere else. But with time, you'll be able to say I'm looking for this type of property in that quiet neighborhood, for example. And the AI will be able to tell you the noisier neighborhoods to the more quiet neighborhoods. Not something that none of us
are even looking at right now. But that's based on guess where it gets that information from is all the blogs that have been written. You know, because as you said, it's all about data in, data out, rubbish in, rubbish out.
So unless someone's written an article, posted it on the World Wide Web about the noisiest neighborhoods in London, ChatGPT is not going to pick it up. Or unless there's a study published every year with the noisiest areas or noisiest boroughs in London, ChatGPT won't pick it up. So do you think when? Of course, we are definitely the
age of information. And one idea that or one thought that I had was if we do move to like an Airbnb style model or booking.com model, what's the one thing people rely most on before they click check out reviews? So do you think we're gonna get to a stage where secondary properties or rental properties will come with reviews from previous tenants or previous? Occupants OK, so let me quickly clarify, I'm not suggesting that I think that we're moving
towards an Airbnb model. I kind of think to a certain extent we already kind of have that with the platforms already property finders the you know, so I'm so I'm not suggesting that I think we're gonna go to that model. So, so I don't think it's gonna go down that particular Rd. What I do think is going to happen is OK. So let me give you another one because the the example, the last time I got an example I gave didn't really hit the nail on the head in, in in the in the best way.
I'm I'm just thinking of them as as a literature as I'm talking to you, but I. Think I just came up with that little review idea. OK, that's a great start up idea for someone. So there's people out there now that are working on the are working on all these different ideas because these are going to be some of the biggest growth areas. So there's no question about
that. But I will say this in as much as at the moment and and I know that some of the some of the companies will know exactly how many viewings that the average broker does in order to put to before they have they have the actual sale, OK, Let's just say for argument's sake, it's 20, OK, that number is going to significantly decrease.
There will not be as many viewings in four years time, three years time, 2 years time as to what we're having right now because the buyers will have that much more knowledge and then everything will be the shortlist would have been distilled, would have been distilled considerably. So that's one thing that we're going to start seeing so.
So, and I agree with this prediction that the, I believe the real estate agent role will never die out, but I do believe that there job is going to or their tasks are going to kick in much later in the life cycle, in the life cycle. So right now the real estate agent is involved in listing the property, getting the inquiry, answering the lead, qualifying the lead, arranging the viewing. So all of that that beforehand is going to be taken care of with AI.
They'll come ready, shortlisted, ready, knowledgeable. All they really need to do at that stage is view the property for a final sniff test and a sound check, isn't it? And a vibe check. Let let let's look for the vibe check. Let's not forget that many of these if especially if the buyers outside the country or even inside the country, they may well view digitally as well. Yeah, true. OK. Yeah, so. So. All right, Yeah, yeah. So but you but the vibes check
still stays. The vibe checks still stay because you could. There's only so much that you can see on these 3D tours and. The vibe, the vibe, the. Vibe check and sniff because you want to make sure it's not like smelling like sewing or something. So and the final, yeah, like you said, vibe check. OK, so let's tackle that beginning bit starts with the listing. So right now, traditionally secondary seller thinking of selling my property. What's the first thing they need?
In terms of with a broker, in terms of. Just the first part of their journey begins with getting a price, yes. Get an evaluation, yes. So would you say there's tools out there right now that can give you a pretty good prediction of what? There are tools out there right now that can give them a very good prediction, and there's going to be tools out there fairly soon. There's going to be even faster, even quicker and give even more accuracy and more accuracy and
more information. OK, so yes, that's that's that's that's immediately gonna happen. So then what is that seller gonna be looking for from their agent? Because it's no longer come around? Give me a valuation on my property. Yeah. What are they inviting them around to do? They may work, they may well still invite them around because they may well feel that the agent, especially if they've worked locally in that area, may have some additional information that they may well have that
they might want to give. That hasn't been a new supermarket might be opening up. You know, they may have knowledge of that's coming or a new subway, you know, tube line, whatever that they weren't aware of that is going to, you know, change something impacts them locally. So they might want to get some local knowledge, but they will go in armed with the information that they've they've got themselves from, from their own, from their own work.
So in for me it's the agent has then got to go and justify why they're best placed to sell that property got nothing to do with I can get you the best price because they'll already know what what the value is. So it's more about how do you convince me as a seller to list my property with you? Yes, not only that, but what it's going to come back round to. Unfortunately, I didn't make these rules, but but this is just what's happening.
And I'm sure there'll be some people watching that'll be angry with me because I'm the one that's kind of like voicing this. But this is coming no matter what. It's coming no matter what. So you may as well embrace it and start working with it. So that potential seller may well then say to the broker, what are you doing, you know, with AI in order to sell my property? And that's a question that they
may well have not had before. And the broker that has the most knowledge and says I'm using XY and Z in order to be able to help market your property may well quite possibly be the one that gets that wins that listing as well. And do you think we're gonna move into more of a exclusivity industry or you think multiple agents will still get AI? Think it's always beneficial. I think people always want to kind of sometimes they want to try, you know, multiple agents.
Other times people if they come from other markets especially, they might say, listen, I'd rather work with just the one. I I see the benefit in working with just the one. Well, let's think it's through because if if we're going from 20 viewings to sell a property, even though that's the agent's KPI, but it's probably quite similar to property. It probably needs to be viewed 10 to 15 times before you get an
offer, right. So you're going from 10 to 15 people walking through the door to probably two or three really qualified coming through the door. So I think that lends to us moving to more exclusive because you don't need three, you don't need to list with three agents to get 3 viewers, correct? So we move to exclusivity and I'm just trying to predict now, get my crystal ball out.
Yeah, less viewings equals more impactful viewings, which means I just need one agent to bring in that top three. We're moving towards quality over quantity in in whichever matrix that you're looking at. That's what we're moving towards very, very quickly, which is also why I said that, you know, the sheer numbers of people that we have doing the job at the
moment. But please also understand this is not just limited to real estate, other other industries are also going to suffer the same kind of fate as well. I think the legal profession is is 1 area where I think where I think lots of people understand that. Everyone's writing their own contracts. Now, everyone's writing their own contracts right now and. Everyone's consulting their lawyer.
Yeah, yeah. Everyone's writing it and they're taking it to the lawyer just to confirm, you know, is this correct? And. But similar to the role of the real estate agent, it's not that lawyers are going to disappear, it's just that they kick in on court day. Do you see what I mean? Or like they they kick in when you need a physical presence, representation by a lawyer in court in front of a judge. But who's to say that process isn't all going to be?
So yes, we need to be careful in terms of the speed at which all these different things happen. But yes, definitely initially the work that's that's that was that was done previously outside of the courtroom. Much of that is now starting to be taken over by Tech. But in addition to that, even when some of them are in the courtroom, some of the work that was done by their clerks, the administrators to find different thing that's also now being done by tech.
So it really is, it really is changing a a fast rate of knots. OK. So to recap how far we've got so far, we think off plan is going to change considerably more than secondary. There's no shadow of a doubt and I think if anybody thinks that through, they can see how and why that would that, that, that that clearly is going to be happening, especially from a, from a broker standpoint. And then we split up secondary market into luxury and
everything else. So luxury you predict will still stay relatively the same as it is now built on relationships, trust who you know and so on. But the mid market and lower end of the market, you're going to have sellers who are a lot more savvy on what the value is. So they don't necessarily need an agent to come in value for them, but they're going to need to appoint an agent to do the viewings and convince them that they're best placed to sell their property.
Bottom line, buyers are going to be that much more, much more educated than they've ever been before. So they. As will, as will also sellers. OK, so anything, any other tools you predict that will change the sellers process or the seller's journey? I mean, many of the things that we're talking about right now, those tools haven't gone public. So there are tools that are out there that have been worked on, they just haven't launched them yet. They're in testing phases now.
But as these start coming into the market, it's going to start changing the market. OK, let's move on to buyers. OK, how's their life going to change? How's their life cycle going to change? I think it's going to, it's going to be a much smoother process. It's going to be a much quicker process. And I think, I think it'll it'll be something that'll become a much more enjoyable process for
them as well. They're going to have a new, I guess more intuitive response to their needs solved by AI rather than by the advice of a broker. You think all of that's going to happen? They are going to be able to ask for more in terms of what, what they, what their requirements are. Give me an example. They're going to be able to be that much more detailed. They're going to be able to say, you know, I want a property within this particular budget between 8:00 and 9:00 AM in the
morning. I want it to be 20 minutes from a school because. What happens between 8:00 and 9:00? All right. OK, 20 minute drive A. 20 minute drive. Sorry, a 20 minute drive from the school. I'm gonna which I'm I. Want the sun to rise out the kitchen? I want the sun to rise on the east because I can sunbathe on on on the weekends. You know, I want the rooms to be this particular size. I want the total, you know, built up area of the property to be. But they're gonna be able to be
that much more more specific. Right, so let's let's segregate. So right now as of now you can already search for location, price range, size and how many bedrooms. Yeah. And that's probably as detailed as it goes in terms of search engines. You think you're going to be able to go super granular into the where the sun rises, the size of the bedrooms. The But The thing is, someone has to feed all that information
in in the first place. For some of those things, someone has to feed the information. For others of it, AI, think of it as as a team of employees that all go out to go and research and source the information and then come back. They can look at where a particular property is, for example, and they can know where the sun would rise. They can know you know the distance that it's going to be from a school during rush hour because those tools are already out.
There, So that's Google Maps, they can base it off that. But what you're saying is that in again crystal ball, there is going to be a digital twin of every single major city in the world. Do you think so? I think there already is. I think there already is. I think, I think it's, it's just the more information. Everything's now being digitalized. Now it makes sense, you know, remember Street View? Well, I mean, it's still here. Street View.
They went around all the roads and so they already know where every front door faces. I guess it's just someone to compile all the inside information. And I know from the UK, every Land Registry has the floor plans of every property, even if they've extended it or gone into the loft or built an extension planning department. That's that thing. Real estate is such a huge.
It's absolutely massive. But in addition to that, one of the things is people naturally have fear and the fear of loss and the fear of, you know, am I going to lose my job in its current capacity? But all these things that you're also saying is it's also new opportunities and new areas that are still within the real estate realm that needs to get all of
that information. But it's about the Land Registry, talking to the count, the local council, speaking to everybody has to work together to share that information. If one government body or I'm just thinking UK now, London now to get a digital twin of every single building, every single unit type. Of course, every developer already has a mock up of the of the building. So I think it'll be a lot easier in Dubai to have a digital twin of the city than it would somewhere like New York.
OK. So 2222.2 aspects on that. Number one, if there's an entrepreneur out there that says I can kind of see where this is going and I would like to put together an app or, or whatever it may well be to showcase where the sun comes up in the morning for, for example, on on different types of properties, right? If they were just wanted to put that together. Once that's together, then others can then feed into that and then we have to get that information out.
So that'll be the first point. Maybe that's what Alexa's been busy doing in our apartments, in our houses recently. Scanning. Maybe I'm. I'm sure all these things are feeding. It's all about knowledge and it's all about information. It's all about data. It's all about data. In regards to the Dubai aspect, we're just. Speculating. By the way, yeah, in in as much as to the Dubai aspect, I do think Dubai is going to be one of the early adopters for much of this.
Why? Because of the size of our market. I think that helps being able to let litmus test that much easier in a smaller market as opposed to going to a much larger market. I also think because much of the processes over here are already digitalized, it's much easier to plug things into all of this. We already have the smart contracts now. Everything's already been done digitally. Our process, this is already one of the fastest in the world.
But I think with all of with, with some of the other tech now added to that, I think that is then going to make it even faster. And people, we had to buy properties literally end to end, you know, within minutes. So globally, there's been $30 billion invested in real estate technology since 2012, and Dubai is fully embracing the OR incubating that proptech ecosystem.
I'm part of several groups where I don't see that same support, encouragement and freedom anywhere else, like New York, London. Yeah, you've got the startups, you've got the entrepreneurial entrepreneurialism, but because they're linked to such heritage assets and oh, this is the way it's always been done, it's very hard for them to accelerate. So I think Dubai is going to be the launchpad for a lot of the future prop tech or real estate related textile.
Types the whole region, the whole region. I mean, we may well be tested in the UAE, but then after that it's successful, then it's going to spread across the region that much faster. OK, so buyer journey, are we done with the buyer? Do we think their life's going to be made anymore? So apart from the search. Function if you're able to take away many of the current pain points and buying a property, make it more accurate, make it faster, make it quicker, give you more information and give
you more knowledge. I believe the buyer is going to is going to be happy with that. Myself as a as a potential boy, I would be over the moon. People better have even more knowledge than we're currently getting. Yes, that's a winner. OK. And then there's always that thing where people say, oh, you know, the hand holding the emotional side, where ChatGPT even admitted itself, you know, I don't have the trust yet. Yes. Do buyers actually need, is it
that emotional for a buyer? Do you really need hand? Holding, I believe so I believe, I believe and that might sound counterintuitive to some of the other comments that I've made, but I so number one, I think that there's there are going to be brokers that are going to be available to be able to do that. But #2 I think it is an important part of the process for many people, buying a property is the most, one of the most expensive purchases that they've made.
So that human interaction to walk them through it is definitely going to be something that that that many people are going to appreciate and, and, and, and going to and going to want across the board. And if you're buying a property to live in rather than an investment, it is less about the data, it is less about the historic. To A, to a certain, to a certain extent I. Think you're more likely to just say oh, below the budget if you're going to live there? There is more.
I have to love this. There is a lot more emotion needed. There's a lot more emotion, but the, the, the data still matters depending on what the data is, right? I mean, we've, we've spoken about, you know, distances to, to your office in the morning or those things are still going to play, play a role, but it depends on what the data is. And there's so many data points going all the way through that that could make a that could
make a change in that. OK, So the future of real estate agents, so there's a debate if it's going to be tech enabled agents or agent enabled tech. Tech enabled agents or agents enabled tech OK. Which one do you think it's going to be? Agents, enabled tech, I think agents that are that have that, that have more knowledge and have the tech that they're able to use it, I think those guys. Then that's a, that's a tech enabled agent.
So you're leaning on the side of the tech enabled agent rather than an agent enabled tech. It's like who's at the end of the value chain? Yes, the agent or the tech. Yes, yes, I so I think that the yes, the agent enabled with the tech. OK, so you still. Believe you're worth in it as OK, yeah. So you you believe in the tech enabled agent rather than the tech being running the show and they've got some agents coming. The the tech will run the show, but it'll run the show initially
at first from the back office. But yeah, with time we can play an even greater role and go all the way, go all the way through. Well, that leads me onto the back office. Yeah. Brokerages, yeah. How do you predict they're going to change over the next 12 to 18 months? And what roles could be created in the back office? And what roles may be eliminated
in the back? Office, so I, I believe that and I also, I also mentioned this before on the previously on the on the other podcast that the brokerages that embrace the AI and the tech are going to be the ones that are going to significantly benefit in terms of job roles. There may job roles could change.
Many of these job roles, even if you were to lose, you know, the job doing the particular role you're doing right now, you could also be a reassigned to do something else that would still mean you're working, but you're not doing the same thing that you're previously doing because the tech's able to do it for
you. The tech, it's almost like having the human intelligence of a, of a person or a team that's able to do those roles that were previously, you know, done, done by, by a human uploading the listings and all this kind of thing. This can all be This can all be done by tech. And one thing that I heard recently was there's a lot of companies out there now who don't even hire based on your CV or your interview skills. They couldn't care less. They sit.
You applied for a job, you come in, you sit down and you prompt. And they will hire you based on your AI prompts. And I'm not sure what roles these are, but your ability to finesse or eloquently ask AI to do something. Yeah. Right now, let's be honest. The way we do it is like you ask AI to do something, make it shorter. Yeah. Or you'll say make it less formal.
Yeah. Very basic prompting, but it's now become a really coveted skill to be able to write the most eloquent prompt that will pull out the ideal output as quickly as possible. Yeah. So, so I've got, I've got another couple of points on that one. The first one would be when many people are going for these jobs now what we're seeing is, and I had it recently actually I was speaking to somebody about about branding and I was just talking to them going through marketing
and that type of thing. And they said to me, oh, all your ideas and your suggestions, which I've just been speaking with her over the phone and she said, can you put pen to paper and put it all down for me and send it across to me and then I'll come back to you with my feedback based on that. Pen and paper. Send it. Send it across in, in, in, in, in, in written format, whatever. She wants a transcript of the conversation. She wants a transcript icon. She wants a transcript.
She wants to transcript with the conversation. There's an Otter Otter that takes. That's right. That's right. So but we weren't using that, we were just we just having a quick call and but then I realised the reason why she wanted that is because she wanted to have the exact words exactly what I was looking for. Then she could then probably put it into, you know, GBT or the like to then work out exactly, you know, the response that needs to be given back.
That is an example of how things are changing. Because I wouldn't be, I didn't even think about that initially. I thought it was, I've just told it to you. Why would you want more? Why would you ask me to, to put it all down? And then it then it, it kind of,
yeah, dawned on me that. Well, even the recruitment process is changing and even the way that brokerage is higher, I know now there's a, there's companies that you can just feed the CVS through and it will say based on my requirement for, you know, you whatever role you're hiring for, it will scan all these CVS and give you the top five that you need to interview
in order and explain why. So even, you know, if you're in recruitment, if you're a head of recruitment or you're in the recruitment department of a brokerage, start looking at these tools to get through CVS a lot quicker. Yeah, even though you're gonna miss the, you know you're gonna miss that gem, aren't you? I, I'm not so sure because many of these CVS would also be written by ChatGPT for starters.
So, so the human would not have even would not have had that much input in it to start with, right. So if you're assessing all these different CV, if you're smart, which comes back to your prompts question about, you know, being able to prompt you the, the, the, the, the AI. Your way through. To, to, to say, you know, make sure that if this was to go through the screening, the screening system, this one's one of the ones that comes out.
That's what I'm saying. This is all changing so quickly, so fast. And, and I'm not claiming to be, you know, the, the, the, the, the, the, the soothsayer. Yeah, the soothsayer or even the champion for it. I'm definitely not saying what I'm saying. It's happening and we've got to stay with it regardless because it's going to change the way the things that the way the things happen, the marketing departments are likely to.
Change so there's do you think? So now even with AII was, I was, I was on a site earlier, you can make a website within 3 seconds. You can literally speak, tell you everything and, and this is, and you can have a website within 3 seconds, make a few tweet change. There's also another tool for making the reels and all these kind of things that right now many people are doing, AI is going to be able to do very, very quickly. They're able to make it. They'll be able to do the AB testing.
They'll be able to, you know, check to see which one's going to get them and it's able to post it. So all of these things are going to descriptions, descriptions. They've been writing. Themselves anyway for a. While yeah, all of these things are going to are going. To are going to get more and more and more and faster. And AI is also going to get smarter. Yes, the more. Because it's probably at what, working to 10% of its every six months?
It's gonna. It's gonna, it's gonna get, it's gonna get a lot of significantly smarter. What was that? I saw an article today. It was. Like the the cost of you don't have to be polite to AI. Yeah, like the cost of please and thank you, it's costing them billions. It's costing the AI companies billions in responding to your thank yous, so you don't need to be polite, but it does actually help train the machine on what politeness is. OK, back office marketing's going to change.
Conveyancing's going to change. Get streamlined, recruitment's going to change sounds like just a lot of streamlining, which means that teams might reduce slightly. Yes, OK, I think so right. So if you are well, let's talk to in their current format in their current format. So start diversifying your skill base. That would would your advice be to back office support teams. My advice to everybody. From the administrator to receptionist to the receptionist.
To. To the business receptionist safe so. Well, you know. That's front of house. So I mean to every would be to to well for robots come in and replace so. I'm not saying that I'm just going to go to that. That that much that quickly. We still need the human interaction, I think. I think that is still an
important part. But my thing would be to for everybody is to start spending more time, more time than you currently are into learning about AI and to to being interacting and to using it across the board. Everybody, everybody is it. It really is gonna be the biggest thing we've we've seen a lot of technology change and evolve over the time. But what's about to happen now is, is everybody's going to feel it no matter what? And we can't even fathom what we can't.
Even AI has been around a long time. Let's. Let's not, let's not get this twisted to make out that this is just this new thing. When, when you know, years and 1015 years ago when you used to have your, your credit card and you'd go, you know, you'd go shopping and you'd do your regular. And then if, for example, some high value purchases went through and the bank flagged that that's AI, much of that was AI. So AI has been around for a long
time. It's not like this is this is new thing that's come, but what the the thing that's changed it so much is now it's gone direct to the end user in terms of that was used commercially for things like that for a very long time, but now it's gone to the end user and they are now able to to use it and act action of themselves.
You know, some of the young people now they're going to get used to, you know, using AI. My daughter 7 is going to get be used to using AI throughout our whole life. And that will kind of, you know, it will know a lot about her when it comes when, because it will know so much about her when it, when she then decides to purchase her another property, it will already know the type of property that she'll like based
on her lifestyle. So it'll know that she wants to maybe live next to the beach or, you know, she wants a garden because she enjoys gardening. These types of things that right now people are typically telling their broker, AI will already know it. So it'll say, I know you like going to the gym. Yeah. So this property's got a gym gymnasium in it. So actually that's really good advice on what? We should all be doing is start training your AI. Yeah, on you and your preferences, Yeah.
Like let it know what kind of tone you like. What tell it as much about? But then do you feel like some people are a bit? I don't want to tell everything. I wouldn't. I wouldn't look at it. From the point of, of, of, of trying to tell your AI that it, it picks it up anyway as you're working along the line. What I would just say is, is and most people that at this stage, because this is really early, early, early entry in terms of for the for the consumer using it.
Most people treat AIA little bit like Google and they put basic Google type requests. Well, I think that's a generational thing because. There's, I think you and I, we still Google, yeah. Many of the young people now, they don't. They skip. They skip they're. Straight to Snapchat. Or or or to other? To other? No, I'm talking about when they've got a question.
Yeah, they're going straight to ChatGPT, whereas we still Google it. Yeah, but they're straight into ChatGPT. So ChatGPT knows enough about this person. So that's what I'm saying. So you. Don't have to put any effort in in order to kind of, you know, you know, let it know it will pick up all of that. And as the more you use it, the more it'll learn about you and then the more it'll learn about what's beneficial for you and what you would like.
And that will come into, you know, part of your life, including housing, so. Back-to-back office there was a report done by Harvard University I think it was or Oxford, one or the other I can't remember. Don't quote me on this, but Price Waterhouse Coopers predicts that by 20-30, AI could eliminate 30% of traditional real estate jobs globally. Not just agents, but also mortgage brokers and property managers and property
management. I've seen again, something that's very heaven, heavily human to human emotional and not good emotions between you and your property manager. That's something that can definitely be overhauled with Technology 22. Comments back again on that one, the first one, happy to hear either Harvard or Oxford. They're saying they're saying similar lines to what I'm saying already, which they said 30%, yeah, you know, which is the actual losses. I'm saying, you know, changes in
terms of the dynamic. But the second thing is regarding property management and property maintenance, how that's going to change, we already ourselves. So there's an app that the team's been using where we've transcribed all of our Whatsapps that we're using because we have a property management business as well. So we've transcribed all of the, the messages that have gone through that. We've then got all of that. And then we've put all of that into ChatGPT.
And then it's been able to then tell us 40% of the, the, the properties that we look after and the team manage, you know, the problems are with, you know, AC. Yes, AC. So then it.
Lets us know then, for example, we need to have somebody permanently just doing XY or Z and just by going through and streamlining through all that process, it can tell us about the business and about what needs to be changed, what needs to be, you know, streamlined and, and, and where to put where to put more focus and you'll end up not just doing. Reactive maintenance, then it'll be like proactive, oh, we know that in June our number of AC unit leakages triples, right.
So we're gonna send out the teams in May, for example. So that's all coming. Yeah, OK. Where is AI already winning? So I think like property descriptions, the CRMS, the IT is, but all of this stuff is tip of the. Iceberg stuff, it's tip of the iceberg stuff. Where we're at now to where it's going to go. It's touching the we're we're.
Not even touching the. Surface it's going to it's really going to be quite surprising where it's going to go across the world and and the more that everybody kind of gets involved and starts learning about it, they'll start, you know, it's almost like you you end up going down a rabbit hole of of of of things. This leads to this this leads to this So yeah, I'd implore everyone to try and learn as much as possible because it'll make you a better broker.
I'll make you a Better Business owner. You've said that a few times, like. You're imploring everyone to learn as much as possible. What are you using? How are you training yourself to YouTube podcast? What you so so number one, I've I've got. No skin in the game, as it were. I'm not, I'm not representing, you know, I'm not here for, you know, flying the flag for artificial intelligence with any kind of benefit for myself on it. It's just something I genuinely believe in.
And I'm also at a stage in my career now that I genuinely want to help those other guys that are coming up and that are coming through and let them know what I believe is going to happen and how I see it's going to happen. And then how they can kind of like offset that for themselves. They save themselves because it would have you know your, your,
your. Comment did create a stir and certainly if I was new into the industry and I heard that, I'd think to myself, it's hard enough as it is, should I just pack up and go back home? Is that what you're saying to them? No, I wasn't. I wasn't suggesting that. Anyone should pack up and go back home. But I'm suggesting that if that, if that, if those, some of those comments that I've made have concerned you or worried you, then I'll say take action and
take action now. Because if you don't, then the situation's going to become even tougher and even harder. And those that do take action are going to be the ones that are gonna are gonna, you know, benefit from being normal knowledgeable and being able to be an even better broker. And those that don't, they will lose their job.
And I actually think that there's a. Real opportunity here for, I mean you, you look at 10 years ago, there's probably of the agents that were smashing it 10 years ago, there's probably only a few, 100 maybe that are still in the industry, hundreds, let's say 1000 that are still doing it right now. Survival of the fittest.
Those that really position themselves well in the dawn of AI and as it kind of starts taking over, they've got a chance to make serious money because there's not going to be that much competition. They're going to be, it's like having the best plastic surgeons in the city like you. You're going to be the Creme de la Creme. You're going to have waiting lists of people to let. Let's have a positive spin to this. Let's have a positive spin to this.
I know that the -1 is normally the one that kind of it's sensationalized. Yeah, let's have a. Positive spin, right? Those that stop think about where we're at, which is which is it's almost like a a new dawn in terms of what's going to be taking place now. And and really think about it and think to themselves, OK, so if these things that have already started were to continue to accelerate the speed at which they're going right now, where is this going to go and what's this going to do?
And for those guys that do take it on, yes, smaller brokerages, smaller companies are going to be able to give the big, larger companies a run for the money as long as the larger companies don't also adapt and don't also move as well. So I'll put it like this, a smaller brokerage that adapts to AI and utilizes that combined with, you know, smart marketing and all the other things compared to a much larger company that doesn't and believes.
I've been doing this for, you know, 10 years and it's been going very well. Nothing's going to change. I'm going to carry on. That smaller company will eat that larger companies for breakfast. I mean and I've had the CE OS of. These larger companies on my show, they're very forward thinking, yeah, but so they are definitely up to something, but they're definitely on the case. They're definitely aware of it. Yeah, they're definitely looking into it.
Many of them are some some have buried their. Head in the sand, Yeah, And don't believe that things are gonna change that much, but yeah. And I think everyone's kind of waiting to see. What the next one's gonna do? But your advice, and my advice is start looking into it now. 100% be the first. Runner get the. Edge. Get the edge. Yeah. And then the like, don't be a be a trailblazer, don't be a follower, which is what I'm doing now. You guys need to. Wake up and smell the coffee on
this one. So aside from studying it, learning. It implementing it implementing. Implementing using it so when you're you're dealing with your clients and you know start using ChatGPT, which is kind of one of the most well known AIS that you know that's easily available. Start using it before you get the premium before you before. You're going out with your with your.
Clients, you know the local area already, but you can use this even, you know, to find even more detailed information regarding the location and around the areas and around the property so that you're you can be an even better broker for for for your clients. Yeah, and what? What? Other advice do you have on how a broker should be positioning themselves?
Great question. Negotiation, negotiation ultimately you said that process is becoming smaller and smaller and smaller negotiation being able to negotiate well for your client is going to play in a much more important part in in that. That's not to say with time that may not also be handled by that may also. Be handled but for. Now that's an impact and funny you should say that actually, because I actually. Think it's being a real estate agent.
You might end up being kind of a bit of like a sports agent, you know, you watched, you know, Jerry McGuire. Show me the money. So if you look at how? Sports agents negotiate for their client and their client is their client exclusive with them. So there's a lot to be learnt on.
Well, let's start from the very beginning branding yourself as an as an agent, as a negotiator, because if we think that the service begins at much later stage, it's not that you're a real estate broker, you are an advisor, you are a strategist, you are a negotiator. So you have got to have the right brand first of all on that point. Let me talk to you about you've hit the nail on the head.
Personal branding is going to be one of the most important things for many of the brokers moving forward. The best known beats the best and that's going to be how it is going to be moving forward. That's going to be that's going to be critical for those that move. So say people say what can I do? What's the most important thing where the where are these personal brand?
Because as AI does take a greater seat at the table, those that have that personal brand are gonna be the ones that are gonna they're gonna be the ones that are known that are gonna be recognized and the people are gonna want to go to. Because if you're gonna if you're gonna be dealing with human, you're gonna be wanting to deal with one that you understand the way their mind thinks and, and, and where they're coming from. And I, you know, I go on on
about. This a lot where you know talk about the importance of social media for real estate agents. I'm not gonna do that now. What I am gonna say is if start thinking about get your crystal ball out and go through OK. If I want to be a real estate agent in five years time and I want to be one of the elite ones, I need to feed this machine with data the only I can give it right now.
So if you are, for example, a Jumeirah Golf Estates specialist, start writing blogs, have your own website, start writing blogs about Jumeirah Golf Estates so that the machine starts learning that aha Ainsley Duncan, he knows an awful lot about Jamera Golf Estates so that when someone says they want to buy in Jamera Golf Estates, your name comes up as a source. Or when I I. I let me just change one of the words in your sentence that you just said right now, because you
just said start writing blogs. I think what you may have meant is, is start publishing blogs. Because yeah, once again, publishing blogs. Yeah, publishing blogs use AI to. Help you write it, but we're laughing about it. But that's that's, that shows us exactly how even our mindset is not keeping up with what's taking place, What's happening? There's no more writing blogs. Yeah, there's editing blogs, Publishing, publishing. Publishing is going. To be what it is, so it means.
So now imagine you're a broker. You're, you know, you've been here, you know, one year, 2 years and you're working away. Well, now you've got no excuse not to be publishing 5 * 710 times more than the guy that sits next to you in the office
that works in a similar area. And the reason for that is because you're able to use AI and chat GBTS more specifically to be able to help you have that much more information, that much more content put together, that much more materials and be Googleable and be Googleable. And to say that. Now, when it comes full circle, they're able to find you and see you're, you know, a fantastic age for Jamira Golfer State and also and the consumers now looking for you is that much
more information. That's a great a real life example of what you can do, which is publishing another one, not just publishing. Blogs, publishing podcasts, because again, every podcast comes with a transcript that's fed in and before you know it, all the data or all the transcripts on Spotify, Apple podcasts are going to be feeding into these machines and learning who's an expert. So get your get your head around it, start publishing, start
producing. It's not just about social media presence, of course, that is important. But OK, so your journey begins a lot later. You're going to need to nail one thing down as well as the other. Sorry. So I think one thing that I think goes so on, on people, there's no training courses for this. Nobody does this.
But the style of showing a property, how you do a viewing needs to be like if you were selling Bentleys, there's going to be a process to how you show the car, do the test drive, how you kind of say here's the whatever else. There's nobody teaching people how to well, there is, but how to do a viewing. Go on YouTube now start typing in how to do a successful showing or viewing as a real estate agent. There will be so many lessons to be learned on how to and how not to do a viewing.
Agreed. Because you're going to need to be like an Olympic. Agent, an Olympic standard agent to do a proper remember, you're only you're going from 20 viewings to three viewings, so each viewing has to count. Yes, we don't. Think it's that. Important. It's not because I don't think it's that important. I. Think that now it's, it's easier than ever to be able to get knowledge, better to get information.
So once again, you can, you can quite easily speak into the AI and say, you know what is 10 most important things that I need to be aware of? Do you know really what I'm trying to say? There's no more excuses. There is no more excuses because it is now easier than ever for anybody young or old to get all of the information that they need to better get. And it's, it's easier than at their fingertips. It's no longer at your end of
your fingertips, guys. It's at the end of your tongue because you can literally just speak in and say, I've got these viewings and I want to know what is the best way in order to be able to do it. And all of that information comes down and then you can continue to keep going all the way through and Start learning. So there's no more excuses, which means that the quality of the brokers should start to increase and then start to level up because can go up as well.
And not all it's not all bad news. It's definitely not all doom and doom. And gloom. But it is important that you can kind of level up quickly level. Up and quickly. Speed is important. Publishing. That's one. Level up your. I'm going to stand by it. Level up the way that you do viewings. No, no, I wasn't. I wasn't pushing back on. That and saying that the viewings are not, are not important, you know, involve AI if you can. Yeah, you definitely can. Negotiation. Learn how.
To negotiate Olympic standard negotiation, closing, aftercare, follow up AI can handle. But what else does an agent need to do, if anything, or I mean follow up, AI can handle and? Personal brands, but there's nothing better than the personal touch. People always appreciate when you reach out to them with the personal touch.
So I'll say let AAI have its place, let it help you and assist you, make you more knowledgeable, but definitely don't lose the personal touch because that is something that AI can't do. It's difficult to get your head. Round we're trying to get our head round it like we said when by no means claiming to be experts, but what what's your closing thoughts on this? My closing thoughts on this was
everybody. Even in the comments and some of the other, you know, we're talking about, you know, is it 12 months, 18 months, 2425 months, guys, while you're arguing, discussing about how many months until this change happened, what you're not realizing is the change has already happened today. It's already started. So forget about how long it's going to happen. How long do you think it's going to take? Make the changes right now today and start implementing this
stuff. Because if you don't, those that are, there's two types of people in this. It's quite simple, those that do and those that don't. And those that do are going to succeed and they're going to do very, very, very, very well. And those that don't are going to suffer. It's that simple. I like to use basic analogies. It's the guy that's using the oven to cook the jacket potato and the guy that's using the microwave or the air fryer or the air or.
The air fryer or whatever you. Want it to be right. One is taking 45 minutes or I don't even know how long it takes to cook jacket potato in there. If you haven't anymore, because I don't, I haven't cooked it like that for so long compared to the guy that's going to be doing it in, you know, 4 minutes or or or 6 minutes. The difference is going to be that big, but arguably quality is. Better because the oven, the traditional way of doing it, you get much better potato.
Is it the same in really? I'm still quite a traditionalist. There is that. There is that. And there's an argument over speed versus the quality. But I think outside of the outside of the food element, in the real estate element, I think speed is going to win. And those that are able to offer better value, better quality, faster are going to be the ones that are going to be able to to clean up the other ones.
What are you doing? To brace for AI or to embrace AI so. The most important thing is to try and get as much knowledge as possible through some of the, you know, speaking to people, industry experts. You can find a lot for YouTube using AI as well. You can find lots of things. But one of the things I also want to do, I also want to help the next generation that are coming through and the younger people that are coming up.
I've been, I'm very fortunate in my time in the UAE in terms of, you know, some of the companies that I've worked with, some of the things I've done myself and, and being successful with. Now what I'd really like to focus on is being able to help some of the next generation and be able to give some of that knowledge back with much of the tech that they've got, combine the two of those and see how we can kind of work to, to, to, to
be those guys. So my focus is going to be a lot on the, on the, on the next Gen. on the next Gen. coming up and seeing what I can do to help them. I'm still doing the real estate that that's not thrown away, but I do feel it's important to send the elevator back down. It's a good, that's a nice thing to, to, to the others and saying, listen, you know, you can also come up as well.
And I'd like to do what I can to help them because when I was coming through, there wasn't anybody able to, to kind of assist and help me. So I'd I'd like to try and spend more time on that legacy, love it legacy. Well, I hope we've changed your mind if you were part of the 61%. That said, I disagree that life is going to change. As a real estate agent, I've certainly changed. I changed my mind a little bit. Oh, really? Yes. Just so we've got, we've got one.
We've got one. We've got one where where plan, which about off plan, off plan. So you agree that off plan? Is going to be is. Going to is going to change significantly and you didn't see that before. Yeah, so I think off. Plan is definitely some. It's so easy for it to all be automated and the the the the funniest. Thing about that, over 60% of the transactions that are happening right now are off
plan, right. So already just by you saying that you've agreed that 60% of the transactions, yeah, are are are gonna change, Yeah, I mean, the, the transactions will still happen. They'll still happen.
They'll still happen through. You as a. Broker or a much smaller pool of elite off plan agents who knows wait and see let's let's rerecord in six months maybe six months is too long we should do another episode an AI follow up with all that we've learned yeah and all the new products that might come in that that's gonna be the big game changer as.
Well, at the moment there's literally, you know, only a handful of very well known, widely used, Yeah, AI it's actually been being the being the biggest one. Wait until we start seeing the industry specific ones that have started to come out, especially for real estate and especially in this region. That's when we're going to start seeing the arms race take place. And The thing is, there are so
many start. UPS in this space so many You know what the problem is fundraising it takes a lot of money to would you and you were you were in tech so you you know this is expensive stuff so a lot of them are actually spending they've got the idea they've got the product they just they're spending all their time fundraising to finance it true but as I said and we go. Right back to the beginning, in the next 12 to 18 months, we're going to start seeing some of
these come online, and this is when the game starts changing. So just to be, Yeah, just to be really clear, ChatGPT is just one, there's going to be a whole lot more iterations of different things that are going to come out there, especially for real estate, but in All in all the industries. But as we're talking about real estate, well, they call it wrappers, don't they? So it's. Actually a product on top of ChatGPT, so don't specific, yeah, so don't think. That all.
AI products are their own intellectual property. A lot of them are if you think of it as like a dressing on top of a salad, the salad is ChatGPT. Yeah. And you can have 1000 island. You can have that's right. The the the legal industry is. Gonna have something more specific for themselves. The real estate industry is gonna have something more specific. Different industries are gonna have things that are gonna be more specific.
But this is when these things are gonna really start ramping up and they're gonna be that much more useful because then they are gonna be able to give us even more information and and give the consumer more information as well. Well, Ainsley, thank you very. Much for coming on and explaining yourself. Thank you for inviting me. It's. Always a pleasure, yeah.
And I really look forward to to seeing more and more brokers, people in the industry, understanding the positives from this, taking it on board, accepting it and utilizing that. You know, they're bumping some on the street of the. I heard what you said and now I've started using it and now I'm starting to, you know, better offer even more value to my clients and customers. And that that's that's what's most important. And I think it's going.
To be fast moving, so let's try and catch up in six months time and see what's developed, what predictions may have come true and what's new. Thank you very much for joining us. I hope that was useful. Please drop whatever your thoughts are in the comments.
If you, if you want to challenge anything that we've said, if you think there's a really cool AI product that we should be looking out for, just, you know, let's just make the down here bit a nice little community vibe, sharing educational information. Thank you very much. Like, share and subscribe.