Transcript
Most real estate companies are using AI completely wrong. So they open Chat GBT, they type in a question, then they copy the answer into an email, then they say, "Look, we're an AI first company." No, you're not. You're using a chatbot. An AI first company takes the work that people already do every day and then turns into a repeatable system. And today I'm going to show you five AI agents that we're building and using inside our own real estate business.
And some of these are true agents and some are focused applications that are built through what people now call vibe coding. But all of them have the same exact purpose. Reduce repetitive work, organize information, and help our team make better, faster decisions. All right, let's start where every real estate business starts, right? deals.
So, we receive deals from brokers and partners and lenders through emails and other kinds of sources. So, the problem isn't finding another offering memorandum. The problem is figuring out which deal deserves our attention. Our first agent takes the basic information from the from an opportunity and put it puts it into a consistent format. So, the price, the location, the number of units, property type, broker information, any important data that's missing.
So we call version one of this the QDA, the quick deal analyzer. And the QDA does not decide whether we should buy the property because that decision still belongs to experienced human beings, people like me. Its job is to make sure that every opportunity begins with the same information presented in the same way. That alone can save an enormous amount of time. Trust me, it does.
Now once our deal gets our attention, we move into underwriting. And this is the area where you have to be very careful with AI. You should never upload an offering memorandum and simply say underwrite this deal for me. Why? Because AI really hates an empty box.
If information is missing, it may try to fill in that box for you. And that's exactly what you don't want in underwriting. So a good underwriting agent has rules. Rules that you set. It can extract information.
It can compare the deal with your investment criteria. It can identify assumptions that need to be verified. And it can prepare questions for the broker. But it must clearly flag missing information rather than inventing an answer. So this agent, it's doing all of the repetitive work.
The human still making the investment decision. And that distinction is critical. It's not making decisions. Now let's move away from the property for a minute and talk about the people that are investing with you. So investor relations, right?
Most real estate companies underestimate how much time this requires. You know, investor attends a webinar, somebody requests a document, another person asks about an existing investment, someone else has not received an update. Without a good system, these requests, they all disappear inside email boxes. So, our investor pulse workflow helps organize all of these interactions by categorizing requests, drafting follow-up messages, summarizing communications, and then identifying the next action for the team. Once again, this doesn't mean AI should answer every investor question automatically.
Anything that's involving projections or investment terms or legal language or an investor's personal situation is going to need human review. But the agent creates consistency. Another area that's interesting for us is market research. And that's probably the most natural use of AI for a datadriven real estate company like ours. So we already look at population growth, income growth, job growth, housing values, crime trends, rents, and incoming supply.
The challenge is gathering that information consistently for hundreds of different markets. So our Market Magic AI app is designed to make that research faster and more repeatable. So instead of researching Phoenix one way and Columbus the other way, the system basically applies the same questions to every market. And that matters because when the rules change from city to city, you're not really comparing markets. You're just collecting random facts.
The agent gathers and organizes all the information and we still decide what the information really means. Right? So it's uh the same philosophy we used to use in Location Magic now with AI. So basically this allows us to compare markets systematically. Okay.
The fifth one, the last one, not really nearly as sexy but it may actually be the most immediately useful. Back office operations. So our run it applications helps turn recurring processes into action. What was decided? Who owns the next step?
When is it due? what information is still missing. This prevents a great meeting from becoming 10 pages of notes that nobody ever reads again. And the same idea can extend into asset management. Information from multiple properties can be organized into a dashboard so that the team can quickly see what needs attention and compare.
So instead of people hunting through emails and spreadsheets and meeting notes and different systems, the goal is to organize that information and make decisions quickly. So where should you start? The truth is you should not try to automate your entire company. Right? This is how you create a very expensive, very painful mess.
Start with one narrow job and then define the information that's going in. Define the exact output you want. Then define the rules that the agent has to follow. And then define where a human being reviews the work. Now your first agent could simply take a broker email and create a structured deal.
summary, right? That's that's a good start. Build it, test it, find the mistakes, improve the instructions, and then connect it to whatever your next step is. Bottom line is AI will not fix a broken business. But it can make a good process faster, way more consistent, and easier to scale.
The winners are not going to be the companies with the most AI tools. They're going to be the companies that give AI the cleanest, clearest jobs. All right, that's it. Want more free resources to help you make better investing decisions? Join the investor club for free.
It's at multifamilyu.com/ club. Thanks for watching and I'll see you in the next video. Bye-bye.