Over the past 20 years in the tech industry, I’ve had the honor of collaborating with some of the most innovative companies in the world, from burgeoning startups to tech giants like Google and Meta. Together, we’ve ushered in the Web 2.0 era – a time when the internet evolved from a static, one-way medium to a dynamic platform that empowers users to create, collaborate, and connect.
This transformation triggered an explosion of digital tools and platforms that sparked a renaissance for small businesses around the globe. I use a dozen or more of these tools daily, such as Instagram, Shopify, Quickbooks, Google Workspace, Zoom, Canva, Docusign, Linktree, Upcounsel, Taxcaddy, Calendly, Venmo, Substack, and more. These tools enable us to compete with significantly larger companies that are equipped with more resources.
I’ve been impressed by the depth of talent and efficiency displayed by some of our real estate partners. It is astonishing how these teams have harnessed the power of various digital tools to expand their businesses. They have demonstrated how savvy execution of Web 2.0 solutions can transform small, elite teams into veritable powerhouses.
A notable example can be found in the Bay Area, where according to RealTrends, there were 14 teams with 5 agents or less that generated over $300 million in sales in 2021 (2022 RealTrends The Thousand). The 2023 RealTrends The Thousand will be live on June 8.
When you compare the performance of these smaller teams to larger ones, it’s clear how they’re able to keep pace with, and even outperform, their larger counterparts. I’m not saying that technology alone has leveled the playing field, but it has undeniably contributed to the democratization of power within the real estate market.
Without a doubt, those who are smart, savvy, and efficient are gaining a larger slice of the pie than they were a decade ago.
Looking towards the next 10 years, as the Web 2.0 Era winds down and the Age of AI dawns, we’re at a critical juncture in the history of technology. It’s crucial for business owners to stay informed about technological advances.
If you need more convincing, I recommend reading Bill Gates’ recent blog post, The Age of AI Has Begun, where he says, “Artificial intelligence is as revolutionary as mobile phones and the Internet.”
Let’s talk artificial intelligence (AI)
Perhaps you’ve wondered how AI will impact your business. Maybe these headlines have stirred some anxiety as you’ve wondered whether your business will be automated away by the surge in new technology.
I am personally convinced that AI will dramatically accelerate and extend the Web 2.0 revolution for small businesses by offering them an unprecedented number of new tools and resources. In these early days of AI, the teams that learn to leverage it first will gain a significant advantage over their competitors.
So where do you start? For now, it’s as simple as creating one new login. If you haven’t done so already, visit https://openai.com/ and sign up for ChatGPT.
ChatGPT is an AI-powered language model developed by OpenAI. It uses a deep learning algorithm to generate human-like responses to natural language prompts. In other words, you can communicate with ChatGPT in plain English, and it will provide you with a response that is both relevant and coherent.
OpenAI began as a research laboratory focusing on artificial intelligence (AI) and machine learning (ML). The company was founded in December 2015 by several high-profile individuals, including Tesla CEO Elon Musk and PayPal co-founder Peter Thiel. The goal of OpenAI is to develop advanced AI systems that are both safe and beneficial to society.
When OpenAI released ChatGPT, it became the fastest growing product of all time in its first two months, amassing over 100 million users. There’s a reason for that. It’s a groundbreaking product — one that has opened up more potential than any single product in the history of tech.
Here’s how I recommend you and your team get started with ChatGPT:
- Identify areas where ChatGPT can assist your team, such as contract generation or marketing collateral creation.
- Sign up for an account on the OpenAI website.
- Familiarize yourself with the basic prompts that ChatGPT can handle.
- Start by testing simple prompts to get a feel for how ChatGPT works.
- Gradually introduce more complex prompts to see how ChatGPT responds.
- Train ChatGPT to recognize common phrases and terms used in your industry.
- Customize ChatGPT to provide responses that align with your brand and voice.
- Use ChatGPT to generate contract templates that can be easily modified for each deal.
- Use ChatGPT to generate marketing copy for your listings or social media posts.
- Continuously monitor ChatGPT’s responses and adjust as needed to ensure accuracy and effectiveness.
Here are three specific tests you can run right now to help you understand the potential of this new technology:
- Contract generation and review: ChatGPT can be used to generate contracts for residential or commercial sales. Simply provide the necessary details such as type of property, terms and conditions, and any other relevant information, and ChatGPT will generate a contract that can be reviewed and edited as needed. Example prompt: “Can you generate a contract for a residential sale?”
- Marketing and lead generation: ChatGPT can also be used to suggest marketing strategies for real estate teams. Provide details such as the target market, budget, and any specific goals, and ChatGPT will generate suggestions for marketing campaigns that can help generate leads and drive sales. Example prompt: “Can you suggest a marketing strategy for a luxury home sale?”
- Design recommendations for the home: ChatGPT can provide design recommendations for homes, including everything from color palettes to furniture placement. Provide details about the style and desired look for the property, and ChatGPT will generate recommendations that can help bring the vision to life. Example prompt: “Can you suggest design recommendations for a modern-style home?”
ChatGPT is a powerful tool that can help you improve your real estate business in a variety of ways. From contract generation to design recommendations, ChatGPT can save you time and provide you with valuable insights that can help you better serve your clients.
If you’d like to discuss how we are using AI at RECLAMATION, please feel free to reach out! We’re always eager to engage with our partners and share our experiences.
Nate Morgan is founder of RECLAMATION, a home furnishings liquidation and estate services company.