Russ Cofano on artificial intelligence in real estate marketing

Today’s RealTrending features Russ Cofano, CEO of Collabra Technology, a digital marketing technology and analytics firm. Russ has more than 30 years of senior leadership experience in nearly all facets of the real estate industry, including brokerage, technology, MLS, associations and affiliated businesses.

We speak to Russ about trends in real estate marketing, the pros and cons of artificial intelligence like ChatGPT and specifics about how agents can succeed in today’s uncertain market.

Here is a small preview of today’s interview with Russ. The transcript below has been lightly edited for length and clarity:

Tracey Velt: I want to talk to you about ChatGPT and artificial intelligence because that’s on everybody’s mind. It concerns me because I don’t want articles that people are turning in, that are produced by ChatGPT. But what are your thoughts on artificial intelligence as far as the ChatGPT-type product?

Russ Cofano: I am generally a proponent of using it as another form of automation. If machine learning is in place to assist physicians at speeds that a human could never do, is that a good thing? I think the answer is yes. If my doctor said, “Hey, would you like me to use machine learning to help me diagnose and treat your condition?” I would say absolutely yes. Right? Because I believe that machines can augment human decision-making. And it’d be helpful in that context. If he said, “Do you want the machine to diagnose you and treat you?” I would say no because I don’t trust the machine to be able to add that human component.

Transcend that same scenario to real estate. Do I think that ChatGPT and machine learning can be super helpful in helping realtors be more effective at their job? Absolutely. I think some of the early implementations of it are kind of low-hanging fruit, it’s not the things that I think are going to be really exciting. But it is the things that can be easily implemented.

The RealTrending podcast features the brightest minds in real estate. Every week, brokerage leaders, top agents, team leaders, and industry experts share their success secrets, trends, and lessons learned navigating this ever-changing industry. Hosted by Tracey Velt and produced by Elissa Branch.