In Episode 19 of Deal Finder’s Corner, Ben Kilner, business developer, property investor and AI expert delves into the transformative power of Artificial Intelligence (AI) and its pivotal role in reshaping property businesses. The insights gained from this discussion illuminate the potential of AI to not only augment value but to significantly cut costs, providing businesses with an unparalleled competitive advantage.
Instances of AI manipulating images, voices, and even identities are on the rise, underscoring the need for responsible AI use.
Understanding AI: More Than Just Machines
AI, or Artificial Intelligence, isn’t a singular concept but a vast field encompassing machine learning and neural networks. Machine learning involves systems that can learn and improve from experience, while neural networks, the focus of our exploration, emulate the human brain’s structure. ChatGPT, a prime example, operates on neural networks, replicating the nodes and synapses of the human brain. Consider the Property Filter’s direct to vendor letter writing tool—a prime illustration of AI’s prowess. It outshines competitors by leveraging AI to automate and enhance the letter-writing process, showcasing the tangible advantages AI can bring to businesses.
A Historical Odyssey: Evolution of AI
The AI journey has been a rollercoaster ride through decades. Starting with basic logical models in the 1950s, the field has witnessed significant ups and downs. The recent consumer AI boom is not a standalone event; it’s the culmination of persistent research and advanced hardware. The availability of colossal cloud computers, akin to warehouse-sized behemoths, has revolutionised AI training. Tasks that once took years can now be accomplished in the blink of an eye.
Driving Forces Behind AI: The Convergence of Demand and Ethical Considerations
AI’s rise is fueled by research breakthroughs, potent hardware, and a growing demand from individuals, companies, and nations eager to gain a competitive edge. However, it’s paramount to acknowledge the ethical challenges. Instances of AI manipulating images, voices, and even identities are on the rise, underscoring the need for responsible AI use.
Positive Impacts of AI Across Industries: Revolutionising the Landscape
Ben, in his presentation, was focusing mainly on the positive aspect of AI through various sectors:
- Healthcare: AI’s capacity to analyse complex medical data accelerates disease diagnosis and treatment recommendations. For instance, AI models can compare medical scans over time, providing precise insights into the progression of conditions.
- Education: Personalised learning experiences, courtesy of AI, tailored to individual preferences are becoming a reality. Imagine an AI education assistant delivering information in diverse formats, ensuring optimal understanding for each student.
- Transport: The advent of driverless cars promises safer and more efficient mobility solutions. Additionally, AI can optimise logistics, reducing costs and environmental impact.
- Finance: The synergy of AI and the crypto space could lead to digital central reserve currencies, transforming financial transactions. For example, AI algorithms could monitor transactions for suspicious activities, enhancing security.
Practical Applications of AI in Business
Ben presented how AI, especially ChatGPT 4, can redefine business processes covering the lifecycle of a company (starting from creating business plan to employ members of staff):
- Business Plan: AI-generated property letting business plans cut the time required by a remarkable 80%. This allows businesses to focus on strategy and execution rather than spending excessive time on planning.
- Spreadsheet: Creating spreadsheets becomes effortless with AI-generated tabbed tables. This not only saves time but also reduces errors associated with manual data entry.
- Equations: Complex calculations, like the SDLT, can be automated using AI. This ensures accuracy and efficiency in financial planning.
- Names: Use Chat GPT to generate a list of creative ideas and ignite your brainstorming process.
- Strategy: Crafting win-win proposals for property deals becomes more accessible with AI-generated ideas. For instance, AI can propose innovative financing options like staggered payments or equity shares.
- Content ideas: Turn to AI for generating fresh and engaging content ideas that resonate with your audience.
- Logo (Midjourney): Let AI assist in creating a sleek and modern logo for your property management company. At the moment there are some limitations: only the text-to-text realm, no fancy designs, but it’s a great starting point.
- Photo editing: Enhance your property visuals effortlessly with AI-built-in photo editing tools from platforms like Canva, Luminar Neo, or Photoshop.
- Architecture (Midjourney): Describe it to AI, and it will help visualise your dream design.
Strategies for Implementing AI in Your Property Business
Ben shared practical strategies for seamless AI integration:
- Cultivate Habits: Make AI usage a habitual part of your company operations through regular reminders. This could include setting calendar alerts for AI-related tasks and training sessions.
- Carrots, Not Sticks: Encourage positive AI use; avoid coercion, as resistance may arise. Highlight the benefits of AI adoption, such as time savings, improved accuracy, and enhanced creativity.
- Hire for AI: Specify AI skills in job descriptions to attract talent comfortable with seamless AI integration. This could include proficiency in AI tools and a mindset geared towards leveraging AI for business growth.
Key Takeaways for Business Success
- Start Simple: Initiate AI integration with user-friendly tools like ChatGPT 4 for uncomplicated tasks. For example, using AI for routine email responses or generating basic reports.
- Editor Mindset: Treat AI like a reliable assistant; verify outputs to ensure accuracy. This involves reviewing AI-generated content before finalising and using AI as a collaborative tool.
- Security First: Exercise caution, especially when handling sensitive information with AI. Implement encryption measures and ensure compliance with data protection regulations.
- Small Business Advantage: Smaller enterprises can swiftly implement AI, often outpacing larger corporations. For instance, AI adoption in customer service can provide a competitive edge for small businesses.
- Make It Stick: Introduce a culture of continuous AI use within your organisation for sustained benefits. This involves ongoing training, regular updates on AI capabilities, and recognition of AI contributions.
- Stay Ahead: Embrace AI to stay at the forefront, particularly if you’re in a leadership position. This includes staying informed about AI advancements, attending relevant workshops, and fostering a culture of innovation.
A Glimpse into the Future
It’s evident that AI is not just a buzzword but a potent force reshaping how businesses operate. From automating routine tasks and enhancing efficiency to unlocking new possibilities in realms previously unexplored, AI emerges as a transformative tool. When wielded wisely, it can propel businesses into the future, fostering innovation, driving productivity, and staying ahead in a rapidly evolving landscape. To delve deeper into the profound impact of AI on the property business, gain invaluable insights, and uncover powerful strategies, don’t miss the chance to watch the Full Episode of DFC 19 with Ben Kilner