Season 2 Episode 14

The Hot Seat with Patrick Hill

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Today we have another fantastic guest on what is considered to be a controversial subject… Artificial Intelligence. Yes, we interviewed Patrick Hill from Realm Austalia around all things artificial intelligence and what it will mean to the industry.

So a few highlights from this episode include: Patrick’s career in psychology and the natural transition to Technology and Artificial Intelligence, Why many people in the industry use the term AI as a marketing ploy when it’s really just an advanced software that does what it’s told and the true definition of AI, The battle of costs going up, fees going down and the entry of low-cost cookie-cutter service offerings Vs high service and flexible solution, What parts of a property management business is AI looking to replace and the impact on the human side of the business, The future of Property Management in 5 years and while it’s critical to look at a higher-end service to survive AND The change of an Acceptable timeframe to respond to a query and why the demand has shifted to INSTANT as a result of Facebook, Google and Amazon

I have to agree the term AI is overused as a Buzz Word across many industries and Patrick’s company is one of the first actual AI companies to come into Real Estate that I can see disrupting at the same time driving the industry forward. On top of that, Patrick is really able to concisely outline where he sees the industry moving in the future.

Show Notes

2:39 – Patrick’s career in psychology and the natural transition to Technology and Artificial Intelligence

3:38 – Why many people in the industry use the term AI as a marketing ploy when it’s really just an advanced software that does what it’s told and the true definition of AI

5:53 – The other technologies that Property Realm uses and how they are using that technology to support Property Management offices

8:06 – The battle of costs going up, fees going down and the entry of low-cost cookie-cutter service offerings Vs high service and flexible solution

10:28 – Is AI going to replace Property Managers and how AI is shaping the future of automation

11:37 – What parts of a property management business is AI looking to replace and the impact on the human side of the business

13:01 – How is the real estate industry is embracing AI

14:00 – The 2 types of AI and the different AI that are already in use within the industry and the fear of Skynet taking over the world

17:00 – Exactly what Property Realms AI works and integrates into a business.

17:30 – The role of AI and the idea of self-disruption

18:51 – The future of Property Management in 5 years and while it’s critical to look at a higher-end service to survive

22:50 – The change of an Acceptable timeframe to respond to a query and why the demand has shifted to INSTANT as a result of Facebook, Google and Amazon

25:40 – The importance of moving to cloud-based software to survive with 30% of all agencies still running a server-based CRM

28:00 – Patrick’s hot seat questions

31:32 – Patrick’s shameless plug

Contact Patrick