Property Hub - Investment Insights & Inspiration - Realty Talk: AI powered property search

Episode Date: November 5, 2023

In the past week Realty Media Group announced a BETA release of a groundbreaking property search integration into the company’s portal - realty.com.au. RMG says it harnesses the power of Ai - Artificial Intelligence - to provide homebuyers and investors with a whole new way to discover properties based on the user's unique preferences and needs.  So we are delighted to have this exclusive look at Realty's latest innovation as Troy joins us to explain how Ai is about to help guide us on our property journey.   See a demonstration of how Discovery Search works.  Also we check in on the Brisbane market ahead of the Olympics to see if there are any signs of impact yet. NEW - join our Facebook group, The Property Hub Collective: https://www.facebook.com/groups/1857513011165686  Join the Property Hub community on Substack! Sign up to get Australian property news, opinion, and episodes in your inbox: https://propertyhubau.substack.com/ Subscribe to RealtyTalk on the Property Hub channel: Apple Podcasts | Spotify | Google Podcasts | Email Property Hub is a collaboration between Bushy Martin from KnowHow Property, Kevin Turner from Realty, Andrew Montesi from Apiro Marketing and Apiro Media, and Australia’s largest independent podcast network DM Media. Business and partnership enquiries: [e-mail] omnystudio.com/listener for privacy information.

hello once again and welcome to this week's realty talk show before we get started I've got some pretty exciting news to share with you this week we launched our brand new Facebook community so if you want to continue to chat and get more insights on the topics that we cover each week in the show and generally about property simply search for the property hub collective on Facebook and join the group. We're looking forward to welcoming you to our community. The Property Hub Collective, check it out on Facebook right now. Well, wait until after the show. As I promised last week, we're excited also to tell you exclusively about an innovation that will change how property is found on the internet. Your ideal property may only be a suburb or two

away from where you thought it was but because you started with that very specific location search it might not come in the results and again even with a nearby search is typically at the end of those results and you know people who are looking for homes may have to scroll through pages and pages to get to that next suburb it may not get there. So we just think that AI starting the lifestyle what's important to you may surface those properties much quicker for somebody. That's Troy Rushton. Troy is the founder and CEO of Realty Media Group, and he has a keen focus on innovation. In the past week, Troy has announced a beta release of a groundbreaking property search integration into his company's portal, realty.com.au. Troy and his team call it Discovery Search, and they say it harnesses the power of AI, artificial intelligence, to provide homebuyers and investors with a whole new way to discover properties based on your unique preferences and needs.

Artificial intelligence, or AI as it's commonly referred to, is a pretty hot topic right now. listing portal realty.com.au which is part of the realty media group is a sponsor and a content partner with us here on the show so we're delighted to have this exclusive opportunity to have a look at realty's latest innovation troy will join us to explain how ai is about to help guide us on our property journey also this week we check in on the brisbane property market as southeast Queensland continues to prepare and gear up for the Olympics. Are there any signs of the potential impact or is it still too early? Bushy asks the President of the Real Estate Buyers Agents Association, who's also the Managing Director of award-winning Brisbane Streamline Property Buyers

Agency, for her opinion. Melinda Jennison will be first up in the show shortly. Hey, if this is your first time with us, welcome. You're going to find us on all podcast players and through the Southern Cross Oz Stereo Network. If you like the show, I certainly hope that you do, make sure you hit the subscribe button and help us continue to bring you the best guests each week. We'll be back in just a moment as Bushy kicks off this week's show. Property deductions can save you thousands of dollars each year. To make sure you maximise deductions, you need to work with the most experienced quantity surveyor in the country.

BMT Tax Depreciation is the leading specialist in the industry. They've completed over 700,000 tax deduction schedules for residential investment and commercial properties Australia-wide. BMT guarantee to find double your fee in the first full financial year deductions. Call BMT on 1300 728 726 today for an obligation free quote. Realty Talk from Property Hub on all podcast players. Now, there's always a lot of media hype that surrounds the announcement of a major international sporting event. But what impact of any does something like the Olympics have on the host area's property values? If you listen to property spruikers, it's always a great reason to invest in an area.

But is this really the case? Well, to add some balance to the debate, the new president of the Real Estate Buyers Agents Association, Melinda Jennison, who's also the MD of award-winning streamlined property buyers in Brisbane, joins us to unpack whether the 2032 Olympic Games will really cause property values to rise in southeast Queensland. So welcome to Realty Talk, Melinda. Thanks so much for having me, Bushy. I'm excited to be here today. Likewise. Now to kick things off and to set the scene, what's happening in the Brisbane property market at the moment? It's a really good question. So right now in Brisbane, it is a little bit different to some of the other major East Coast capital cities in that we still have a very,

very tight property market in terms of stock. So our listing volumes are still between 30% and 40% below our long-term average. At the same time, we've got very strong buyer demand. So what that means is that for every opportunity that becomes available for sale, we've got this incredible buyer depth. And of course, the imbalance between supply and demand is simply pushing prices upward. So when we look at the last three months, we've had 4% price increases across the housing market here in Brisbane and 3.7% across the unit market in Brisbane. So that's sitting or placing Brisbane as the second fastest capital city market around all of Australia. So it's good times for those in the market, but for those still trying to get into the market, it's pretty tough out there and

very competitive. Very interesting. Southlands, Queensland's sort of had a lot of potential for a long time. It's great to see that the, you know, the limited supply and the massive demands ongoing because for those that have weathered the storm, they're sitting in a pretty good place as far as that goes. So projecting forward then, Melinda, what's likely to happen in Brisbane over the next 10 years? Well, of course, there is a lot of talk about, you know, the Olympic Games boosting the capital growth of properties throughout Brisbane. However, we see this slightly differently because there's a lot happening in Brisbane that people might not be aware of. What I will say about the Olympics is that 57% of the major Olympic Games venues

are actually being hosted within five kilometres of the Brisbane CBD. So that's very different to, for example, when Sydney hosted, when they built Homebush, where the major Olympic venues were outside of the CBD. So this Olympic Games in Brisbane will be quite different because of where the major infrastructure is being developed. So not all property is going to benefit from the infrastructure that's being built because of where it's being built. So that's one thing that people need to be aware of. But also, we have a draft strategic South East Queensland plan that's being put in place. And that's going to potentially cause some zoning changes where we might see more high density development coming. So again, from a property investment perspective, it's getting an

understanding of what's coming and where it's going to be placed, because that's going to help people to understand which areas might benefit and which might not. Yeah, extremely well said. So it's a great segue into the penultimate question then. In your opinion, will hosting the Olympic Games make a difference to property values? Look, the Olympic Games as an event that lasts for two weeks, and then the Paralympic Games that follows in itself will not change property values, in my opinion, in Brisbane. What will change is the fast tracking of a lot of that infrastructure. And we're already seeing a lot of that unfold throughout our city. So major infrastructure projects that will deliver more transport, big lifestyle hubs, things like that, that's all going

to be brought forward and fast tracked through additional funding. And of course, that is the sort of that that's what actually causes property values to rise because it makes areas more desirable or easier to access. So these are the things that we see will benefit Brisbane. But again, not all locations will benefit because whilst that might impact on the demand side, we also have to consider supply. And Brisbane is a much younger city when it comes to how densely populated we are. Yes, we've got this very rapidly increasing rate of population, especially driven by interstate migrants but we're also very aware that there's pockets of Brisbane that are not yet developed to their full capacity and we will see more development coming in the form of higher

density development in the future. So people just need to be aware of where that's coming and not be negatively impacted by that if they are looking to enter the market. Extremely well said. So apart from the bringing forward that critical infrastructure you're talking about, what's more likely to drive property values? Look, at the moment, we still have that underlying supply shortage. And if we look long term, there really is no pipeline of housing stock coming. A lot of the land that is available throughout southeast Queensland is very difficult to develop because there is a lack of infrastructure. So it's very difficult to get the services such as sewer and water to some of these locations and that's a very long-term

time frame in order to deliver that type of new land subdivision and more and more we're moving further away from where the desirable locations are so when we do build these new estates it's very difficult for people to get from those locations into the employment hubs throughout the city. So we've become more congested and our roads become more clogged. For any developers at the moment that are trying to build higher density developments, obviously with higher interest rates and a lack of foreign investment, even getting pre-sales off the ground is really slowing down that future supply pipeline. So we don't see a huge change in the supply of properties in the foreseeable future. And I think that's going to underpin property values for such a long time into

the future simply because the demand drivers will remain in place let's face it who wouldn't want to live in a location where the lifestyle is such an indoor outdoor lifestyle we have great weather some would say it's a bit hot at times but um you know that's what air conditioning is for so we do have this amazing lifestyle up here in um in Queensland especially in the southeast corner and more and more people are being attracted to that obviously we're more affordable capital city location being an east coast capital as well so there's a lot to love about brisbane and that's keeping those demand drivers in place so high demand low supply i think property values are still going to creep upwards very well said and you're clearly a very strong advocate for the

brisbane lifestyle it's certainly a great place to spend time whether you're visiting or living so i really want to thank you for sharing your quite educated views on this quite important topic, Melinda, which reinforces that on an international sporting event is not really a property market growth driver, but more of what I'd call a short-term sugar hit. And the interplay of a host of other more sustainable growth drivers need to be very carefully considered in our property decisions. So thanks again for joining us on Realty Talk today, Melinda. It's been my pleasure. Thanks for having me, Bushy. Successful property investment is a game of finance. Do you have the right team and the

right game plan realty talk is brought to you by know how property more than mortgage brokers bushy martin and his team of investment architects set you up with a sustainable strategy structured to lower your costs tax risk and stress while increasing your capacity for growth know how has helped over 1900 homeowners and investors secure more than 800 million dollars in property wealth. So get set to live more, work less and live your legacy. Want to know how to invest in your freedom? Visit knowhowproperty.com.au. This is Realty Talk powered by realty.com.au. Welcome back. Well, as I said in the opening, my next guest is Troy Rushton. Troy is the CEO and founder of Realty Media Group. And Troy is going to tell us about the company's discovery search

on its property platform, realty.com.au. G'day, Troy. Welcome to the show. Hey, Kevin. Thanks for having me. How are you? Before we dig into that, and I've got a video that we'll play in just a moment that explains what AI is all about, but just before we do, can you just give us a bit of an overview of your background and what inspired you to get sort of into this crazy world of property marketing anyway? Yeah, look, interesting question. I've been doing technology startups, if you like, for, I guess, a dozen years or more. I actually invested into a real estate agency here

where I live on the Central Coast and sort of got me into the real estate space. And then I started to see from the inside a bit more about technology solutions and what happens. So here I am. Yeah, well, I guess the industry has been ripe for a big introduction of technology for quite some time. It's a very crowded space though, that portal space, isn't it?

Yeah, look, I don't think the original intention was to get into portal to be honest we had the uh the domain name was owned by a friend of mine realty.com.au and uh you know over a few uh coffees and discussions we decided to i guess venture into the portal space we had an interesting situation we most people have an idea and then try and find a brand to fit the idea we had the opposite we had the brand and we had to work out what we were going to do with it and uh you know we considered a number of things and decided that you know the portal space uh might be something we venture into uh obviously i understand there's some some very large incumbents already there we thought we'd do something different and

that's what we use the intersection of you know social media and portal together yeah i want to touch on social media later in the interview but before we do uh interesting that ai i mean everyone's talking about ai it's just every time you pick up a newspaper ai is just sort of getting integrated into everything so i thought it might be helpful uh just to play a short video and it goes for about a minute or so that just gives you a bit of an idea about AI. Here's how Realty's discovery search works. Now think of AI as an assistant on your real estate journey. How AI works is by using algorithms and data, the words that you use to describe the type of property you want. By entering what you want, the AI learns and makes predictions or decisions and then shows you

the results so rather than searching by suburb and then property type land size and so on simply type in or say what you want the more you use realty's ai discovery search the more accurate it becomes okay interesting insight there troy sort of gives us a bit of a deeper view about how you're using it i wonder if you can uh just pull this into perspective can you give me some past examples of how technology like the one that you've introduced here has actually reshaped an industry apart from property look i think there's been many examples over time where there's been some shifts in technology um you know from you know dell producing computers to amazon doing cloud computing uh you know streaming with the likes of netflix there's been this very

technological shifts occur uh that is ultimately uh you know made things better for us as consumers or in businesses and i think ai now is is that new frontier uh obviously social media in the middle um yeah that that made some substantial differences and you know what what began as a you know a university connection tool if you like has now become something that's um you know connecting people all over the world including businesses and look i think you know ai is It's sort of pros and cons of AI. And I've seen only recently Elon Musk was part of a group that was trying to, you know, censor AI and where it can actually go.

And I think for us, you know, we're just very focused on really on automation and personalization. That's what we're bringing it to the table now for the property search marketing. You make an interesting point there about how Netflix in particular or streaming generally changed the way we shop for videos. One of the things that I've discovered in talking to a number of people about this is that one of the hardest things to do is to change people's behaviour, how they do things. You know, like we've always done it that way. We're happy to continue doing it that way. Would it be fair to say that it's easier to change people's habits if they can perceive a benefit?

Yeah, look, I think there's always, you know, there's the bell curve, you know, the very traditional bell curve where you've got your, you know, your innovators and you've got your early adopters, you've got your majority, your late majority, then your laggards. And that, you know, every product that seems to hit the market seems to fit generally in that bell curve. So, you know, sometimes solutions come to market

before the opportunity or the problem is even understood widely. And you get people who see something early and they start to work in that direction. and uh and what we call the bleeding edge and it's a lot of investment dollars go into early businesses and perhaps too early at times and then you get to the leading edge and i think where you start to get that majority adoption and i think right now ai is at the very infancy of where it would go uh and i and again things like streaming with netflix um you know blockbuster was the incumbent there for a long period of time and there's other examples with kodak and

other large companies where they just failed to move and adapt and and embrace where technology was taking us yeah i guess ai technology is across many many industries so people are probably going to become used to ai faster than any other change of habit that might come about um i'm i'm we've had a good run through on what ai is you mentioned in a release recently that you see buyers missing out on prime buying opportunities um by not using ai and really up until now it really hasn't been available in this search method methodology how do you see ai transforming property search and how quickly do you see that happening uh look the adoption of of um you know new technology and learning new ways of doing things always takes time so you know the adoption answer the

second part of your question the adoption will probably take some time as people re-educate They might stumble upon it. They may not have the immediate joy or experience that can ultimately happen. So they may try it and then and revert back to more traditional methods. The others will get a great experience and persist until the technology really catches up to having a full experience. In terms of how, you know, we embrace this, you know, again, it'll just it'll just take time to do. But I think fundamentally, in current search now, we typically start with a location. So I think when you start with a location, I think the very traditional search, in fact, I heard Simon Baker, when you interviewed him recently, he talked about, you know, where we start with a suburb and maybe a bed bath.

And some of the major portals do have things like keyword tools and extensive filtering, you know, whether or not the agent is actually applying those filters within their CRM for it to even make it through to the portal. typically it's using you know at best keywords that an agent is used to describe a property so what ai is allowing us to do is start you know in a different direction it starts by saying you know what is important to you uh and then working backwards to a geographical location and obviously where there's schools and considerations like that you know families have to maybe start with the location and zero in on a particular location but where it's more about lifestyle you want to be near the beach you want to be near golf or whatever your lifestyle entails you can actually start with your lifestyle and work backwards the other thing we've found is

that you know there might be an ideal property you know your ideal property may only be a suburb or two away from where you thought it was but because you started with that very specific location search uh it might not come in the results and again even with a nearby search is typically at the end of those results and uh you know people who are looking for homes uh may have to scroll through pages and pages to get to that next suburb and may not get there. So we just think that AI, starting the lifestyle, what's important to you, may surface those properties

much quicker for somebody. Yeah, our audience predominantly, I mean, property, people interested in property, but also a lot of investors. How do you see this tool being of assistance to them in terms of, because I guess if anyone, an investor, isn't focused on a suburb necessarily, they're more focused on things like returns. How do you see that fitting into that landscape?

I think it's spot on. I mean, I think as we start to evolve, you know, data and inject data with property characteristics and you're spot on, you know, investors is a very classic scenario or even that second holiday home with those that are lucky enough to afford a holiday home. They may start to look in those areas based on returns, based on capital value, based on rent densities and vacancy rates, holiday destinations as an example. So, again, I think there's a lot of different ways to search. And if you're trying to search somewhere in an area that you're not familiar, you know, you don't know the suburbs particularly, you don't know where you should be buying into, that takes a lot more extensive research to try and understand an area. Using AI, we can surface things much quicker and people can start to get a better lay of the land, if you like, in an area they're less familiar with. Yeah, I think it's an important element here too. it'd be easy to think that AI or discovery search is just going to be focused on the property and

how many bedrooms and its location and so on but you've raised an interesting point there about your integration of data as well which is a lot broader you know for people looking for potential returns or what's happening with infrastructure that may not be disclosed in the description of of property, which is going to help discovery search find the best property. Right. Yeah, absolutely. And I think with AI, it also allows us to use synonyms and inferences. So, again, if you look at the traditional sort of location search, and even where you

take the time to add some additional keywords, all those engines are able to do is really look for those keywords in the description the agent has used. So, for example, if I use the word big instead of large, it won't necessarily come up. So, again, synonyms and connections are really important to actually surface these properties. You're taking care of that in discovery search? It's all part of the AI engine that we've developed. This technology, you know, it's using personalization, customization. It's re-ranking based on popularity.

So as someone's doing a search, it'll produce properties. And if people aren't sort of gravitating to those properties, we're constantly re-ranking properties to ultimately get a very personalized result. So if you and I are looking for the same type of property, the good chance are we're going to find the same property will surface for us both because the technology has learnt. This is what AI does. Not only automates key tasks and repetitious tasks, but also it learns what we call machine learning. So it's constantly learning. And again, examples of abbreviation. You might call it three beds.

I might call it three bedroom. Someone else might call it three BDR. okay and so again our technology is able to adapt with synonyms and learn to understand what we call natural language nlp so using natural language and describing what you want and we can do it by either typing it or now we can use voice so you can actually just talk into our search engine and again our natural language processing will interpret what you're looking for and produce what we think is the best match for what you're actually really looking for it's amazing technology you also mentioned that it's in beta and beta means that you know still being tested or

it's going to be improved in time so is that improvement coming about by the way that agents will use it in terms of descriptions as well as consumers yeah look i think there's a whole layer of education here on both sides you know we've created effectively a two-ended market right so we've got agents on one side representing their their vendors uh getting these properties to market and they're describing the property i know that chat gpt for example is starting to be used you know quite widely um by agents who are trying to get you know really good property descriptions uh and so that's on one side the other side is is you know obviously shoppers buyers consumers who are looking for that particular property and so the the two will come together um and again

using um you know synonyms and all sorts of natural language processing will be able to you know hopefully bring you know an agent or the property and the buyer together much quicker so i think for us you know we've gotten to beta and that's because you know that we are still developing aspects so for example distance you know one of the things we're looking at is rather than you know find a property and then work out how far something is from a certain property such as a school or a place of work we're able to go the other way with ai we're able to say well i'm interested in this location and anything 10 kilometers from a particular location you can't do those sort of searches on current portals today.

So we've got that sort of technology and we've been doing a lot of fine tuning around that. And again, we're using addresses and descriptions in agent property descriptions. And we're sort of inferring, you know, what is 10 kilometres from, you know, Sydney CBD as an example, or what is, you know, five kilometres from a certain location, could be a hiking trail, whatever it might be.

So we're using mapping and we're using natural language to produce those results. So we're in beta right now as we're still continuing to refine that technology. You know, sometimes I'll do a search and it'll be exactly where I want it to be. And sometimes it might miss out. And that could be because, you know, an agent, for example, may have mentioned, you know, 20 kilometers from the Gold Coast, right? And our natural language has picked that up. And we've surfaced that property when actually the person was actually looking for something five kilometers.

so again it didn't necessarily interpret correctly the five versus the 20 kilometers but it understood the gold coast generally so you know we're getting it better and better um like technology with all things with technology it improves the more you use it and the more we learn we're able to look at people's searches and understand the results that we're delivering for those searches and where again is low compatibility we really look at refining those searches even further so we're in beta for now uh and we've got early adopters starting to use the technology now and getting great results but uh yeah we'll probably stay in beta for a little while longer until we really uh have it fine-tuned again we're not looking for a mass audience right now because we don't want it

to not deliver the results so you know we're rolling it out sensibly um we're fine-tuning the the engine again even this week around this distance so it'll take us a couple of weeks to really get uh distance really nailed down and then we'll do a more public launch after this short break. I'm going to come back. I want to find out from Troy how Realty is posting every sale, available sale and rental property in Australia across social media. Now, you've got to understand that's thousands of posts every day. How are they doing it? And in fact, the other question I want to ask is, is this the new place to find property? So with us back after this break, and we'll find out an answer to those questions. Property depreciation is the natural wear and tear of

a building and its assets. Property investors can claim depreciation as a tax deduction each financial year. Depreciation is a non-cash deduction. This means you don't need to spend any money in order to claim it. On average, BMT tax depreciation find residential investors almost $9,000 in first full financial year deductions. Call BMT on 1300 728 726 today for an obligation free quote this is realty talk powered by realty.com.au okay welcome back my guest is troy rushton troy is the ceo and founder at realty.com buddy i want to switch the focus now staying in ai of course because that's how this latest or not latest but this adaption works is through ai and that's with social media um so a realty media group was in fact first to launch

social delivery of every property available what impact has social actually had and i want to ask you in a moment how you're doing it but first you tell me about social media yeah look i think um you know social media is interesting you know uh facebook and the like and can learn about our click behavior and they start to profile us around our you know our demographic and geographic interests uh and so you know we're able to um you know work within those those you know those technologies if you like to better match and deliver content that is more relevant to you so we're using ai in a way of you know automatically you know delivering and targeting using proprietary algorithms so the property for example comes to our platform for say bondi

we'll deliver that to a bondi audience and then those people who receive that are people who have through their click behavior um yeah their searches their their pages they might visit for example um facebook example profile them as someone who's interested in real estate and so we're able to deliver those properties to those people so they've got interest in real estate they're potentially a buyer and they could live in bondi or certainly searching bondi so when all those those data points line up we're able to then say here's a property that might be of interest and it's been very effective so we're getting you know 10 to 12 percent click through on properties that we deliver to people in a timeline in a very passive way so you know it's it's a highly

effective way of you know delivering property through social media you mentioned there are 10 click through how does that compare i mean you mentioned it's good results but how does it compare yeah look i think if you look at uh you know typical sort of click behavior and and conversion rates and click-through rates you know we've seen them as low as one to two percent on on a typical page of a real estate office uh their own page and i think you know what we've done is we've delivered you know broad content about for example bondi you know what's happening at the beach or the or the shopping center or any council uh things that are happening locally there So we take the local content that's relevant to people, and through that, we also deliver information about real estate, you know, rentals, solds, and just listed.

So when you put all that together, there's a nice mix of content. So we're able to build audiences quite nicely and then keep the engagement. And, you know, Facebook algorithms reward, you know, content providers who have good engagement with users. Thousands of posts today. How do you do it? AI. so you know we've we've developed the technology to be able to firstly receive the uh you know the property listing via our crm partnerships got about 45 of those and then we data process what's

relevant in that property and again we use this a number of different ways firstly it could be the geographical side so again it could be bondi we also do it in you know beachside or rural or apartment living so we classify the total property that we've got and then based on that classification we then automatically deliver it to a page that we manage so we manage over a thousand pages we have an audience of about 450 000 people already who have you know who are actively liking and engaging our content and then based on that delivery of property we get a 10 to 12 percent click through back to the actual uh you know the the portal where we uh host that property for someone to be able to look at it we also uh post this to agent pages automatically as well

So, again, this is all AI driven and that allows a property to be shown to the agent's audience or the agency's audience and then click back to their own website organically. And then on top of that, you can also do, you know, paid advertising on social as well. It's a big boost for sellers to get that. I mean, great for agents because the agents, I guess, getting a broader distribution, but also for sellers on, you know, sort of unlocking that social that social area. I was yeah we often talk to people about you know we we get we focus on distribution so we take the properties to where people are and they are predominantly on social media and other search uh search engines and other websites beyond just the traditional portal obviously people have high intent you know will go to a major portal and they will search and research and they are there and

they and they are able to see these properties what we're doing is offering the opportunity to deliver these properties to people who may not be considering that particular area, but have an interest there. They may not be actively searching right now, but are a potential buyer. And so we're constantly delivering these on a very high scale basis to those qualified audiences who are, again, engaging with the content. Those that aren't interested in the content typically don't see that sort of content. How's the crystal ball, Troy? Can you drag it out, polish it off a bit i'm interested to know i know these things are always hypothetical but how do you see ai impacting the industry and where do you see it going

oh look what a what a you know a broad question kevin um there's so many people have different opinions i've you know we're obviously in our lane very focused on you know distribution and marketing and getting properties uh in front of the right people we're very focused there but i'm seeing other other aspects such as in the transactional side uh i've seen uh something yesterday about virtual tours being powered by ai so you know i think ai is starting to you know sort of infiltrate us if you like each day um as something new comes to market so you know there'll be again adopters will will embrace uh certain things certain things won't work um but i think ultimately you'll see ai across you know broad aspects of our daily life and we already do see

this already um i think the the term ai has got some um again got some considerations around it right now but basically overall um you know we're seeing it really automating and making things a lot faster a lot simpler for people to use uh the future for your company uh i guess is this technology only being used currently in australia or does it have wider implication wider use that's As I said earlier, there was a big committee meeting I've seen and people like Elon Musk and world leaders were at this committee meeting. I think, you know, AI has the potential, like all things, Kevin, you know, AI has the potential to do harm as well as do good. So I think, well, have you got some technology like that? And it's the same with social media, you know, people say the goods and the bads.

So I think overall it's how we use AI. And so I think they're looking to, you know, police that at the international level to ensure that those that want to use AI for bad intent are policed. Obviously that's nothing to do with what we're doing. We're simply very simply trying to help people who discover property much faster. And that's the extent of where we're using AI

in our technology suite. Wonderful. I guess just before we go, I'm thinking now, I sort of put myself into a country like England or America. You know, I want to move out to Australia. I can see where they might want to jump onto a platform and say, you know, tell me about a beachside suburb somewhere in Australia. I don't know where it's at.

Yeah, absolutely. We have international traffic already looking at our platform now. So you're right, there's absolutely interest, offshore interest wanting to come to Australia. We also have a situation, even if you're moving state, you know, if I was coming from Sydney where I am to, you know, where you are in Queensland, I don't have a lot of local knowledge. So, you know, moving regions, moving suburbs, moving internationally,

I think, again, as a learning tool and finding information faster, you know, you'll see AI becoming more and more relevant and you've no doubt seen, you know, what ChatGPT has done, for example. So, you know, there's some phenomenal uses of this technology and we're excited to be part of it and delivering it to the Australian marketplace. Thanks, Troy. Thanks for your time, Kevin. You take care.

Bye now. Successful property investment is a game of finance. Do you have the right team and the right game plan? Realty Talk is brought to you by KnowHow Property. More than mortgage brokers, Bushy Martin and his team of investment architects set you up with a sustainable strategy structured to lower your costs, tax, risk and stress while increasing your capacity for growth. KnowHow has helped over 1,900 homeowners and investors secure more than $800 million in property wealth. So get set to live more, work less and live your

legacy. Want to know how to invest in your freedom? Visit knowhowproperty.com.au. subscribe now to Realty Talk it's out every week well that brings us to the end of this week's show a big thanks to Melinda to Troy and Bushy for a great show make sure that you don't miss a single episode of Realty Talk or in fact Bushy's Get Invested podcast both delivered to you each week and you can do that by subscribing to the Property Hub now on your favorite podcast player or wherever you're listening to or watching this show. Thanks to our supporters as usual and our content partners realty.com.au, BMT, Tax Depreciation, Know How Property Finance, Get Rare Property and Apiro Marketing. And don't forget to check out the brand new Property Hub Collective page on Facebook.

Just go to the Property Hub Collective and we look forward to having a conversation with you there. I'm Kevin Turner on behalf of Bushy and the rest of the team. Thanks for being with us. We look forward to catching up with you again next week.