Wake Up to Wealth - The Impact of AI Technology on Real Estate Businesses with Justin Colby

Episode Date: June 5, 2024

In episode 18 of Wake Up to Wealth, Brandon Brittingham interviews Justin Colby to discuss the transformative impact of Artificial Intelligence (AI) on the real estate industry. They delve into how AI technology is revolutionizing communication, lead generation, and customer interactions in the real estate market.Tune in to this insightful conversation to gain valuable insights into the future of real estate and the role of AI in shaping the industry. SOCIAL MEDIA LINKSBrandon BrittinghamInstagram: https://www.instagram.com/mailboxmoneyb/Facebook: https://www.facebook.com/brandon.brittingham.1/ Justin ColbyInstagram: https://www.instagram.com/thejustincolby/Facebook: https://www.facebook.com/thejustincolby/ WEBSITEBrandon Brittingham: https://www.brandonsbrain.org/homeRocketly: https://www.rocketly.ai/The Science of Flipping: https://thescienceofflipping.com/

This is Wake Up To Wealth, a podcast dedicated to helping you change the way you think about wealth. And now, here's your host, Brandon Brittingham. I have now gotten into the space of AI, gotten into the space of tech, and it's changing my business. Email platform is way more valuable than all of you guys are utilizing it for. I'm a little scared for mankind. I mean, I'll shoot you straight. Hey, what's up, everybody? We are back with another episode of Waking Up to Wealth. And I got my brother, Justin Colby, who's been on here before. Yeah. But it made a ton of sense because we're both here in Dallas shooting on the road for us to be on here again today to talk about something really cool. Yeah. First of all, thank you for having me again. And this is

my favorite subject, which is waking up to wealth. So I'm happy to be a two-time guest on your podcast. So what we're going to talk about a lot today is there's a lot of conversations around AI, right? And specifically, I mean, we see the implications in so many different verticals, but specifically of, because you guys are ahead of this, specifically on real estate and what it does for real estate. So just in your opinion, what do you think AI is going to do to change the landscape of real estate in general? I've gone round and round with a lot of people, way smarter than me, by the way, about all this, right? I have now gotten into the space of AI, gotten into the space of tech, and it's changing my business. And so how this all happened was I had a problem of bandwidth with my team. So I would spend a lot of money marketing each and

every month, specifically online. The leads would come in. I would have a lot of leads that wouldn't get worked appropriately. And then we'd follow up the lead and they already sold their home. So it started to get really frustrating. I'm sure you've seen something similar, right? Absolutely. Yeah. And so I needed some sort of automation with Nurture just to start. I said, and I called my tech guy and said, hey, is there a way for us to get some level of automation within Nurture, like automatically make it kind of say what I would normally say or what the team would normally say. So I started there based around the email platform. By the way, for all you listeners right now, key takeaway, email platform is way more valuable than all of you guys are utilizing it for. So we started there. That created an opportunity for us to find some

technology because I said, well, there's only so many people that fill out this form. How do we create and find the people who just looked at our website? So someone who comes to your website, but they don't opt in. Yep. Yep. So we discovered and developed an opportunity to get those people. Now the data isn't a hundred percent as accurate when someone gives you their data, but it still gives us an opportunity. So then we got in the spot of AI bots and creating an opportunity to not just follow up and nurture, but to start the conversation. And we've been able to now create this product and it is now a true product, but we've been able to create something that I find the people that are too scared to give me their information.

I'm able to initiate conversations and I have a follow-up sequence all within one product. And so I say all that to just simply say, it's scary for humanity because it is really simple. Now it's not easy for my development team to develop all this. That is not simple. Sure. But now the communication ability to reach out to a seller, to really have back and forth conversations without what I used to call a setter. Yeah. I used to have a setter closer model. Well, guess what? I don't have anymore. Setters. Yeah. And I know that's crazy for you and for me to even say, but they're just not needed right now because of AI. Even if you use direct mail, which we both use the same direct mail company,

they're incredible. They come back into our sequence and the AI bot starts talking to them, the follow-up and nurture campaign starts dripping off. And so I'm scared for humanity. Let's put it that way. This is very serious. Everyone should take it serious.

And if you're not, I would tell anyone out there listening to this or watching this on your YouTube, you're gonna to lose to Brandon and you're going to lose to Justin if you don't start to take this seriously. So you guys develop a product. You just mentioned, what's the name of that product? Rocketly. And then you have a lead. You mentioned the lead. Lead detector. Got it. And so rocketly.ai, for all of you that want to check it out watching this listening to this go to rocketly.ai and schedule a demo my team will actually get on a live zoom with anyone watching this or listening to this and show them exactly what this does and the power of the entire

thing i'm describing so rocketly.ai schedule a demo but what you just asked about, which was lead detector, this is technology that sits on your website, any website. Okay. I prefer MinutePages as a website. I would tell all investors to get a MinutePages website, but it will sit on that website. It doesn't change the look of the website. It doesn't do anything to the website. It's basically a pixel that we developed that will rip Brandon's contact information, Justin's, or anyone that just goes there. And so if 100 people go there, it gets roughly about 30% of the visitors. Yeah. So that's an extra 30 people.

Now, for someone like me or you that might spend 10, 15, 20, 40, 50 grand a month like I was doing on PPC, Google, I'm driving a ton of traffic over to my website. And they're all not opting in yeah and they're not opting in i mean literally it's under five percent of opt-in right so if you think about that for every hundred people i get five opt-ins but i have 95 percent of the people that aren't i'll take the other 30 right which would be equivalent to 30 more people yeah that come into my system and i allow my AI bot to start communicating with it. Like even if the people tell the bot to F off, even if the people want retail pricing,

have a referral program with realtors, even if the people aren't really that motivated and just like, fine, my bot's doing the work, not human resources. Yeah. So with that being said, you know, we still think AI is in its infancy and you're already seeing that in your use case, AI can have a whole conversation with a potential seller to turn them from just kind of a conversation to an actual, essentially an opportunity. Totally. Where do you think this goes? Where do you think this is going to go to? Listen, I'm not even a techie guy, guy right i'm an investor just like you are it's scary i mean i kind of joke but i kind of don't i think this is going to get really really scary i mean i i've even talked to espro companies and title companies talking about like there's

always some level of human need but it's starting to get to a point where there's just any type of service won't need as much humans within it. And then how do people pay their bills? Right. How does this all start to work? So I think it gets even more and more and more, you know, machine learning. It'll learn even faster. It'll learn even better.

It'll communicate genuinely. There's companies out there that have phone people. Yeah, they got AIs making the phone calls and having a conversation. Yeah. And I'm not even in that part. And then my friend was saying he called one of these companies to test them out. There's tonality changes in how this AI is talking like a human would. It's getting really scary.

And for me, I'm just saying, listen, I don't want to be behind the curve too far. Sure. I need to keep up with this. The thing, for those of you who don't know me, I've been doing or been in real estate for 16 years, flipping homes. The reason I've had that longevity is because I've adapted as markets shift. I've been able to be fluid. And this is the biggest adaptation, if you will, that we've had to make, right? Like I used to buy solely from the auction every day, every morning, go down to the County Corral steps. That is a total different transformation relative to basically a bot talking to a home. Yeah. Have an AI talk to a seller that there's only a house you eventually essentially buy. The only human component a lot of times is the underwriting of the deal right at this point we don't have that

do i think ai is going to be able to 100 you give it some formula that gets close enough the ai says here's your real offer automates the email offer out because you basically gave it its formula i think that's around the corner yeah so there's so much out there right i think people get overwhelmed you know like if someone's like like I mean, I don't know, none of this shit makes any sense. Where should somebody start to just learn? Because it doesn't matter. Industry specific, I don't think it matters. I think you need to learn. on here is I'm essentially taking every time I've spoken on stage, every training I've done, every YouTube, every podcast, and I'm feeding it to AI to essentially create my brain on AI to train my salespeople, to train my coaching students. For one, I want to learn. And then what would be really cool is to say to the AI, hey, I want to write a sales post on Facebook about this, write it in my voice.

Like, and that's where I see just amazing application. So like, if you're listening to this, that's some use cases to what you can do. But if someone's sitting out there and they're like, oh, AI, I don't understand any of this shit. I don't get any of this. I'm scared. Like where, I mean, what's your suggestion?

Where do you even start? I mean, frankly, that's even myself sitting in my seat. I go, man, I don't know what I like. I know a small percentage of this stuff, right? I didn't Google. I mean, unfortunately that's my easiest answer. Start looking this stuff up, start understanding. Cause I genuinely believe if you're listening to this podcast, you really are a successful entrepreneur or a minimum aspiring to be. You need to be ahead of the curves on these things. You don't have to necessarily go out and buy all these AI resources, I would say. But at the end of the day, I would tell you, you need to be ahead of the curve on this. It is not going away. This isn't a fad. It's not like

this is here. It's real. It's only to get more progressive. And for real estate investors and agents alike, I would highly encourage you go check out rocketly.ai and schedule a demo. It is direct communication with sellers. Whether you turn into a listing, whether you turn into a flip or a rental, you need to check that out. I'd highly encourage that. Yeah. And I mean, if you look at the amount of investment from huge tech companies and just huge companies are putting, they're betting big on AI So, I mean, it's here to stay. It's not going to go anywhere. That's right. It's not. And, you know, you and I have been doing a lot of different things together to try to, you know, change the industry, if you will. There's really big checks being cut that we've started to see, right? You have a lot of friends that have received some of that. And so I'm excited about

it. I think it's scary. I'm a little scared for mankind. I mean, I'll shoot you straight. Terminator's coming. Yeah, this is happening. I mean, let's put it this way. There's a restaurant down the street from my house. It's a great restaurant.

They have robots that literally bring you your food instead of servers now. Wow. So they've removed all their servers. They literally have an order taker behind the cashier so that you can walk up to basically the cashier, order your thing. The cashier takes it from the chicken or the kitchen, puts it on the robot. The robot, she puts in the number and it goes to the right table. So the robot is programmed per table. They put it on the thing it comes up the

table you take your food you're done there's no more servers in this restaurant that's just the tip of the iceberg of what i believe is going to be happening yeah so moral of the story is doesn't matter what industry what you do learn about ai don't be behind the curve don't be behind like we're in a technological revolution with this shit. Oh, there's no doubt. No question about it. I mean, I, you know, listen, I'm, I'm curious, but also scared what happens the next 20 years, right?

I'm 42 years old and I feel like I've seen a decent amount, right? I saw the internet get developed. I've seen social media get, I've seen all this real time. I don't, in 20 years, I have no idea what this would look like. Yeah. So last time I asked you what waking up to wealth meant to you, you gave a great answer. Just end it today with some words of wisdom for people listening to us. Yeah. So not to repeat the answer, so I'll kind of create something a little bit different. But to me, wealth is the physical ability to do what we

want to be doing. And I know that's a generic, you know, having time with friends and family. I've gotten really more dialed in on my health. I've seen a lot of disturbing things over the last handful of years, the older I'm getting. And I know you believe in this too. Like wealth is health. Health is wealth, right? I mean, that's really it at the end of the day because none of the money you make or i make do any good if we're not here to enjoy it now we might be able to spend it all getting our health back that's right right and so you know we can pass some of that thing those things on and we can pass money on but i want to enjoy this right and so it's really a focus on health at this point in my journey, even to the point of, man, there's some real cool scientific stuff coming out where they can do whole body scans. Yeah.

I'm getting one of those done in a few weeks. Yeah. So I'm looking forward to that. But waking up wealthy is waking up every single day healthy. Yeah. Awesome. Hey, I appreciate you coming on the show for the second time. Yeah, bro.

Thanks for dropping some knowledge as always. All right, brother. Appreciate you. Thanks so much for tuning into this episode of Wake Up To Wealth. We sure do appreciate it. If you haven't done so already, make sure you're subscribed to the show wherever you consume podcasts.

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