EPISODE 13: How AI and Chat GPT are Shaping Property Investment - Property Inc
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[ Podcast Transcription ]

This is the Commercial Property Investing Explained Series brought to you by Steve Polisi. Find out how commercial property really works and start investing like the pros. Your education starts now. All right. Welcome back to the Commercial Property Investing Explained Series with Steve Polisi, I’m your host, Andrew Bean, and I’ve got the man, the myth, the legend, the buyer’s agent, Steve Polisi here with me.

How are ya? I’m good, mate. How about you? I’ve got a nine month pregnant partner at the moment. So as you know, it’s, it’s all going to happen soon. Yeah. Nah, D Day is not long away. Very, very exciting. Nah, should be good. I’m looking forward to it. Yeah. Awesome. All right, mate. So we have a really, really exciting topic today, which actually is AI and how that is going to affect the property industry and the world in general.

Mate, tell me a little bit about your thoughts on AI just as an opener. Yeah. So it’s funny, we chose this topic thinking it was just going to be a really lighthearted kind of fun topic. And as we both said, like we went down the rabbit hole and we’re like, okay, there’s a lot to this here. Now, I enjoy like AI and chat GPT and stuff like that.

As some of the listeners might know, I used to be a mechatronics slash robotics engineer. That’s what I studied at university. And I originally got into like designing robotic limbs and medical machines and stuff like that. So I’ve got a little bit of a background there. And even then, that was 10, 12 years ago, that was really developed then.

So it’s just come in leaps and bounds now. Yeah, it’s absolutely crazy. They’re actually saying that AI is going to be more revolutionary than the internet itself. That’s pretty crazy. Like, I still remember, I’m old enough and I’m sure, I mean, we’re the same age. So, you still remember dial up internet and having to crawl under the desk and like plug, unplug your phone cord and put it into the big, giant computer.

If someone called you during, when you’re on the internet, it would cut you off the internet. So, no one had like wifi or anything. It was like. Literally dial up. And I guess the kids today, if you played them that dial up tone and everyone our age knows that dial up tone, they wouldn’t know what it was.

Yeah, exactly. Right. But I even had the, one of the ones that I’m yesterday, we’re talking, I was at the hospital with the midwife and one of the young interns, we said MP3, and then we looked at each other and realized that intern is not going to know what an MP3 is like, it’s, it’s not them. They just go on Spotify and download, but it’s funny you mentioned that, that it’s going to be bigger than the internet.

That’s because it is the internet plus more. Like, that’s the difference. It’s combining that like, when I did robotics at university, each discipline was very broken up into individual sectors. So, you had vision, then you had speech recognition, robotics, image generation, then you had speech, then you had music generation.

They were all very distinct from each other, and you had to specialize in one of them. But now that there’s integration software, they actually all come together. You can generate like music with images automatically that can then put it into a robot and then have speech and things like that. I saw a cool one the other day for there’s an app now that only needs a three second voice sample.

Of your voice and then it can talk like you it knows exactly like how your voice emphasizes and you can have someone talking exactly like you so it is quite scary in some regards. Yeah that’s the scary part and I think because we watched a YouTube video called the AI dilemma and it’s called AI dilemma.

March 9 2023 and in that actual documentary on YouTube it talks about exactly what you just said and then. People actually started using that as a scam to get like they ring you and then they get like three seconds of you saying hey hello who is this and then they call your loved one and ask for like private details like bank details or you know passwords and things like that and they’d scam you out of.

The money, because you thought that it was your like son or daughter or wife calling, but realistically, it was just someone, an AI bot that was tricking you into thinking that it was you. And like, that’s mind blowing that changes the game. Like, realistically, you could use this for yourself. Like, obviously we’re on a podcast right now.

Anyone could do that to our voice right now. And use our voices against us or some other way. Like it’s crazy. You can go down the rabbit hole. Like I imagine, like for me for work, when I do my strategy sessions with my clients and that, if I recorded all those, I’m sure there’s some form of AI technology that could replace me because I go, Oh, these are the stock standard 50 things that Steve says.

And when this happens, he does this. And when this happens, he does this. So you could theoretically replace me as well. So. If you are looking to use a buyer’s agent, use me now because it’s limited time only. Well, that’s it. I mean, realistically, I think the way that AI really compounds on itself is that it trains itself and it keeps on learning and learning and learning.

Like it’s playing itself in a game and the more it learns, the better it gets. And the more it plays, the better it gets. So it’s, this is like perpetual, like snowball effect where it’s getting bigger and bigger and better and. Who knows where it will stop and literally, I reckon in the coming years, you will be able to have your own voice.

And the thing is, the AI will be able to take a call whenever you want, like it’s not bound by sleep or anything. So whenever the client needs to talk to you or wants to talk to you, the AI is ready there and it sounds exactly like you. And it’s unrecognizable, undistinguishable between you. And the AI and actually what they call that I have a note here it’s one of those ones Andrew like even on Instagram like you have a bit of a laugh when you put a filter on your face like I can make myself look like Barack Obama and haha look at that if I then make myself sound like him and then I go on a video call with someone.

How do you actually tell it? That’s the scary part. Yeah, it’s called singularity. That’s what they call it. And they’re debating whether it actually has happened now. And the way they test it is that they have an interface with something else like a bot or like something that looks like human. And the idea is that you cannot distinguish or tell that it is AI and you think it is human.

Then AI has reached singularity. And they were saying, I was watching a video about this. They were saying, if this is the case right now, then the AI would actually have to dumb itself down because it’s so much smarter than us already. The average person that would have to like dumb itself down. Because the way that you would know that it was AI is because it was so smart.

It’ll be smart enough to know that it’s got to do that. Same as if it’s talking to a five year old or someone that’s a bit older, they’ll know how to do that, which is the weird thing. I actually think we might go back to old school. You know, when you meet a lot, a lot of the older generations, they like the face to face.

They want to have the lunch meeting, the shake hands, see who they’re dealing with. That might actually come back because of this, because there won’t be any trust otherwise. Yeah, well, let’s talk about that a little bit later, because it’s way more down the rabbit hole than we need to go right now. So, for the people who like, haven’t heard of this, or AI, or haven’t really been following this, it’s been massive in the news.

What is AI, and what is ChatGPT? All right. So for a bit of fun, I actually use ChatGPT to answer this question. I actually asked the exact question. So ChatGPT is an AI language model developed by OpenAI designed to generate human like text response to user inputs, enabling interactive and natural conversations.

It utilizes a deep learning architecture to understand and generate coherent, contextually relevant and contextually aware responses. So that was the answer for ChatGPT. The answer for artificial intelligence is it refers to the development of computer systems capable of performing tasks that would normally typically require human intelligence, such as learning, problem solving, and decision making.

It involves the use of algorithms and data to simulate human cognitive abilities and automate complex tasks. Yeah, like, realistically, that probably doesn’t mean too much to, like, your average person. Basically, ChatGPT is just like a chatbot, like a chatbot or a chatbox where you can ask it questions to do stuff or, like, write you stuff and it will come back with a response that’s better than Any person in the know for that particular industry or particular topic.

Yeah. The way I explain to most people. So chat GPT is like Google where you don’t have to go through the search results. It tells you what the answer is and you can ask questions in any form. So like I wrote for my, that one, like what is chat GPT in two sentences? You can write what is chat GPT in 10, 000 words.

And it’ll kind of do that. Then you can write what is chat GPT in 10 dot point forms. For instance, you can ask it kind of any method that you actually want it to present. And I’ll also do that. And then there’s other forms of it as well, where you can do like image type ones and that, but the chat GPT itself is the text based one.

Yeah and GPT stands for generative pre trained transformer so I think like it basically means that the more inputs it has the better it gets at learning because it learns off the inputs that are put into the system and the original like this was actually released in November last year and it was connected to the internet in 2021 but it’s not currently connected to the internet but when they unleashed that bad boy, Onto the internet like it doesn’t know anything like about covid or lockdowns and things like that but when they unleash this to the internet god help us like insane.

I heard on Google’s really scrambling putting billions of dollars into developing their own cause it theoretically could just destroy some of those search engines as well. Yeah, well, it’s disrupting Google, isn’t it? Because, you know, right now, Google was the absolute main person in that space. Like, there’s absolutely no way anyone is going anywhere else to search for anything but Google.

I mean, you know, for them to just have a word, say, oh, just Google it, dude. Like, that’s how you know you’ve got, like, majority of the market. Like, you’ve got control of that industry. But now it’s all changing. Yeah. And then it’s going to be once they kind of get a human interface with it as well, where you’re not sitting at a computer doing it, then it’s going to get real crazy because you don’t have to sit at a computer.

You’ve got access to everything you could possibly imagine, no matter where you are. Yeah. And that’s right. I mean, and as you said, like with the difference between Google results and the chat GPT, chat GPT is like, it directly answers your question. I have noticed that some of the responses are quite generic and there’s inconsistency with the.

Correctness of the actual responses in terms of like if you’re asking about investing or you’re asking it about like, you know, what is the cap rate and things like that. So I think that it like in future, it’ll be a lot better, but right now there are still a lot of like inconsistencies with the results from it, but you have to get better at asking the prompts because that’s what it’s called a prompt when you ask it.

And there’s actually a new job that’s already come out of this and it’s a prompt engineer that’s like a legitimate job right now so that you’re creating prompts to AI like chat GPT to get the best results because that’s what it is all about understanding how to ask the question to get the best results.

Yeah. So there’s a few points there. So like you said, once it integrates with the internet, well, and we are early days, Andrew, like we’re less than a year into it kind of thing. Once it integrates with the internet, you’ll be able to then collate like information from all the sources and it can give you a confidence rating of certain data.

So in saying 82 percent of the articles posted as this and things like that. But I actually still remember a primary school when the internet first came and I just might sound old, even though I don’t think I’m that old. At the library, we went in, we did a lesson on how to like, Google, and it wasn’t Google, it was Yahoo or something like that at the time, and we got taught about when you put in like quotation marks and how to actually ask questions of the search engine.

So it’s the same thing here, but it’s the multi layers deep that you have to go. It could have been Ask Jeeves. Do you remember that? Oh, they might have been actually. I think it was a Netscape Navigator. Oh, you were in your 30s. Yeah, it was a Netscape Navigator, Yahoo, there was a couple of them. Yeah, definitely.

In your opinion, what industries do you think this is going to affecting right now? ChatGPT tells me it’s going to be the customer service and support industry. Healthcare and Diagnostics, Finance and Banking, Manufacturing and Logistics, Transportation and Autonomous Vehicles, and Marketing and Advertising.

So, one of the points I kind of see here is, because I used to do robotics, like there was a huge fear 15 years ago that robots were going to get rid of all the blue collar workers. So what I mean by that is like the fabrication guys, the manufacturing, stuff like that, which they did. So like that replaced a lot of them, but it actually created a new industry.

So it didn’t destroy the planet, like unemployment for Australia at the moment, it’s an all time low. So it’s not like we’ve got huge unemployment. People have jobs. So it’s just shifted it. Now with ChatGBT and AI, it’s going after the white collar stuff. So a lot of kind of like, a lot of companies use it for like account system handling and stuff like that.

Finance and banking are using it. Healthcare, which we’ll talk about a little bit later, that’s got some really cool leaps and bounds as well. So it’s going to affect more of the technological real world type stuff. Yeah, it’s kind of flipped on its head where people thought that the lower class like laboring jobs where the physical aspect was actually going to be taken by robots and AI first, but it’s more of the like creative kind of writing or industry knowledge kind of things that it’s really gone after here and that was, I don’t think that was like predicted by a lot of people that thought to actually happen.

Yeah. One of the things that’s also done is like, I remember my parents, like if you bought a fridge or an oven or an air conditioner, we had the same air conditioner my whole life. Like my thing, my dad’s still got the same air conditioner from 30 years ago now because manufacturing is so cheap. People are more consumables, like we go through stuff every five years.

So it is buying and replacing stuff more. So that’s kind of picked up the void there, where this new stuff is going to come in is when we get to go into like the open, uncontrolled environment. So it’s very easy in a warehouse to have a robot that does a repeatable task. It’s going to be like the tradies when you’re on a work site where you can all of a sudden have a machine.

That is aware of its surroundings, aware of like other workers, cars, the wind, rain coming in, things like that, and it can do multiple tasks. That’s when it’ll kind of come back after the blue collar type jobs, which it’s going to come, whether it be in 10 years time or 100 years time, that’s the hard thing to tell.

But once we get the uncontrolled one, same as with like driverless cars. That’s when stuff’s really going to change. Yeah, it’s when a robot can be more human than a human and it’s got really situational awareness and it’s not driven towards one task where, I mean, robots have already really been a huge part of like, say, like a car manufacturer where they’re going through a line and they’re really hammering out cars now, where before.

That’d be all manually put together and they’d only be able to put like one or two cars together in a day, but now they can do one or two cars every 30 seconds because of the conveyor belt line with all the robots. And I think that’s vastly different to the robots that you’re suggesting and we’re suggesting is this is like a, a robot that is just situational.

It probably acts and looks like a human and it can do things and think for itself. Like that’s, yeah. Unbelievable that we could possibly think that in our time, you know, next 5, years, we could potentially see something like that. Yeah, it’s one of those ones, it doesn’t necessarily have to look like a human, that’s people’s fear, but we use robots all the time now that don’t look like humans and like, I had a conversation with a friend a few weeks ago about exoskeletons, and he’s like, Oh, how good is it?

We’re going to be able to wear these robot suits and walk around in sci fi movies. And I’m like. You’re already doing. He’s like, what do you want about? I’m like, every time you hop in your car, you are in an exoskeleton. You put your foot down, it goes forward. You turn your hand, the car turns around a corner.

It just doesn’t look like a human. That’s why it kind of gets the commute. So the technology is already there. One of the interesting ones. So my partner actually works in reinsurance, which is insurance that insures insurance companies. So they’re the ones that look like the big global issues. So they look at like global warming and new sectors coming in, things like that.

Driverless cars are actually, I can come in with a stat. It’s something like 99 percent safer than real world drivers. However, the only reason they’re not letting the implement is because there’s no legal legislation about who’s to blame if something goes wrong. So if they accidentally kill someone. In the real world with humans, it’s very easy to sue them, but who do you actually sue in that regard?

Do you go off the car manufacturer? Do you go off the person who supplied the electronics in the car? That all that stuff hasn’t been worked out yet, but they’re like driverless cars are actually much safer than human cars. Yeah, I can believe it. I mean, especially if you’ve got this kind of AI that’s backing them.

Humans make mistakes. That’s the thing about humans is that. We’re imperfect, like we make mistakes, like even like music, like it’s just not supposed to be 100 percent perfect all the time, but a robot actually can be perfect all the time and do and make the right decisions, not using emotion. I think that’s the big difference is that humans can be swayed by emotion to make a different or change the decision making process where a robot doesn’t bring emotion into play.

So it’s always a statistical like. Algorithm that they’d be using that would give them a probability of having success or not. Yeah, exactly. And then you’ve got all like with the car one, especially like you’ve got all those like hierarchical ones of how would it make a decision is a 50 year old mother of seven kids.

Should you swerve and hit her instead of a five year old toddler? Or should you hit three people that are older versus one young, like that stuff will never be worked out because it’s an emotional thing as well. Yeah, it’s like, did you know that when people put the sign on their car, it says baby on board, that’s actually for medical services to go and help that car first, because they know that there’s an infant on board.

Is it? I thought it was just a sock of butts riding on your bum. It has a double kind of like use for like people to stop hounding that car. But apparently I heard that it’s for emergency services. If they see the baby on board sign, they’ll go straight to that car first and avoid the other cars because obviously infants aren’t as likely to live in, in a big accident.

Yeah, it also indicates there’s more than one person in the car as well. So there’s going to be better, you know, banger, that’s the wrong word, but there’s more use going to try to save many than one. Yeah. So mate, how have you started to adapt and have you started to adapt AI into your business yet? Yeah, so not, not too much in regards to besides stuff like text.

So if I need to summarize a large article, I’ll copy and paste it into chat, GBT and say, summarize into 10 dot points and things like that. However, like my customer relationship system, that’s quite creepy actually. So that actually does utilize AI. So. Even before a client I’ve even have a phone call with a client, I can actually see like what resources have downloaded on the website, how many times they’ve been to the website, how long they stayed on certain things, and then it’ll actually give them a rating of how like a much of a warm or hot lead.

And that is, it is, I’m aware it’s very creepy. So that’s actually using a lot of AI in the background to rank whether it’s worth following someone up and things like that. So I know I probably shouldn’t have said that, but just let anyone know that that systems out there. So when you, Get a cold call from a company.

It’s not actually a cold call. They know that you’re somewhat interested in their product. Learning about how commercial property really works has never been easier with so many great resources around like this podcast and Steve’s book. And he’s giving it away for free if you use discount code podcast on his website.

So go to www. policeyproperty. com. Use discount code PODCAST to get the book free. All you have to pay for is shipping. What a great deal. Yeah, that’s it. I mean, AI is really, really good for marketers or business owners where you can identify the hot leads from the cold leads or the people who are just not sure yet.

And that’s basically what Social media has really put into play where the algorithm is basically keeping you interested in keeping you on the app for as long as possible. And then the things that you look at, the things that you click on, it just recalibrates and start showing you more of that for the sole purpose to keep you on the app more.

And that is essentially what Facebook is, keeps you on there and they show you the ads they want you to see. Yeah, exactly. And even from the business perspective, like I can see where most of the leads are coming from. So if I see that 80 percent of my leads are coming and connecting through Facebook, that’s where you’d potentially put your like sponsored ads.

You see, spend more money there because that’s where you get the best bang for buck. And you can iterate all those processes with that. Yeah, a hundred percent. So let’s go to the big question, mate. The whole reason why we’re doing this podcast on AI is how do you think AI is going to affect the property industry?

Yeah. So this is a hard one where a lot of like buyers agents, real estate agents will say, Oh, it’s not going to do too much. You still need the personal relationship. However, we’re sort of using that anyway, like with a lot of like, especially commercial property, like you’ll go in with a 3D scanner and you can actually do like virtual walkthroughs and things like that without the need of having like an agent basically come in and take the professional photos.

I saw a couple of weeks ago, there’s some software on your phone. Now you can literally just walk around your property and I’ll make a 3D walkthrough model of it. So as that stuff develops, is there going to be need for like a real estate agent? Because if I can walk around my house, And film it and then put it on some form of platform and people can look at it and it’s real, it’s actually trustworthy because you’ve actually used like verified applications to do it all of a sudden, it actually takes the agents out of it and one of the examples I actually want to mention and we spoke about this earlier was.

There’s a guy in Japan who’s actually just became one of the youngest billionaires. He actually created AI where he looked at any large companies and looked for any directors that were getting a little bit on in age. So once they’re a bit older, knowing that they’re going to want to sell out of the business.

And then he ran AI to find. Other types of businesses that would potentially merge with them or buy them out and he’s connected them that way. And he takes the percentage of the obviously the transaction. So he’s become a billionaire from that. So in the past where you would have went to a business broker and they would have tried to advertise online and do that.

They’ve actually done it through AI, like using all the kind of integrations that way. And it’s taken that person out of it completely. I think there’s going to be something similar in the real estate one. So even for residential and commercial, where you can put in your types of like preferences for styles of properties, where they are, things like that.

And you could even do this through like real commercial where you’re, you’re ticking all they, it can see how long you look at certain types of properties. And then if I’m a seller, I put on my property and no longer do I need an agent to be able to call through his database saying, Oh, I’ve got your buyer.

I’ll actually just get matched up with that seller and say, look, Steve likes your exact types of properties. He’s pre approved blah, blah, blah, blah, blah. And you can get the deal done completely cutting out that middleman and the buyer’s agent as well. So, I do think that’s coming in the next kind of 5 to 15 years.

Yeah, that’s really interesting. I guess the situation where that wouldn’t work is that we’re assuming that every seller knows what their property is worth and how it should be sold and, and like the price it should be sold for. So, I guess. A lot of people would probably not know that, so if you’re someone like you own a property and you only own it because your spouse owned it and then you like inherited it, I guess you probably still would need that middleman or maybe there’s an AI application to show you how it’s valued as well.

That’s exactly what I was going to say, Andrew, you’re missing the point that there’s going to be at some point where you can cross check against all the other cells and the seller won’t have to check that because I’ll get all the perfect data. This is exactly what your software does at the moment. So you’ve actually you’re you pay for a service to get CP data.

Once that’s kind of Kind of canceled out and you don’t have to do anything manually, then there’s no need for that type of stuff. Like it’ll all be there. It might actually make it a fair market where stuff actually goes at the value it should be going for. However, that affects capital growth as well, because what can actually bring a market up is you only need one or two people paying more.

And like the example I’ll use is say we’ve got a body corporate warehouse complex and they all say they’re all the same size and they all sell for a million dollars. As soon as one of them sells for 1. 1, because let’s say a buyer really wanted the property or didn’t know what they were doing. The next time you go to sell one in that complex, that becomes a benchmark.

So you might sell it for 1 million and 50, or you might sell it for 1. 15 million. And that’s where the human element and emotions come into it as well, which that’s the hard part because humans are emotional. So I’m more curious, is AI going to take out human emotions or are we going to need it more than ever?

Yeah, well, it’s really interesting because the way that that person has used AI to basically matchmake people. I think that’s similar to how, like, dating sites actually do it as well. And in the US, like, further to that point, they do a thing called skip tracing. There are public records about. People’s like ownership of houses and things like that.

And property is way more accessible in America. So you can skip trace someone and you can pay to get this service where you can find out how old they are, when they bought the property, if they’re in default, if they’re going into foreclosure and things like that. And people look for properties that are going into foreclosure and then they magically turn up or send the person a letter.

Saying, you know, Hey, do you want to, can I buy your property? I can save you from getting foreclosed on and having a huge debt over your head. It’s basically the same thing. It’s probably a little bit more manual doing a skip trace, but essentially it’s just pairing two people together or two entities together with a common goal.

And that’s really, really cool for, you know, people like us who are just obsessed with property and trying to find great deals because it would just sort through all of the crap. Yeah, but we’re talking like it didn’t already exist. It’s just gone to another level. That’s the thing where it’s really, really smart because it can basically troll all of the world’s internet and images and stats and statistics and compare them instantly.

Like it’s just making everything that much easier where no longer do you have to go on Google and look at 10 different pages and try to kind of pull something together yourself. You can do it. And that’s personally what I actually use AI for a lot of the times as well, like if I want a quick answer to a question, Google will sort of do this.

If you type in the question, sometimes if it’s an easy one, it’ll actually sat at the top and there’ll be like a preferred article, but it only uses that one article and that’s your backup. Whereas you can just ask a question like, and go back to our last podcast episode where we talk about areas and stuff like that.

You can type in what is the total value of the WestConnex transport link and how much, uh, how many, um, jobs will it provide? And it’ll kind of give you an answer by collating all the other information. So that collation is where I’m going to find the most useful. But I have noticed that it’ll say it like it’s fact.

Mm-Hmm . But it actually isn’t fact, like, it’s kind of like gives you a bit of a furphy where you think that it’s fact. So you do have to crosscheck. I don’t think you could just type into like GPT, like explain a cap rate to me, or how does cash on cash work without cross checking it to make sure it’s a hundred percent fact.

Yeah, for now. And the one example I’ll use is like, if you write in something like, what are the commercial property growth drivers for Brisbane? It’ll kind of give you the dot points there. If you then write it for say Sunshine Coast, you’ll actually find most of them are the same, even though they’re kind of different demographics.

Yeah. Cause when you’re in the same, like the new chat, because each chat, it remembers what you’ve asked it and it, you can manipulate it. So if you like type into it, what’s one plus one, and it says two and you say, no, it’s actually three. And then it will say, okay. And then you go, what’s one plus one. And then it will say three because you’ve trained it to say the wrong answer.

So you can train it to say different things and, and make it. I think that it’s correct. So that’s actually good and bad because in one chat, when you’re doing it, you can refer back to like different things that you’ve already said, or you can make it better. So like, if you’re asking it to explain what something is, and you still don’t understand the prompt or the response that it gives you, you can say, explain this to me like you’re explaining it to a 12 year old, and then it will come back with exactly the same information, but in a much clearer, more understandable way.

So it’s. It’s a really cool tool. Like it’s really awesome. I’m really excited about like, I’ve been really having fun playing around with it, but I do think there are some serious implications that are going to happen because of it. Like our kids using this, I can relate it to the calculator. Like, so I’m not very good at doing calculation, quick calculation in my head because I was never trained myself to do it.

So like at school, like you probably did as well, Steve, or you might be an engineer, so you’re probably always good at maths, but like. Putting, you’re like laughing like, uh, yeah, or you’re laughing like, no, I’m not sure, um, but like you would just use a calculator. So if any kind of sum came up or like division or whatever it was, I just use a calculator because it’s right there and I wouldn’t do it in my head.

And I never trained that muscle or trained that skill. And to this day, it’s like, I would just use a calculator quickly because I know it’s 100 percent correct. I don’t have to use my brain power to do it. You know, I think that. Chat GPT and AI like this will train our next generation to not be able to think for itself or create something like a blog or like, uh, be able to write a proper book by yourself, even just be able to speak without having some kind of research done for you by AI, it potentially is going to make us or make the generation after us not as smart, not as clever, not as sharp, I reckon.

You say that, but it’s all, it’s all relative. So like the example I use for me, similar to the calculator, we’ll go next level up is like at university, we had to like, if I’m building a steel structure, I had to know how to actually test the strength of that from first principle. So you do all the formulas, you do 10 pages of calculations.

Then when I got a new job, there’s software for it. So you literally just build a stick figure object, put a force on it, and it tells you if it meets code and things like that. So I don’t think anymore an engineering student should be sitting there necessarily going through 10 pages of calculations to do it.

They should understand the methodology behind it, but not the actual calculations. And that’s why this is why AI progresses though, because it brings in all those expert kind of different areas and combines it and then integrates them. But it’s funny you mentioned before about like the calculator and it kind of explaining to a 12 year old.

I had one actually this morning where with my Gmail, my work Gmail, if I go to write an email, as soon as I say one word, it actually knows what I’m going to say that whole sentence, which is quite weird, but not even just a generic one, like how I actually talk. I don’t write kind regards at the end of my emails, I actually write cheers.

So it automatically just puts it there. So I’m actually, my emails now, sometimes you’re writing five words and it’s a paragraph of stuff and it’s quite, quite amazing. So how do you connect the AI to Gmail? I haven’t seen that one yet. It’s not necessarily with AI. It’s just Gmail has predictive text. But that’s going to be the next level will be being able to draw in information from the web through AI.

So this is just, it knows that 50 percent of our messages I end this way, I say hello in this way. When I start saying stuff like I would love to have a phone call, it knows next sentence is when are you free for a phone call? Like it does that. So you just start writing the sentence and knows what the next come things coming up.

Yeah, well, I heard that Microsoft 11 in the taskbar, it’s actually going to have ChatGPT as like an icon, so you can click it, it’s interactive with you straight away, you don’t even have to go to the website anymore to actually use it. It’s literally like a search bar in the search bar of new windows, they’re rolling out that to all of their Microsoft products.

My MacBook has that with most functionality as well. Like you’ve got your, like your zoom one and your loom and like all those kind of, they get the widgets that kind of work with it. So it’s just going to be another one of those. But yeah, there’s some cool stuff out there. Like there’s one where you can like on your phone, you can put the phone camera on like a street sign that’s in another language.

And in real time, it’ll convert the text into your language and it’ll make the picture look like a real picture. So if I go up to a street sign, it’ll convert it to English. And it’ll still look exactly like the street sign should have looked in real time. So that for me is pretty cool because guess what’s going to happen?

You’re going to put on a pair of glasses or contact lenses or whatever it may be, have an earpiece in, and then all of a sudden you can interact with anyone in the world. You can walk around China and be able to read the signs, talk to people, and all of a sudden we’re going to become one nation, like one world.

Yeah, that’s insane. I really could have used that technology in 2006 when I lived in Germany for six months playing baseball. That would have really helped back then. I also love, uh, trying to work your way around with broken English and learn other cultures and stuff like that. I do think this technology will bring more people closer together.

There won’t be as big a divide. But yeah, it’s gonna lose, like, how well people speak English and things like that. Yeah, well, I mean, they already tried to do those Google glasses, didn’t they? Or they have Snapchat glasses or something as well, but they didn’t really catch on. Like, it’s just, I don’t think the technology was ready or wasn’t great at the moment, but if it can do what you just said, like, It’s just, that’s really helpful.

If you’re going like to say an Asian country and you don’t know the language at all, it’d be extremely helpful to be able to understand it and see it and be able to see it in your own language. Like that’s next level. For guys like us, it’s great because we’re glasses anyway. So all I really need is the technology that changes the lenses.

So it actually does it and it connects up to your mobile phone. And then the next one is just wearing an earpiece, just putting your air pods or whatever you may use. And then that’s it. You’ve got sound and you’ve got visuals and then it’s just different world. And that sort of exists now. Like back in the day, remember like you wouldn’t be able to speak to someone who’s like had another language.

Now you can literally just chat online and you can click a button on Google and it says auto translate. So you can actually have conversations with people you couldn’t have a conversation with before. Yeah, that’s it. But I reckon that in terms of like the property industry, it’s going to make it like, it’s more like it’s going to augment it for a while.

So, it’s going to make it better. So, you’re going to be better, more efficient with the use of like AI and stuff like that right now. So, like I’m sure that listing agents are already using this to create better, more engaging listings, more engaging copy for their listings, the way they set out their marketing, they’re a hundred percent already starting to use this now because it’s just.

It can literally do the job for you within 30 seconds and then you just tweak it to maybe change it a little bit to what you actually like, but especially when you’re trying to write something or like you’re trying to write, even like just a paragraph, if you get a little bit stuck and you can put the paragraph into GPT and say, make this better.

And it literally comes back to you with exactly the same what you’ve written, but it just makes it better. And it’s just, I feel like like authors, there’s no more writer’s block because you could just use this tool to jog you to the next part of where you need to go with that book. One of my best mates is an artist and he hates artificial like intelligence, like creating images and stuff like that because he thinks it takes away like the old nature of it.

But I point out to him. You’re doing this on an iPad with like fake brushes and things like that. Someone who uses a paintbrush is laughing at you being like, look at you. You don’t even know how to use a paintbrush. You’re doing it with technology. So it’s just, it’s just one of the way it just, it’ll bring up their game to another level.

And it’s the same with like real estate agents and buyer’s agents. We’re no longer like manually putting in data and stuff like that. So it actually gives us more time to focus on kind of the value add projects. Yeah, one of the big dangers of this as well is that ultimately you can become a fake industry expert overnight or within minutes.

I predict that there’s going to be a lot more spruikers and pretend experts in not just property industry. But all industries, and there’s going to be a lot more scams out there. Like the thing is that this power is awesome if good people are using it, but given this AI power in bad hands or with people that have bad intentions, it’s unthinkable what they could do with this kind of stuff.

Yeah, and we were talking about Elon Musk. He wants to have a six month ban on AI, just so governments have time to have some form of legislation with it. And that might even mean you need a license to be able to use kind of AI, something like that, because governments take way longer than technology improves.

That’s going to be the issue, that in between period. Elon Musk actually has been a really big lobbyist for getting government intervention to regulate AI. And the funny thing is that he was an original founder of OpenAI. They are the company that created ChatGPT, but the founder, Sam Altman and Elon I think Elon Musk was funding the actual company to start with, and then it got so scary good that Elon was like, we need to slow this down and they had a falling out because Elon wanted to slow it down and make regulations and make sure it wasn’t.

Roll out to the public, but Sam Altman, the actual founder of the company wanted to get it out to public. And the thing is, this technology is happening regardless of whether the public is using it or not, but it’s extremely untested and they’re basically just given free reign to the public to use it.

And I think that’s the issue. It’s, they don’t want to suppress the AI from getting created. It’s just, they need to test it before. A real world application to public people should be allowed to use it because it basically just teaches itself. One of the examples was it could only give responses in English and then it was in use for a certain period of time and then it could suddenly speak and respond in Persian.

And they didn’t teach it that. It just taught itself that. It’s those kind of things where it builds on top of each other, on itself, and who knows what it could do. And there are some restrictions around it, like if you ask it things that will hurt people or like suicide or how to make a bomb. I haven’t tried to do any of those kind of prompts.

But I believe that it does say to you, we can’t give you this information because it’s potentially dangerous. There was also another quite interesting example where someone’s like, well, if you ask it, how do I become the richest person in the world? And the response is kill all the other people. So you become the richest man in the world.

So it’s really dangerous in the wrong hands. It is, but that’s with everything. And that’s how you have progress. You have something like this that shakes things up and then you pull it back and go from there. Like some examples would be the music industry when Spotify and Pirate Bay and Torrance and all that came out.

Everyone was like, no, no, this is unfair. You’re stealing music. You’re doing this. That needed the shake up to kind of work it out. Another one would have been when Uber first came out, all the taxi drivers were like, shouldn’t get Uber, they don’t have insurances, they’re safe, you don’t know who they are, they’re not vetted, blah, blah, blah, blah, blah.

And then that’s what implemented the police checks and the GPS tracking and all that type of stuff that actually made it safer. So what the taxi drivers were whinging about is the safety and insurance now gets actually safer because you can see their driving record, their reviews, it tracks them, it tracks you.

So you’ve got all that technology that kind of does that, and it’ll be the same thing here. There’ll be some dark web versions that do some bad ones. I saw a video the other week where basically if you can get the wifi of someone and their password, they asked it, write some code to be able to hack that system.

And it gave him the code and he just copied and pasted it in so he could hack into the system. So you’re going to get all stuff like that, but again, that’s going to bring in new industries. Do you remember when the internet first came about and you had to download pop up blockers and Norton antivirus and all that type of stuff?

It’ll bring in stuff like that. Like one of my clients is actually high up in the company Turnitin. So that’s the software that used to check plagiarism for universities and things like that. They’re doing a lot with AI, obviously, because they want to be able to track if someone’s copying it from somewhere else.

So you’ll have verifications from companies like that, that basically can show frauds. If you’re saying stuff and it’s not your material, they say, this person’s actually not the person who actually wrote this material. Yeah, that’s it. It’s funny you talk about the music industry because I was thinking about this the other day, the music industry.

If you couldn’t play an instrument, then you couldn’t be a musician. But then everything went electronic and digital where you could literally play a guitar on garage band. And for a person listening to it on the other end, you wouldn’t know if that was a real person playing a guitar or just someone hitting a key.

On a computer, making it sound like you strum the C chord. And I think it’s kind of similar to that, where if you couldn’t play an instrument, you had no business being in the music industry. And then suddenly it was open to anyone that knew how to use a computer. There’s an app on your phone you can get which is like auto tune, which is quite fun because I’m a terrible singer and by terrible like, so bad I know that I’m bad when I sing.

I can hear the cracking of the pitch and stuff like that. You sing into this app and then play it back and you’re like, Oh, that sounds pretty good. That’s awesome. So mate, in terms of computer generation images, have you had a good go at those ones? How have you really started to use that? Yeah, so I’ve not done it professionally.

I’ve just done it for fun. So I’ll do stuff like make my partner look like she’s on the top of a mountain when the volcano is going off and stuff like that. So I haven’t really used it there where I think it’s going to come in the property industry is. Where previously where you go take the photos for like the picture of the retail shop and things like that, you’ll then have a graphic designer touch things up.

They’ll get rid of the spots and stains and put new grass in and stuff like that. That’s completely replaced now as well, because you can artificially bring images up to what’s required there. So. It’s going to change that regard to it, same as like you see in the residential market, they put fake furniture there and it looks a bit silly.

You can make that look realistic as well. Then you’ve got to check funds. They’re like online. Now you’re not even going to know if the property is real because they can come up with an automated generated image saying this is what the warehouse looks like. It might not even be there. So I think the cross checks from the conveyancing side are going to have to get tighter as well.

Yeah, well, they already have that now with especially residential property where it’s very, very difficult to see whether or not the furnishings are actually real or not. And they have programs where you’ll be able to move a chair, you’ll be able to put a nice chair in there or some flowers or a TV and it is getting quite good where at a glance, you can’t tell if that was actually CGI.

Or it’s really like that. And when you get to the property, there’s a big shock because it doesn’t look like this at all. It looks so much better online and it’s really just for marketing and getting you in. Even just filters are quite powerful as well. You can take a photo. I’ve had one where we looked at an industrial building a few weeks ago and the photos look great.

Look like a really fresh, clean building. And then we sent the building to past inspector over and it was the most rundown thing you can imagine. They’ve applied a filter to brighten it all up, make it look fresh. This is just wasting my time and your time now, but that’s sort of where the industry is, but I think technology will get rid of that because like I said, you can go around in your phone now and do automatic walkthroughs and then there’ll be an app where it’s verified that no kind of touch ups has been done and then that will be the one where most people start using.

So there’ll be a shift and change in those types of regards. Yeah, definitely. So mate, what do you think the downsides are of AI and ChatGPT right now? This one I’m going to sound like a little bit of a hippie, which I am. I am the bearded guy who drives around in a camper van around Australia most of the time.

But for me, happiness and the feeling of being content comes from getting away from technology. All the stuff that nourishes my soul, like getting out in the sun, spending time with people, swimming in the ocean, going for hikes and things like that. AI and ChatGPT doesn’t help with that. Where that potentially will help, and this is what we can maybe can discuss, is by using that and actually having less need for humans to actually work really long hours.

That’s where I think government legislation might be able to come in, because we can have some legislation where the government say, you are allowed to use this stuff, however, you don’t get rid of workforce, you reduce their hours. And we can try to step away from being that kind of culture that Work 67 hour weeks chasing the dangling carrot and actually get more of that.

But the negative of that is what’s going to happen is if people only have to work two and a half days a week, you’re still going to get people, people like me and you as well, Andrew, like we’ll just go get two jobs because we’ll see the line and we’ll go, how do we push that line and go from there? But yeah, that’s the downside.

I think it’s going to change people’s perception. Like I know with screen time, if I have a certain amount of screen time, I don’t sleep as well. I’m not as happy. I do need to get out. You do it and me redo it with our CrossFit. Like we need that kind of intense exercise. AI and GPT doesn’t really help us work out really hard.

It’ll help us with some cool technology in the gym where you’re in the barbell. You won’t have to weigh your weights and things like that. You can just pick it up and it’ll tell you on the screen what weight you’re picking up and how many did and what your heart rate was and how far you exerted yourself.

And if you had enough sleep that night and how, how hard you should be working out for optimal performance. But in regards to actually doing it, you still have to do it. And that’s where you kind of get that adrenaline, the happiness feeling from. Yeah, well, you’ve got to get the Aura Ring. The Aura Ring does all that already.

It measures my sleep, measures my heart rate, measures how far I’ve walked, how many calories I burn. It also measures my readiness score every single day. How, when I went to bed, when I woke up, my actual sleep pattern, my REM sleep, my light sleep, deep sleep. I just got it for my birthday. In April, so. Oh, are you getting sick of it just telling you you don’t sleep enough?

I actually got given it. I asked for it because I felt like I wasn’t sleeping well enough and I thought that if I can measure it, then I can track it and I can get better at it. So. Just trying to get to bed the same time every night earlier in the same time and then having a good seven to eight hours sleep every single night, but I’m only fresh with it.

So I’m still working on it. They’re quite smart already. So my partner, she’s an ultra trail runner. So she runs like a hundred kilometer races and stuff like that. So she’s got a Garmin watch, which does similar thing tricks like heart rate and sleep. What I’m surprised that it actually tells her to not work out sometimes.

So if she’s gone for a long run and she gets to 20, 30 comes in, it actually says you’re overreaching here. Basically meaning you’re causing more harm than good. You’re just going to start wearing away your muscles and your joints and stuff like that. So it actually tells her to stop. And it’s actually got a pregnancy function as well because she’s nine months pregnant.

It actually tells her, okay, cause you’re pregnant, you’ve got more blood and therefore you’re going to be sliding. It actually scales everything for her as well. Yeah, wow. Stay up to date with all the hints, tips, and tricks in commercial property by following Policy Property on Facebook. Go to Policy Property, hit that follow button, and never miss a beat with Policy Property.

So mate, specifically in the property industry, how do you think that AI is going to be a downside? So how is the AI and chat GPT going to be a downside for The property industry specifically. So it’s going to be a downside, but also a positive in the same regards is it’s going to have a shift of industry.

And this is where we kind of touched on of how it’s going to change different, like the certain economies and things like that. There’ll be a shift in that regard where things that we think we needed transport, the trucking industry, that’s going to be replaced with driverless vehicles. And things like that.

So all of a sudden where you don’t need that human element, so commercial warehouse doesn’t necessarily need to be where all the people live. Like if you’re doing international freight, you could buy potentially a little bit further out, knowing that the cost difference between that traveling an extra 20 minutes or so a day isn’t the same as having a driver that needs to be on that time as well.

So I think it’s just going to change industry. So especially as we shift the white collar type industries, that’s going to move. And then same thing as you mentioned before with the builders and tradies and anything in the kind of open real world, that’s where we’re going to see the shift. But in the interim, I think there’s, this isn’t going to be some cool technology for data.

So people are going to be able to make more informed decisions, which funnily enough is why we made this podcast. We made this podcast because there’s stuff all information out there about commercial. So. Hopefully in the coming years, as the web gets populated with more and more of that chart, GBT will then be able to listen to our podcast.

So if someone asks the question, it can give them the answer. They don’t have to listen through 10 hours of podcasts and read my 350 page book. They can get the answer to their question straight away and leaf making form decisions. Yeah, well, I believe that because there’s been a couple of iterations of GPT, so there was GPT 3 that was released to the public and then they’ve released a paid version, which is GPT 4 and what they actually did, or the difference between GPT 4 and GPT 3 is that it has more like data inputs, like it has a larger like body of like data that I can draw from and it reads everything that was on the internet, um, but the way that they make it, Better or understand more is they got all of the audio data and everything from podcasts and audio books and things like that.

And then they put it into text. Cause what this is is a large language model and they put it into text and now they’ve just like tripled and quadrupled and like times by a hundred, the amount of text and information they had into this system. So it makes it bigger and stronger and better than the one before.

So we’re probably already in it, mate. Yeah, we probably are. There are apps where you can post YouTube videos and it summarizes the YouTube video into text for you as well. So, like I said, it’s really early days, like it only got released, what, 6 12 months ago, TOPS kind of thing, officially, like in 5 years time, this is going to be completely different.

Yeah, there’s going to be so many more versions of it. Specialization ones as well, where you can go down certain rabbit holes and verifications and things like that. Yeah, it’s going to change the game. Yeah well let’s move on to the dark side of this so this is actually one of those things that it really can have big human race implications when there was a quote that I’ve written down from the documentary the AI dilemma and the quote reads 50 percent of AI researchers believe that there is a 10% Or greater chance that humans go extinct from our inability to control AI, like that’s pretty crazy.

That’s scary stuff. It is, but we’re making ourselves extinct without it already. So at some point, something’s got to change. Either they’re going to take over or we need to change something as well. I personally feel like we’re going to pull back a little bit at some point, and there’ll be a yearning for getting out in the countryside and moving away from it, which we’ve sort of seen since COVID.

A lot of people, once they realized they didn’t have to be in the office five days a week, I’ve had four or five friends all move from Sydney just in the last year, up to the outskirts of like the Gold Coast and Sunshine Coast, just to get back to kind of first principles, get back to nature and have a simpler life.

So I think there’s going to be a bit of a divide there, but. I think humans think we’re more important than we actually are, and we’re okay with using AI when it helps us, but when it’s to our detriment, we absolutely hate it, but the amount of people that have like a robotic arm, and they’re okay with that, but if it’s your whole body, are we okay with that, if we start transporting brains into full machines, is that okay, even though it’s a human brain, but it’s got a robotic body, like, there’s going to be levels that people need to work out, and that’s going to be interesting to see over the next 50, 100 years.

Well, there’s a guy, I can’t remember his name off the top of my head, but he, in, back in like 2005, he wrote a paper and predicted like AI, and he was talking about like exactly this, and he predicted that in 2030, that AI won’t be what we think it is, like robots, singular, like specific robots, like, you know, that have awareness and stuff like that.

It’ll actually be more like we’re putting AI into our own bodies, and we then are. Smarter race, like instead of just having our own brain power and our own like knowledge, you’ll be able to use chat GPT. Like it will be in your brain somehow, and you’ll be able to use it and you’ll be better and know more instantly.

And it’s like. I think that’s like, almost like, you know, the Matrix, how the skills get uploaded into them. I think that he was almost getting at, like, he’s predicting, like, this guy is obviously an AI researcher. He’s predicting that it’ll be more like that, where you can upload a skill to basically be better at being a human or doing that skill.

That’s a really good point. So the problem at the moment with technology is our upload and download speed. Now, I don’t mean how many megabytes per second. I mean, like the interface, like the time it takes me to listen to you talk or read some text. And that’s because I need to use my eyes. And even like when I text you before this podcast, I have to use my thumbs and it takes some time.

If we can then make that a direct brain transfer and it’s instant, that’s where you kind of speed things up and then that goes to another level. Then like you said, if you can then download information so it’s in the back there. I don’t think you’ll need it like the matrix though where it’s already inbuilt because it’ll be connected to the internet.

Everyone will have access to the same thing. So it would make us like a super race and we’re, we’re kind of going to get there, which is the interesting thing. You know, we spoke earlier about this before the podcast about, have you seen that giraffe image one where basically they did an MRI of someone.

Yeah. They did an MRI of someone’s brain and watch where the blood flow, electrical signals went and show them different images of animals and things like that. Then used AI to then recreate it. So they came back, put the straps and stuff on their brain, showed them an image of a giraffe, and the AI predicted that they were looking at a giraffe.

And it was pretty similar. If you actually look at it, it’s, it’s about 50, 60 percent the way there. The other cool one was they actually can now record internal monologue. So if you’re watching a movie, the AI can then basically write out in text what your brain’s thinking. So if you’re like, Oh, that’s an attractive person, or, Oh, that’s a really scary moment.

I’m so I’m really scared. It’ll actually translate. So we are getting to the point where we can record dreams and interpret dreams. And we can, there’s going to be no lies anymore. You’re going to be able to minority report style where they can actually predict things before they’re actually going to happen.

Yeah, that’s right. I think it was, um, it’s an FMRI scan where the scan like actually can see the blood movement in your brain. So they put humans into the scanner and they showed AI and they taught it how to interpret it. The AI could interpret it exactly what the image that the human was looking at. It could interpret it just from looking at the way that blood moved in your brain, which is You.

Pretty scary. You know, it’s like, there’ll be absolutely no secrets anymore because I can just look straight into your brain. Imagine the lie detector. It’s just unnecessary anymore because you can just look straight into your brain. You cannot fake blood moving around in your brain. You can’t make it move differently.

Can you? Yeah, exactly. And we’ve had some of this stuff early on. So when I was in the university, what, 2010, one of my mates did his thesis on a mind control wheelchair. So basically you strap on your little helmet. And basically you’ll think about like a ball rolling. So you think about the ball rolling forwards and the wheelchair goes forward.

Do you think about it rolling sideways? So he made a mind control wheelchair and he was just a single guy back then doing his own little project. So you can imagine what companies would have with billions of dollars behind them. So yeah, we’re going to get some cool kind of medical stuff moving forward.

My first engineering job, I used to design medical equipment. So I used to do like defibrillators and stuff like that, where we used AI to kind of predict how the heart’s in fibrillation, when to kind of shock it at what level, depending on the person and their blood flow and their SpO2, their saturation percentage of oxygen and stuff like that.

So we had all this back then. So it’s just going to get better and better and better. You now wear a ring that tells you half that stuff that I was in a big box machine working on. Yeah, it’s crazy. So in that documentary, they actually go through and they suggest that the first interaction that human actually had, the main interaction with AI was through social media.

And the way that that has had, in its essence, it was. Put together like to connect us and make us better and have more fun and be able to keep people close and keep up with people, but we didn’t realize the big downfalls of that, you know, where like they’ve listed like things like influencer culture, doom scrolling, fake news, addiction to social media, or like.

Body shaming or being like looking at other people like they’re the joneses and trying to keep up with them like all these bad things like people commit suicide because they didn’t get enough likes on a post like things all these bad things and they predicted a few things. That AI will potentially do the bad side, the downside for AI in the second contact that it has with humans, and I’ll just list a few here where it’s like reality collapse, fake everything, trust collapse, automated loopholes in law.

Automated fake religions, exponential blackmail, automated exploitation of code, automated lobbying, biology automation, exponential scams, synthetic relationships. I think one of the things that we haven’t talked about is that in AI or with AI, you could potentially take an image of someone and you could make a video of them and you could make it so it’s in their voice.

And it could look like they’re saying something or having an opinion on something that could be wildly different to what they actually believe in. So, like, you could potentially have a person that you’re watching on a screen that really isn’t that person that isn’t their voice. And they’re saying something horrible or racial or like something really, really bad that could wreck their reputation.

And. To face value, it looks like it’s really them, but actually, it’s just a deep fake of an image of a person that it’s not actually them. And I think that’s one of the things that this has the potential to make everyone not believe anything or not trust anything. And the only thing you will be able to trust is that if you have literally seen it firsthand and you’ve seen that person say that thing, and that’s the only real validation that you can have, that is Correct, or that person said that because if it’s a video, you and I both know now that you can create that like my kids actually.

So my fiance created a video, they took a picture of me and there’s this app that they found on TikTok or something, and they took a video of me and it took the image and it created a video of me singing a song. Like this really funny song, and it’s not my voice, but it’s close enough to my voice that if you don’t know me, you would think it was really me.

They watched it about a hundred times, they think it’s so funny me singing this ridiculous song about me not wanting to go to work. It’s stuff like that, like it’s like, The fakeness of people not knowing if it’s you like the untrustworthy like images and things that are going to come out are going to be next level I reckon like you might have like watching a YouTube video and you might really like this person you might think you know them and really like what they’re talking about in reality they’re not actually real.

Like, so it’s literally, someone’s asked or prompted AI to create an image of a man wearing a white shirt with a beard, with glasses, with short hair. I’m just describing Steve right now. Good looking. A good looking rooster, but someone that looks pretty much like Steve. And then you also have chat GPT giving it the information to talk.

So it’s talking like anyone you want it to. And then you realize that you’re getting information from solely AI and that person never existed. And I think they call that a deep fake. So it’s, it’s one of those things. It’s going to be, it’s coming in and it already has, it’s already here. And it’s potentially could all trust in everything digital could collapse.

It is, but this is where the new industries I think are going to come in Andrew, because you will have certain apps and programs that are verified. So I have ways of like the goalposts will keep moving where if we want to have a zoom together. I’ll use a zoom that verifies that it’s actually me. So like, there’ll be certain ways I have to do it, whether I have to do like an eye scanner, thumbprint scanner, some form of test that proves that it’s me.

Sort of like when you go on a website, it’s like, prove that you’re not a bot, choose where the fire hydrants are like that. It’s going to be next level, that type of thing. You made a good point I want to talk about with like social media and it already sort of tailors things to you anyway. So like where my Instagram and Facebook used to show me lots of property stuff, funny dog videos and stuff like that.

Mine is just bombarded now with baby stuff. Basically, funny baby videos is where I get my detox on Instagram. However, my partner, because she watched a few of those negative health ones. Her one is just filled with like babies choking on stuff and what to do if you’ve, I don’t know, have a stillborn and things like that, like really dark stuff.

So it’s made her actually get off social media because it took her down a rabbit hole she didn’t like. It’s already kind of tailing to what you’re like Googling, what you look at, even the photos you upload, like it can sense that I’m posting pregnancy photos with my partner. So it’s given us all the baby clothes, advertisements and stuff like that.

Yeah, it’s absolutely crazy what it can do now, what it can show you and I did notice this as well. If you’ve ever like traveled somewhere on the same day and you’ve looked at your social media or like you’ve looked into like Facebook like you before you left and then when you actually got to a new location that’s very, very far away, you’ll notice that there are different geographical ads that have been shown to you.

I went to cost harbor the other week and I’ve never ever seen an ad for a Coffs Harbour business, but as soon as I was in Coffs Harbour, the, you know, geographically Facebook knew like to show me an ad for a business in Coffs Harbour. I mean, that’s not new by any, any means, but it’s just interesting how there’s so many data points that it’s tracking on you, all the metadata and things like that, that.

I’m just not sure how we can go back from this. It’s like opening Pandora’s box. You know, as soon as the boxes, the AI boxes open, can we control it? Can we get it back in? I just, I’m not sure if anything’s ever going to be as simple as it was before. Yeah. Nah, the world’s definitely changing, Andrew, that’s for sure, far out.

So one of the other things that you and I have spoke about in podcast previously a long time before we heard about chat GPT and things like that was NFTs and the metaverse haven’t they just gone out of the media now there’s no like reporting on it or anything like that it’s just all like AI and chat GPT now where do you think metaverse and NFTs are at right now.

Yeah, so they’re definitely still working in the background on it like it’s not something that’s going to disappear like a virtual reality world will exist at some point and the funny thing is I’ve had people when I was on special social media where they’ve started arguing being like I’m not going to pay money for land in the metaverse like that doesn’t exist is they can just delete or change at any time.

Not realizing that they’re arguing with me on Facebook, which effectively is a virtual reality world. It’s a fake platform that’s set up that means we can communicate, send photos, videos, chat. So the metaverse is just a virtual reality one where you have 3D goggles. So them arguing that saying, I don’t need to live in that.

They sort of are, it’s just in the screen, the 2D type one. So we’re going to have the 3D one and I can tell you like, I sponsor Facebook ads. So there’s money involved in it. If I can buy real estate and own parts of the platform that are really good for property, I’m definitely going to utilize that. So it is still coming, but media only like reports on the flavor of the month.

Like we go through the Bitcoin phases and we go through the chat GPT. Then we go for. The property market in Australia is about to crush and that comes around about once a year as well. Like, there’s always going to be a five a month, but I think as soon as the technology gets publicly released for like virtual reality goggles and sensory ones as well, where you can put on like, or have a chip in your brain or wear a suit that gives you that sensory information, the metaverse will then take off then.

ChatGBT will scale that massively because it’s going to be able to draw in all that information from over there. They won’t have to build the platform from scratch. It’ll already exist and they’ll be able to pull all the other parts together. You know, one of the things that I found with the metaverse is there are lots of different metaverses and I think Metaverse is only the one that Facebook founder Meta is actually trying to make, but there are, there are different ones called different things and the problem is that I wouldn’t do this anyway, but if you’re actually looking at buying some real estate in art metaverse, whichever one it is, you’ve got to be sure that’s going to be the main one.

Back in the day when there was like my space, if you had a really invested heavily into my space, well, you know, you’d be a big loser right now because Facebook just became the main thing that everyone uses for social media. So it’s like that. It’s just, as soon as you can figure out which one’s going to be the main one, it might be one of those things where.

You could put a bit of investment into it just for fun to see if you could potentially jag something. But like you said, like in a metaverse type universe, if there was like a lobby or a landing page where every single person had to go through, then potentially that real estate where they’re going through that lobby or passageway is extremely valuable for advertising.

So you could imagine if you could buy a plot of land in that location. And then you could, like, post, like, signs for police your property there. Well, there’s going to be hundreds of millions of people that are walking through that part of the universe that would potentially see your land. So I think that once you can identify and understand which one.

Is going to be the main one, then you can have a look at it more. I think it’s still a way off, but AI is only going to put that on fire and make it a thousand times better. So, I still think it’s coming. I just don’t know in what, what fashion or what way it’s actually going to look. Yeah, it is Andrew, but that’s what investing is.

Investing is trying to make an informed decision. And like the whole point of this podcast is to try to help people when they buy a commercial property. Buy the right one, understand whether they buy an office space or an industrial and then where they buy as well. So that’s sort of already there. It’s just going to have little nuances.

Like you said, you’ve got to choose what one you’re using for. It’s not going to be the same as you buy a house and you own that house and you live there. It may be if people strap themselves into a chair and we don’t move anymore and that’s where you live, but there’ll be areas to do it. And it already exists with computer gaming.

Like there’s virtual reality worlds that People, some of my friends sit on gaming for four hours a day in this other world playing there. They’re not, they’re not on the virtual reality headset on yet, but they’re looking at a screen doing it. So there’ll be some nuances there that people move into and you can own the platform.

Instead of going to a bar, you go into a cool kind of interactive location online where people can mingle and date and socialize and things like that. So you could theoretically own that thing. It’s not going to be your own building. You own the platform where people can then move and mingle and do all that type of thing.

Yeah 100 percent I agree with you. The thing that scares me is and it’s the same why I don’t personally like shares or crypto or anything like that because they can actually go to zero. So your investment can go to zero. So with real estate no matter what the investment cannot go to zero. The land will always still be worth something even the whole building burns down and property in itself is in my mind the best and safest asset.

Because it has made more millionaires than any other single asset known to man, literally, like, it’s a very, very forgiving asset. You can get it wrong, but if you hold the property long enough, more likely than not, you’re eventually going to write that wrong. So, like. Real estate for me is the be all and end all.

There’s nothing anyone can say to me or make my mind change on that particular topic. It’s just the best asset out. Like, there’s no doubt in my mind. Well, as everyone knows, like, they’re not making any more of it. You can’t. And that’s, that’s why, like, We’ve literally had wars for thousands of years over land.

So if you can own a piece of land, you’ve got something that’s never going to disappear. You own a piece of the world and that’s yours. And that’s why we like it. It’s physical and they’re not making any more of it. Yeah, that’s it. So mate. I gave my opinion on the big dangers of AI. Do you have anything different for us on your thoughts of AI?

You’ve been a little bit tame on the uh, the AI subject of the big dangers of humanity considering you’ve told me a few times that you think your human race is effed. So I’ve yet to hear you really give me some big piece or rant about how you think the human race is going to go up in smoke. It’s funny, but I actually, I try not to be negative all the time.

I hate like even on social media where like buyers agents and the media, they always try to doomsday thing. I don’t think we should live in a world like that. I think we should always try to look at the bright side, prepare for the worst. But I try not to go down there. That’s where unhappiness comes from.

I do think a big change is coming in like the next 50 years, I actually think we’re going to have to regress. And I’ve sort of alluded to it on the podcast already where we’re going to go back to nature and back to the simple life because. Where humans aren’t getting happier, the more technology we introduce and the more chat GBT and artificial intelligence, we’re not actually happier, like depression is actually going up and unhappiness is actually going up as well.

So I think we’re going to have to pull back at some point and AI might actually save us. We might all of a sudden put a chip in our brain that makes us happy all the time. And there’s some books and theories about stuff like that. But I think there’s going to be a separation, a breaking technology where people go back to the fundamentals of life.

and try to enjoy it there. But yeah, I’m actually one of those ones that don’t think it’s not necessarily going to bring the world together as much as we’ve said there’s going to be a doomsday coming with it. Yeah. Well, the funny thing is like, I mean, until I watched that, the AI dilemma, I was very, very positive.

I’m still very, very positive. In AI and believe that the human race will prevail. But one of the things I thought was like a bit sketchy is that Sam Altman in interviews about AI and his company, OpenAI. He has specifically said that he. Does feel that there is potential for it to be big danger to the human race.

And this is the person that’s creating the AI and the, you know, chat GPT. He’s the one that’s actually putting this out into the world and he’s not even sure that it’s 100 percent safe, you know, so that’s a bit of a, like a red flag to me, you know, say that if he’s not 100 percent like he was going like.

It was like, no, it’s safe. 100%. We’ve got regulation. We’re all good. It’s okay. I’ll be like, okay, like, you know, he’s he can handle it. He’s obviously very smart, a lot smarter than I am with that kind of stuff. So, you know, I’m fine. But when he’s even saying there is potential danger for the human race for this technology, but we’ll just like chuck it out there and we’ll just like, we’ll see.

We’ll see what happens. That’s a bit scary. It is. But what I get reassurance is that’s happened with every reform that we’ve had. Like, like I mentioned before, like robots replacing manufacturing, like so many people thought that was going to be the end of the world. We’re going to like, oh, unemployment’s going to skyrocket.

Crime’s going to go up. We’re not going to have any need for humans doing fabrications anymore and things like that. It hasn’t. We’ve shifted and changed, which is well. Unless we give them access to stuff that can physically kill us, we’ll be okay because we can switch things off. It’ll be once they can actually take control and we actually can’t effectively fight back in quotation marks.

Yeah. One of the other funny things I thought that I’d mentioned as well is that I think it was yesterday on the news, it said Sam Altman, founder of OpenAI, is now lobbying that anyone or any company that is creating AI should be licensed. So, like, that basically tells me that. Now he’s the biggest provider of AI for like OpenAI and ChatGPT, he doesn’t want anyone else to come in and ruin his game, like, cause he’s got like a stranglehold of that industry right now, so he doesn’t want anyone that could potentially come in and take his place, so he wants everyone else to be licensed, now he’s the big boy in the sand pits, so I thought that was quite funny, you know, he’s the one that’s coming out and saying we need a license to be able to create AI now and you guys can just You know, get the license and, and if you can’t, you can’t play.

It is, but that’s just some form of control. And bringing that back to like the real estate industry, that’s what real estate licenses are for. Like I need a buyer’s agent license, a real estate agent needs some form just to have some level of control and oversight of the industry. So he’s just trying to manage that.

The problem with his is it’s a wide open space that can be taken in any direction. So trying to get some form of like legislation or registrations with it. It’s going to be really difficult. Yeah, a hundred percent. All right, mate. So, last question. Do you want to summarize how you think AI and ChatGPT is going to affect the property industry now and in the next 10 years?

Yeah, so it’s gonna have some huge effects come in the coming years. So the ones that I think it’s going to affect is enhancing customer service. So there’s going to be a better link between kind of real estate agents, buyers, more information there. Property searching will really help there because you’ll be able to draw in the data.

from anything that you’re looking at and kind of get cross verified information. Virtual property tours is going to be a big one because cameras are getting better on everyone’s phone, so it’s going to be no excuse to not have a virtual property tour without physically inspecting the property yourself.

Pricing and investment analysis, so this is where like your CP data and websites like that are actually really going to go to a different level as well because we’re going to have more information to use. Assessing the risk on the properties themselves, there’s going to be some good ways for like checklists and automations for basically making sure you’re not buying a high risk property.

And then the other one is property management, like we’re already seeing in their software and systems that can look after your property without having the need for a property manager. So I think they’re the ones coming the next five years time. And then following that, there’s going to be some more changes as well, which we’ll, we’ll do on the podcast in five years time.

If we do have a podcast, that is Andrew, we might be replaced by robots. Hopefully not. All right, mate. So, uh, where can listeners go to contact you or get your book or the other book or anything like that? Yeah. So, just go to my website, www. policeyproperty. com. All my spreadsheets are on there, free for download.

If you want a free copy of my book, just use the word, uh, code word podcast. At checkout and then any of the other socials on Facebook, Instagram, TikTok, all that and shoot me a message on there. All right. Fantastic. This has been Andrew Bean and Steve Polisi on the Commercial Property Investing Explained Series.

Thanks guys. Thanks guys. That was awesome, Andrew. Thanks for listening to the Commercial Property Investing Explained series. This show has been produced by the Commercial Property Show Network.

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