TRANSCRIPT
 
0:00:00
Tom Panos
He’s going to be speaking to us about a topic. And I’m looking at these numbers sort of grow. We were up to already live participants, 230 participants. So let’s just wait for this audience to build up. And that doesn’t include the bigger audience, which is on social media. Those that have gone live right now, Facebook has been triggered. And I’m just so excited, Seth, because to me, there’s been like so far, I look at my real estate life, it’s 37 years old, right?
 
0:00:38
Tom Panos
To me, that the big change, Seth, was the first one was the internet, right? It was like I was working in a world of three x five cards, hot, medium, cold. And what would happen is I would drive down the streets picking up, oh, this property has just signed. Ward gone up. Beautiful. It’s going to expire in three months time. The first one was this shift from traditional to online. That was the first shift in real estate. The second shift, I noticed was the shift, Seth, of franchising.
 
0:01:22
Seth Watts
I didn’t think you were going to say that, but you’re right. Okay, go on.
 
0:01:25
Tom Panos
Yeah, so, franchising, if you picture it before franchises, there was Bro and Sons, David Taylor and Family, right. And all of a sudden, we just started seeing franchise networks and groups pop up. And then the third one the third one, I’d have to say, was the impact of realestate.com. So there has been three real estate.com basically changed a lot of the way that the behavior of people operated in the industry and the consumers. And as far as I’m concerned, this now is the next fourth biggest in those four decades.
 
0:02:03
Tom Panos
This has to be the early signs of something that’s dramatically going to change the way we list and sell real estate. What do you think, Seth?
 
0:02:12
Seth Watts
Listen, Tom, I think I’m going to bounce your wisdom on a few of those. I would probably add mobile as something presentation. That for me, was a game changer. That concept of watching Steve Jobs in 2007 tell me that I was going to have the internet in my pocket. I had the same feeling, Tom, that I had on December when I saw Chat GPT, that the world just changed and I have seen the future. I don’t know how it’s going to play out, I don’t know how it’s going to affect my life, but my life just changed and I could just see it coming at me at a million miles an hour. And totally agree, I think Chat GPT, and not just for work and not just for real estate, we’re talking about for everything we do.
 
0:02:52
Seth Watts
This is momentous. And as much as I’d love to think that we’ve got thousands of people wanting to see this, Tom, I think the Australian community, I think a lot of the people you work with who are at the cutting edge have sort of recognized this and have said, you know, what? Something’s changed. I haven’t quite figured out what it is yet. And I’m hoping you and I, today, Tom, can start to explore and maybe start to peel back some of the layers around what this could look like. So it’s going to be a good session. I’m pumped.
 
0:03:18
Tom Panos
I’m pumped as well. So firstly, I want to thank you all for coming on. Those of you on Facebook, yes, feel free to press that Share button, comment. Those of you on Zoom, thank you so much for being along this event. Webinar is being brought to you on Tech Tuesday by, of course, Realtor, who is all part of, as Seth said earlier on one big Happy Family. I know that you guys do a fair bit of sort of work together. I know that you know Pete Matthews.
 
0:03:51
Seth Watts
Very well and I’ve got a great group of guys.
 
0:03:54
Tom Panos
Yeah. And I’ve got to say, Seth, Real tear is if you’re not a client at the moment, I suggest that you become a client. Because right now, if there are three things that you’re not doing, which is digital introductions, digital price updates, and having beautiful submissions given to your clients that you can actually get alerted to, you get alerted to when they open it up and they alert you to what page they’re on. Oh, they’re looking at the commission. It’s obviously matters to them.
 
0:04:23
Tom Panos
So think about that for a moment. Seth, you as an agent getting a text message that says your client now is looking on the page on the commission. This is a high probability client.
 
0:04:34
Seth Watts
Absolutely. Tom. Realtor is a class. I’m going to talk a lot about the importance of software partnerships. And Realtor is a great example of the kind of company you want on your team, right? Like fast growth, highly agile company. The world is changing so fast. Right. And Realtor is a great example of a company where you want them on your side because they’re going to bring this innovation to you because we’re going to talk about so much today and a lot of it’s going to be overwhelming. And you want to have software vendors like Realtor in your back pocket to help you really grab all of it.
 
0:05:03
Seth Watts
So that’s going to be key and strategic.
 
0:05:05
Tom Panos
Tom now, Seth, you’ve got to the level in presenting to audiences both in a virtual environment like now or at a platform like you did at Eric 18 months ago or two years ago. Was it two years ago? One year ago? Was last year.
 
0:05:23
Seth Watts
One year ago?
 
0:05:24
Tom Panos
One year ago. And don’t forget team, don’t forget. Pop in and see the team from campaign agent at Eric in six weeks time. But you’re such a good presenter that we don’t need to be doing Q and A’s with your presentations. We hand over to you. You’ve got total control of the deck there. You’ve got a PowerPoint slide. I think that there might be a video that you might show in here or not, I’m not sure.
 
0:05:50
Seth Watts
Yeah, a few videos, bit of audio, Tom, and a lot of interactivity. So this is going to be about showing, not telling. Tom we’re going to spend a lot of time, we’re talking about chat GPT. You can’t do a presentation on chat GPT without using chat GPT. So we’re going live into this, hope nothing breaks, but it’s going to be exactly how it works for everybody on this call.
 
0:06:11
Tom Panos
Okay, so handing over to Seth Watts, who is one of the founders of Campaign Agent, who’s going to give you on this tech Tuesday by Realtor, an overview of chat GPT and AI as it relates to real estate in Australia and New Zealand.
 
0:06:28
Seth Watts
Great. Okay, Tom, so thank you and thank you everybody. Love the fact that there’s so much interest out there in our community and I think it speaks to every single person on this call, has recognized that something’s changed and that all of us have an obligation to figure out how we can integrate this into our day to day. Because this is going to lead to better outcomes for you, better outcomes for your business, better outcomes for your vendors, and I might even say better outcomes for the people around you who you love and care about, because it really is a tool that can do pretty much everything.
 
0:06:57
Seth Watts
So, as I mentioned to Tom, on December 7, when I first discovered Chat GPT, I was shaking, I was excited, I had seen the future. And it was a moment for me that I recognized my life had changed and for the next ten years I was going to work differently. I don’t think I understood on the December 7 how big a change it was going to be, but I want to try and share what I saw that night, what I’ve learned since then, and how I can help you use this, learn this and implement it tonight.
 
0:07:27
Seth Watts
That’s our goal for this particular session. Now, the problem with chat GPT is when you log into it, this is what you see, Tom, and it is remarkably plain and bare. It’s very hard to look at this screen and say, this is the future and this is going to change my life. So what we need to do is we actually need to start playing with it to understand what this tool can do because otherwise it kind of just looks like a dumbed down version of Google.
 
0:07:51
Seth Watts
Let’s walk through. So let’s start doing this. But before I start doing it, I’m going to work on the assumption that most people have heard of chat GPT and that most people have had that first experience where they’ve said, could you please write a speech for my kid’s birthday? And they have that AHA moment where it’s like, jeez, this is really cool. Or they say, could you respond to an email? I’m going to work on the basis most people have seen that, but we’ll get more advanced from there.
 
0:08:16
Seth Watts
But what I want to start with is that Chat GPT, like lots of things in life, there’s a skill in it, Tom, so it’s not just a matter of typing in, could you write a letter or write a speech for my mum’s birthday? There’s a real skill in it and I’m going to use a humorous example just to show everybody what I mean. So I’m going to use a tinder example. Tom So I want to prepare and for the blokes in the room, I want to prepare that. You saw Ashley on Tinder, she’s 23 years old and she’s got this cute little statement under a picture that says, LMK when the reservations are made with a kiss.
 
0:08:48
Seth Watts
So let me know when the reservations are made.
 
0:08:49
Tom Panos
Yeah.
 
0:08:50
Seth Watts
Now, let’s just look at the difference between an expert chat GPT user and somebody who’s getting new to it, because I want to set the scene a bit, Tom, before we get started.
 
0:08:59
Tom Panos
Perfect.
 
0:09:00
Seth Watts
This is a basic response. Hey, chat GPT, a girl I’d like to go on a date with asked for dinner reservations in her dating profile. Write a great response and I’ll let everybody on the call read it. But as you’ll see, it’s totally acceptable. But I guarantee you, this is not going to get you a date with Ashley. Ashley’s got a thousand of responses that say, I mentioned dinner reservations, and let me show you what an expert in chat GPT would do.
 
0:09:24
Seth Watts
So for the same ad, it would say, imagine I’m a girl, Tom, and on my dating profile, I have LMK, when the reservations are made, write a creative and flirty response to try and pick me up. So what I’ve done there, Tom, is I’ve said, Imagine who I am, pretend to be a girl and write a creative and flirty response and look at the difference in responses I now get. I now get it’s flirty, it’s funny, it’s witty, it’s got a sense of personality, right? And this is the same product, same radically different, right? So it’s having fun. Now, I’m going to guess, for many of the ladies on the call, they’re going to have a radically better response to this than the other one.
 
0:10:02
Seth Watts
They’re probably going to know, Tom, that was chat GPT. Now, regardless, but nonetheless, this just shows you what the difference is. Now, the other cool thing, right, is I can say, hey, chat GPT, give me some more ideas. And it will just keep doing it all day, every day. I could do 100 of these and it’ll just keep going and going and going. So let’s jump in, Tom, and let’s have a look at some live examples and to show people how this actually works.
 
0:10:25
Seth Watts
So I’m going to quickly reshare my screen.
 
0:10:29
Tom Panos
One thing I can think of, just watching that you ask a better question, you’ll get a better answer. That’s my first, isn’t it?
 
0:10:36
Seth Watts
Absolutely, Tom. And the other secret, I’m going to use this a bit, is tell Chat GPT what you want it to be. So if you’re asking a legal question, I want you to be a professional barrister who’s supporting corporate clients. Or if you want it to be an accountant, say, I want you to be big Four accountant with 20 years experience. I need you to be a psychologist with ten years experience specializing in kids. So the first tip I’m going to give everybody is chat GPT will be whatever you want it to be, but you have to tell it what you want it to be.
 
0:11:03
Seth Watts
So let’s get started in our first prompt. So, for those of you who haven’t used Chat GPT and you’re like, Seth, this is amazing, but what do I do? The first question you should ask is that tell Chat GPT that you’re new to Chat GPT and tell it what to do with it. And Chatptpt will teach you how to use it instantaneously. So that’s the first thing. Now, if anything it says is not to your satisfaction, you can just tell it too hard, explain it to me like I’m five and it will dumb it down and explain it to you. So don’t worry, you can make it as simple or as complex. If it’s not fast enough, you can say, be more concise, be faster, be slower, whatever it is, and it’ll tell you exactly what you want. So, first tip from everybody, if you don’t know how to do something, don’t stress out, just ask.
 
0:11:52
Seth Watts
Okay, so I promise you this would be relevant for real estate. So I’m going to start with some real estate specific examples. So, firstly, everybody for the last 20 years is telling us that with social media, we all need to be in the content game. We all need to create amazing content, we need to have a social media presence, we need to engage with our customers, we need to create relevant, insightful information.
 
0:12:13
Seth Watts
Let’s get Chat GPT to do our first EA example here. So what I’m going to do, Tom, I am going to drop into CoreLogic, and what I’ve done is I just picked some market insights. I’ve just used their standard old feature down here and said, what’s happening in Hawthorne Victoria in the last 60 days? And I’m going to copy that information. So all I’ve done is copy it. Then what I’m going to do is I’m going to drop that into Chat GPT.
 
0:12:43
Seth Watts
Now, Tom, next step I’m going to do is I’m going to also copy in a request I’d like it to write a 400 word market report for Hawthorne in Victoria using the data above. I’m then going to tell it my target market is vendors in the area who are considering selling their property. But you know what, I don’t want to give them data, I want to paint a positive picture of that data, Tom. And I want to encourage them to reach out to me. I’m a salesman. I want to need to get a listing.
 
0:13:11
Seth Watts
So we click enter, and then what it’s going to do now is essentially going to do that pitch that I asked. Now, for some of you, this may be too positive. That’s okay. So we can tone it down. But what it is going to do is give you a really fast way to take small amounts of data, small amounts of insight, and turn it into beautiful long term content. So we’re going to do some really nice stuff. And as you can see, it’s taken all of that data. It’s given me a relevant, timely, accurate summary of what’s happening.
 
0:13:44
Seth Watts
It’s put it into a positive tone of voice, and it’s helped me take what in essence was a bunch of numbers and paint a picture for vendors that I’m somebody you should list with, because this is a great market, which, by the way, Tom, what a great market this is. Considering the doom and gloom, I’m actually surprised how great a market we’re operating in. But that’s an aside. So there’s just a quick example now for everybody.
 
0:14:05
Seth Watts
Don’t worry about trying to capture these scripts on my Twitter feed. I’ve taken and everything in this presentation, and I put it all into, all into my Twitter feed. So you can cut and paste every single one of these. I want you to take these away and use them. So grab all of that content. I’ll give you all the data at the end so you can use any of these scripts. And I really encourage you guys to adapt them to your market.
 
0:14:26
Seth Watts
These are all samples. They’re designed for you to push them, pull them, prod them, make them work for you. I just want to give you some examples of what we can do here. Okay, let’s do another one here. Let’s stop generating. Okay. Anybody ever received a message like this from real estate? How much have you listed this property for? Or what’s happening with the property? I’d like to visit it. I’m in the market to buy a property down in the marketing minington peninsula, Tom. I’ve done this a couple of times to agents and listen, most of the time I get a decent response, but it’s not inspiring.
 
0:15:01
Seth Watts
So let me give you an example. Let’s put in a prompt on top of this. So let’s just go through and I’m going to cut and paste again. Write an upbeat and positive response to the email below that I received. Now, I want everybody on this call to think about. You could send a basic response that’s accurate, professional, or you could send this. And what this is doing is giving me the ability for every single annoying buyer inquiry that I have to deal with 50, 60, 7100 a week. And it is giving me the ability to create a bespoke, custom, empathetic, engaging piece of communication that’s going to stand me in good stead in front of that buyer every single time at scale.
 
0:15:42
Seth Watts
So it means that I can take a frustrating part of my job dealing with unspecific buyer inquiries that come through from real estate, Tom, and turn it into a fantastic marketing opportunity with no effort from myself. And you imagine the buyer experience, right? Every other real estate agent is sending out, come see me at the open. We’re listing it for 2.2 or you get this. And my argument to the group on this call, Tom, is that this experience is going to create a point of difference.
 
0:16:08
Seth Watts
And once GPT becomes standard, if you’re not doing it, you’re dead, because buyers expectations are going to go through the roof. But while you’re at it, let’s get a competitive advantage out of this. Okay, now, I want to go through what I’m not going to do to your Tom is do a whole bunch of examples about how to write reports, how to write LinkedIn and Instagram posts. I’m not going to do that. I want to be a little more.
 
0:16:34
Tom Panos
I can see already applications like, let’s face it, I have real estate agents that tell me the biggest challenge that they have is how to manage online inquiries. I can see right from the outset, this is going to help you.
 
0:16:48
Seth Watts
Yeah, they did have a problem with that stuff, Tom. This is the solution to that exact problem. Let’s have a look at one of the reasons people who are on this call. On this call, Tom, is they want to be better estate agents. They want to be more successful. What I’m exploring now with Chat GPT is how can I be a better professional using this technology? So this is an example of a prompt, and I’m saying I’m a real estate agent, and I tell it a bit about myself.
 
0:17:15
Seth Watts
I’ve sold 25 properties in my local area successfully over the past year. But I have a problem. See, I’m really good when I’ve got an analytical buyer oh, sorry, vendor when I’ve got an account, and I list it every time. But when I meet a buyer who’s more emotional, more conversational, I’m not very good. Could you act as a coach to me and provide me in tips on how to engage with these people? And so this is an example of me thinking about what am I good at and what am I bad at. And by the way, if you’re bad with analytical vendors, just change this prompt around.
 
0:17:42
Seth Watts
But this now allows Chat GPT to help you as a person, think about what my strengths and weaknesses are, enhance my strengths and help me develop my weaknesses. And so it’s going to go through and become a personal sales coach to me. Let me give you another example, Tom. So this will go through, and you guys can play with this back at home. Let me give you another example that that I think is really interesting.
 
0:18:04
Seth Watts
So here’s another let’s stop generating that. Here’s another prompt you can use. So let’s just say you’re a real estate in Chatswood, up in New South Wales.
 
0:18:12
Tom Panos
By the way, Seth, just for our audience, right now, you’re typing into Chat GPT. That’s what we’re seeing on the this is a standard subscription. I think after seeing you present for our real estate gym last week, Seth, we went and got a $33 a month subscription. Susan tells me that’s one of the better ones.
 
0:18:37
Seth Watts
You got 33, you’ve got the rolls always made. I was spending 22. It’s 22, yeah. So you make a good point, Tom. I’m using Chat GPT plus team, and if there was ever a time you want to spend $22 a month, this is on it, because the plus is markedly better. So thanks for pointing that out, Tom. This is one that I think is a really interesting example, because this is starting to think a little bit left field, but let’s just say you’re a real estate agent in Chatswood or Box Hill, and you’ve got a large number of Chinese, Australian, Vietnamese, Australian, Greek, Australian, doesn’t matter, whatever.
 
0:19:12
Seth Watts
And let’s just say that you want to do a better job of understanding how you can engage across communities or across cultures. Guess what Chat GPT will do for you? It can say, could you share the business norms and practices that are expected in the Chinese community that will help me present my services in a better light? I should change that better light. And what it’ll do now? Is it’s now a personal sales coach giving me cross cultural advice so that when I’m dealing with communities that maybe I’m not as familiar with or I don’t have as much context as to how to create value for them, it will actually help me better understand that particular community.
 
0:19:46
Seth Watts
So if you’re walking into a vendor who’s from a professional background, an educational background, a cultural background, and you want to make an impression, for Christ’s sake, team, come on to Chat GPT, explain who you’re going to meet with and do a bit of prep work. Right? I personally don’t have a lot of experience about Chinese business etiquette, but you know what, I’ve now got five or six really great things that I can think about respect hierarchy, build relationships, how do I handle the business cards? Modesty, indirect communication and face.
 
0:20:19
Seth Watts
So, really nice example for everybody in this call. And again, I want everybody to think about more broadly. Where do I struggle as a sales agent? How can I get a personal coach on every single listing? So it’s no longer about me as a person individually, it’s about how do I think about every single sale as an opportunity to be better? And there’s some more basic stuff, right? So you can act as a telephone sales coach. You know, I’ve I’ve sat down with Tom. I’ve watched the guys in the real estate gym do those calls. I’ve got nothing but respect for people who are doing that like, that is salesmanship at its best, also its most disciplined. But what’s nice about this is when you’re having those days where you just want something a bit creative, come into Chat GPT, give me be a telephone. Oops, sorry about that.
 
0:21:06
Seth Watts
It’ll come in. Act as a telephone sales coach and give me three sales scripts that I can use for prospecting calls. So if you’re looking for that burst of creativity, if you know you’ve got to do something with discipline, come here and it will automatically get it for you. And then finally, I’m going to leave one more Tom, because we could do this for hours, Tom. Like, literally hours.
 
0:21:27
Tom Panos
This is absolutely extraordinary. This is like having a personal assistant, 24/7 on every anything in your whole life at scale.
 
0:21:35
Seth Watts
Tom, like, you can go through and say, great, my wife and I are doing a new deck. Could you give me the top five things I need to go out and buy? How do I maximize make sure I minimize the cost. Everything is here, right?
 
0:21:45
Tom Panos
This thing’s, that damn good. Look at this local. Then it’s talking about recent sales success. It’s giving you two good scripts.
 
0:21:53
Seth Watts
That’s what I mean. Is somebody like Tom Panas going to adapt it? Of course, the best goddamn real estate trainer in the world is going to change it. But if I’m looking for inspiration on a Tuesday morning and I need to get up and make that next call, what a great way to find it and not spend the whole time doing analysis by paralysis by analysis, I can get out and do it without having to think. And then finally, before we talk about some of the samples, right, when you all start to become blackbird stuff, it can be more than what I’m looking at right now. So right now, we’re asking a question. We’re getting an answer. I’m trying to teach you how to ask really great questions, trying to expand your horizons as to what’s possible.
 
0:22:35
Seth Watts
But Chat GPT can be more than that. Even so, this is an example of an advanced prompt. I’ve got this up on my Twitter feed, but this prompt here says, you know what? I don’t want a script. I want to have an interactive training session. I want to have a conversation with you, and I want you to then ask me to respond to objections. I want you to tell me if I’m doing a good response or a bad response.
 
0:23:00
Seth Watts
And I actually want to become a better agent, and I want to do an interactive training session. So what it’s doing here is we’re meeting with a vendor, Mr. Lee. Sorry, Mrs. Lee. We’re considering selling her home, but she’s a little bit concerned about listing with us. She’s heard our fees are quite high and I’m worried about how much is this going to cost me? Great. So what it’s going to do? Is it’s letting me know it’s going to wait for my response? So, Tom, I can write a whole response justifying my fees and talking about value versus price and talking about the experience that I’ll bear that will actually saving $5,000 will actually cost you 50. If you get the wrong agent, we can go through.
 
0:23:42
Seth Watts
I’d be embarrassed in front of you to do anything but explain what happens. But it will wait for my response and then it will grade it feedback and tell me how I can do better. If I do a good answer, it’ll get harder. If I do a bad answer, it’ll get easier. But it allows me as a professional to really go through and build out my expertise and become a better agent or a better whatever. I mean, the crazy stuff, Tom, you could say, listen, I’m having trouble parenting my daughter. I’m really struggling to create a relationship with you. Could you help me and give me some tips and then help me improve my responses? So it isn’t just about work. It could just as easily be about how do you be a better person?
 
0:24:17
Seth Watts
Okay, so, Tom, what we’re going to do is we’re going to get all of those scripts up on Twitter. We’ll get a lot more so people can start to do it. And then I want everybody on this call to think about how they can customize it to their strengths, their weaknesses, what they’ve got in their life. And I want them to think about what we’re doing in my businesses, which is when we have a problem, we have a chat GPT first approach, we get advice, we seek counsel, and then we go and do whatever we need to do. It’s a fascinating way to think about your professional life.
 
0:24:44
Seth Watts
So a couple more things, Tom, I want to do because chat GPT is a starting point, and I reckon you could spend five years exploring going down that rabbit war or that rabbit hole, sorry, but probably helpfully for all of us. A lot of this stuff is going to start to appear in products that we use every single day. And I’d like to just quickly share some products that use AI, but don’t require you to write these elaborate prompts, because I understand a lot of this stuff requires quite a lot of practice. I’ve been doing this for five months now.
 
0:25:18
Seth Watts
It’s not easy, but let’s have a quick look at some products. They’re going to help speed up your day. So, first one, this here, Tom, is a actually, let me share that because I’m going to I might need some video here. Great. Okay. Hey, Tom, can you see that video right now?
 
0:25:36
Tom Panos
Yes, I can.
 
0:25:37
Seth Watts
Excellent.
 
0:25:38
Tom Panos
Good.
 
0:25:38
Seth Watts
So this is an interview. With Johnny McGrath, two year old Ready Media Group, whoever that might be. And I want to show you a tool called Barely. And what Barely does is notice when it pops up here. You’ll see this little bear here? And when I click on it, it has summarized an executive summary. And what it’s going to do is it’s actually going to deliver a summary of this 40 minutes video. Now, I’m using this. I’m a sales guy, right? And I tend to be a people person. I love to prepare for my sales pitches. I love to have watched content like this. So I’m meeting with somebody, I can talk to them about their passion, their interests. I don’t necessarily have 40 minutes or an hour to watch a video, but by using this tool, next time I meet with John, I can say, John, I saw that video, I got a summary, and I just thought it was fantastic. I didn’t realize you’d suffer from two collapsed lungs, and what a huge challenge that you had to overcome.
 
0:26:38
Seth Watts
And so this can be used for anything, whether you’re watching training videos, personal videos, doesn’t matter, but anything. Barely is a great product. It’s up on my Twitter feed, if you’re interested. But it will automatically take the entire video library of YouTube and allow you to quickly summarize what’s going on and quickly allow you to figure out how you can read that content. But it does more than can I.
 
0:27:02
Tom Panos
Just get this right at the moment? That page that you’re on, if you can go back to it, it’s got all the videos. All these videos here have got the Barely option tab there, have they?
 
0:27:16
Seth Watts
Yeah, absolutely. So if I go to Andrew Abercrobby from home group, I can click on that and it will give me a summary of that entire video so that I don’t have to.
 
0:27:25
Tom Panos
But are you sitting on YouTube at the moment?
 
0:27:27
Seth Watts
I’m sorry, Tom, can’t you see you.
 
0:27:31
Susan Zheng
Have to install Barely, and then you.
 
0:27:34
Tom Panos
Use the YouTube link?
 
0:27:36
Seth Watts
Susan so, yeah, Barely, which by the way, is on my Twitter feed. Barely is just an extension you put into Chrome, and then once you that extension, the bear follows you around. It’s always there. You can grab it, and no matter what you’re doing, it’ll give you a summary. You can ask a question, it’ll summarize this transcript and allow you quickly to understand what’s happening on YouTube. Does that make sense, Tom?
 
0:28:00
Tom Panos
Yeah, got it.
 
0:28:02
Seth Watts
I appreciate you explaining it. I get a bit excited and go too fast sometimes on this stuff.
 
0:28:08
Tom Panos
So this is a subscription that you would get? You would put it on.
 
0:28:14
Seth Watts
So barely, I think. Barely $7 a month. Now, I’ve got to admit something, Tom, you get about ten requests a day. Actually, I’m on the free version, so it’s possible in front of 1000 people, it’s going to say that my license runs out. But yeah, I think it’s $7 a month. Wrong. Your laziness on my part. I haven’t got around to paying for it, but it’s cheap. But Barely does other stuff, right? Tom so I’m interested in buying a commercial property.
 
0:28:40
Seth Watts
I talked to the commercial real estate agent. It’s like speaking to somebody speaking Latin. The way he talks about valuation and cap rates and how he does it all. So I searched a website about how commercial property is valued because it’s totally different. And then I can come through to Barely. And it will not only summarize a video, it’ll also summarize complicated concepts like this about valuation. And it’ll give me both takeaways as well as counterarguments, so that it’ll help me better understand what this web page is trying to trying to tell me.
 
0:29:12
Seth Watts
It’ll even do it, Tom, with like, Amazon stuff. So this is my favorite book. Anybody haven’t read this book? It’s fantastic. But it’s got 3680 ratings. Barely will come in here and it’ll analyze all 3680 reviews. And it will give me a quick summary on what everybody thinks about this particular book. Just pretty cool. And it’ll also give me an executive summary on the book itself. So you could do all of this in Chat GPT.
 
0:29:39
Seth Watts
Barely, is it? Well, actually, maybe not the YouTube summaries, but what Barely is doing for us here is taking AI and bringing it out into the world and allowing us to start to use it in an environment which we’re more familiar with. Let’s do another example here. Great piece of technology I came across the other week. Company called Listmart group of aussie developers. They’ve taken a web form, the ability to enter property details, enter some highlights, bedrooms and bathrooms. And this product will go through and actually generate all of the listing content for the board and everything else.
 
0:30:14
Seth Watts
So it’ll go through and build out the web, the brochure, the Tweet, the Facebook, Instagram and SMS. Really cool product. And a great example of a group of smart guys who have taken this AI tool and immediately generated it out for use in our world of real estate and given us the ability to use it instantly. So even to the point where it’s doing like little emojis and stuff, it’s quite cool. But as you can see, I haven’t gone and paid a professional copywriter. It’s done all this content for me. So this is in beta right now. But a great example time of how people are localizing it and bringing it to real estate.
 
0:30:50
Seth Watts
There’s going to be an explosion of different tools for us as agents who are going to help us do better in our day to day job.
 
0:30:59
Tom Panos
Yeah, I’ve got to tell you, it’s funny you brought that one up because I’m sure that they sent me a message. What do they call? Listmart?
 
0:31:11
Seth Watts
Listmart. Yeah.
 
0:31:14
Tom Panos
They sent me a message the other day wanting to meet up.
 
0:31:20
Seth Watts
I reckon it’s really cool and that’s an example. We can use that all day, every day right now, so that content is out there and readily available. But Tom, I got to keep moving, mate, because we got more stuff to look at because this is an example of now, the intersection between video and content. So what this product Synthesia does is it allows you to type and then it creates professional content. So I’ll play a quick video here.
 
0:31:56
Susan Zheng
Hey, I’m Alex. And here’s a quick synthesia product demo. To begin, choose from a wide variety of fully customizable video templates. Then select your preferred AI avatar. Now type in text in over 120 languages and choose a narration style or local accent. Next, start editing your video easily. Change colors to match.
 
0:32:21
Seth Watts
What this is doing, which is unbelievable, right, is it is taking text and it is turning it into video and it is doing it in real time with with multiple different languages. So you can see the use case. It’s 04:00 on a Saturday. I’ve had five auctions in my business and I want to do a market report, but I don’t have time to do the video. I’m exhausted. I can go into Synthasia, type it in, type in the summary. Synthasia will then output a professional video, translate it to Mandarin, translate it to Vietnamese, translate it to Greek, and then allow me to send that out to my database based on their language preferences.
 
0:32:57
Seth Watts
Now, what’s really crazy, Tom, is you can spend $1,000 with these guys. Send in five minutes of video of yourself and you become Alex. So rather than Alex talking, it can be you. So if somebody wants to take this to the next level, they can actually turn themselves into an avatar and create massive amounts of content. I can see business leaders, I can see top agents doing this because they’re going to want to be able to produce large amounts of video content, but they’re going to want to do it in multiple languages.
 
0:33:27
Seth Watts
Just imagine, Tom, you could do a video and do the whole thing in perfect Mandarin Chinese and deliver it, but it’d be you speaking. So this is where we get into the kind of spooky stuff, right, where we combine language, text to voice and video all into one thing.
 
0:33:45
Tom Panos
Susan, don’t forget, click all these ones that are relevant to us, Susan, get subscriptions for them because it’s funny. We’re looking at this one here because I had just before I came onto this meeting, I had someone that I do some work for in the media. They said, we need you to be doing exactly what you do for New South Wales, for the other states, because it’s got to be a national. I said listen. I said, that’s a lot of work for me to do. It means I’ve got to sit there, look at all the results, and then I’ve got to go shoot a video for each one. I’m sitting there thinking to myself, you know what, this could be the solution. I just pull up the core logic RP data, say, this is the state’s data, send them me.
 
0:34:27
Tom Panos
And it’s better than saying no and not doing it. This is a gold good opportunity to scale.
 
0:34:33
Seth Watts
Tom you’re not thinking Chat GPT first, right? So what you do is you missed a step. You take the core logic data, you cut and paste it into Chat GPT and say, I’d like you to do a two minute market summary based on the following data. You then paste it into synthesia and you deliver the product finished in two minutes. Don’t write content anymore. We take raw data, we convert it into beautiful text, and then we take it and we use it. We don’t ever write anything ourselves first.
 
0:35:02
Seth Watts
So this is a big mindset shift. And I caught you there for a SEC because you suggested that you weren’t going to do it in Chat GPT. Excellent. This is the next one. Now, I got to say, this may not be as relevant for those of you in real estate, but for me, I do a lot of management. This one I love, right? This is called Otter and this is my personal bot. So Otter, what it’s looking at is Otter hooks into my calendar. So I got a sales meeting.
 
0:35:27
Seth Watts
When I go to my sales meeting on Zoom, because I run a national sales team, I can send or bring my otter with me. And what otter is. It’s a bot. And it listens to the meeting, doesn’t talk, but it listens to the meeting. It then writes a full transcript of the meeting and a summary and without me doing anything, sends the summary, including to do items and action items to everybody on the call, which is pretty cool, right? So it’s like having a personal secretary at every meeting.
 
0:35:54
Seth Watts
But what’s amazing about Otter is Otter goes to meetings that I can’t make. So if I’ve got a meeting with Joe at 09:00 and I can’t go, my otter will go, listen on my behalf and then send me back the transcript and allow me to automatically get a summary of what’s happened on that call. So if you’re really busy and have a lot of Zoom calls, get Otter. I think this one’s about $10 a month and it’ll attend every single meeting for you without you having to go.
 
0:36:22
Seth Watts
So you can do dollar productive activities and then even campaign agent. My business is jumping on the bandwagon. So what we’ve done is this is just an example listing, so demonstration environment, but a listing on Realestate.com we’ve gone through in our product. And basically, no matter where you are on the web, we now recognize what you’re doing. We then figure out what payment information you need for that property. Tom and we deliver all of the payment information no matter where you are in the world.
 
0:36:51
Seth Watts
So we’ve gotten away from people coming to our website just like, barely. We’re bringing our products to where you are and using AI to help us recognize what you want and when. So this is just an explosion. And there’s one product, Tom, that I can’t show you yet, but is going to change the world more than any other, anything more I’ve shown you today. And that product, Tom, is that Microsoft is launching Chat GPT in Word, Excel, PowerPoint and Outlook.
 
0:37:24
Seth Watts
So it’s going to get to the point, team. When you’re writing an email, chat GPT is going to be there alongside you. When you open a Word document, GPT is going to be there to help you work. This is where AI transforms all of our jobs. It’ll be three to six months before you get access to that. In three to six months, I desperately encourage you to get out there and have a play with some of this stuff, but in the meantime, just be aware that this is going to percolate everywhere through our day to day working environment.
 
0:37:56
Seth Watts
Sorry, Seth.
 
0:37:58
Tom Panos
And what I was going to say is that I listened to Gary Vaynerchuk yesterday on a video where he said, look, and it doesn’t matter how strong your view is on how you’re going to use it early on, what you should be doing is understand the world is going to be operating with this. So you might as well learn it whether you do it or not, because it’s going to be in the years to come, it’s going to be like email when we didn’t have email. Right. It’s just the way things are going to be operating.
 
0:38:32
Tom Panos
I’m blown away with that. And by the way, you’ve done a totally different presentation to what you did last week.
 
0:38:40
Seth Watts
I’m doing this like half full time trying to keep up with this stuff. It’s changing so quickly, it’s out of control, but it’s super exciting. And Tom, to your point, can I just stop for 1 second? Let me just pause the presentation for a SEC because there are some people out there on this call right now, Tom, who are listening to this, and their reaction is not excitement. Their reaction is not, this is awesome, my world has changed. Their reaction is, I’m really worried about my kids.
 
0:39:07
Seth Watts
This is scary. How are my kids going to learn? How are my kids going to learn to write a paper? How are my kids ever going to be able to get a job when all the basic stuff is automated? I just want to recognize for a moment the authenticity of that feeling because a lot of people get really freaked out by this. And I just want to share with everybody on the call that if you’re feeling that way, that’s okay.
 
0:39:30
Seth Watts
It is possible that this could have big implications in the workforce, and I want to recognize that. However, what I do want to say is that all technology, when you first see it looks scary, is that this technology is going to create as many jobs as it ever destroys. So there is going to be a whole new world of opportunity that this is going to create, but it’s going to be disruptive. That is clear.
 
0:39:53
Seth Watts
And I want to recognize if you’re one of those people who are looking at this and kind of freaking out, that I feel you. I totally understand where you’re coming from. But I want you to stop and recognize that that shouldn’t be a reason not to engage, that it’s still important for you to understand, even if it’s because you’re a parent. But I actually want you to spend some time with this regardless and understand what’s happening, because I think you’ll come to a similar conclusion to me is that there’s way more good here than there is bad.
 
0:40:22
Seth Watts
And that if you cannot help your children and help the people around you and the people you love, work with this unless you understand it. And not engaging is not an option here. So I want to say that because when I do these presentations, I can always see a couple of people who just look like the faces. There’s no blood in their face and they’re looking stressed and they say the same thing. I’m really worried about my kids and I want to say that that’s a legitimate reaction to this because it is kind of scary.
 
0:40:47
Tom Panos
So Seth interestingly, madeline, who’s 19 years of age, studies law commerce at New South Wales uni. That’s my daughter. One of my daughters comes home about four weeks ago. And Daddy, I don’t know why I’m wasting my time studying law. I’m not going to get a job. I didn’t even want to really do law, but now I’m definitely going to get a job. You should have seen what this chat GPT does. They can get the best advice. It actually even smarter than the smartest barrister.
 
0:41:20
Tom Panos
What’s the point? Went on and on. I’m freaky now. How am I going to make money? Then she goes, how am I going to be able to buy a house if I won’t be able to get a job? Right? And I’m thinking I said to her, Maddie, I said, we don’t do drama in the Panos household. Don’t do drama, don’t do drama. But I can see Seth and the fact that you’ve mentioned it, you’re mindful because you’ve been presenting and you’re seeing people’s responses and you can sense it and what you’re sort of saying is, okay, accept it.
 
0:41:54
Tom Panos
It’s normal to feel like, hey, this is a threat to me. But you’re also saying the upside might be a lot bigger than the downside of this.
 
0:42:04
Seth Watts
The smartest piece of advice, it was actually my cousin who’s doing his MBA down at Melbourne University and he’s doing a marketing research module, big fancy business school. And the professor in January right, so this Chat GPT comes out in December, this is three months ago, announces in class, so everybody knows team Chat GPT has been released and Chat GPT is mandatory for every single final exam session. You must use chat GPT.
 
0:42:32
Seth Watts
Everybody’s like, whoa, well, it’s been banned from every class. What do you mean? And the professor, and bless his soul, like, what a brilliant man. This man deserves to be. A business school professor says, the expectation of every single employer for the remainder of your career is that you are going to be a master of generative AI. And you sure as hell better be able to use it better than the next guy if you graduate from this business school, and I’m going to make sure you do.
 
0:42:53
Seth Watts
And I just thought, what a brilliant professor who’s, recognizing the game’s changed. I can’t change the reality of it, and I sure as hell better adapt. And I better make sure that all my students are masters at this so that they can be the best possible employee, boss, entrepreneur, nonprofit person. Whatever it is you want to do, you need to master this. And we are going to become better as a people and a hell of a lot more productive. So we’ve got to think that way because this genie is not getting back in that box. That’s all I’m saying.
 
0:43:21
Seth Watts
This is escaped.
 
0:43:23
Tom Panos
That was absolutely outstanding. Step number one, everyone should just go off and get a Chat GPT subscription, right? Who is Jet GPT, by the way? Is it one company? I know it sounds like a weird is it one company? Who is it?
 
0:43:40
Seth Watts
Interesting history, right? So it’s CEO is a guy called Sam Altman, a really smart guy, australian partner, actually. His partner, they live in Sonoma up in in California and his, his partner is, is an Australian guy. So they’re, they’re running it. It was originally started as a nonprofit. A bunch of billionaires threw in $100 million, including Elon Musk, and they wanted to create a nonprofit AI foundation. And over the journey it’s become profit.
 
0:44:09
Seth Watts
AI foundation. Microsoft invested $14 billion, I think in it take these numbers with a grain of salt, they’re roughly right, but it’s gone and exploded with this first instance of Chat GPT. It’s not the only one. There’s about five or six different models. There’s open source models, there’s lots happening. But Chat GPT is materially better at this stage than anything out there. And Microsoft, because they invested so much money, have launched it into their search engine Bing.
 
0:44:39
Seth Watts
So it’s the one that’s getting the most energy. Google is losing their shit, Tom. They are literally in crisis mode because they can see their 300 billion dollar search engine being threatened. But they’re a small startup. Thousand people in San Francisco doing some pretty amazing stuff now.
 
0:45:01
Tom Panos
Seth, I want to thank you so much. I’m mindful it is 446. Have you got anything else you need to cover.
 
0:45:11
Seth Watts
Listen, I think I promised everybody that I would give them all of the content. Tom so I’m just going to quickly flash my Twitter handle simply because perfect. All of these prompts and all of these products sort of just left it up there. Just check them out. I’ve got a couple of months of tweets. You can check and find out whatever you want.
 
0:45:28
Tom Panos
Okay, perfect. Now, Susan, if it’s okay, because we’ve got to do the right thing because perfect. Well done. So if you’re not a Realtor client, go to Realtor and join now. Straight away. Non negotiable. It’s crazy. There’s a tech stack you’ve got to have at the moment in real estate, as far as I’m concerned. Realestate.com campaign agent, which I consider you. I mean, I know that you’re a vendor paid enabler, but I also think you are a tech.
 
0:46:02
Tom Panos
You use tech to enable that to happen.
 
0:46:04
Seth Watts
Seth absolutely.
 
0:46:06
Tom Panos
Tom and real tear. I just think to myself, price updates, introductions, the fact that you can keep it all in the one ecosystem, sign a contract, everyone gets informed, move on to their next property. Seth, I want to thank you so much. Today we’ve had a record group of people that have registered. This will probably be seen by thousands because this is just the live we’ve had, I think about a few thousand on social media and other what is it? Even now, there’s still 344 people on here. It’s a credit to you, Seth, to be able to an audience in the afternoon.
 
0:46:47
Seth Watts
These are the people who are going to lead this industry. Tom like, if they’re jumping on this now, these people are going to be our next generation of superstars, if they’re not already.
 
0:46:54
Tom Panos
All right, team, couple of questions. Did we go through them? Lyle Stokes. It’s great. I use it for some scripts for property and emails to clients and lawyers. Good stuff, good work. Smart. Parry says link for smart. Listmart any specific apps that work in New Zealand as well as VK. I’m not quite sure. Josie, with this amazing technology, will this make an agent irrelevant? It won’t make an agent irrelevant, but I think seth it’ll make an agent that actually is not a skilled agent. It’ll make an agent that’s not a good agent become less valuable in the marketplace.
 
0:47:34
Tom Panos
And I think the real estate agents that have got the ability to be high tech, high touch, are going to use this at scale to be able to serve more clients. That’s what I’ll be able to do.
 
0:47:45
Seth Watts
Yeah.
 
0:47:46
Tom Panos
All right. And then do you use copy AI? What’s? Copy AI? Do you know what that is? Copy AI?
 
0:47:52
Seth Watts
Yeah. There’s a bunch of technology out there that does writing, marketing, listing, presentation. Jasper is another one. We are at the tip of an iceberg. Tom but, yeah, that’s a lot of great products out there and I’d encourage everybody to try and yeah, I’m having a look here.
 
0:48:10
Tom Panos
The way of the future today. Does realtor work in New Zealand? Patrick, I’m pleased to let you know they will be in the next month or two, I’ve just been told. Seth, I can’t wait till you go to New Zealand as well. I can’t wait.
 
0:48:24
Seth Watts
Get Queentown office, Tom.
 
0:48:26
Tom Panos
Yeah, all righty. Team signing off. Tom Watson. Thank you.