In a recent Thought Leader Spotlight Series, Matt Kamp from DealMachine sat down with Charles Blair, a seasoned real estate investor with over 30 years of experience. Known as the "Mad Scientist" on social media, Charles is a full-time transaction engineer and a top expert in using technology in the real estate process. The discussion focused on how AI is transforming the real estate industry and whether it poses a threat to real estate professionals.
The Role of AI in Real Estate
Charles emphasizes that AI is not going to replace real estate professionals. Instead, it will be those who implement AI effectively that will succeed moving forward. He explains:
What people have to understand is that AI is not going to replace them. What's going to replace them is somebody who is implementing AI. That's the separation between success and failure when it comes to moving forward.
Charles believes that real estate professionals should focus on identifying areas of their business where AI can save time and streamline processes. By concentrating on closing deals and leveraging AI to automate repetitive tasks, investors can gain a competitive edge.
Implementing AI Strategies in Wholesaling
Charles shares several ways in which he incorporates AI into his real estate business. One example is using AI-generated postcards with QR codes. When a homeowner scans the QR code, they are directed to an AI-powered automated spokesperson who asks questions about their property and deal requirements. This approach helps qualify leads and gather essential information upfront.
Another way Charles utilizes AI is by training and onboarding new virtual assistants (VAs) and hires. By integrating ChatGPT and uploading their standard operating procedures, they create a chatbot that can answer questions about the company's processes and systems. This method streamlines the training process and ensures consistency.
The Importance of Lead Nurturing and Follow-Up
Charles emphasizes that lead nurturing and follow-up are where the money is in real estate investing. He shares an example of how he combines data analysis and AI to optimize his lead nurturing process:
- Upload code enforcement violation data sets into ChatGPT
- Analyze the data to identify properties with the most violations, highest zip codes, and highest probability of closing quickly
- Download the analyzed data into a spreadsheet
- Upload the data into direct mail, email, and text messaging systems for a 3, 6, 9, and 12-month follow-up campaign
- Use AI to create messages, images, and text for the nurturing campaign
By leveraging AI to analyze data and create targeted nurturing campaigns, Charles ensures that his message matches the market and reaches sellers through the most effective channels.
Building a Thriving Real Estate Meetup Community
In addition to his investing success, Charles co-founded the Real Deal Meetup, which has grown to become the third-largest real estate investing meetup in the nation, with nearly 11,000 members. The meetup was started to break the scarcity mentality prevalent in the DMV (DC, Maryland, Virginia) area and to encourage knowledge sharing among real estate professionals.
The Real Deal Meetup focuses on providing 100% content, with no selling or promotional speakers. By delivering real, valuable information and fostering a giving mindset, the meetup has attracted a large and engaged community. Charles believes that by sharing knowledge and paying it forward, real estate professionals can create valuable connections and generate more deals.
Key Takeaways for Real Estate Professionals
- Embrace AI as a tool to streamline processes and save time, rather than viewing it as a threat
- Identify areas of your business where AI can be implemented effectively
- Utilize AI to analyze data, create targeted nurturing campaigns, and optimize lead follow-up
- Consider starting or attending a local real estate meetup to share knowledge and build valuable connections
- Adopt a giving mindset and pay it forward to generate more deals and success in the long run
By incorporating AI strategically and cultivating a strong network of like-minded professionals, real estate investors can thrive in an evolving industry. As Charles Blair demonstrates, a combination of technology, experience, and a willingness to share knowledge can lead to long-term success in real estate investing.
About Benjy Nichols
Benjy has been a media specialist at DealMachine for the last 2.5 years. He produces, writes, shoots, and edits our media content for our member's DealMachine and Real Estate education.