Jonathan Green 2024: [00:00:00] Meeting at the intersection of AI and real estate with today's special guest, Gladys Margarita Diaz on today's episode.
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Presented live from a tropical island in the South Pacific by bestselling author Jonathan Green. Now here's your host.
I actually get asked this question almost more than any other question people ask me about, which is, how can I use AI to help me in real estate? So that's why I wanted to reach out to you and have you on the show as quickly as possible.
'cause I'm constantly asked this question and I wanted to bring in an actual expert. So I'd love to hear just how you began mixing these two worlds and where you see the future is because a lot of people are trying to guess and plan their chess moves now.
Gladys: I'm an architect by profession and I have a master's degree in urban planning and urban design.
So I come to real estate with a completely different viewpoint than the standard real estate agent or real a broker. And my idea was how can I adopt what's available to me? To what I see is needed by the customer. And so as far as I'm concerned, this is a great time to be in real estate. There is nothing like being in a crisis to really divide the people, the survivors from the not survivors.
And I think that AI is, we're so lucky that we have that because it helps us to streamline our delivery and to be able to, service our customers better. And so about many several years ago, what I wanted to do was to establish a way to search for properties visually. And I hired an app creator and all that other stuff.
We are developing a new technology that is native AI to be able to search and to focus on the consumer as opposed to the property.
Because if you look at the current search situation, you are actually bombarded with data and you, the customer have to evaluate that data. So the best thing to do is to sift through that data. And so what we're focusing on. We're creating a decision engine, and I think that's what AI gives us the opportunity to do.
And right now everyone is asking, oh my God, what do I do and how do I deal with this? The future is gonna be very different, but technology is gonna help you. What'll happen is the people who are not professionals are going to fall by the wayside, and people who are professionals in the field are gonna study.
I love your podcast because it's giving data about how to use this, how to use that. Right now it's primarily chat, GPT, but there's a sundry other applications that can be used. And so that's where we're at and I think that it's, the picture is, it's not easy. We're gonna go through some, a rough patch and I'm, we're gonna come out the other side in a much better shape, and I'm gonna give you a parallel.
Do you remember the 2008 housing crisis you were there, right? Sure. Okay, good. Oh yeah. So imagine that you're a mortgage broker for 20 years or 10, however long, and all of a sudden you've got an email that says your license is no longer valid. You have to basically take your exam all over again and do your training again.
And that's what happened to me. And so we basically had to start from scratch. There were 300,000 licensed mortgage brokers in the state of Florida at that time. This is 2009, 2010, it got down to 10,000. And so what happened was that the people that were left behind or that were remained in the business, changed the way they did things and adapted.
So it's adapt or die survival of the fittest. And I think that's really what's gonna happen. And it's. Possible. If you just have a commitment and a dedication to this profession, you're either gonna do it or you're not. Does that make sense?
Jonathan Green 2024: Yeah. So let's talk about that. The way most residential real estate now is listed is all through the MLS, right?
Which is in set in stone, and this is as far as I know. Obviously I'm not in a real estate niche, but my understanding is that it's had the same options and the same boxes you fill in for a very long time. So nothing has really changed with how we describe real estate, and it's still things like one and a half badge bathrooms, or this house has two half bathrooms, which don't equal a whole bathroom, and the language hasn't changed, but a lot of the ways people build has changed a lot of the way.
What people are looking for has changed. So two properties can have the same list on a spreadsheet, but look completely different when you get there in person. For example, I know that sometimes when people move for the first time to a new market, like people go to Arizona for the first time, they go, wow, this is a two story house.
Why is it such a great deal? Because they don't realize that air conditioning a two story house is way harder than air conditioning a one story house, and it's a huge difference in cost. Unless you're from the market, you don't know that most people approach, especially real estate investors and real estate brokers from the spreadsheet mindset.
Which is, here's the data points and everyone has their algorithm of, these are the factors I'm looking for. These are the questions I'm looking for. But you're talking about really trying to come from the perspective of the consumer. Most people, when they buy a home, they're gonna live in, they don't really look at the statistics.
They always say, oh, this is the house. I have a, just have a feeling about this house. I fell in love with that house. I like the look of that house. Then they justify the other parts, the wants and the don't want, and the needs and the parts that they don't have, right? It comes from that almost instinctual level.
So how much time do you think is lost or wasted in the process when you start from data and you meet from, and you're trying to bring that to someone who's not purchasing from data. When you're just trying to merge those two things, how much of your time. How much do you think of the average person looking for a home is wasted because of the miscommunication between how they're shopping and how houses are sold?
Gladys: I think it's totally on the shoulders of the data provider. I think that unfortunately, the universe is controlled by Excel and people who read Excel spreadsheets and for thus far. The technology for servicing the real estate business has been qua quantitative, which is what you say, three bedrooms, two bath, 400 square feet, 5,000 square feet, whatever it is, right?
And no one has taken into a pound what you said, which is the qualitative part, the emotion of, how do I feel in this particular space? What kind of a neighborhood do I really want? You know that, which by the way is the first decision that a buyer on the buyer journey, the first decision you have to make is where the location of where you wanna be.
And then if you're moving, like we've had a lot of people moving to Florida for the last several years, right? People ask like, where should, where can I live? What's, I wanna be in a pedestrian oriented community. I want to be this, I want, yeah. Yeah. That's an oxymoron in the Sunbelt. But we're a card driven development focused state.
But at the end of the day, you do have a movement towards walkable cities, toward concentration and so on. So the app that we're developing, we're starting with the module that has to do with neighborhood selection. And I'm gonna tell you now, this is where. When I opened up about my background, this is where we come to it from a completely different viewpoint.
I want to find the soul of a neighborhood, the vibe of a neighborhood, because I've done community planning for years and I've stood in front of 150 people at a community planning workshop saying, how do you see yourselves and what do you define as this neighborhood? And what do you wanna see in your neighborhood?
There's a lot of statistical data available that it has not been parsed into a usable format that we are working on right now. And thanks to ai, we're able to take that data and convert it into something us usable. And I think that is the trend. That is what we are going to see, people are going to be looking at.
Every consumer decision is emotional. At the end of the day, you're not buying a car. A car has four wheels and a motor and four door and whatever. But what you're buying is the feeling that car has.
Why do people buy Porsches? Why do people buy Ferraris? Because they want to feel a certain way about. It's a, the product that you're trying to achieve. So I think that is gonna happen. And you're absolutely 1000% correct. The decision making process is a process of education. People wanna learn about a neighborhood.
People wanna learn about their style. Think about it. You live in Asia, [00:10:00] there's a certain regional style to the construction there. I don't know if you're in a place that was colonized by the Spanish Empire, is that correct?
Jonathan Green 2024: Yeah, but this house was built by Australians.
Gladys: Okay. So it's a modern house, right?
Yeah. And it has tot 200 mile an hour winds.
Jonathan Green 2024: Yeah, so that's a great point. So when we buy a house, we mostly look at elevation. Yeah. So the first thing my family looks at is we don't wanna be, 'cause we know people who are below sea level on this island and we always look at their houses. These people are crazy.
There's, we live in an area where there's a lot of natural disasters. They're frequent. Even this island had one, just two years or four years ago, a major one. So to be at a place where there's floodings or tsunamis or major typhoons, and to be, there's a place you can live where you're directly across from the beach, but you're below the road on the other side, so you're actually underwater.
That blow. I would never live there. That blows my mind. I won't even be at sea level. So we're up a hill, we're always up a hill. This is our third house on this island. It's the lowest elevation house, but it's still, we're up a hill, not down a hill, right? We're in the middle of the hill this time.
Normally, we're at the top. This house just happened to be the one, and that's a huge part of our decision making calculus. When most people don't think about that, most people don't think about those things. We look at that because we've been through one. So we go, how do you handle certain situations?
What will happen if the road floods? Will this house, so my parents' house when I was younger, was downhill of the neighbor's house by an inch. Not a huge amount, but that meant when it flooded, it would all go into all pool in our backyard. So these things that you often don't think about until it happens to you.
Then we had to dig a culvert under the house. So it would go to the road and it was something you wouldn't even see with your eyes because it was such a small amount. But water will always find a way. And that's just so my experience is, but most people think of AI and they think of it as, oh, this is a tool that's really good at spreadsheets.
It's really good at data analysis. And I think a lot of people, that's what most people ask me about is really, oh, can this. Yes. Chat, GBT can do spreadsheets. But the problem is, and this is very interesting, that sometimes people, I think that people are always looking for a nail if they have a hammer and they see chat GBT as the solution.
But maybe the problem is not, and this is an interesting way of looking at it, because I know, because I've talked to other real estate brokers, the most important thing to them is. The speed at which they go from meeting the client to closing the deal. Because if you can go from seven days per client to four days per client, that doubles, almost doubles how much money you can make.
So it makes a huge difference the amount of time you spend an indecision. And I know that the people I talk to who are the real estate agents, who are the most aggressive. Always don't waste my time. Tell me what kind of house you want. Tell me what neighborhood you want. Don't play games with me.
Tell me your deal breakers. And a lot of people have really impossible deal breakers that they simply don't exist or they're illegal. There's certain things that like you can't pass from one owner to the next. And people go, that's what I want. And they go, yeah, but that's impossible because that's against the law to pass it.
Certain things you can't give to the next owner. Because of the way, like a zoning things, you have to reapply for it. Whenever there's a new owner and or when you do a construction on a house, whenever you do a change, there's different rules. Here we deal with all sorts of stuff. Whenever you wanna fix something, you have to get permission to fix it.
And there's always someone's hand needs to be greased a little bit. So I think this is an interesting idea 'cause most people think of AI as removing the humanity from the process. They say it just is gonna take away. The entire human part of the equation, which is the opposite of your approach.
And most people's biggest fear when they come to me and they talk about fear is oh, I don't wanna use ai because it will take away the human element. And it's very interesting to think that actually you can use it to convert images into a form of data, because this is an area where, and I think you can see this more on Airbnb.
Some people know how to take pictures of their house and some don't. So we, sometimes we'll look at an Airbnb and I'll go there's, they haven't taken a picture of a single bathroom or they haven't taken, and, or all the pictures are from outside the building, which is the biggest red flag to me. It's here's the lobby, here's the pool.
It's I need, why are there no pictures of the apartment? There's, you're hiding something. Where am I gonna sleep? Yeah. So I wonder. How often people do like those? I don't know if people really do. I've never done like a 360 tour. I have to go in person to look at something. I can't make a decision from online.
I just can't from pictures. I can't. I have to see it. I have to get a feel. I like to look at the floor pan, which often you can't get. That's how I look at things. But at the same time, I don't know how many bedrooms this house has. I'm really not sure. I don't know how many bathrooms we have. I'd have to think about it.
The bathrooms, I can count because bedrooms is we can use it as a bedroom or we could not use as bedroom, right? If I'm using a room as my office, does that mean that we have a home office or is it still a bedroom when we're counting and people count differently, right? Because if you don't want a home office, then you go, oh, that's an extra bedroom, or that's a nursery.
And I'm thinking how people can look at the exact same house and see two different spreadsheets that have really different information, and there's a. Really different perspective. That's a guest bedroom? No, that's the nursery. That's a different way. Or that's the home office. And most of that does come from seeing the images.
I know they've tried a lot of things to solve this problem in other ways, which is staging houses, doing open houses, taking pictures, and try to do, now there's 360 tours. Do you find that those technologies have actually made a difference where people can do like virtual tours? Has that made any difference in your
Gladys: experience?
It's helped. And I think primarily because we work with people outside of Miami, they want to get a feel of sense of what the space is like. I'm gonna give you an example. I had a client from New York who was very concerned about covid. This was during Covid and she wanted to rent a high rise in a high rise.
She wanted to get the information about the views and all this other good stuff. So number one. I needed to give her floor plans that were accurate because she had X amount of furniture that she had to put into the unit. So I gave her accurate floor plans that are avail, were available from the developer.
I went to the property and I took videos as to I'm standing in the living room. This is the view. So you as a real estate agent, have the possibility of being the curator. For that experience, like this is what it's gonna be like when you're in your kitchen. This is what it's gonna be like. So thanks to FaceTime and all that other good stuff that we have available to us, we have a lot of tools.
So she rented the place sight unseen, but I gave her a thorough understanding of the arrival sequence, the entry sequence, the choices that she had, elevator A or elevator B, and what the spaces felt like. I think that a lot of times is something that I've learned people do not understand scale. In other words a 10 by 12 room.
How big is that? What is how, what's the size of a king size bed? What's the size of a queen size bed? How many pieces of furniture can you put in this room? And what is the space feel like in terms of is it compressed and does it have short, low ceilings? Does it have high ceilings? Those are things that people are very interested in knowing about.
But yes, we find those tools extremely useful. The ability, I think that what you're talking about at the speed of particle flow, right? The faster you move the particle, the more money you make. That's true. But if the particle, which is basically the customer, if the customer does not have knowledge about what is possible, 'cause you just mentioned a few points.
They ask for things that are like, what? Are you kidding me? This is not gonna happen because of zoning code or whatever the issue is. They have to be educated prior to sitting in front of you. And it, the more you train people about this is what a neighborhood is this is what you can and can't do.
I live in a city that has extremely strict zoning and code enforcement. So there's no way that you're gonna paint your house without getting a permit. They take it a little far. But the point is that it the community has maintained its value through thick and thin. And I think that issue of using the tools of technology, using AI to assist you to basically, when the client arrives at your door, you, they know what they're gonna be looking at.
They know what they're. They're looking for. 'cause often they don't know what they like. They say, oh, I think I want, I, I get a phone call. I want a, an old Spanish style house. And do you know what that means? Lots of maintenance. Like that's the reality. You buy a 94-year-old house.
You buy a hundred year old house. Right now we're in 2024. The city that I'm in was founded in the twenties. Most of these older homes are from 19 24, 25, 26. So if you're gonna buy a hundred year old property, you know that there's gonna be challenges that you're gonna have to confront. The good news is they're built like a, they're built very strong because they've endured all the hurricanes in South Florida during all those years.[00:20:00]
So those are the kind of things that, that I talk to plants about, because. I'm aware of them because that's my training. I look at a property and I see, what is it built Like what are the A property? Just so you know, a house is a machine for living in, that's a quote from la, busier from the twenties of the 20th century, an early 20th century architect.
Why do you think that is? Because it's a series of systems. You have the roof and the skin of the building. That's the exterior. Then you have mechanical, electrical, and plumbing. Those are four horses of the apocalypse. One of those collapses. You got lots of money coming outta your pocket. Think about it.
Jonathan Green 2024: Oh, I do. We deal with stuff all the time here with maintenance issues. And that's the thing is that there's always the factor of time. And cost for everything where we live. Because anywhere hot means it's salty and salty in the air means everything degrades faster, crowds faster. So this is very interesting to me because I know a lot of people are trying to figure out how AI can help other areas and there's a really common question.
So I'm glad we chatted about this and I think this is gonna help people who are thinking about why they're struggling. With making, buying their next home and this issue of oh, I've been looking at it the wrong way. Why am I looking at stats when I'm not? That's not how I shop. I'm always amazed by people that shop via video camera.
I couldn't even imagine that, but I know it happens here. I always see the people with the video camera and they're very careful not to show any of the downsides of the house because they're, and I'm like, wow, that's exactly why I gotta be there in person. I don't trust anyone's eyes but my own, but.
Where can
Gladys: people, but that's the responsibility of a real estate professional. Yeah. Here, if I'm showing a house, I'm gonna say, listen, this is the reality. This roof is over 20 years old and you're gonna have to replace the roof. Right now it's not leaking, but it's gonna happen and you have to have the, a certain amount of prediction.
So you have to share that information. So I stopped you. I'm sorry I interrupted
Jonathan Green 2024: you. No, that's fine. It's just where I live here, there's no rule of law, which means you can get away with anything. And that's why you really have to check it on your own. And it's why we have our, we've been through so many unbelievable stories, and that's why we're very cautious here.
But finally, what's the, and this has been great, what's the best place for people to find you online to find out what you're doing, to see how you're approaching this intersection of and real estate if they wanna learn more about this concept and these
Gladys: ideas? The first thing is my, my why you can email me.
I'm on LinkedIn. Glad LinkedIn. Gladys, margarita Diaz. Jordan is my married name that, so I prefer LinkedIn because that's easy. You can message me there. You can call the office area code (305) 648-2484. That's the number and I wanna share with you that the company that we're launching, we're going to be probably ready in about two to three months.
It's going to be available for people to really change the way that they do business. And this is going to be something that I wanna share with you, Jonathan, because you are in touch with a lot of people that want answers and I think that they would really enjoy that. You're gonna have an AI intelligent conversation, personalized data concept, comprehensive and deep information.
I'm putting that data together and I, like I said, I come at this from a design viewpoint. Materials, methods of construction, all those things that you're talking about, that's something that nobody else is looking at.
Jonathan Green 2024: Yeah, there's a big difference between a brick house and a wood house. That's what the three little pigs taught me.
So thank you so much for being here. This has been a great episode of the Artificial Intelligence Podcast, and I really appreciate you sharing your time with us.
Gladys: Thank you, Jonathan for inviting me.
Bye.
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