Real AI: iOi, Fearing Singularity and Five AI Facts

Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate.

iOi Summit Pitch Battle Winner

Last year, Revive, the industry's hottest pre-sale renovation firm, won the Pitch Battle at the iOi Summit (Innovation, Opportunity, Investment). Like the Oscars, Revive CEO and Founder Michael Alladawi was on hand to help announce this year's winner: Productive.ai.

Photo courtesy of Krishna Malyala, TLC Engine

Joseph Wihbey, Productive.ai COO and Head of Product, simulated a real-time client phone call to demonstrate his app and the practical application of AI for a real estate agent. He did show some not-yet-released features – like the new AI assistant that will schedule a series of tasks based on the call, including drafting a follow-up client email summarizing the call.

Wihbey conversed with a potential client, the audience witnessed the Productive.ai platform processing the call in real-time, performing tasks like searching for available properties or detecting and (soon) scheduling a follow-up meeting.

I was at the Pitch Battle, and Productive.ai was my favorite by a considerable margin for one reason: this technology, as shown, delivers to agents an immediate, applicable, actionable takeaway to help significantly improve their workflow. At $25 or $34 a month, depending on the package, the time savings equate to a massive ROI because of what it does – and will soon do.

What does Productive.ai do?

It is a smartphone app that records a client or a potential client's call as AI automatically extracts both information and creates tasks based on information given during the call. It not only records and transcribes the call, but provides a summary of the highlights. It also documents the call for retrieval, creates a new lead from a call – or logs a current client call – and then automatically enters this information into your connected CRM.

It has many other features, including an automated call greeting, which allows you to record a discreet audio note during your call that the client can't hear but will be added to the summary and tasks created from the call. Wihbey said the AI Assistant feature will be released in the next few months.

Note: State call recording disclosure rules are here.

More on iOi

It was fitting that Productive.ai beat out 10 other firms since the entire iOi Summit this year in Miami Beach was an AI love fest. It led the scorecard in speaker topics. It seems nearly everyone is jumping on the AI bandwagon. But as Google's AI presenter noted, this is not an NFT-Web3-Blockchain tech fad of the year. AI, Dan Siegler at Google said, "Is the third big shift," after the internet and mobile.

Overall, iOi Summit 2023, now the sixth hosted by Second Century Ventures, the National Association of Realtors' investment arm, was another hit. The content wasn't nearly as consistent in terms of tech depth, and several presentations were snoozers, but several sessions alone were worth the price of admission. Keynote Salim Ismail was one, and even though I was deeply disappointed that Amy Webb was a no-show (check out her SXSW 2023 video), Ismail delivered big time.

Singularity, Explained

The Hustle is one of my favorite daily reads, and back in May, they did a great job talking about an AI topic we are sure to hear more about in the future, just like we are talking about AI hallucinations today.

Singularity.

Specifically, they dive into technological Singularity, or when "AI becomes smarter than its creators, capable of improving itself and building tech more advanced" than a human ever could.

Singularity is probably the greatest AI fear and one I am sure many anti-AI real estate agents are fearful of most.

How far off? Google's director of engineering says, by 2045, in this other post on Singularity, another one worth reading.

AI headlines: Top 5

5 AI tools agents swear by in today's market | Inman 8/31/23
Most agents haven't even heard of most of these tools, so the headline overpromises.

ChatGPT Enterprise now available from Open AI | Search Engine Journal 8/29/23
Unlimited access to high-speed ChatGPT 4, more secure, 4x longer length inputs.

How PayPal Is Using AI to Combat Fraud, and Make It Easier to Pay | Associated Press 8/28/23
Using AI to look for common red flags to spot fraud faster.

Unlock Game-Changing Insights: 5 ChatGPT Prompts Every Business Owner Must Know | Forbes 8/28/23
Here are a few examples to help you better understand how to construct solid prompts.

Haystacks.AI and CoreLogic: Revolutionizing Data Analytics to Power Real Estate Investment | CoreLogic 8/28/23
We usually only use third-party sources for headlines, but this case study is too interesting – and relevant – to pass up.

AI Five Fast Facts

1. 80% of Fortune 500 companies now use ChatGPT (OpenAI)
2. 77% of our devices use AI in some form (Creative Strategies)
3. $3.7 trillion is the projected value of AI in businesses by 2025 (McKinsey & Company)
4. 15% of enterprises are using AI, 31% say it's on their agenda for the next 12 months (Adobe)
5. 72% of execs believe AI will be the most significant business advantage of the future (PwC)

Quote of the Week

To view the original article, visit the WAV Group blog.