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ChatGPT and Artificial Intelligence have proven to be ‘a super assistant’ for real estate market: Broker

FI Real Estate CEO and Broker Filippo Incorvaia joins Yahoo Finance Live to discuss how AI is helping real estate brokers and impacting the housing industry.

Video transcript

BARBARA CORCORAN: It's not just agents in real estate. Everybody is using it. If you have a low IQ, suddenly you can look smart. The same kind of documents you had to review that would take an hour, you see in two, three minutes. People are writing emails and texts and explanations of the market to their customers. It's like the whole world got a genius implant. This thing is such a game changer. I'm sure it's not just limited to real estate, but boy, is it helping us.

BRAD SMITH: That was real estate mogul and "Shark Tank" star Barbara Corcoran on the impact ChatGPT is having on the real estate market. Our next guest, FI Real Estate CEO and broker, Filippo Incorvaia, has been using the AI to streamline his business. Filippo, we got to know, how are you using ChatGPT? Is it, as Barbara says, a game changer?

FILIPPO INCORVAIA: Yes, 100%. A big fan of Barbara. In Miami, being a broker and representing my team, having wonderful realtors, I'm very lucky to have a wonderful team. But as many brokers or even realtors, sales associates, don't have the fortune to have a great team surrounding them, we tend to do a lot of tasks all at once. ChatGPT particularly, and also, many other AIs, have really been a game changer for us. I mean, it has-- to me, personally and professionally, I believe it's one of the most remarkable inventions in human history.

Like Barbara said very well, it makes us all look like geniuses. It's a tool that makes everything much easier. It's almost like having a super assistant that is there for you 24/7 in every language possible and that pretty much can analyze everything for you in minutes and even seconds.

SEANA SMITH: So Filipp--

FILIPPO INCORVAIA: So for us-- yes, go ahead.

SEANA SMITH: Sorry, Filippo, I didn't mean to cut you off there, but how, more specifically, are you using it? You mentioned the fact that it's helping you analyze things. Is it helping you write listings? How are you seeing it saving you maybe some time in your day-to-day?

FILIPPO INCORVAIA: That's a great question. So we use it for many, many things. One of the biggest things that we use it for is basically marketing, creating a lot of cool different content in marketing. So we can shape one-- the remark from one of our luxury residential listings in many, many different ways, depending on the platform that we're exposing this property or this listing in. So, for example, Instagram or LinkedIn or IG-- excuse me, or Facebook-- get different sort of approaches from our marketing department. And we can use ChatGPT to create super cool different content for these different platforms.

BRAD SMITH: So, Filippo, help us quantify this just a little bit further here in terms of your use of ChatGPT and the delta particularly here. You were mentioning the time, so productivity, it sounds like. But at the end of the day, doesn't it still come down to, are you getting better leads? Are you seeing a better sales price at the end of the day?

FILIPPO INCORVAIA: Well, that's a great question, OK? What we-- for us, as broker, and the reason why I open at FI Real Estate with my team, is to, number one, raise our industry standard when it comes to real estate services, OK? That's number one. So by ChatGPT making every single realtor that can utilize this technology a better realtor, it gives us more time to understand the data, gives you more time to analyze sales prices, and gives you more time to also create better ways to expose the listing and explain those buyers out there why this listing is the best property for them.

So not only I'm saving time when I'm exposing my properties and my listings, I'm also helping buyers understand what's better for them at the time of buying because of the different metrics that we can analyze quickly with ChatGPT. So it's hard for me to give you a specific delta on how more efficient I am. Time wise, I am very able to wear multiple hats at the same time in one day. So I'm very, very much more efficient than I used to be before.

And given our scarcity inventory in Miami, efficiency is key because we're competing against their very, very small inventory right now for the best product out there. So it's key and essential to be very efficient.

SEANA SMITH: Filippo, what about the impact on jobs? I know it's making you more efficient. Is it replacing maybe some of the tasks that some of your employees used to have?

FILIPPO INCORVAIA: That's a great question. It actually-- it hasn't. What it's done is made everybody in my team a better professional because they are more efficient. So-- because we are growing. So before, my marketing person could sit down and analyze a-- for example, talking about marketing, and analyze one page on one property in different pitches or for different platforms. Now this person can really be much faster at that task and help improve other jobs, other tasks, that I have to do for my different from other properties.

So this person becomes much more efficient for my company and also helps me present better results, which generate more income for the company and a better-- more clientele. So ultimately, what ChatGPT has done for me in terms of efficiency has not only not really saved me money on employment, but generating more leads by creating more clientele and also selling quicker and faster.