Million Dollar Agent
Million Dollar Agent
Seth Watts, The Real Estate AI Guy | Who will be the first $20m GCI agent?
Our guest Seth Watts, the Real Estate AI Guy reveals 3 revolutionary tools that can immediately help you:
- Get price reductions from the most stubborn vendors
- Connect with buyers in their native language
- Scale your business and your farm area, and more
Who will be the first $20m GCI agent using AI?
Start using these tools today - and it could be you!
I'm Panos. No John McGraw, no Troy Malcolm, but there is Seth Watts in the house, also known AKA the AI guy, and I've gotta tell ya AI is red hot. We're live on your podcast. We're live on your social media well, probably Facebook right now. Team so excited, million dollar agent. I can't remember the last time. I don't think it's ever been done, seth. The last time I did a podcast minus John McGraw, he's not here. John.
Seth Watts:McGraw said a big day, so I think he's got a good excuse today.
Tom Panos:He's had a very busy day, but Seth Watts, one of the great thought leaders of real estate, met him in the world of printing and publishing, but in these days he's known as the AI guy and I've gotta tell you. So, looking forward to your presentation at Ready 24, which was about two weeks, it was actually two weeks ago, two weeks ago incredible presentation on how real estate agents are using AI to actually either get a listing, make a sale, build their personal brand this is here right now and real estate agents that aren't using it are basically now having a disadvantage right Disadvantage.
Seth Watts:Absolutely, tom, absolutely. And before we get started, I gotta say there is one industry that is not gonna be disrupted by AI, and I just got my tooth filled. I'm a bit numb and dentistry has got no worries about AI, so apologies if I'm a little bit lispy, but we're gonna do our best today as my Novikane wears off today.
Tom Panos:Did they give you anything to numb it?
Seth Watts:Oh yeah, that's why this thought on my face may be less expressive, but we'll let the AI do the talking. So you know I'm legit today.
Tom Panos:So, seth, one of the biggest challenges I've seen over the years as someone that is involved in presentations and talking to real estate agents in teaching is the ability to take a topic and move it from ideation to execution and have the ability to then allow that person to use that information in a way that can help them in our business. Anyway, let's talk about real estate. I mean, basically there are three pillars in our business Get a listing, make a cycle and increasingly build a personal brand. You're a big believer, as I are, that once your brand is super strong, it actually acts as a layer of prospecting, I mean, it attracts inquiry to you right, absolutely.
Seth Watts:The attraction agent is going from theory to reality in every sense of the word.
Tom Panos:Correct. Now, seth, this Thursday you're gonna do a presentation News Corp in Brisbane for the real estate gym. But that presentation that you did to around 1,500 agents at Ranwick Race Course two weeks ago at Ready 24, the feedback I got was you were the star of the show ahead of both the Andre Agassi and also that soccer coach.
Seth Watts:Well, listen, I think AIs is the star here, tom, because I mean, I think all of us are sort of getting it now that this is gonna be a game changer. And it's funny, tom, because you and I had this chat a week before we did that presentation. You're like mate, listen, the fancy stuff is good, but you've got to translate it to agents and their day to day. And I did that and I actually reckon that was the magic. It was that translation. It's where you started this presentation, that the fancy stuff is great, but how do I today help manage my buyers? How do I do better with vendor tough conversations? How do I get out there and deliver better outcome for my customers? And I think that's what I wanna talk about today, like the real stuff. Like how do we actually help everybody watching today do better work?
Tom Panos:Okay. So, seth, you said to me that You've had real estate clients since ready actually do things that you covered in your presentation and they're getting results where results are oriented industry at the end of the day, but you get paid for the results. You know, and I think actually that soccer coach and I keep forgetting his name, I do know his name, tony Vistafson, something similar he said he fundamentally says let's face it, at the end of the day, whether you're in real estate or whether you're a soccer coach or you're a soccer player, you'll be judged for your results. Right, that's your results. You've been able to help agents straight away get price alignments on properties.
Tom Panos:In some markets, the only reason why a property is not selling is that they're not getting the vendor to accept the reality of the market, and you were able to show how you can do that with AI. You also played a beautiful prospecting call and showed the advantage that AI has with prospecting like no feelings, keep making those calls even though you're getting resistance. So, yeah, I'd love to make what was some of the things that you spoke about at ready that agents can actually start using, including crucial conversations, when we live in a world of having to deliver bad news to people.
Seth Watts:Yeah, and bad news, that requires behavioral change, and I had three separate clients come back to me over the last couple of weeks and a shout out to all of them because they know who they are, and they were sort of thinking about well, how do I go to this next step of getting AI to do work for me? That's going to help me move, either sell property or list it. So there's a couple of areas that I think are worthwhile talking about, right, tom. So the first one, which I just thought this was brilliant, is, if you think about the most difficult conversations we have to have as an industry, I reckon the price adjustment conversation has got to be up there. That whole conversation about Mr and Mrs Vander listen, I know I told you that I thought we'd get 1.5 to 1.6. The market's telling us differently. We're going to have to make that jump to get the interest.
Seth Watts:That whole conversation is just never easy, and what I had from these three clients is they saw this and I didn't see this, but they saw the fact that, hey, great, what if we got chatGPPT to help me with those conversations? So I'm going to, tom, I know we're live streaming, so I think I can do this demo and I just want to show it's easier to show this stuff, maybe, and explain it as I go but what they did. So what I'm looking at here is just this is Ignite, this is RIA's back-end platform and this is the platform that tells us for the sale estimates and a whole bunch of other stuff. So a cool back-end. Most of us have access to this right. But the genius here was this what they did is they literally went and they cut and paste this page. So I'm going to just.
Tom Panos:By the way, everyone those that are listening to this on podcasts I'm letting you know this episode will be put into my YouTube page, where a lot of the training content goes. You can actually visually so, as you're listening to Seth, understand you can actually see this whole episode on YouTube. Over to you, seth Great.
Seth Watts:So, tom, what we're looking at is basically just the summary and the price. So what these agents did was just genius is they took all of this really valuable market information. It talks about property history, recent sales, so it gives this beautiful overview on what's happening in the marketplace. Right, they cut into the chat GPT and I've got this great little tool that we can cheat on this. And then what they do is they say write a letter to a stubborn vendor suggesting a price reduction. So this is what they're asking chat GPT to do and suggest that a price reduction is the appropriate strategy to drive buyer interest. In other words, they're asking chat GPT to have this difficult conversation for them and they're going to use real data in this case, ignite a price reduction. Let's just say, tom, of 10% from 3.290 and let's just pick another 2.990, right, yeah, so literally, this is taking me two seconds to write this out. Let's see what happens.
Seth Watts:So we go through and again, this is just a cool little interface for chat GPT, but it goes through and creates this amazing piece of content. I hope it finds you well. As we navigate the dynamic market, our goal remains to ensure your property gets the best price. Then it goes through and says great, based on what's happening out there, we actually suggest this price reduction. It gives all of the language that's so hard to do right, so let's have a quick look. It gives all the language, the suggestions not made lightly. It is backed by compelling evidence.
Seth Watts:This is the estimated selling range, our proposed price. It's just really nice language, tom, and because it's using this call to authority or this, like all this data from ignite, it just sounds super scientific. So you're having this conversation, you're doing in conjunction, and that GPT is putting all of the words for us together. I like this because it allows us I think it's an industry to to sort of take data that's freely available to us and actually use it to help us achieve things. I've had clients have done this now and they're getting like 60 70% of vendors agreeing, after receiving these types of emails, to the price reduction, and I think we all understand how powerful that is, because you know price is going to drive interest, it's going to drive results and and if this type of thing, it's so easy to do and it sort of allows you to really step up pretty quickly with AI, so that's sort of my first tip.
Tom Panos:Is that so, seth, for those that are watching and listening, is that what you just showed? There is sent a simple a chat GPT account, or it's. It's an added Third-party platform that is talking to chat GPT, or is that?
Seth Watts:So listen, tom, from my demo. I've got to get up on stage and show this stuff to people. So I wrote that little app and and what it does is it takes the page, takes a prompts and bangs them together. So that was just something we developed. Boss, if you're just few just using chat GPT, all you have to do cut and paste the data from ignite Ask to write the reduction and it'll do it. That's, that's all we're doing. There's no secret here. Anybody with chat GPT, even the free version, can do this today. Like and for God's sakes, don't wait like. This kind of stuff should be in your toolkit right now. If you're not using this stuff this afternoon to get price reductions, I just reckon you leave money on the table because anybody can do it.
Tom Panos:Great tip there, ladies and gentlemen, when you adjust the price, the magical buyer always appears, always comes right. Yeah, when Seth. What Seth has demonstrated there is you. Your job is to interpret data and then convey that data. What he's been able to do there is, through AI, is to deliver it in a way that Delivers it better than what you probably would have been able to deliver, because I don't think they're great at Giving people bad news, right.
Seth Watts:No, and we're not all bloody. You know English professors either, so it's not you know. I mean not all of us can go through and do this type of stuff and chat GPT. We're all kind of English professors. Now, right like we can create this beautiful pros and, and what I love about it Is it just it feels so scientific, right like it really does feel like you know. You've presented yourself as the property expert. You've presented yourself as the expert negotiator. This is really consistent with your listing presentation.
Tom Panos:Okay, let's move on to the second usable AI tip you want to share today.
Seth Watts:Okay, so so I'm gonna. So I'm really interested time in scalability, right, because I reckon, especially for good performers out there like they're, they're dealing with multiple properties at the same time, multiple listings, you know, tens, if not hundreds of buyers simultaneously. So so we, we banged out this next example and that there is a bit of bit of tech here. So we we were sort of downloading Biolists out of ignite. So ignite gives you, if you've got a hundred buyers, you click a button that says download the Excel file and you can get all the buyers. Let me show you what we did with that, because I reckon this is an absolute river. Okay, so this is a video of a video, what we did and, and this is sort of what that Tom, that what you get out of ignite, but you could get this out of other any other tool You're using on the door to collect buyer information as they come through or off your website or whatever, and normally it's gonna have the buyer name. Here's a her email address, that mobile I, which property they visited, if they have a property to sell in some comments, right, yeah, this has been around about 30 years. It was either on a piece of paper or on a spreadsheet. Now I've been a bit fancy here, tom. I've added language because I want to show a cool party trick. But what we did here is we downloaded a product called Numerous Tom if we can get this into the show notes Numerous and it's a little plug-in for Excel. And the thing I love about Numerous is it's kind of similar to that last example, where it allows us to do AI in Excel in a really cool way.
Seth Watts:But let me show you what it does. So the first thing we do is we go to one cell, we call it Response, and then I'm going to cut and paste a like. It's like an Excel formula, right, and it says Write a Response and then instantly it then writes a response. But these responses are magic, because I want you to. I'm going to stop here, and so for the people listening, I'm going to explain what it's done. But what this has done is it's read I've got four buyers here. John, the first buyer says I love the backyard and the open floor plan, and so what this tool does, it says hey, john, thank you for attending the open home and for your positive feedback. The spacious backyard and open floor plan are great features. I'll reach out on Monday for further chat. So it actually, when you're doing your SMS responses back on a Saturday, it starts to make them custom.
Seth Watts:But where it gets really crazy cool is here on the screen who is clearly a Chinese native speaker, gives us feedback that wants to respond to back in Chinese, so it automatically creates a Chinese response that you can cut and paste into iMessages and send off. Or Maria wants Greek. Olivia had some problems. She thought the master bed sorry, the living room is too small. So it talks about how great let's talk about what we can, how we could work with that on Monday. So all of these, tom, are really really fast ways to create a personal connection with buyers and, as I've said thousands of times, I reckon buyers are the biggest opportunity in this industry because we don't, for they have time to give them the attention maybe they need. That GPT and generative AI is going to allow us to do that. So you want to send me a call?
Tom Panos:Well, while you're there, can I stop get you to stop sharing for a moment?
Seth Watts:Yeah, and I'm going to show you a party trick in a sec. Yeah, go on.
Tom Panos:Oh sorry, you want to show it to me now while it's continuing. Show it to me, you sure. Yeah, yeah, yeah.
Seth Watts:Give me two seconds You're going to have to put up a little bit of a separate.
Tom Panos:All I'm going to do. All I'm going to do Seth is actually. This will take me 30 seconds. Here is my market wrap Seth on Saturday in my car. Let me just do it here. We go here share. Here is my market wrap in Korean oh mate.
Tom Panos:Let's see it. I love it, I love it. I'm going to stop sharing Seth.
Tom Panos:I can't tell you the amount of people on social media that are non-people, that don't know me, that says can you please confirm, is this you or AI? Because it actually comes across extremely believable, right, absolutely. I've had people on YouTube go off that were speaking in that dialect and say because you probably don't understand, and he's gone off, and he's translated, or all in English to people, right, yeah, and what you'll find, though, is the translation is brilliant.
Seth Watts:I've been mucking around with some of these translations and I'd like I mean your audience should know this right, like the quality in the olden days when you ran it through Google Translate, translation was a bit hit and miss, right, but with chat, gpt or with Claude whichever one you want to use like these translations are amazing. Like native speakers are sitting back and going my God, how did you get the dialect of? You know northern Shanghai perfectly, and it's really powerful stuff, and so you know, I think there's areas we've got to be a bit careful with gen II, but translation is not one of them. Like, if you want to send out translated documents to your vendors, you know, I think it's except for contracts never do contracts, but other stuff. I think you should have real confidence and start right away. That can be our next tip.
Seth Watts:I think you've stolen my thunder, but I was. I was going to show. You know we were mucking around up on stage at ready 24 hours. What a Saturday afternoon it looked like. So we said great, you take your buyers, well, then, we'll do the responses. And then, well, stuff, let's not SMS them, let's let's do something similar on video and let's do this right.
Tom Panos:Sound Seth. There's no sound Give me a sec.
Seth Watts:We can make it work. Mate, let's share a screen. Best laid plans May not work on this one. Tom, you know what I'm not going to. I'm actually not even going to try the technical stuff because I'm going to have to underwear pods and all the rest of it we're not going to get away with it For those that can't see the screen.
Tom Panos:you brought up an image that had you. So what was it?
Seth Watts:So what we did is we took all of those responses from the spreadsheet, we then dropped them into HN and we said great, we want to create custom videos for every single buyer so that every single buyer in the language of choice, got to get a Tom. I just wanted to say thank you this afternoon for coming to 123 Maple Street. I loved your feedback on the garden and the living room and I'm looking forward to following up a call on Monday. So that workflow where I mean, just imagine if you're a buyer, so you meet Tom on the door at the open. He then sends you a bespoke video for God's sakes, on your phone that says thanks for coming, and it's in Mandarin, if I'm a Mandarin speaker, or in Greek, if I'm a Greek speaker.
Seth Watts:That type of multimedia video buyer management is really becoming easy. And the crazy thing about Hagen, tom, is you can upload a spreadsheet straight into Hagen. Not only will it build all the videos, it'll email them out for you automatically, literally on button, and you're done. So that kind of technology starts to show us what the future looks like, right, like we're going to be sending out 10,000 prospecting videos on a Sunday, and every single one of those prospecting videos is going to be customized, multilingual. And the future is now like, when we think about this, like this stuff. Is it perfect? No, is it available today? Absolutely. Is it going to change the game for agents who take up with it? Absolutely, you know. I mean, so this is the same, the future anymore.
Tom Panos:It's not that I reckon you've summed that up there, because I think that we've been hearing about AI for years. We've been hearing about the robots, this the world's changing, and then somehow, seamlessly, a bunch of people now are using stuff. That is all AI, and they're not wearing white scientists jackets. They're not. You know, they are me, it's you and me, buddy.
Seth Watts:Yes, you know you're doing it. You're doing Korean podcasts. For God's sake, it's out of your car Like it's crazy and it's not even that hard. You know, and I just I just reckon everybody out there like you know, we figured it out. It didn't take us, it didn't take much for us to do it and I, just now is the time to start playing with this stuff.
Seth Watts:You know, tom, we've spoken about, you know, creating the first 20 million GCI agent. We've spoken about growing your farm area from 2,000 homes to 2 million. This, this is how you do it, right? So you put a combo of video marketing, combo of buyer management, a combination of prospecting buyer post post open management, et cetera. And the other point that we haven't talked about is sort of even things like communication automation and reading all the documents for you, giving you summaries, not actually having to go through everything, especially things like contracts, like AI will read it all for you and give it to you in a five point summary. You know you can see the genesis now of what a 20 million dollar GCI agent looks like. They've got all these pieces and they build these pillars to go out and get scalability.
Tom Panos:Then then, door reports must be a now AI thing, 100% like a vendor report. They after what I've just seen you do, then door reports. They chop that down in an instant.
Seth Watts:Instantly. And you know, and you put things like realtor together plus some of the AI stuff, like because realtor does this stuff pretty well, but you combo it out with gen AI and it's just, it's like mind blowing how easy it is. And it's funny, tom, and we always say you've got to do the hard work, and you know you've got to have great agents to sit there and do the hard work. All of which is true, right, but but by the same token, I reckon gen gen AI is going to allow the hard work to become a whole lot easier and a whole lot higher quality for a lot less effort. So it's, it does feel like a bit of a revolution.
Tom Panos:Seth, absolutely brilliant. Is there anything you want to add to it before we go?
Seth Watts:No, no, no, that was a fun session. You know a bit of a freestyle thing going on, but that was good.
Tom Panos:And guys and girls. Seth Watts from Campaign Agent, also known as the AI guy. You can find him on the social media platform Seth Watts AI guy. You type any of those things, he will come up. Absolute pleasure, the future is here. Listen, if you don't like change, you're going to hate extinction, and I've got to tell you that statement is truer now more than any other time.
Seth Watts:That's smart, Tom. That's a good way to finish.
Tom Panos:Thank you so much. See you next week everyone.