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Welcome to the Gold Coast Smart Real Estate Podcast鈥攖he ultimate guide to navigating one of Australia鈥檚 most dynamic and competitive property markets. Hosted by Brad Scott, Principal of Smart Real Estate with nearly two decades of experience, this podcast is your trusted resource for making smarter property decisions.
Whether you're buying, selling, investing, or simply wanting to stay informed, each episode delivers practical advice, innovative strategies, and expert insights tailored to the unique Gold Coast property scene. From market trends and maximising investment returns to insider tips for selling your home quickly and for top dollar, Brad covers it all.
Hit subscribe and join the community of "Smart" Gold Coast buyers and sellers transforming their real estate journeys. For more resources, visit www.smartrealestate.com.au or connect with Brad on Facebook, YouTube, and Instagram. Your next smart move starts here!
鈥奣his podcast is brought to you by Podpro Australia.
Welcome to the Gold Coast Smart Real Estate Podcast. I'm Brad Scott, here to help you make smart moves in the Gold Coast property market. Whether you're thinking of buying, selling, or just staying updated, we deep dive into everything you need to know. From our market insights to our unique open offers method of sale, a blend of auction and private treaty to give you the best of both worlds.
Let's jump in.
Hello and welcome back to the Smart Real Estate Podcast, where we break down the biggest trends shaping the property market. I'm Adam Bell and today we're talking about something that's making waves in just about every industry out there. artificial intelligence, or AI as it's better known. AI is already changing the way we search for properties, analyze the market, and even negotiate deals.
But will it ever replace real estate agents? I've got a bloke here who hopes not. Will AI actually make buying and selling homes easier? Or is it just another buzzword? Now to separate the fact from fiction, I'm joined by Brad Scott, Principal of Smart Real Estate here on the Gold Coast. Brad, let's get into it.
How much of a game changer Is AI really going to be in real estate? Yeah. So look, I think AI is going to definitely assist the industry. It's going to make things easier for agents and also for buyers and sellers in general. A bit like Google did back in the, what, the 90s now I guess? Yep. You know, you can Google anything and find a lot of information a lot quicker.
So ease and quickness to information is going to make things a lot easier and in real time. And that's what people want these days. Things, you know, it's how quick can you get things done and information. But yeah, probably so far, uh, you know, I'm pretty good with early adopting of new technology and AI and stuff like that.
So for us, we're using AI. Predominantly with the ad descriptions and the wording in the ads, that's probably the real estate agent's biggest bugbear over the last 20, 30 years, is writing ads, cause we're not word geniuses, we're not English teachers, so a lot of real estate agents use, like it's a big bedroom and stuff like that, so, and some agents can take hours just writing a A blurb.
So having, you can have script writers and stuff like that, which charge 30 or 40 a listing. Yep. We can now generate that. in two minutes and it's free. Yes. And generally can be a lot better. Yeah. Yeah. And you still got to read it. Uh, cause it's not perfect. You do. But depending on what you put into the chat bot or the chat GTP, the better the information you put in, the better the information you get out and the better result.
Absolutely. Absolutely. So we know AI is being used, you know, just about everywhere, finance to healthcare, everything. Yeah. Is it showing up in real estate beyond just property descriptions? So other areas that we're currently looking at, so we've got a chat, a chat bot that's actually making outbound calls.
Yep. So for So, in real estate, there's a lot of phone calls that happen. And again, some agents are probably not making those outbound calls as much as they should be. Yep. There's a bit of fear sometimes around making phone calls and talking to sellers. Yep. So, what we've had made now is a, basically a prospector or.
Uh, an AI bot, effectively, to call people and to ask them if they'd like a free appraisal in their home. And we've named her Sarah, after my daughter. And she has a beautiful Australian accent. Yep. So you don't have They do have overseas Callers, generally Indians, calling up. Very hard to understand, very hard to assimilate.
So, with this new AI phone caller that we have, we've done a lot of work in setting it up, and a lot of testing, but It's almost like you're talking to a real life person. I know, it's, it's scary, isn't it? It is a bit, it is a little scary. How are the results? How are the results been? Um, well we've only just started.
Okay. So, um. We'll, we'll talk about that in a future episode. How, how is it going? It's, we've got to provide it with the names and the numbers to call. Sure. But it takes, again, normally I would have somebody in the office making those phone calls and having those discussions. Yep. But depending on their level of expertise, you know, the results can vary a lot, whereas with an AI bot making those phone calls almost sound like you're talking to a normal human.
They stay very focused. They don't have a bad day. They don't have sick days, they don't have headaches. And they are just, they don't have to take a break between calls. Yeah, they can just go boom, boom, boom, boom, boom. And then, uh, the seller will book in the appraisal. We get a notification and then we go and help that seller sell.
So huge difference in, um, time savings. And I, we haven't got the results yet, but I think the results are going to be pretty good. Awesome. Can't wait to hear how that actually goes. So I'm hearing that we're seeing 8i tools now that actually. Well, let's say predicting property prices. How accurate are they compared to real world market experience?
Yeah. So we've had, we've had, we've had estimating tools, which sort of AI generated a bit, if you like. So there's a lot of websites out there, which will give you an estimated value. And that's based on recent sales in the area. There's like a big algorithm that goes into like how many bed bath car, the size of the block, how long you've owned it for, capital growth, recent sales, and they all have different weightings.
So if they are, I guess, more bread and butter and There's a lot of comparable sales. They're fairly accurate, you know, give or take, maybe 5%. Where there's less comparable properties, more of your higher end properties, so, you know, 5 million dollar home, they're pretty unique, so it's hard for the AI bots to estimate the value when there's not as much to compare it to.
Yep, and look, I mean, I want to bring up here, if you haven't listened to our last episode, last week's episode where we talked through some of your sales. I mean, you got prices well above what other agents were, were trying, who were going in before you and couldn't get and well above the expectations. So, I mean, how is an AI, you know, valuation going to ever be able to be on the mark?
Yeah, well, look, it's, it's only a guide. It's an estimate. That's right. I mean, real estate agents price things wrongly. Yeah. You don't. Others do. No, I definitely, definitely price things wrong. It's, there's no recommended retail price for real estate. Every property is unique. Even when you have like for like properties side by side.
They can vary in aspect and structure and outlook and stuff like that. So every house is uniquely different. And buyers are different and buyers have different motivations. And again, I have this conversation with people from time to time, but. You know, sellers always ask me, what's my house going to sell for, Brad?
And I say, I'll be completely honest, I don't know. And no agent does. We're all guessing. We can use the, these AI tools to give us a rough guide, an estimate. And I say, but you know, like I've got case studies like we've been through in the past where, you know, it was estimated it would sell for 900 and we sold it for 1.
1. Yep. There was no way I would thought that that would have happened, you know, so, and again, it just comes down to the right agent, the right marketing, the right method of sale. And then you've got the buyers at that point in time, what their motivations are. So you have cold buyers, warm and hot. And so those hot buyers, and we'll have a mix of those in the offer group.
And then depending on if a buyer's like. You've got to buy something tomorrow, their motivation is very high. They will generally pay more than what the average, you know, warm or cold buyer will. Sure. So it's very unique and nobody can predict it, but that's why you need real estate agents to interact with people and find out the stories as to, you know, what is your motivation?
Why are you buying? When do you need to buy? These are the sort of questions that AIs can structure them, but they're not going to learn and That probably answers my next question because I think there are some, you know, buyers and sellers out there that assume AI will actually replace real estate agents.
I was going to say, we have a job in the future, Brad. Yeah, look, I think there will be always a place for real estate agents. Simple fact that, you know, AI is going to definitely, you know, help things to technology, helps us to make things more efficient. Buying and selling real estate is a very emotional purchase.
And I don't think bots are going to ever take the, take away a real estate agent. Because it's just not going to have that human experience, understanding human emotions. Yep. When we're buying and selling with buyers and sellers, there's a lot of emotion around sometimes death, divorce. There's certain circumstances and even just emotional attachment to the property with memories and things.
Yeah, like I've, you know, I've had clients that have been there for 20, 30 years and you have to sort of understand as an agent how to navigate that sales process. And again, If you're too pushy or too rushed with a certain client, in those sort of circumstances, it can go a bit pear shaped. So you need to sort of read, read, read the customer, read, understand the, their situation, um, and try and help them as best you can to maximise the SAR result, but also take into consideration, like, What's happening with their personal circumstances right now and how we can help them get from point A to point B.
Sure. That's what Real Estate's all about. Cool. Alright, so for sellers then, are there any AI tools out there right now that can actually help them get a better result? For sellers? Like, as far as like, you know, the agents are gonna, you know, use those AI tools. But there isn't anything in itself for, for sellers to actually use to get a better result?
Nah, nothing that I've really heard of, like again, agency using tools to help sellers through writing up better ad descriptions, which has helped for pricing information, stuff like that. Sellers can definitely jump online and there's a lot of websites will give them a price guide or a price indication, which is kind of AI driven, but yeah, you still need.
an agent who's going to know how to market the property, do the right type of marketing, you know, which method of sale to use and why. And then again, to have a lot of critical conversations with buyers through that process. That's, that's really what's going to deliver the best result for us. Cause I was going to say then, is there any for buyers as well?
But as I think about, you know, I'm heavily into, into AI and, you know, your things like chat, GPT and your, your other, other tools there. And I guess for buyers and sellers. If they know how to use just things like that, they can ask about things like your open offers. What are the advantages of, of using the open offers method of sale?
What type of marketing strategies could I be using for my, they can get more information to be able to push their agents on and, and know more about what they don't know when they're coming to their time to, to buy or sell. Couldn't they? Yeah. I mean, I think. ChatGTB has got a great, it's, it's amazing and I use it, I use it more now than Google.
So I used to be always Googling ChatGTB. You want the answer. You want the answer. Well Google will give it to you, but it'll kind of link you to a page. Yep. Whereas ChatGTB will Get all these pages and summarize it into a short form answer for you. Yep. So you can get to the information quicker. So that will definitely help buyers, um, you know, maybe finding out deals.
And I'm sure there are, you know, websites and tools that they're using AI for predicting growth and stuff like that. And that'll be more and more readily available. I've seen AI predicting horse racing. Yep. Have you? Yeah, but I don't know if the results are quite as good as what You should be out at open homes on Saturday afternoons, not using AI to bet on the GGs.
Yeah, so, but I mean, again, it's the same thing. You can use bots to try and calculate or predict the future, but at the end of the day, I think there's only so far they realistically can go. Because nobody can predict the future, unfortunately. The bomb can't predict what's going to happen with the The weather.
With the weather. We don't know when the cyclone is going to hit, uh, so, you know, those guys have got super computers for that and they can't predict it. Eventually, look, in 50, 100 years, maybe, yeah, when they have super, super computers. Yep. But right now we're at that sort of infancy stage, and I mean, you look at Google from 1990 to 2025, it's still around, it's better, but it still serves basically the same purpose.
It's just an optimized version of what it was then, isn't it? Yeah, yep, so. Alright, well look, using that magical crystal ball that you have for everything, Brad, how AI evolving in the real estate industry in, let's just call it the next 5 to 10, 5 Yeah, so I think it'll probably help with, you know, marketing.
There'll be some search criteria stuff for buys that's definitely going to help. It may help sellers narrow down the list of agents. Yep. Who to choose. There are tools around for that, reading reviews and stuff like that on Google. But yeah, I mean, I don't think it's still going to take. Away from the human element of people walking through doors, talking to real estate agents.
Uh, again, you know, like when I was a kid, we were watching Back to the Future and, and I genuinely thought we were in the 2000s, we'd all be driving flying cars. Yep. The reality is we're not driving flying cars. No. So, you know, there's, there's definitely things that, you know, this technology will help, and it will make things more efficient.
Uh, I definitely don't think it's going to replace humans. Yep. Um, especially in real estate. Just because of that human emotion characteristic and things that Machine learning can learn a certain amount, but there are principal reasons why you need a real estate agent for that transaction. No, absolutely.
I mean, it's a very interesting subject, but look, the takeaway I think you've given us today, Brad, is look, AI is a powerful tool, but at the end of the day, buying and selling property is still a very human experience, isn't it? Yep. Yes. Look, technology can make things more efficient, but when it comes to negotiating, understanding emotions and handling complex deals, there's no substitute for real experience.
Brad, thanks for sharing your insights today. If anyone is listening and wants to chat with an actual human, a human expert about buying and selling on the Gold Coast, get in touch with Brad. Brad, give us your contact details. Yep. So if you want to give me a call, it's 0408338605, or you can send me an email to brad at smartrealestate.
com. au. Okay, fantastic. That's another wrap for this episode of the Smart Real Estate podcast, where it is actually two humans talking to each other. If you did find But I will use quite a bit of AI to get it all edited and ready, I must say. Um, but look, if you found this interesting, make sure to subscribe, leave a review, and share it with anyone curious about AI's impact on real estate.
Or more importantly, if they want to buy and sell property here on the Gold Coast. Brad, thanks once again for joining me. Thanks, Adam. Thanks for tuning into the Gold Coast Smart Real Estate Podcast. Remember, if you're thinking of selling, be smart. Explore your options and consider the power of open offers method of sale to maximize your result.
Don't forget to subscribe so you never miss an episode. And if you found today's insights helpful, feel free to share with a friend. Until next time, happy house hunting.