Zach Gorman, Co-founder, RealReports

An AI Game Changer for Real Estate Agents

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Guest: Zach Gorman, RealReports

My guest today is Zach Gorman who co-founded the RealReports platform, which consolidates dozens of data sources into one easy to use platform, provides an AI assistant to trawl through it, and that is giving agents who use it an unfair competitive advantage.

This is a really cool tool. I tried it on a couple of properties that I own and, OMG, instead of having to go to a dozen different websites to grab the data I need, bingo! it's all there in one place with one click.

Love it!

RealReports has raised $2 million in seed funding, is aiming for profitability in the coming months, and is scaling fast.

For sure, one of the biggest challenges anyone in the residential market faces is due diligence and the challenge of having to search around in the hopes nothing is missed. Here are some of the data points that RealReports consolidates (of dozens more) in their property reports:

- Permits
- Zoning
- Rental income projections (long and short term)
- Remodel prospects
- Utilities
- Climate risk
- Liens
- Tax history

Zach explains how RealReports surpasses Zillow and Redfin (and other similar sites) in their analytics and talks about their AI-powered assistant, Aiden, (also, really cool – like having an assistant out on the road with you in real time, answering questions about every property you see).

Aiden analyzes documents, photos, videos, and all the disparate information sources that RealReports consolidates and allows you to ‘chat’ with it by asking questions.

Imagine driving around a neighborhood and wanting to know everything there was to know about a property… just ask Aiden – and then ask Aiden to give you the owner’s phone number so you can put in a call right then and there.

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From Zach:

Why should real estate professionals pay attention to AI?

- Agents and brokers who use AI will replace those who do not – because AI enhances productivity, speeds up processes, and allows professionals to provide value faster, thus setting them apart from those who do not use AI.

What AI tools do you use daily?

- Zack uses several AI tools, including ChatGPT, DALL-E, Bard, Leonardo, Copy AI, and Lex. These tools help him manage tasks like content creation, graphic design, and social media, significantly reducing the need for additional hires.

What is an easy win with AI for listeners?

- Zack recommends using AI to incrementally learn about a complex topic. Start by asking AI to explain a concept as if to a preschooler, then progressively increase the difficulty level to a PhD level. This method makes understanding complex topics more manageable and less frustrating.