{"id":20102,"date":"2018-02-07T01:00:14","date_gmt":"2018-02-06T14:00:14","guid":{"rendered":"https:\/\/www.realestatetalk.com.au\/?p=20102"},"modified":"2018-02-07T01:00:14","modified_gmt":"2018-02-06T14:00:14","slug":"ai-in-property-nigel-dalton","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/ai-in-property-nigel-dalton\/","title":{"rendered":"AI in property \u2013 Nigel Dalton"},"content":{"rendered":"

Australia is just starting to get its first taste of consumer artificial intelligence.\u00a0 What role will AI play in how we buy and sell property.\u00a0 We discuss that with Nigel Dalton<\/strong>, REA Group Chief Inventor
\nTranscript:<\/strong>
\nKevin:\u00a0\u00a0<\/strong>You only need to have seen\u00a0Star Wars, The Matrix, Westworld<\/em>, or have grown up watching\u00a0The Jetsons<\/em>\u00a0to know what artificial intelligence \u2013 or, as it\u2019s sometimes called, AI \u2013 is all about. The latest\u00a0Black Mirror<\/em>\u00a0series on Netflix even grapples with voice and AI technology, giving us a scarily realistic glimpse of what society could be like in as little as five years\u2019 time.
\nSo, where\u2019s all this going? Where is it headed? How is it going to impact buyers and sellers of real estate? Joining me to talk about this is Nigel Dalton who is RealEstate.com.au REA\u2019s Group Chief Inventor.
\nNigel, that\u2019s a pretty awesome term, Chief Inventor.
\nNigel:\u00a0\u00a0<\/strong>It\u2019s an important term. I have the best job in Australia, that\u2019s for sure. But what we\u2019ve come to realize is that innovation is one thing. That\u2019s understanding customer needs and meeting them. You need to do that on a daily basis to survive today. That\u2019s what most of the people at realestate.com.au do. A few of us work on pure invention: what\u2019s coming in two to five years?
\nAll we tap into is an amazing antipodean Australian and Kiwi spirit of being able to solve problems with stuff. Can we bring AI to bear on some of the problems in real estate? I hope so. We work on virtual reality and artificial intelligence, those kinds of things, and thinking two to five years out.
\nKevin:\u00a0\u00a0<\/strong>My first experience with virtual reality was actually at REA in Melbourne, I think it was. We went to have a tour of the facility there, and we were given some 3D glasses. I went on a rollercoaster. That was my first experience in virtual reality. It was quite scary, I thought.
\nNigel:\u00a0\u00a0<\/strong>You were a pioneer, because those games were the entry point to that. We talk about these future technologies impacting three things: time, trust, and transparency. What we think virtual reality is good for is saving people time. It\u2019s the one thing you can\u2019t make more of, and it\u2019s an incredible gift you can give to your customers in real estate.
\nYou\u2019re experienced in that industry. There\u2019s a lot of time wasted. You take a simple thing like a rental open for inspection. We had 200 people turn up to one of those in Sydney late last year, and there were 199 dissatisfied people who lost two hours of their day, probably one hour parking in Sydney, knowing how tough that is nowadays. That\u2019s 400 hours of human time wasted.
\nIf we can get some of that back for people, whether they\u2019re agents or consumers, we know that\u2019s appreciated. So, that\u2019s where we point our technology.
\nKevin:\u00a0\u00a0<\/strong>It\u2019s interesting to hear you say that, Nigel. We\u2019ve become \u2013 I guess because of the Internet and things like Google \u2013 so intolerant of wasting time. We even ask Google Home \u201cWhat\u2019s the temperature in Washington? What\u2019s the time here? Or what open homes there are this week?\u201d and we want an instant answer.
\nNigel:\u00a0\u00a0<\/strong>Do you know, Australians are among the most impatient people in the world. I saw a study that Uber had done as to which nation was prepared to wait the longest for their Uber before they cancelled or found another opportunity.
\nWhat do you reckon is the time an Australian is prepared to wait for an Uber?
\nKevin:\u00a0\u00a0<\/strong>I had an Uber experience recently and I waited ten minutes and then cancelled.
\nNigel:\u00a0\u00a0<\/strong>Well, ten minutes, you\u2019re on the 99th<\/sup>\u00a0percentile of tolerance, because two minutes is the average Australian.
\nKevin:\u00a0\u00a0<\/strong>Oh, wow.
\nNigel:\u00a0\u00a0<\/strong>Now, I don\u2019t know about you, I grew up in rural New Zealand, and when you go to a party in a small town, you\u2019d wait two and a half hours for a taxi.
\nKevin:\u00a0\u00a0<\/strong>The technology now is you order an Uber\u2026 We\u2019re talking about Uber, but you can do it with pizza as well, and you can see where your pizza is, where the delivery is.
\nNigel:\u00a0\u00a0<\/strong>And this is really smart use of technology. Uber and Dominos are both pioneers in the world of artificial intelligence, of using mathematical algorithms in a way that gives us more time. And what it is with the pizza thing is transparency.
\nHow good do you feel knowing that that pizza is only two streets away?
\nKevin:\u00a0\u00a0<\/strong>Yes, well, how frustrating is it when you see them make a wrong turn? Which has happened.
\nNigel:\u00a0\u00a0<\/strong>I know. And we\u2019re a generation that\u2019s now used to that level of transparency, and we expect it in every single transaction we do.
\nKevin:\u00a0\u00a0<\/strong>Talking about that, how is voice technology going to be integrated into the property industry? What are we going to see in the future?
\nNigel:\u00a0\u00a0<\/strong>I\u2019m old enough to remember back ten years ago when these crazy phones came out with glass screens you had to touch, and we all sat around going \u201cThat\u2019s never going to work. It\u2019s going to get dirty, and nobody wants to touch their screen. They want a keyboard and buttons.\u201d Well, that changed the world. We\u2019re so used to touchscreens. You see children in caf\u00e9s trying to touch the screen on a newspaper and expand the picture out. It doesn\u2019t work.
\nAnd now we\u2019re in the world of voice. We will remember 2018 as the year we started not touching but talking to our devices.
\nKevin:\u00a0\u00a0<\/strong>Yes.
\nNigel:\u00a0\u00a0<\/strong>You\u2019re at the cutting edge; you have a Google Home at home. Amazon Alexa is about to hit the market with a real bang because Australians love shopping online, and Amazon Alexa is absolutely made for that.
\nYes, we\u2019ll get used to talking to our devices, and we\u2019ll talk to everything. You\u2019ll talk to your car, you\u2019ll talk to your phone, you\u2019ll talk to your glasses. You\u2019ll certainly talk to that thing about getting a decent recipe for cooking that roast leg of lamb for Australia Day.
\nKevin:\u00a0\u00a0<\/strong>But how is it going to relate to real estate?
\nNigel:\u00a0\u00a0<\/strong>Very simple. In real estate, we have those hard questions that everyone wants to know. \u201cWho\u2019s the best real estate agent in New Farm?\u201d And we\u2019ll apply both artificial intelligence in behind and the voice technology on the front, because people are going to want to verbalize that conversation, not type that into Google; that\u2019s going to be too long. You\u2019re going to be in the car, you\u2019ll have these devices that\u2019ll be portable.
\nWe sat down with our initial launch to think \u201cWell, it has to be useful in some way.\u201d And the technology is early days. It\u2019s mostly about the talking and giving instructions; it\u2019s less about intelligent conversation, which is still a year or two away. That\u2019s developing rapidly. That artificial intelligence is still expensive, and you won\u2019t get it on your kitchen table for $75.
\nBut in a year, watch this space. It\u2019ll be way more conversational, and you will be able to ask those questions that everyone has that our research shows. \u201cIs there a good property that I can rent with decent air conditioning for the summer in Brisbane?\u201d I\u2019ll bet you that\u2019s a hot topic. And we will verbalize that, not type it.
\nKevin:\u00a0\u00a0<\/strong>Nigel, how long will it be before we\u2019ll be able to bring up REA on the computer and talk to you with voice technology, without using the keyboard?
\nNigel:\u00a0\u00a0<\/strong>We certainly have areas of that. We\u2019ll have that in the next year. And where we emphasize our energy is understanding \u201cWhat are those underlying needs?\u201d The thing that\u2019s driving voice technology is our car. I don\u2019t know if you use things like Siri or OK Google. Alexa is not in the car.
\nKevin:\u00a0\u00a0<\/strong>Yes, we do.
\nNigel:\u00a0\u00a0<\/strong>It\u2019s a safety thing. And you have a generation of kids in the back seat watching you do that, and they understand that to be a normal thing to do. So, the generations are the one to watch. Get one, watch your kids use it, and realize they\u2019re not perturbed at all by it not working.
\nKevin:\u00a0\u00a0<\/strong>No, not at all.
\nNigel:\u00a0\u00a0<\/strong>I showed it to my dad over Christmas back in New Zealand. He\u2019s 84 years old and very wary of that technology. He doesn\u2019t want to be rude to it. I saw a lovely study last year of who says please and thank you to artificial intelligence devices.
\nKevin:\u00a0\u00a0<\/strong>Well, you only have to say \u201cThank you\u201d to Google Home and she\u2019ll come back and respond.
\nNigel:\u00a0\u00a0<\/strong>And there was much concern how we were giving kids terrible lessons in manners by ordering these devices around. Everyone has this tone of voice for talking to their Google. You don\u2019t need it. It\u2019ll understand a Kiwi accent like mine talking at this speed. And the incredible advance that\u2019s been delivered to us in these consumer devices is voice recognition and processing that information into a meaningful inquiry.
\nKevin:\u00a0\u00a0<\/strong>Nigel, thank you for spending some time with us. It\u2019s a fascinating area, and I want to get you back on the show to talk more about it, but we\u2019re going to watch it unfold. My guest has been Nigel Dalton who is REA Group\u2019s Chief Inventor.
\nThank you for your time, Nigel.
\nNigel:\u00a0\u00a0<\/strong>My pleasure. Keep pioneering.<\/p>\n","protected":false},"excerpt":{"rendered":"

Australia is just starting to get its first taste of consumer artificial intelligence.\u00a0 What role will AI play in how we buy and sell property.\u00a0 We discuss that with Nigel Dalton, REA Group Chief Inventor Transcript: Kevin:\u00a0\u00a0You only need to have seen\u00a0Star Wars, The Matrix,…<\/p>\n","protected":false},"author":176692471,"featured_media":20104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,11,13,36,22,25,27],"tags":[101],"class_list":["post-20102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-research-topic","category-sponsored-channels","category-trends-topic","tag-podcast"],"yoast_head":"\nAI in property \u2013 Nigel Dalton - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/ai-in-property-nigel-dalton\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AI in property \u2013 Nigel Dalton - 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