A Closer Look at the Balance Between Technology and Personal Interaction
The world of real estate is ever evolving, especially with recent technological advancements. Today Artificial Intelligence (AI) is impacting every facet of our professional and personal lives. We’re seeing it used for a variety of administrative tasks, data analysis, creative concepts, and so much more. In this article we explore the debate around AI-assisted coaching in the professional setting to provide insights into future coaching for real estate professionals. Let’s start by taking a look at the advantages and disadvantages of both AI-driven coaching and person-to-person coaching.
THE RISE OF AI-DRIVEN COACHING
AI-driven coaching leverages the vast information used to train them. Using these platforms have several key advantages across a number sectors.
Accessibility and Cost-Effectiveness
AI coaching tools are available around the clock, providing support when needed. This 24/7 availability is useful for professionals, especially those in real estate, who often work irregular hours. Questions and concerns often come at the times when we’re not with our coaches. These tools offer an opportunity to get feedback and understanding right when we may need it.
There are several business coaches and entrepreneurs who are either already using or working on AI-coaching bots to reach greater numbers of individuals (Chris Do’s DoBot and Daymond John’s Daymond On Demand). They have integrated their works, thoughts and ideas into an AI platform. When the bot is asked a question it responds, based on the given information, as the coach naturally would to that type of inquiry.
AI also has greater scalability and can reach many people simultaneously. This makes coaching accessible to those who may not have the means to afford in-person coaching.
Consistency, Objectivity and Personalization
AI can analyze vast amounts of data to help track progress and improvement. It can produce more consistent feedback where human coaches may vary. Using AI to assist in coaching can reduce human biases. It can be found to offer more fair and unbiased feedback based directly on collected data.
Deep analysis of this type allows for highly personalized training programs based on individual data. It also allows for adapting in real-time to the user’s progress and needs.
IN-PERSON COACHING: THE HUMAN CONNECTION
In-person coaching brings its own unique advantages which AI cannot replicate. As we investigate how A.I. will be a significant player in both coaching and training, I always refer to my expert in commercial real estate (CRE), Brett Hunsaker, to get his input on the AI phenomenon versus in-person coaching and training. With 35+ years of managing producers, Brett has worked with many of the top training groups in the industry and gave me the following pointers on why it’s still very important to have in-person coaching and training as part of your salesforce development plan:
Emotional Intelligence: In-person coaching provides emotional and psychological support. Human trainers and coaches can understand and respond to the emotional states and needs of their trainees. They can provide empathy, encouragement, and motivation, which are critical for effective learning and personal development.
Personalized Feedback: In-person coaching allows for real-time, nuanced feedback tailored to the individual’s specific needs and learning style. Coaches can observe body language, tone of voice, and other non-verbal cues to give more comprehensive feedback.
Relationship Building: In-person interactions foster relationships and trust, which are crucial for a productive coaching environment. A strong coach-trainee relationship can lead to greater openness, confidence, and a willingness to take risks and make mistakes, which are essential for growth.
Motivation and Accountability: The presence of a human coach can provide a stronger sense of accountability and motivation. Knowing that someone is invested in their progress can push trainees to stay committed and put in the effort needed to achieve their goals.
Support and Encouragement: In-person coaches can offer genuine support and encouragement, celebrating successes and helping to navigate setbacks. This emotional support is vital for maintaining morale and resilience during challenging times.
Networking Opportunities: In-person training often provides opportunities for trainees to network with their peers and other professionals. These connections can lead to valuable relationships, collaborations, and career opportunities.
Adaptability: Human coaches can adapt their training methods on the fly based on the trainee’s progress and responses. They can adjust the pace, change strategies, and address individual challenges more effectively than AI, which may follow a more rigid structure. Human coaches are better able to adapt to unforeseen situations and provide immediate, intuitive responses during sessions. Experienced coaches bring a wealth of knowledge and practical expertise offering more nuanced guidance than current AI tools. In-person coaches have the ability to offer more holistic approaches. Approaches addressing not only professional training but mental, emotional and lifestyle components.
Cultural and Contextual Understanding: Human coaches bring cultural awareness and context-specific knowledge that AI may lack. They can understand and incorporate the unique cultural, social, and organizational dynamics that influence learning and performance.
Complex Problem Solving: Some issues and challenges are complex and require a deep understanding of human behavior and organizational dynamics. Human coaches are better equipped to navigate and address these complexities, drawing on their experience and intuition.
Flexibility in Communication: Human coaches can communicate in diverse and flexible ways, using humor, storytelling, and other techniques to engage and inspire trainees. This level of dynamic communication is often beyond the capabilities of AI.
POTENTIAL CONCERNS
Both in-person and AI-driven coaching come with their own drawbacks and tradeoffs. While AI-assisted training and coaching can offer convenience, consistency, and scalability, the personal touch of in-person coaching brings a depth of understanding, connection, and adaptability that is difficult to replicate with technology alone. AI lacks emotional intelligence and empathy of human coaches. A component crucial in the coaching relationship. AI relies only on the data it is given which may not always capture the full picture of the challenges and needs of the individual. We should also consider algorithmic bias. AI can preserve bias present in the data with which it was trained or the biases of the programmers themselves.
Security and privacy are important to coaches and the individuals they serve. Compliance with privacy regulations and safeguarding user information is vital.
As human we all have the same 24 hours to fit in our day. This limits the time and availability of any coach, making it harder to access them as frequently as may be needed. In-person coaching can be expensive, thus limiting access for many people.
A BLENDED APPROACH
When human and AI combine their talents, skills and abilities we find amazing results. The blended approach maximizes engagements and learning opportunities and outcomes.
Coaches can utilize AI to assist with data analysis, creation of personalized training plans and facilitate real-time feedback. AI is able to handle routine administrative tasks, such as scheduling, progress tracking and assessments. This frees up human coaches to focus on other aspects of coaching, allowing them to maintain emotional support, complex problem-solving and offering holistic guidance.
Brett and I surveyed top training/coaching experts in CRE to get their perspective on AI training and coaching.
The Massimo Group (https://massimo-group.com/), led by Rod Santomassimo, is using AI to augment their services and processes. This year they launched role-play and closing chatbots as well as their Resource Library Bot and Virtual Coach. These tools have been trained with the expertise and content developed during years of coaching. With AI-assistance they also redeployed their video content in multiple languages allowing further reach and accessibility. Regarding AI, Rod said, “I do not see where AI will replace human coaches in the short term (5 years). Indeed, not at the Massimo Group. AI will be leveraged to assist our clients when our human resources are unavailable and supplement our human coaches in our content delivery.”
ETC (https://ericthecoach.com/) founder Eric Moore takes an AI-assisted approach to his work with clients. He flips the script on coaching by turning the AI spotlight on himself. Instead of guiding his clients, he throws his own coaching transcripts into the AI mix, prompting it to suggest ways he can up his game. Eric also uses AI tools to help shorten the coaching lifecycle. Tools which enable individuals to upload questions, concerns and follow up between sessions. It then creates a report which can be used before and during the next face-to-face session. He uses a variety of complex prompts for session summaries and for self-evaluation to help him grow as a coach. Eric notes, “using the Socratic method as a prompt approach has been a game-changer to my use of Large Language Models (LLMs).”
Mike Lipsey president of The Lipsey Company (https://lipseyco.com/) states he’s “a huge fan of the contribution that AI will make in commercial real estate.” He and his team are utilizing AI to assist in many areas. These range from lease abstracts, proposal comparisons and calculations, proposal creation, letters of intent (LOI), and much more. When asked about AI taking over coaching and training Mike said, “in the short term, absolutely not.” He further notes a question he is frequently asked is “what’s the most important skill I need to be successful in commercial real estate?” His answer – social skills. “Knowing how to create rapport, be charming, and empathic all at the same time is a unique capability. Trainers and coaches need to have similar social skills that a successful broker possess. As of today, I’ve not seen any demonstration on AI’s part that has the energy and sense of humor of a competent trainer and coach.”
Ed Riggins head of Riggo & Co. (https://edriggins.com/) echoed the thoughts of Mike and Rod but emphasized that, “empathy is a key element of emotional intelligence. It’s because of my capacity for empathy that my coaching clients tell me things they would never tell a chat bot.” While AI will play a part in coaching and training, he advocates for the human touch. He doesn’t see a time in the near future where an AI will make a person “feel know and cared for.” Ed sees a future in which, “what will be in high demand will be human beings who have a sense of humor, crazy-good listening skills, and the demonstrated ability to genuinely give a damn about other human beings.”
USE CASES FOR AI COACHING IN REAL ESTATE
AI can analyze vast amounts of data, enabling it to identity strengths, weaknesses and learning preferences of individuals. Information which can be used to create customized development plans tailored to a person’s unique needs. Utilizing the personalized plan in conjunction with real-time feedback can fine-tune coaching strategies. A continuous feedback loop between the user and the AI tool helps in faster skill acquisition and development. Experienced real estate coaches and mentors can access reports to see how younger professionals are progressing and make needed adjustments and provide in-person support. Using a combination of AI and human coaches can support thousands of real estate professionals simultaneously. This provides consistent, high-quality coaching across an organization.
The Future of AI in Real Estate Coaching
AI coaching will improve over the next few years. Advancements in recognition of tone and body language, and real-time analysis will enhance its effectiveness. As our experts noted, AI is unlikely to replace the need for the human factor. The hybrid model with AI supporting human coaches is the projected outcome. Combining the strengths of both approaches will create a more available, scalable and comprehensive experience for all.
Conclusion
Integrating AI into real estate coaching offers significant benefits, including increased accessibility, cost-effectiveness, and personalized training. However, the irreplaceable value of direct, human-to-human engagement underscores the importance of maintaining in-person coaching as the cornerstone of professional development. By adopting a blended approach, combining the strengths of both AI and human coaches, real estate professionals can achieve optimal learning outcomes and drive success in their careers.
References
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Chatterjee, K. (2024). Can Virtual Coaching Platforms and AI-driven Coaching Tools Hit the Mark? LinkedIn.
Fletcher, M. (2024). Seven Benefits of AI Coaching in Achieving Professional Growth. Mindbeat.
Pappas, C. (2024). The Future of AI Coaching: How Can You Leverage It? eLearning Industry.
Syam, B. (2024). Transforming Development: AI-Powered Coaching and Mentoring. LinkedIn.