Dallas September 2023 Key Take Aways!
• AI can be used to enhance work flows and improve marketing efforts. (Warren Tingen – Tingen Creative)
• AI is already in use in technology such as cell phones and streaming services. (Warren Tingen – Tingen Creative)
• AI is used in self-driving cars and could help to improve traffic congestion issues. (Warren Tingen – Tingen Creative)
• AI in a broad sense is machine learning or deep learning algorithms that require it to learn from experience and make decisions based on its understanding. (Warren Tingen – Tingen Creative)
• A subset of AI is generative AI, which is able to generate new content, design, solutions, etc. It can generate images of buildings or structures that don’t yet exist. (Warren Tingen – Tingen Creative)
• AI and generative AI are expected to have a big impact on real estate over the next 3 years. (Warren Tingen – Tingen Creative)
• Many of the global AI companies are located in the US, which is going to require infrastructure. Companies are looking for lower energy costs and lower land costs. (Warren Tingen – Tingen Creative)
• Over 500 companies provide AI powered services to the real estate market. (Warren Tingen – Tingen Creative)
• AI can help with idea generation, speed, efficiency, etc. and are presently very cost effective. (Warren Tingen – Tingen Creative)
• There are concerns about plagiarism, since they are feeding the AI currently available information. It also sometimes provides incorrect information and there are concerns about theft of IP as well as questions about copyright. (Warren Tingen – Tingen Creative)
• Some AI generated material seems generic and there are concerns it may dampen creativity. (Warren Tingen – Tingen Creative)
• AI can be helpful in creating comps and mockups, social graphics, etc. and can help with creating documents, analyzing data, price modeling, monitoring, risk management, etc. (Warren Tingen – Tingen Creative)
• ChatGPT and MidJourney are two examples of AI services that are available to use. (Warren Tingen – Tingen Creative)
• ChatGPT is the platform that is currently leading the pack. Results are a little better with the paid version of Chat GPT. (Warren Tingen – Tingen Creative)
• It is important to provide specificity in your prompts to get the best results. (Warren Tingen – Tingen Creative)
• It is important to check the work of an AI and not to let it run completely on its own. AI can create content that is inappropriate or inaccurate. (Warren Tingen – Tingen Creative, Christine Stoneking – Emerald Ridge Concepts, LLC, James Smith – Smith, Jackson, Boyer & Bovard, PLLC)
• Congress is not likely to agree on any tax legislation changes. (James Smith – Smith, Jackson, Boyer & Bovard, PLLC)
• There is a concern regarding the government shutting down, which will include the IRS but the penalties and interest keeps accruing. (James Smith – Smith, Jackson, Boyer & Bovard, PLLC)
• The Employee Retention Credit has opened the door for a lot of fraud. They’ve suspended processing all credit refunds. There are pop-ups telling people about free money available, and the IRS is planning on auditing every one of them. If you apply for a credit you’ll have to amend your tax return, reducing your payroll tax deduction. Amending a partnership return is very complicated. (James Smith – Smith, Jackson, Boyer & Bovard, PLLC)
• There are ethical restrictions on taking a commission on an amended return. (James Smith – Smith, Jackson, Boyer & Bovard, PLLC)
• They continue to be busy and expect to finish the year strong. They have hired new staff that looks promising. (John Rhodes – Foresite Group)
• The only slowdown has been seen in those developers working as a second job. Many of those investors and developers have left the market. (John Rhodes – Foresite Group)
• Austin has a lot of different zoning and environmental issues and more regulations. (John Rhodes – Foresite Group, Kimber Davison – Griffith Davison)
• They are seeing a lot of housing price adjustments with listings not selling as quickly and properties closing below asking price. (Sue Turk – Cava Enterprises, LLC)
• People are waiting for rates to come down, but while rate hikes are expected to stop it may be awhile before rates come down. (Sue Turk – Cava Enterprises, LLC, James Smith – Smith, Jackson, Boyer & Bovard, PLLC)
• Q2 was the lowest quarter for office sales. (Bill Kitchens – CoStar Group)
• Can get 100% loans for credit pre-lease deals. (Stephen Scott – The Finance Person)
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