How Tesla Has Predicted The Future Of The Property Market

Video Transcription:

Hi guys. So how Tesla has predicted the future of the property market. Now, I went the other day and I went for a ride in one of my mates Tesla's in Australia. And although he didn't have the ... He just had the base model, base everything, Because when he did the research, when he looked at all the benefits, the cost-benefit analysis of getting, having one engine versus two engines and the extra battery, blah, blah, blah, all those sort of differences, it just didn't weigh up in his mind, and for the additional cost, it wasn't there.

But the interesting thing that I found was, jumping in the Tesla and going for a drive, and it's an amazing thing. If you think a car hasn't really innovated for many, many years, and certainly there's been very little innovation in the 30 years I've been driving a car, or whatever it is. Yeah, probably a little bit less than 30 years I've been driving a car. Very little innovation. I remember my old Kingswood, Holden Kingswood, baby-shit brown with a white roof, and effectively it even had air conditioning in it which was ... It was an after model fixture. But the bottom line is column shift.

I mean there's been a lot of advancements in the electrics technology side of things from cruise control, things like that. But the bottom line is the actual structure of the car, how it works, it's still you driving it, you being responsible for it. Nothing's changed in that perspective. The Tesla has totally changed that now. Actually it's amazing what it is.

What struck me, and I've driven a Tesla three or four times now, is how simple it is. There's very few moving parts, so there's very little mechanical.  And we used to have a mechanical. It's at the tire store now but, a tire mechanical stop. So we've had mechanics work for us. And I don't know the sort of things that go wrong. And I strip down cars. I mean that Kingswood, I stripped that down and rebuild the engine I don't know how many times. In fact, that was one of my first projects with my dad that I remember, and things going wrong.

But this has very few moving parts, so very little will go wrong with it and very little can go wrong with it. Very little wear and tear. But the amazing thing for me is that it pretty much has an iPad in the middle. It's not an iPad but it's a screen, a massive screen, and that has everything there. But what it does, it has taken and it uses the sensors to really know the environment. And it's amazing to drive the thing. I mean, when you put the foot down, the power's immediate, it's quiet. When you pull your foot off, it brakes. And I think, so getting used to not pulling your foot off too quickly because that will brake you. But as well, if you were driving behind somebody and you don't notice that they've slammed their brakes on, it will stop. It has this AI and these intuitive things, and it's amazing.

One of my mates was the ... He was an engineer at Tesla I think. And this is going back a few years ago, I spoke to him. And he was saying, I can't remember how many points it was, but it was in the thousands of points that they're monitoring on their cars to work out the algorithm and build the algorithm and make it better, and they can update the car automatically. So it's like a smart computer. So that's the Tesla. It's incredible. Go have a drive on. Go have a drive if you haven't. It's an incredible advancement. It just takes everything and makes it so simple. They've really put a lot of thought into it.

How does that predict the future of the property market? So get down to what I really want to talk about here. I think the thing that most people look at, the car industry hasn't changed for hundreds of thousands ... Hundred of thousand years? Hundreds of years. Yeah. It's pretty much been the same thing. Hundreds. A hundred years, yeah. Pretty much been the same thing, same car, steering wheel, all that sort of stuff. The property market has been the same. You go to an estate agent. You dah, dah, dah. And the reality is that really hasn't been disrupted.

Well, I think what's going to happen and what you're starting to see now is disruption, So there's online platforms. Certainly that's disrupted a lot of places. People are going online to look at videos and walkthroughs and 3D dollhouses and things like this rather than going to the property. So a lot of what you used to do, you no longer have to do. And what's happening is it's simplifying the process. The availability of information on a property is now expanding. So rather than just being able to look, "Oh, it's sold for this price in this year and this is the plot of land," and not really having much access to much else, you can now get a whole range of data online and then you can apply that data and through the area data and you're going to look at what things have been happening.

So what we're finding is this convergence of technology. And I think what the Tesla typifies is a convergence of really, really good thinking, really, really good technology, and it creates a car which is mind blowing. And it really is. I mean, you can say you don't like the look of it. You can say lots of things about it. But the reality is it is state of the art. It is the most advanced thing and it has left all other car companies, including the German car companies, including the Japanese car companies, way behind. And in that respect, Elon Musk is a bit of a visionary and he should be celebrated for that. It's unfortunate that a lot of what happens with Elon Musk is negative impression. But then, you look at the car industries and how much they're getting subsidised in the US compared to Tesla, it's pretty interesting.

But anyway, so property market. So where does this predict the future of the property market? Well, there's convergence of technology, availability of information. Everything's going to be on your touch screen. Your mobile phones have become an extension of you. And that is where we are going, and that is where the market is going.

So if you find, if you're an estate agent out there and you're not moving in that direction, you are at some point going to be irrelevant, you're at some point going to be left behind. I mean, look at all these high streets and look at all these places where they're just not making the money. They're not getting the sales. They're not getting the listings. As a consumer, if you're working with somebody who isn't on these platforms, isn't using technology, then basically you need to really start thinking about are they have your best interest or do they have your best interest or not. If they're not keeping up with all the disruption, all the changes that are happening, then you really need to think about that, because is it worth while?

So guys, hopefully, yeah, Tesla, an amazing example of what's happened to the car industry, which is going to happen and is happening to the property industry right now. So, yeah, watch out for the changes. It's all good news. Right guys, subscribe, comment, love to have chat about the technology and the future of where the property market's going. Have a great day. Live with passion.

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About the author

brettalegrewood

Brett has over 20 years experience in all facets of property, he owns various companies centred around property and is the driving force behind the education and training at Ezytrac. His companies have sold over £850 million in UK and London property and he manages over 1200 properties through his estate agency chain. Today he shares his time between UK, Australia and Singapore. He is married to Arlene and together they have 4 kids. Brett holds both the Level 3 Property Mark Qualifications for Property Sales and Property Lettings and Management.


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