Why everyone’s talking about ChatGPT – A Review for Real Estate Agents

What is ChatGPT and what has it got to do with Real Estate?

First of all, let’s go to the source. Let’s ask ChatGPT a couple of questions to test what this is all about –  

By the way, you can have a play yourself HERE

The first question I asked:

What is ChatGPT in Layman’s terms?
The answer 

‘ChatGPT is an AI model developed by OpenAI that can generate human-like text responses to questions and prompts. It has been trained on a large corpus of text from the internet, so it has a vast knowledge base and can hold conversations on a wide range of topics. The goal of ChatGPT is to make it possible for people to interact with AI in a natural, human-like way.’

Not a bad answer!  

I also asked ChatGPT this question – 

How can Real estate agents use ChatGPT?

The answer – 

‘Real estate agents can use ChatGPT in several ways to enhance their services and improve customer experience. Some of these include:

  1. Automated property information: ChatGPT can be used to provide clients with automatic answers to frequently asked questions about properties.
  2. Lead generation: ChatGPT can be integrated into a real estate agent’s website to automatically respond to inquiries and gather information about potential clients.
  3. Customer service: ChatGPT can be used to assist customers in scheduling appointments, finding properties that meet their criteria, and answering questions about the real estate process.
  4. Market analysis: ChatGPT can provide real estate agents with data-driven insights into market trends and conditions, helping them make informed decisions and provide better advice to clients.

Overall, ChatGPT can be used by real estate agents as a tool to improve efficiency, enhance customer experience, and provide data-driven insights.’

That’s the power of ChatGPT. 

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So why is everyone is talking about ChatGPT?  

Because the power and the technology are incredible.  There’s loads of hype and discussion and with that, there are also concerns. 

A big surface concern is how this will be used in schooling. Testing what this would be like, I asked the same question repeatedly to ChatGPT and some answers were very very similar. Not exact but enough to know it was by the same source. 

Putting that aside, let’s discuss how artificial intelligence can specifically help you as a Real Estate Agent. 

The biggest opportunity right now, is to save you time, resources and money.  

AI can automate everyday tasks, freeing up your time and it is only getting better. 

I encourage you to spend time seeing what the capabilities are and what the future capabilities could be. 

While you are looking, check out Jasper – it also seems to be a very popular choice. 

There’s still a lot of work to do. There are still improvements to be made, so be warned that this is not a magic pill…. yet. 

AI and machine learning have been used in business for some time. Think about how in your social feed, you see more and more related posts that you have previously engaged with. This is AI, algorithms and machine learning.  

Canva and many other apps use AI extensively. Canva uses it to suggest templates that relate to what you are designing. 

For many years we have had spam filtering, another form of AI and machine learning.

Now ChatGPT has been released for public beta use, this brings the use of AI to everybody.

How to get started:

Sign in to ChatGPT

Currently, as it is still in the testing phase, it is free, but there are strong indications that there will be a cost soon.

This message comes with words of warning…. The information is only as good as the data it finds.  

The answer also very much depends on the specific question.  

So tread carefully. There will be incorrect data.  

AI can definitely shortcut many tasks and save you a lot of time. But everything needs to be triple-checked and reworded – Don’t use verbatim.

Others have tested it extensively with real estate topics and it is a bit hit-and-miss – definitely not 100% accurate (not even close).

Now that you are well aware of its limitations, let’s look at how it may help you save time:

ChatGPT can provide quick answers to common queries from potential buyers or sellers. This can save you time instead of starting with a blank piece of paper. 

What we did find was that it was really handy if you needed help rephrasing a sentence or a paragraph. It is very good at providing basic answers to frequently asked questions. But remember to reword it and double-check for the accuracy of the answer.

If you are wanting to use ChatGPT for website articles for SEO purposes, please note that Google has clearly stated that if they detect that an article is written by AI it will be penalised in the google rankings. So don’t say that you haven’t been warned.

We have seen it used to generate property descriptions to highlight the key features and sell the points of a listing. The important factor is making sure you input the right information. It won’t be long until you’ll be able to see similarities in property descriptions written by AI – So use it with caution.

AI can provide market insight and data on property markets although we asked for a market report for Bardon, Qld and it was far from comparable to REA as the other source. Median house price: ChatGPT: $700k – REA: $1,600,000 (that’s not even close).

ChatGPT (and other AI services) can engage in conversations with clients, answering questions and providing recommendations. This can help agents and property managers to improve their overall customer experience. Once again the accuracy needs to be double-checked or otherwise, it can destroy your credibility.

Something that it can definitely help with is automating administrative tasks such as scheduling appointments, sending reminders and follow-up messages. We always want to aim to free up our time to focus on more high-value activities. This it does very well.

ChatGPT is amazing and we need to use it carefully. It will help you save time, but you still need to check the accuracy. It’s easy to destroy your credibility with information if it’s not 100% correct.

Like anything I suggest you have a play around, test the functions, see how you like it.   

If you like it, use it. If you don’t that’s ok too.  

It’s something that isn’t going away too soon, so I would encourage you to at least understand what it is and what it does. 

Article written by Lisa B. & Max Hobson