Doing market research with Chat GPT, using Atlanta as an example

[Cheng Zhou]

Hey folks, I want to share my experience using Chat GPT to help you do efficient market research. Some tips to keep in mind when using Chat GPT:

1. ask specific questions, with guidance on what data points do you expect.  This article has more tips

2. Be sure to verify data points Chat GPT provides. It draws data from the Internet which can contain inaccurate data.

In this example, I was trying to evaluate Atlanta as a real estate market compared to some other popular cities in the US. I think if I were to find & summarize these data myself, it will probably take hours. With Chat GPT it's just a matter of forming a prompt.

Here is my prompt and answer from Chat GPT:

From me:

I am doing some research on Atlanta, Georgia as a rental property market. Can you compare Atlanta to Tampa, Phoenix, Austin based on the following criteria:

1. Population growth

2. Job market

3. Weather

4. Property tax

5. Average house price

From Chat GPT:

Sure, I'd be happy to help you compare Atlanta to Tampa, Phoenix, and Austin based on the criteria you listed.

1. Population growth:

Atlanta has experienced steady population growth over the past decade, with an estimated population of 498,715 in 2019, up from 420,003 in 2010, according to the U.S. Census Bureau. Tampa has also seen population growth over the past decade, with an estimated population of 399,700 in 2019, up from 335,709 in 2010. Phoenix has experienced even more substantial population growth over the past decade, with an estimated population of 1.7 million in 2019, up from 1.45 million in 2010. Austin has seen the most significant population growth among the four cities, with an estimated population of 985,000 in 2019, up from 790,400 in 2010.

1. Job market:

Atlanta has a diverse economy, with strengths in several sectors, including technology, logistics, and media. The city is home to several Fortune 500 companies, including Coca-Cola, Delta Air Lines, and UPS. Tampa's economy is also diverse, with strengths in healthcare, finance, and tourism. Tampa is home to several major employers, including Raymond James Financial, Moffitt Cancer Center, and Publix Super Markets. Phoenix's economy is driven by several sectors, including healthcare, technology, and manufacturing. The city is home to several major employers, including Banner Health, Wells Fargo, and Honeywell Aerospace. Austin's economy is heavily focused on technology, with major employers including Dell, IBM, and Apple.

1. Weather:

Atlanta has a humid subtropical climate, with hot summers and mild winters. Tampa also has a humid subtropical climate, with hot summers and mild winters, but with more rainfall than Atlanta. Phoenix has a hot desert climate, with extremely hot summers and mild winters. Austin has a humid subtropical climate, with hot summers and mild winters, but with less rainfall than Atlanta.

1. Property tax:

Property taxes vary by county and city in Georgia, but the statewide average effective property tax rate is 0.89%, according to data from Tax-Rates.org. In Hillsborough County, where Tampa is located, the average effective property tax rate is 1.09%. In Maricopa County, where Phoenix is located, the average effective property tax rate is 0.72%. In Travis County, where Austin is located, the average effective property tax rate is 1.74%.

1. Average house price:

According to data from Zillow, the median home value in Atlanta is $315,220 as of March 2023. The median home value in Tampa is $293,000, in Phoenix is $397,260, and in Austin is $580,000 as of March 2023.

Overall, each of these cities has its strengths and weaknesses when it comes to population growth, job market, weather, property tax, and average house price. Atlanta and Tampa have similar population growth rates and job markets, but Tampa has higher property taxes. Phoenix has the highest population growth rate and a strong job market, but the weather can be very hot. Austin has the highest population growth rate and a strong job market, but the average house price is significantly higher than the other three cities.

Thought this is worth sharing for anyone who is doing market research. I am interested in the Atlanta market, if you are an investor/agent in the Atlanta market, would love to connect and learn from you, thanks

[Kevin Polite]

Keep in mind that you cannot generate data AFTER September 2021, which mean you won't have the most accurate or up-to-date information. This is the response per ChatGPT:

"As of my knowledge cutoff date, which is September 2021, the latest data generated as an AI language model would have been up until that point. However, it's important to note that AI language models like me are constantly being trained and updated with new data, so there may be more recent models available now that have been trained on newer data.

Since I am a language model created by OpenAI, I do not have access to data generated after my knowledge cutoff date. However, my developers may have updated my training data since then to improve my performance and accuracy."