Real Estate Professionals: What is ChatGPT and Why You Should Care?

[Kuba F.]

Hi BiggerPockets Community,

Kuba here, founder of REIkit.com real estate wholesaling and flipping software.

You've probably been getting inundated with news about ChatGPT from all directions; I’ve certainly been talking about it often enough with our ChatGPT integration!

It is because I believe so strongly in what it can help you accomplish, that today I want to step back and give you a taste of WHY you should care about this powerful tool, and how it can truly benefit your real estate wholesaling business, even if you don't use it with REI/kit (which of course you should).

ChatGPT is an extremely powerful tool created by OpenAI that understands and generates human-like text based on the input it receives. It's like having an expert in any field who can answer any question on any topic in a matter of seconds.

You can obviously use this to help you run your real estate wholesaling business. Let's explore just a few examples how:

1. -Generate marketing messages: Struggling to come up with creative and persuasive marketing messages to attract motivated sellers? ChatGPT can do that for you! Just tell it what you want to convey, and it will create engaging messages that can capture the attention of your prospects.
2. -Answer common questions from prospects: As a real estate wholesaler, you probably get asked the same questions over and over. ChatGPT can write answers to those questions, allowing you to respond to your prospects in seconds.
3. -Answer your own questions: You may have a really complicated deal and need some expert advice on how to handle it. Ask ChatGPT for what your options are and how to execute them.
4. Improve negotiation tactics: ChatGPT can simulate negotiation scenarios, allowing you to practice your skills and refine your strategies in a risk-free environment.

To make the most of ChatGPT, it's important to understand the mechanics of prompting it.

To communicate with ChatGPT, you provide a prompt that includes your query or request. The more specific and clear your prompt, the better the response from ChatGPT.

Think of a prompt as having a conversation with an expert Genie who can understand your needs and provide relevant information or suggestions based on your request.

A bad prompt would be something with little context:

"Write me an email"

This will result in an email that is generic and bland.

A much better example prompt that has context would therefore be something like:

“As an expert in real estate wholesaling, write me three examples of a compelling email message response to a prospect who is looking for an offer that is way above what anyone will pay.”

But unlike a Genie that only gives you three wishes, with ChatGPT if you don’t like the answers, you can keep asking. 

The machine will never get tired, it will just keep giving you more and more until you are happy.

That is just a tiny taste of how ChatGPT can help you. It’s like having an expert on everything on your team available to you 24x7.

How you benefit from it is only limited by your imagination.

This is why we at REI/kit were excited to integrate ChatGPT into the platform through our SmartText AI feature.

The question that we posed ourselves (and ChatGPT) was:

“How can we use an expert at marketing to help our customers market more effectively?”

The result is of course the SmartText AI feature, specifically designed to help you generate compelling SMS and email marketing messages to your prospects to help you convince your prospects to work with you.

It cannot be overstated how now, with the click of a button, you can create messages that resonate with your target prospects, written by an expert in marketing, one that is beating human experts in pretty much every professional field, and one that is getting smarter every single day.

It’s like we just gave you access to Don Draper, after getting his marketing MBA from all of Harvard, Stanford, MIT, Yale, Princeton, Oxford, ... and on and on and on.

You absolutely have to give ChatGPT, and SmartText AI a try, and see the difference it can make in your real estate wholesaling journey!

Cheers!
Kuba

Founder, REIkit.com

Useful Links

Here are some important links that you should know about:

Here’s a link to OpenAI’s ChatGPT:
https://chat.openai.com

Our press release for the launch of SmartText AI:
https://www.reikit.com/news/reikit-launches-smarttext-ai-technology

Our last blog post introducing creating effective SMS messaging with AI:
https://www.reikit.com/wholesaling-houses/marketing/sms-marketing-with-chatgpt

Our current low pricing is here:
https://www.reikit.com/pricing