How can ChatGPT benefit my real estate business?

Question

There are a few ways that a language model like GPT (Generative Pre-trained Transformer) could potentially benefit a real estate business:

• 1. Content creation: GPT could be used to generate descriptions of properties for listing sites or for marketing materials. For example, if provided with information about a property, such as its location, size, features, and nearby amenities, GPT could generate a detailed and appealing description of the property.
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• 2. Lead generation: GPT could be used to generate personalized emails or messages to potential customers, based on their location, budget, and other relevant factors. For example, if you have a list of potential buyers in a certain area, GPT could generate tailored messages inviting them to view properties that meet their criteria.
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• 3. Customer service: GPT could be used to answer frequently asked questions from customers, such as "What is the process for buying a property?" or "What documents do I need to provide to apply for a mortgage?" By answering these types of questions automatically, GPT could help free up time for your team to focus on more complex tasks.
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• 4. Market research: GPT could be used to gather and analyze data on market trends and consumer behavior. For example, if provided with information about properties that have recently sold in a certain area, GPT could generate a report on trends in home prices, types of properties in demand, and other relevant factors. This information could be used to inform your business decisions and strategies.

If you made it this far, I'm obligated to say that everything above was written by ChatGPT... in less than 30 seconds.!

I'm just beginning to explore the power of this AI tool, but already blown away at the amount of applications it can be used towards.

I'm curious:

a) Have you heard about ChatGPT yet? If so, in what context (or what for industry)?

b) Do you actively use ChatGPT (or any other similar AI) to further your real estate business?

c) How do you think ChatGPT and other AI software will change the future of the real estate industry?

(Here's ChatGPT's response)

It's difficult to predict exactly how AI software like GPT will impact the future of the real estate industry, as it will depend on how it is adopted and used by businesses and individuals. However, it's possible that AI tools could significantly change the way that real estate is bought, sold, and managed.

For example, AI tools could potentially be used to streamline and automate many tasks in the real estate industry, such as property appraisals, contract negotiations, and marketing. This could make it easier and more efficient for businesses to operate, and could potentially lead to cost savings for consumers.

AI tools could also potentially be used to gather and analyze data on market trends and consumer behavior, providing valuable insights for businesses and individuals. This could help real estate professionals make more informed decisions and better understand their target market.

However, it's worth noting that while AI tools have the potential to be very useful, they should be used in conjunction with human expertise and judgment. It's important to carefully consider the potential consequences and ethical implications of using AI in the real estate industry.

Jeff Costa · Answer

OK, you got this technologist's attention! It seems like mainstream tech takes years to propagate into real estate. How many years did companies use CRM before REI adopted it, for example? I love that ChatGPT wrote the answer to the question itself - good narrative you put together there. I laughed because it was the same answers I would have given.

The real question is: can Chat GPT write listing descriptions in ALL CAPS?!?

The real question is: can Chat GPT write listing descriptions in ALL CAPS?!?

Aaron Breckenridge · Answer

Just be careful, I've had it invent sources for answers. It knows some facts, but it's purpose is to converse. If it doesn't "know" for sure, it will often make stuff up, including citing sources. It's only trained on data through 2021 I believe.

Mark Updegraff · Answer

I love it as an aid for content creation.  I also really like feeding it long things that I have written with direction on what to do with it.

Randomly, I fed it the opening post from a BP forum post that I had been commenting on, along with all my comments and got a really nice succinct way to sum it up for the initial question.

Initial Question:

I'm currently in the process of buying my second property. I am using a VA loan and I am currently located in Virginia beach with the following search criteria: SFR 4/2 with a backyard ( garage is a bonus) , 1600+ sqft with a market time of 40+ days, minor repairs or modifications needed are welcome.

The modification and market time is , you guessed it, to be able to negotiate a discount from the original listing price.

The agent that I work with is the same one I used to purchase my first property. I really like him, but he doesnt feel comfortable writing offers that are discounted from the listing price.  He Always finds a way to talk me out of it.

Have you experienced this before ? What are your thoughts ?

The ChatGPT response based on a back and forth discussion I had with the author:

It sounds like you have a specific idea of what you are looking for in a property and are hoping to negotiate a discount from the listing price based on the market time and potential repairs or modifications needed. However, it seems that your agent is not comfortable writing offers that are significantly lower than the listing price and is trying to guide you towards a more realistic approach. In a strong buyer's market like the one you are in, it is likely that there will be a high number of offers on any decent property, making it difficult to secure a significant discount. It is important to remember that as a buyer, you are subject to the forces of the market and cannot expect to "fight" it and get a deal that is not in line with market value. It may be more realistic to expand your search criteria and focus on finding opportunities rather than trying to get a specific property at a discount. It may be helpful to ask your agent to provide a spreadsheet of all homes sold in the last 90 days and 365 days that fit your criteria, so you can analyze the data and see where the market is trending. Ultimately, it is important to be honest with yourself about whether you are truly looking for an investment or just looking for a deal on something specific.

Original Thread here:

https://www.biggerpockets.com/...

Heather Turney · Answer

@Aaron Breckenridge That's interesting, I'll keep this in mind. As with anything, trust, then verify!

Heather Turney · Answer

I'm a new investor and have been messing around with chatGPT as I conduct research into potential markets. I wanted to see what the capabilities are. Let me add I am the last person to usually get new tech stuff, and trying to be less of a luddite!

Instead of googling "population growth in Indianapolis" and then sorting through a few key websites and data sources, I asked chatGPT "tell me about population growth in Indianapolis over the last decade." The answer was succinct, cited a data source, and gave me something further to work with.

I don't know how much I will be using this tool, but for now it has been helpful as I do research. I would NOT use it to write blog posts or other content that you attach your name to- as the tech around chatGPT evolves it will become easier to spot AI-generated content, and the best way to kill your reputation is to be seen as a fraud.

Ika Sargeant · Answer

@Tyler Rayman I had not heard of ChapGTP until three weeks ago when my teenage son was arguing about the use of this to write stuff for students in school. I told him this sounds like a very bad idea. LOL, now I am going to have to eat my words. If this software can write a description, why would I want to write it.

Eliott Elias · Answer

Can tell you copy and pasted that from GPT.

Aaron Breckenridge · Answer

I'm keeping an eye on it. ChatGPT is very hobbled in my opinion, even it's response doesn't really answer your primary question in any actionable way. It makes for some sweet demos, but it's not much better for learning than a search engine. And as far as automation goes, I can see it being useful as a research tool, but there's already a lot of automation in real estate in general, so I am just not sure where it's going to make meaningful contributions.

How can ChatGPT benefit my real estate business?

How can ChatGPT benefit my real estate business?

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