AI chat robot ChatGPT has been getting a lot of attention since its release. However, not all industries are keen on this new tech. Academics and some large tech firms are strongly against ChatGPT. But news websites and most recently real estate agents are absolutely in love with ChatGPT. The real estate industry uses it to automatically generate home descriptions, answer customer questions, or calculate repayments. Many real estate agents even claim that they can’t imagine working without ChatGPT now.
When real estate agents list homes online, they often struggle to describe the listing and highlight selling points such as “ideal entertainment facilities” and “plenty of room to relax”. Now, ChatGPT, an AI chatbot released by OpenAI, can help them do just that. They only need to enter a few keywords, and ChatGPT creates a description of the listing in less than 5 seconds. Otherwise, Johannes said, it would have taken him more than an hour to do it himself.
“It saves me a lot of time,” says Johannes, who also fine-tunes and polishes ChatGPT-generated descriptions before publishing them. He said, “It’s not perfect, but a good starting point. My background is experience and tech, and it takes time to write something convincing. ChatGPT makes everything a lot easier.”
Many real estate agents say that ChatGPT has changed the way they write listings, post ads on social media and draft legal documents for buying and selling homes. ChatGPT can also be used to automate repetitive tasks, such as answering common questions from customers or performing complex calculations.
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ChatGPT can do a lot
This AI tool is trained using large amounts of online data to generate responses to questions users ask. It has even fooled some scientists with its original articles, stories, lyrics and abstracts of research papers. Some corporate executives use ChatGPT to write emails or do accounting work, and ChatGPT even passed an exam at an Ivy League school. However, this powerful AI has also caused many people to worry, because students may use ChatGPT to cheat. It also leads to false data cited in some papers.
From the publishing industry to the legal industry, ChatGPT has sparked a wave of discussions in less than two months. As far as the real estate industry is concerned, the emergence of ChatGPT has had a great impact on the way many real estate agencies work. Real estate agencies usually need to complete a lot of time-consuming procedural paperwork, and now many people can no longer imagine how they can work without ChatGPT.
Andres Asion, a Miami Real Estate Group agent, said of ChatGPT: “I’ve been using it for over a month now and I can’t remember the last time something wowed me so much”
ChatGPT can handle some very basic calculations
Frank Trelles, a real estate broker with State Street Realty in Miami, said he would pay to continue using the tool, and that ChatGPT has impacted the way he does business. “I was hooked as soon as I tried it,” Trelles said. “I went to sign up, thinking it would be at least $100 a month, and it turned out to be free. There’s nothing free in this world, which makes me still a little nervous.”
Trelles uses ChatGPT to find permitted uses for certain land in the Miami area. It can also calculate a client’s mortgage repayment schedule or return on investment. These often involve various formulas and mortgage calculators.
“I can sit in the car and talk to a client if they ask me what the monthly mortgage payments are,” Trelles said. “I can just ask ChatGPT how much I would pay monthly on a $14 million home mortgage amortized over 25 years at 7.2% and it gives me the result in two seconds…”
A lot of potential but also limitations
However, ChatGPT also has some limitations. For example, this AI too; has encountered difficulties in some basic arithmetic. But Trelles says it is good for estimating dynamic approximations, and he doesn’t need particularly precise numbers.
Serge Reda, a real estate executive and adjunct prof at the Fordham real estate Institute, said some use cases for ChatGPT are indeed better. It could help real estate agents save more time writing a list of amenities or responding to client questions. But Reda admits that responding to clients through an automated tool may not be the best strategy because generating leads and closing deals often requires individual discussions.