ChatGPT: Artificial intelligence (AI) has always been acclaimed as the imminent miracle that would transform the workforce.
As many people use ChatGPT for various tasks related to their jobs and studies, it has attracted prominence for its writing services.
AI has shown to be an effective instrument in the real estate business in terms of online listings.
Using ChatGPT, JJ Johannes, a realtor from Cedar Rapids, Iowa, produced a beautiful picture of a property.
The realtor swiftly penned the description using a few key words in less than five seconds.
It would have taken Johannes more than an hour to compose it if he had done it himself.
“It saved me so much time,” he added. “It’s not perfect but it was a great starting point.”
“My background is in technology and writing something eloquent takes time. This made it so much easier.”
Since the release of the AI in late November, several realtors, like JJ Johannes, have started utilizing it.
Commercial and residential agents praised the experience as being revolutionary for their profession and stated it helped them publish listings, social media posts, and legal documents.
Furthermore, ChatGPT was utilized to automate repetitive tasks like doing complex computations and answering frequently asked questions.
To respond to client questions as as soon as possible, a program called ChatGPT stores a ton of online data.
So far, these activities have been used with it:
- Original essays
- Song lyrics
- Research paper abstracts
ChatGPT also handles accounting and email generation.
Questions regarding the AI’s reliability and the possibility of exam cheating were raised when a student used it to pass an exam at an Ivy League university.
Since ChatGPT’s launch in November, there have been worries from a variety of industries about its potential downsides.
But it has already had a significant impact on real estate brokers’ everyday business activities across the nation.
It has been said by many more people that they cannot imagine coping without ChatGPT.
Miami Real Estate Group broker Andres Asion said:
“I’ve been using it for more than a month, and I can’t remember the last time something has wowed me this much.”
A client who had just moved into a house that was still under construction and was having problems opening the windows sent Asion a note.
She tried to get in touch with him for months, but got no answer.
After that, the broker edited one of her emails to underline liability concerns with the AI.
“ChatGPT wrote it as a legal issue and all of a sudden, the developer showed up at her house,” said Asion.
Additionally, he has used it to draft legal documents like addenda and forwarded them for review to attorneys.
“I fine-tune all kinds of drafts with ChatGPT,” said the broker.
“Sometimes I’ll tell it to make it shorter or funner, and it gives you so many samples to pick and edit from.”
Despite the fact that ChatGPT is free to use, its parent firm OpenAI purportedly plans to levy a $42 monthly fee.
Andres Asion said he was willing to pay for the support.
“I would easily pay $100 or $200 a year for something like this,” he said. “I’d be crazy not to.”
State Street Realty’s Frank Trelles in Miami explained how it has affected his business, and he is willing to pay for it.
“As soon as I tried it out, I was sold,” said Trelles.
“I went to sign up for a package, thinking it would be at least $100 a month, and was blown away that it was free.”
“Nothing in this world is free though – and that made me a bit nervous.”
Trelles says that he uses AI to locate applications that have been approved for particular lots and zones in the Miami-Dade County region.
To establish the best mortgage payments or return on investment for the client, he also makes use of algorithms and mortgage calculators.
“I can be in a car with a client when they ask me what their mortgage payments might be,” said Trelles.
“I can ask ChatGPT what a mortgage payment would be on a $14 million purchase at a 7.2% interest rate amortized over 25 years with two origination points at closing, and in two seconds, it gives me that information.”
“It also explains how it got the answer. It’s amazing.”
Potentials and limitations
Even though ChatGPT is one of the greatest technologies now in use, there are still a number of issues with it.
For instance, the tool previously struggled with basic math.
Trelles contends that it is useless for obtaining accurate results and is only useful for simple, quick calculations.
It’s possible that certain people are more qualified to utilize ChatGPT than others, according to Serge Reda of the Fordham Real Estate Institute.
Additionally, brokers may now develop listings and answers more rapidly thanks to the use of AI.
Automation of customer answers is rarely the best strategy because lead development and transaction closure typically need a personalized experience.
“It’s accessible to everyone right now because it’s free and they can get a taste of how this powerful tool can work,” said Reda.
“But there are definitely significant limitations.”
AI uses in other forms
Although other real estate-related applications have already used AI, realtors are currently concentrating on ChatGPT.
For example, Zillow used AI to create floor plans and do 3D mapping.
The Zestimate tool used artificial intelligence (AI) to analyze images and determine whether certain homes contained stainless steel appliances or hardwood flooring in order to guarantee that price estimations correctly represent the status of the market.
With the use of artificial intelligence, potential buyers may now do research using natural language thanks to Zillow.
According to Matt Kreamer of Zillow, other industries react more quickly than the real estate industry.
But he observes many more changes taking place.
Zillow is not unduly worried, according to Kreamer, if agents use ChatGPT to automate procedures and save time.
“We aren’t promoting or wary of ChatGPT but are interested in how it’s being used and watching it,” said Kreamer.
Although JJ Johannes believes AI has the potential to fundamentally alter many other sectors, it is still too early to predict if the technology will become standard in the real estate industry.
“It may not be with ChatGPT, but I believe some form of artificial intelligence like this will become a big part of how we work and live our lives,” he said.