ChatGPT is taking the real estate industry by storm
By Lisa A. Beach
Could ChatGPT become your new virtual assistant? Yes, with some caveats, say real estate agents already using this AI writing tool. Since its much-talked-about launch in November of 2022, this ground-breaking technology by OpenAI might help transform how you do business. ChatGPT can be a game-changer—if you know how to leverage its capabilities and understand its limitations.
What is ChatGPT?
“ChatGPT is an AI-powered language model developed by OpenAI. It uses a deep learning algorithm to generate human-like text, making it capable of carrying out various natural language processing tasks, such as answering questions, completing sentences, summarizing documents and even writing original content.”
That answer resulted from typing in the prompt, “What is ChatGPT?”
It’s all about the prompts
“The prompts really define the quality of its output,” notes Matt Richling, a REALTOR® at RE/MAX Hallmark in Ottawa, Ontario, who’s working toward his CRS Designation. He uses ChatGPT to start the content framework.
Consider these examples for trying to generate ideas for a blog post, with each prompt getting increasingly more specific.
- Good: “What are some common mistakes people make when buying a home?
- Better: “What are some common mistakes first-time home buyers make when buying a home?
- Best: “What are some common mistakes first-time home buyers make when buying a home in the Orlando area? This would be people in their 20s and 30s.”
When Tamela Roche, CRS, a real estate agent at RE/MAX Destiny in Cambridge, Massachusetts, started using ChatGPT, she quickly realized she needed to refine her prompts. “It’s a learning curve. If it’s not giving you what you hoped to get, dig deeper,” she explains. “In many cases, a one-sentence prompt is not enough. Frame what you’re trying to achieve in your prompt.”
ChatGPT’s benefits and limitations
One of this AI tool’s biggest benefits? ChatGPT saves time. “It’s faster than scouring Google,” says Addie Owens, CRS, principal broker/owner at Touchstone Real Estate in Mount Dora, Florida.
Owens often uses ChatGPT to gather information. Instead of clicking on multiple links to find the right information following a Google search, ChatGPT summarizes the content for you.
Need a brainstorming session? ChatGPT generates ideas. “It’s like an idea platform—a roomful of people you can bounce ideas off of,” explains Richling. “It has so much knowledge and theory behind it.”
Feeling stuck with your content? ChatGPT jump-starts your creativity. “Using AI helped me get past writer’s block,” notes Roche. “Plus, it enriches what you’ve already written.”
Benefits aside, in its current iteration, ChatGPT comes with some major limitations.
Yes, it can generate content—but not necessarily good content.
“We never suggest copying and pasting its results,” advises Owens. “It’s never going to personalize something or speak with emotion. But it could give you a really great framework where you can interject your personality and anecdotes.”
Richling agrees. “AI doesn’t have our unique flavor and experiences. That’s what makes us stand out from others,” he says. “We tend to use it as a tool in our toolbox, but it’s not replacing the user.”
Plus, ChatGPT isn’t always accurate and doesn’t reflect current data. As of now, ChatGPT only uses knowledge of world events prior to 2021. You’ll likely still need to conduct additional research. And unlike Google, ChatGPT does not provide sources for the information it generates. You’ll absolutely need to fact-check its content.
Another problem: The AI writing tool might generate harmful information or biased content. Carefully read through and edit any content ChatGPT generates and look for bias.
Get Started Using ChatGPT
You don’t need to be a tech rockstar to use ChatGPT. If you know how to use Google, you can use ChatGPT (although the tools do work differently). You can easily create an account with OpenAI and start using ChatGPT immediately. It’s currently free while it’s in “research preview” beta-testing mode.
How agents use ChatGPT
Agents already use ChatGPT for a variety of tasks, such as conducting research, crafting emails, writing YouTube video titles, generating SEO keywords, writing listing copy, creating blog outlines, improving existing web copy and providing social posts. The possibilities seem endless, especially as the technology continues to evolve.
While all agents interviewed think ChatGPT is definitely worth trying, they suggest proceeding with caution.
As Richling points out, “Courts are still trying to figure out how to handle AI content and copyright issues. You need to make sure you’re still doing the right things.”
Roche says, “I think, as a tool used for the right purpose, this will be amazing.”
Finally, Owens says that, because real estate is a task-based business built on relationships, tying daily tasks to ChatGPT will save time. But, she adds, “It’s kind of scary, the opportunity that it is, to be honest. How it will be used in the future will be closely guarded.”
To start utilizing ChatGPT for your real estate business, visit openai.com/chatgpt.
Photo: iStock.com/hirun
