You’ve probably heard some buzz around ChatGPT—an astonishingly advanced AI chatbot. Artificial intelligence may not be new to the real estate industry, but ChatGPT is. Released in late November 2022, this new AI technology had over 100 million users within the first few months.
In March 2023, OpenAI unveiled GPT-4, claiming it was the “most advanced system, producing safer and more useful responses” than any other AI model. So, what exactly is GPT-4 and what makes it so unique?
What is ChatGPT?
ChatGPT is an artificial intelligence chatbot based on the Generative Pretrained Transformer (GPT) language. It is also considered a Natural Language Processing (NLP) tool, which is a branch of AI that allows the chatbot to understand, generate, and interact with us in our own language. What sets this technology apart is its ability to generate responses using conversational language in just seconds.
ChatGPT was created in 2015 by OpenAI, a California-based company. It is a language-based form of generative artificial intelligence that takes online searches to a whole new level by describing algorithms that can be used to create anything from computer code to Shakespearean-style poetry.
Tech business analysts seem to agree that artificial intelligence will transform every area of the economy over the next few years. Because of its novelty, ChatGPT has sparked some fear about how this type of AI could affect the job market.
However, if there’s one thing successful real estate agents know how to do, it’s pivot. Markets are constantly changing and any agent who has been in the business for more than a few years knows the importance of moving with the times. Don’t fear ChatGPT—use it to your advantage!
How to Use ChatGPT in Real Estate
If your motto is to work smarter, not harder, then you’re lucky to be growing a real estate business in the dawn of AI technology! Here are just a few ways ChatGPT can make your life easier as a real estate agent:
Don’t have the brainpower to dream up new ideas for emails, blogs, or videos? Let ChatGPT generate some fresh topics.
Search engine optimization (SEO) may be easier than ever. Just type a few keywords into ChatGPT-4 and ask it to generate some similar words.
One of ChatGPT’s greatest contributions to the real estate industry may be its ability to generate in-depth market updates in real time.
Give ChatGPT-4 a specific prompt such as, “We are sending out a newsletter highlighting local real estate market trends. Summarize market trends over the past six months in the 94582 zip code.” Rework the copy to add your personality to the email.
ChatGPT can quickly produce scripts for YouTube, TikTok, and Instagram reels. Give the chatbot a specific prompt like, “Write a 30-second video script about five home staging tips for home sellers.” Use the script as inspiration and make it your own.
Some agents already can’t imagine writing property descriptions without ChatGPT! If you struggle with finding the right words to paint a vivid picture for your listings, an AI chatbot may offer the inspiration you need.
How to Give ChatGPT-4 the Right Prompts
The first rule of thumb for choosing the right prompts is to be specific. When speaking to a person who doesn’t understand a question, it can be helpful to simplify your language or use broader terms. However, with ChatGPT-4, you aren’t speaking to a person. If the chatbot is not quite churning the results you’re looking for, you probably need to be more specific with your prompts.
For instance, if you pose a broad question to ChatGPT, such as, “What are the highest property values in the 94582 zip code” you may get a list similar to what you would find on Google or Bing. However, if you say, “Compare and contrast home sale values in the 94582 and 94583 zip codes for Q3, then predict home sale values for those zip codes in Q4,” your results will be much more helpful.
To ensure accuracy, always cross-reference chatbot-generated statistics. Anytime you share data created from AI, be sure to include a disclaimer.
The second principle for asking ChatGPT the right questions is to set the tone. If you want to send a friendly email to your client database, ask ChatGPT-4 to use a conversational tone. If you want to cite the latest market trends in an update for your investors, specifically ask ChatGPT to use a scholarly or professional tone in its response.
You can also specifically ask the chatbot to improve the readability of a text. For instance, you can say, “Summarize real estate market trends for the 95401 zip code using language with a 10th-grade readability level.”
What are ChatGPT-4’s Weaknesses?
People and computers have one thing in common: neither is perfect. While ChatGPT is an astonishingly advanced NLP tool, it has its weaknesses.
ChatGPT’s grammar and syntax are usually flawless, but occasionally it can generate incorrect data. Double-check all information sourced from AI, especially market trend data or statistics. Never send out a ChatGPT-generated email, script, or blog post that has not been proofed for accuracy and edited accordingly.
Plagiarism and ChatGPT
As a real estate professional, you don’t want to compromise your reputation by sharing plagiarized content. Plagiarism—even when done unintentionally—can have major legal ramifications. Even though ChatGPT-4 is language-based and usually generates original content, it pulls information from all corners of the internet. If a chatbot’s wording copies from any existing source, you could be accused of plagiarism.
Tips for Avoiding Plagiarism with ChatGPT-4
- Cite the sources. In your prompt, ask the chatbot to include the data sources so you can cross-reference details for accuracy.
- Rewrite the content. Reword the AI content and make it your own.
- Use a plagiarism detector. Free online AI detectors can flag non-human text in a few seconds. Run new copy through a plagiarism tool to ensure originality and prevent search engines from suppressing your content in its rankings.
- Include a disclaimer. If you use AI-generated content—especially data or statistics— disclose it in a disclaimer. Here are some
Despite its limitations, ChatGPT can save time and maximize productivity when used correctly. Remember to be specific and set the tone when you are formulating prompts and cross-reference details to ensure accuracy. The real estate market is changing and so is the technology that supports its success. Stay ahead of the curve and use ChatGPT to enhance your real estate business!
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