You’ve probably heard some buzz around ChatGPT—the most advanced AI chatbot ever developed. 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. So, what exactly is Chat GPT and what makes it so unique?

What is ChatGPT?

ChatGPT is an artificial intelligence chatbot based on the Generative Pretrained Transformer (GPT) 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:

Brainstorming Topics
Don’t have the brainpower to dream up new ideas for emails, blogs, or videos? Let ChatGPT generate some fresh topics.

Email Generation
Give ChatGPT a specific prompt such as, “We are sending out a newsletter highlighting local real estate market trends. Write an email about market trends over the past six months in the 94582 zip code.” You could have an email ready to send to your database a few seconds later. Simply make some edits to add your personal touch!

Market Updates
One of ChatGPT’s greatest contributions to the real estate industry may be its ability to generate in-depth market updates in real-time.

Keyword Optimization
Search engine optimization (SEO) may be easier than ever. Just type a few keywords into ChatGPT and ask it to generate some similar words.  

Video Scripts
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” then just give the copy some tweaking to your liking.

Property Details
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 be your best friend.

How to Give ChatGPT the Right Prompts

The first rule of thumb for choosing the right ChatGPT prompts is to be specific. If you’re talking to a human who doesn’t understand a question, you may try to simplify your language or use broader terms. However, with ChatGPT, 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 will 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.

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, pose the question to ChatGPT in a conversational tone. If you want to cite the latest market trends in an update for your investors, use a scholarly or professional tone when you type in your prompt.

What are ChatGPT’s Weaknesses?

People and computers have one thing in common: neither is perfect. While ChatGPT is astonishingly advanced artificial intelligence, it has its weaknesses.

While ChatGPT’s grammar and syntax are usually flawless, sometimes it generates incorrect information. Be sure to double-check numbers and statistics before sending out a ChatGPT-generated email, script, or blog post.

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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