We asked ChatGPT what advantages its use offers to a real estate agent and his answer is surprising. This artificial intelligence tool has managed to exceed one hundred million users in just two months, and the question is increasingly being asked of what role it will play in the production of content, as well as in supporting the various professions. Two experts explain what this AI tool can do for a real estate agent to improve their productivity.
What is ChatGpt
Generative Pre-trained Transformer, from which the acronym GPT derives, is an artificial intelligence in its third generation (GPT-3), developed by OpenIA. This company had already surprised the world with its Dall-E 2 image generator, which with its artificial intelligence system and user-supplied information can create images of any style.
Also, currently it is free. At least during this first test phase, to use the conversational version we are talking about in this article (ChatGPT) it is sufficient to enter OpenIA, create an account and click on the ‘Playground’ tab.
“The technology used by ChatGPT is not an OpenIA exclusive invention. In fact, it had been buzzing for years and has now culminated in this format, which is very usable by the general public.” Second Jose Antonio Rodriguez-Serranoof the Department of Operations, Innovation and Data Science of the Esade business school: “Other AI companies are developing their own technologies, but it is true that they have distributed it in a very visible way, and after the agreement with Microsoft it will still be more more”.
Points he agrees on Lucas Galan, professor of Innovation and Proptech in the Real Estate Business Management Program of IE University: “It is an extremely curious, complete and functional tool to use on a daily basis. Although it will continue to improve, it allows you to take advantage of it from the first minute, you can start asking questions and even in different languages. It’s almost like having a conversation with someone because they even remember the context.”
Both experts stress the importance of understanding what’s on offer. For Rodríguez-Serrano it is “one very sophisticated tool for text autocomplete”. For this reason it is not advisable to ask questions with an absolute answer, or to ask for very creative work for which you have no sources. Nor is it useful for doing precise mathematical calculations because, although it will answer, it is not intended for that use. On the contrary, it has the ability to generate summaries by highlighting essential information or rearranging the same information, generating different textual models.
“We must keep in mind that we cannot provide this artificial intelligence with the absolute truth, – observes Galán, – because we will make mistakes, and among other things because it is updated until 2021. It will always be human intelligence that will equip it with criterion, attention and value”.
What can you do with ChatGpt
“The innovations in artificial intelligence that we expected in 2033 will arrive in 2023,” he said. Brad Smith, president of Microsoft. It is a reflection on the impact of AI in our world. The IT giant has in fact invested in OpenAI, creator of GPT, “billions of dollars”, as reported on January 24th. But the most important thing for the real estate agent and other professionals in the sector is to know that with ChatGPT they can quickly write more ads, quickly personalize emails, summarize sales topics, write a post on Facebook or an entry on the company blog. All this in minutes, freeing up time to focus your efforts on the trading action. And these uses are a reality today, but in a few months it will be possible to implement it in other tasks, according to experts.
Ma let’s give the floor to artificial intelligence itself: “Explain to me what can a real estate agent do with ChatGPT?“, we asked. Within seconds here is the answer: “A real estate agent can use ChatGPT to communicate with potential buyers or tenants quickly and efficiently. It can also be used to provide property information, build relationships with new clients and manage offers In addition, the real estate agent may use ChatGPT to provide customer support, conduct surveys or collect customer feedback.
We decided to try and describe the generic characteristics of an apartment for sale, and asked to write an advertisement in a commercial style. And here is the result: “LAST CHANCE! Take advantage of this unique opportunity to purchase a completely renovated 90m2 apartment with 3 bedrooms, 2 bathrooms, living room and kitchen in the center of Madrid. Bright apartment with views, located in a farm in the 2004 and with a parking space in the garage included. Price: €480,000. Don’t wait any longer! Contact us for more information”.
ChatGPT handles different writing styles, so we asked for one announcement with a more professional tone. Here it is: “If you are looking for a renovated 90 square meter house with 3 bedrooms, 2 bathrooms, living room and kitchen in the center of Madrid, then this apartment is perfect for you. It has a garage space and the building dates from 2004. The apartment is sunny and well connected, with views. Price: 480,000 euros. If you are interested, please contact XXXX.”
How ChatGPT can help a real estate agent
ChatGPT can therefore transform the productivity of several professions, including that of the real estate agent. Here’s how it can do it:
Ad writing
Both experts agree that one of the great capabilities of ChatGPT is to synthesize and extract the most important information from the raw text that is provided, and efficiently too.
Support in social networks
“It adapts content from one format to another very well,” explains Rodríguez-Serrano. Very useful skill for optimizing work in social networks. In addition to being able to ask you to ‘write a tweet about…’ or ‘write for Facebook’, it allows you to guide the writing tone you prefer: formal, humorous, advertising…
Writing content for blogs or texts
This technology uses information from enriching sources to process larger texts. For example, you may be asked to write a 1,000-word text on the employment issue in Spain from the landlord’s point of view, including the different actions that can be taken, when to resolve the conflict, etc. The tool will take a few seconds to write it, although we must bear in mind that it could hardly be published without a review from the interested party.
Implementation as a chatbot
“There are companies that are already establishing ChatGPT as a customer service chatbot,” explains Galán of IE University: “Not only does it add value by being able to provide immediate information to the customer about what is being requested, but it is also able to understand the feeling of the conversation.This allows us to generate reports that will allow us to understand the customer much better and, among other things, to do more segmented and effective marketing”.
Suggestor of new ideas
A non-negligible utility underlined by Galán: “Among the multiple utilities it offers is that of suggesting ideas, for example it can provide infinite names for a real estate development and even help with legal documents. In essence, it is about saving hours of work so that the professional can free up time on more creative activities that require dedication and commitment such as these, or write content for social networks, dedicating more hours to essential areas for the evolution of the business ”.