If you recently found a 4 bedroom, 3.5 bath home for sale on a quiet cul-de-sac in Cedar Rapids, Iowa, you may not think twice about listing online. It includes typical real estate Descriptions such as “Ideal for entertainment” and “Plenty of space for relaxation.”
But Home realtor JJ Johannes created a description in less than five seconds by typing a few keywords into ChatGPT, a viral new AI chatbot tool that can generate sophisticated responses to user prompts. It was a task that would have otherwise taken him more than an hour to write alone, he said.
“It saved me a lot of time,” Johannes told CNN. “It’s not perfect, but it’s a great starting point. My background is in technology and writing persuasive writing takes time. It makes my job a lot easier.”
Johannes is one of the real estate agents ChatGPT experiments Because it was officially released at the end of November. Some residential and commercial agents have already changed the way they work, from listing and writing social media posts to drafting legal documents, told CNN. It can also be used to automate repetitive tasks such as answering frequently asked questions and performing complex calculations.
ChatGPT has been trained on vast amounts of online data to generate responses to user prompts. You’ve written original essays, stories, song lyrics, and research paper abstracts that fool some scientists. Some CEOs have used it to write emails or do accounting work. He even passed an exam at an Ivy League school. (However, concerns have been raised among some about inaccuracies and the possibility of enabling cheating.)
in less than two months, ChatGPT sparked discussion about its potential to disrupt a variety of industries, from publishing to law. But it’s already having a tangible impact on the way many real estate agents across the country conduct their business. Where much written work can be formal and time consuming, some can no longer imagine working without it.
“I’ve been using it for over a month now and I can’t remember the last time something surprised me like this,” said Andres Asion, a broker at Miami Real Estate Group.
A customer recently raised an issue with Asion. She was that woman. I moved into a pre-construction house and couldn’t open the windows. She tried to contact the developer for months with no response. Asion ran a copy of one of her emails via ChatGPT, asking her to rewrite it, emphasizing the implications of accountability.
“ChatGPT was written as a legal matter and suddenly the developer showed up at her house,” he said.
Asion also used this tool to create legally binding appendices and other documents and sent them to attorneys for approval. “We fine-tune all kinds of drafts with ChatGPT,” he said. “Sometimes you tell me to make it shorter or funnier, and there are so many samples to choose from and edit.”
ChatGPT is currently free, but OpenAI, the company behind it $42. Asion said it would pay for access. “I would easily pay $100 or $200 a year for something like this,” he said. “I’m going to do something crazy.”
Frank Trelles, a commercial real estate broker at State Street Realty in Miami, said he would pay to continue using tools that have already impacted the way he does business. “I was sold as soon as I tried it,” he said. “I went to sign up for the package, thinking it would be at least $100 a month, and was surprised to find that it was free. But nothing is free in this world. That made me a little bit nervous.”
Trelles said he uses ChatGPT to look up permitted uses for specific land and parcels in Miami-Dade County and calculate what the mortgage payment or return on investment will be for clients, which typically involves formulas and mortgage calculators.
“You can be in the car with your customers when they ask how much their mortgage payments are,” Trelles said. “You can ask ChatGPT what your mortgage payment will be on a $14 million purchase at an advertised 7.2% interest rate over 25 years, and it will give you that information in two seconds. Also explain how you got your answer. surprising.”
However, there are some limitations. For example, this tool has previously struggled with some basic math problems. It’s not an exact number, Trelles said, but it’s helpful for approximations on the go.
Some use cases for ChatGPT are better than others, says Serge Reda, commercial real estate executive and associate professor at the Fordham Real Estate Institute. ChatGPT can help brokers save time when creating listings or responses, but automating client responses may not be the best tactic, as generating leads and closing deals usually requires a personalized approach. there is.
“It is now accessible to everyone because it is free and gives you a taste of how this powerful tool works. But there are obviously significant limitations,” he said.
ChatGPT has generated a lot of interest among realtors, Integrating artificial intelligence into the real estate market is not entirely new. For example, listing site Zillow used AI for 3D mapping, automatic floor plan generation, and Zestimate tools. The Zestimate tool scans your photos to determine if your home has hardwood floors or stainless steel appliances, making your price estimate better reflect market conditions. Earlier this week, Zillow launched an AI feature that allows prospective buyers to conduct searches in a more natural language (one that Google has long mastered).
Zillow spokesman Matt Kreamer said the pace of innovation in the real estate industry has been slow, but “we’ll see much more progress soon.” he said Zillow There’s no obvious concern for agents using ChatGPT to help save time and streamline what they’re already doing.
“We’re not promoting or getting tired of ChatGPT, but we’re interested in seeing how it’s used and watched,” he said.
It’s too soon to say that this tool will become mainstream in real estate, but realtor Johannes generally believes that AI will transform him. industry and others.
“It may not be ChatGPT, but I believe artificial intelligence like this will be a huge part of the way we work and live,” he said.