Published Date – January 29, 02:05 AM ET
ChatGPT, a large language model developed by OpenAI, is changing the way real estate agents do business. The model’s ability to understand and respond to natural language inputs is making it easier for agents to communicate with clients and streamline their workflow.
Some residential and commercial agents have said that it has already changed the way they work, while others say they can no longer imagine working without it. However, it has raised concerns among some for its potential to enable cheating and for its inaccuracies. OpenAI, the company behind it, is reportedly considering a monthly charge of $42.
One of the most significant ways ChatGPT is impacting the real estate industry is by helping agents automate repetitive tasks. For example, agents can use the model to answer frequently asked questions from clients, such as “What is the square footage of the property?” or “What are the property’s school district ratings?” This frees up time for agents to focus on more important tasks, such as building relationships with clients and closing deals.
Additionally, ChatGPT is being used to create personalized and engaging listings for properties. The model can understand the key selling points of a property and write descriptions that highlight those features. This can help to attract more potential buyers and increase the chances of a successful sale.
The model can also analyze data from comparable sales and other relevant information to provide accurate estimates of a property’s value. This can be particularly useful for agents who are working with clients to set the price for their home.
One of the most promising applications of ChatGPT in the real estate industry is its ability to assist with virtual tours. By using ChatGPT to generate text-based descriptions of properties and then combining those descriptions with images and videos, agents can create virtual tours that are both informative and engaging. This can be especially useful in the current climate where in-person viewings are not always possible.
ChatGPT’s ability to understand and respond to natural language inputs is making it easier for agents to communicate with clients, automate repetitive tasks, and create personalized and engaging listings.
