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ChatGPT Boosts Real Estate
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Thank ChatGPT for the inviting text above, written by a free artificial intelligence program. If it has sparked your interest in buying the listing, let ChatGPT help you make your dream of owning a home a reality.
CNN first reported the trend of real estate agents utilizing ChatGPT, an artificial intelligence program, to craft listing descriptions and content scripts across the country.
Mike Puma, CMO at Century 21 Beggins, attests to the daily use of ChatGPT to write content like social media posts and video scripts for real estate agents. This allows agents to focus more on their core strengths, as ChatGPT takes care of the content creation.
How are real estate agents using ChatGPT?
Tony Angelos, a broker based in Chicago, quickly adopted the use of ChatGPT soon after its launch by OpenAI in November 2022.
“According to Tony Angelos, ChatGPT is a “total game changer” for the real estate industry. As marketing and prospecting are central to an agent’s job, ChatGPT offers a cost-effective solution to streamline one of these core functions.”
Tony Angelos utilizes ChatGPT regularly for scripting his social media videos and listing descriptions. He recently had the AI program write a script about things to do in Chicago in February, which took only five seconds compared to the 20 minutes it would have taken him.
Although not perfect, ChatGPT provides an amazing starting point as it can even add humor, as per Angelos’ request.
Paige Hewitt, a realtor in Indianapolis, has experienced the benefits of using ChatGPT for crafting listing descriptions and marketing newsletters. Its capabilities have exceeded her expectations and the time saved allows her to strengthen her relationship with clients.
As she puts it, ChatGPT will make her job easier and stronger.
“David Conroy, the director of emerging technology at the National Association of Realtors, notes that while ChatGPT technology is growing in popularity, its usage among realtors has been limited so far.”
How much does ChatGPT cost?
OpenAI has stated that they are exploring ways to monetize ChatGPT in order to continue improving and maintaining the service. Currently, it is free, but the company’s official Discord server announced in January their plans to monetize the program in the future.
“According to Mike Puma, ChatGPT stands out among other AI platforms the company has experimented with over the years. He states that ChatGPT’s effectiveness allows them to build unique solutions that make the lives of real estate agents even easier.”
What are ChatGPT’s limits?
ChatGPT has proven to be useful, but it’s not perfect.
Due to its popularity, ChatGPT often reaches its full capacity, causing users to have to wait to use it. Additionally, as it was trained on internet writing up until 2021, some of the information it provides may be outdated.
David Conroy from the National Association of Realtors (NAR) cautions that any content generated by AI should be carefully reviewed by licensed professionals to ensure accuracy and avoid any violation of NAR’s code of ethics, which prohibits the exaggeration or misstatement of important facts, including in listing descriptions.
According to Conroy, the use of AI in creating listing descriptions could result in the unintentional use of language that is not suitable or may even violate fair housing laws. He emphasized the responsibility of real estate professionals to be truthful and honest with their clients, stating in an email statement, ‘It is important to remember that real estate professionals have a responsibility to their clients to be honest and truthful.
Real estate agents across the country have turned to the free AI program ChatGPT to write listing descriptions, social media posts, and video scripts. The program has been widely praised by agents for its ability to make their job easier, save time, and provide a great starting point for marketing content. However, its use has been limited among realtors and the program is not perfect, regularly reaching full capacity and having outdated information from 2021. The National Association of Realtors warns that AI generated content should be thoroughly reviewed by licensed professionals and that real estate professionals have a responsibility to their clients to be honest and truthful, with the possibility of AI generated content violating fair housing laws. OpenAI is considering monetizing the program in the future.
FAQS – ChatGPT takes on real estate: Agents say the AI could be a game changer in the industry
What is ChatGPT?
ChatGPT is a large language model developed by OpenAI that is used to write content such as social media posts, video scripts, and listing descriptions.
How is ChatGPT used by real estate agents?
Real estate agents use ChatGPT to generate marketing and listing materials, freeing up more time to focus on other tasks.
What are the benefits of using ChatGPT for real estate agents?
ChatGPT saves real estate agents time and allows them to create unique content for their marketing efforts.
Is ChatGPT currently free?
According to an OpenAI official Discord server, the company is exploring monetization options for ChatGPT.
Are there any drawbacks of using ChatGPT?
ChatGPT is not perfect, and at times its popularity results in long wait times. Additionally, some of the information it generates may be outdated as it was trained on data up to 2021.
Is it necessary to review the content generated by ChatGPT?
According to the National Association of Realtors, it is important to thoroughly review any content generated by AI, including listing descriptions, to ensure accuracy and honesty.