In the fast-paced business of real estate, staying ahead of the game sometimes entails embracing cutting-edge technology. One of them is ChatGPT, which helps real estate agents stand out and succeed. The use of ChatGPT in real estate is revolutionizing how agents connect with their clients, market properties, and optimize their online presence.
This guide aims to provide a comprehensive understanding of ChatGPT’s role in the real estate sector, demonstrating how this AI tool can transform your business.
Table of Contents
What is ChatGPT?
As you might know by now, OpenAI’s ChatGPT is a powerful linguistic model built upon the “Transformer Machine Learning” methodology to generate realistic human-like text. OpenAI developed ChatGPT in June 2018 as a revolutionary model called Generative Pre-trained Transformers (GPT). This model used unsupervised learning and trained itself on vast internet text.
GPT-2, introduced in 2019, gained fame for its ability to generate meaningful and context-aware sentences. Because of concerns about possible abuse, OpenAI first restricted the model’s complete publication, showcasing its outstanding effectiveness.
In June 2020, OpenAI launched GPT-3, a powerful model with 175 billion machine-learning parameters. While not directly available to the public, its capabilities were accessible through the OpenAI API, enabling software developers to integrate its language comprehension abilities into their applications.
As of the most recent update available until September 2021, ChatGPT continues to advance, increasing its foothold in various industries, including real estate. It revolutionized business communication and operations by comprehending, generating, and responding to human language.
GPT-4 was introduced in 2023 with significant improvements over previous versions, including enhanced language comprehension, contextual awareness, and the ability to generate more complex responses. These developments expand AI’s potential in education, customer service, and content creation.
The Differences Between ChatGPT3.5 And ChatGPT4
ChatGPT4 has more parameters and can process more information than ChatGPT3.5. As a result, ChatGPT4 generates more accurate and creative text than ChatGPT. Here is a general comparison between the two versions:
| Feature | ChatGPT-3.5 | ChatGPT-4 |
| Language understanding | Good understanding of language, context, and nuance. | Enhanced understanding of nuanced language and context. More precise in interpreting sentences and understanding details better. |
| Contextual awareness | Understands context but might struggle with longer conversations or complex narratives. | Improved contextual awareness, especially with longer and more complex contexts. |
| Text generation | Generates cohesive, human-like text. However, outputs may be irrelevant or repeated. | Creates complicated, cohesive text. Outputs are more relevant and less repetitious. Creates richer storylines and compelling conversation |
| Response accuracy | Reasonably accurate but sometimes makes mistakes, confuses commands, or gives wrong information. | Responds more accurately and with fewer mistakes. |
| Real-world application | Wide-ranging uses. Has some limitations due to its understanding and coherence. | Has a wider range of applications, such as customer service chatbots, AI writing assistants, and language analysis tools. |
| Inference time | Quick response times for most applications. | Maintains efficient response times comparable to its predecessor for most applications. |
| Fine-tuning ability | Can be fine-tuned to a certain extent based on specific tasks or domains. | Offers more robust and effective fine-tuning capabilities, allowing for greater customization to specific tasks, industries, or user preferences. |
| Number of parameters | 175 billion | 170 trillion |
Applications of ChatGPT4 in Real Estate
ChatGPT4 applications in real estate vary. Here is a list of some of the most useful applications of ChatGPT4 for real estate:
- Blog posts
- Social media contents
- Video scripts
- Property description
- Email campaigns
- Social media ads
- Landing page copy
- Cold calling scripts
- Content translation
- Automating communication
- Answering frequently asked questions
- Real estate news
- Neighborhood guides
- Searching keyword
- Idea generation
- Customer service
Let’s examine each of these one by one.
Blog posts
To get a higher ranking in search engines, you need optimized content in the blog domain. You can take advantage of ChatGPT-4 for writing up to 25,000 words at a time.
It may not be good at writing a complete article, but it can give you an outline and a headline. If you ask “what the outline and headline of a blog post on house upkeep should be,” you can get a thorough guide on how to draft your blog:
Now you have a roadmap for your article. You can go on asking for more information on each of these points and put together the blog.
Searching keyword
If you want an SEO-optimized website, find relevant keywords by ChatGPT4. Naturally incorporating these keywords into the conversation allows realtors to explore market trends, property features, or investment opportunities.
Our prompt: “Write some keywords for real estate agent”
Social media content
Every social platform needs its unique feeding content, and it can be overwhelming for you to prepare them. You can ask ChatGPT4 to prepare content for your social media.
For instance, you can ask it to “write an Instagram post on why you need a realtor when buying a house.” If you have a structure in mind, include that as well; you can include this in your prompt: “Use a mixed style of short sentences and bullet points.”
You can adjust your prompt for a specified target group.
Video scripts
Realtors can use ChatGPT to draft scripts for real estate videos, whether they’re property walkthroughs, market updates, or educational content. You can specify the duration of your video, the target group, and even the level of formality and tone you aim for.
Our prompt was this: “Write a one-minute video script about tips for sellers on how to prepare their house for sale.” And here is the output:
Property description
This is an essential part of agents’ tasks, and it can go as far as simply putting the property’s features in sequence. But it can also be written eloquently as if you are painting a picture with words.
We asked it to “Generate a listing description for a single-family house Built-in 1935 with the following features:
- Bedrooms: 3
- Bathrooms: 2
- No Common Walls with other units/homes
- Total interior livable area: 1,900 sqft
- Attic: Finished, Full
- Garage spaces: 2
- Lot Size: 0.40 Acres
- Lot features: Near Public Transit”
You can change the tone of your writing by including more descriptions. For example, we altered the prompt by adding “picturesque and creative” before the “description.” This was the result:
As you can see, the clearer you are with your inquiry, the more accurate result you get. Just like humans, the more precise you explain your request, the easier it would be for them to implement it.
Email campaigns
ChatGPT can assist in drafting personalized email scripts, perfect for communicating with clients or potential leads. This ensures consistent, professional, and engaging communication.
We asked, “Can you write a real estate email marketing campaign?” and this was the response:
That can work as a guideline to formulate your marketing emails. You can also include details and get a tailor-made outcome.
Social media ads
Realtors can use ChatGPT to generate creative ad scripts for various social media platforms. We asked, “Write an effective, creative, and engaging Facebook ad script to promote a luxury waterfront property in Miami.”
Landing page copy
ChatGPT can be used to create compelling copy for landing pages. This copy can effectively convey the value proposition and encourage visitors to take desired actions, thereby helping to convert leads.
Our prompt was: “As a realtor, write a landing page for a contemporary urban condominium project.”
Cold-calling scripts
ChatGPT can generate scripts for different prospecting scenarios, like cold calling or door knocking. We asked ChatGPT4 to write “A phone script for a real estate agent and ask for a price reduction from a seller.”
Content translation
ChatGPT can be used to translate content into various languages to cater to a diverse audience or a bilingual market. This helps realtors reach a wider audience and cater to different client demographics without a language barrier.
We asked: “Translate the following text into French: “Experience the epitome of luxury living with this exquisite waterfront property in the heart of Miami. Indulge in breathtaking views, state-of-the-art amenities, and unparalleled elegance. Your dream home awaits. Click now to explore this exclusive opportunity.”
Automating communication
ChatGPT can be used to develop AI chatbots that handle routine customer inquiries, schedule property visits, or even follow up with potential leads.
Our prompt: “Make a chatbot to answer customer questions.”
Answering frequently asked questions
As you settle into the real estate market, you can see some questions come up frequently. You can prepare your answers to these common inquiries with the help of your ChatGPT to make sure your answers are comprehensive and helpful enough.
For instance, many first-time homebuyers wonder about the process of buying a house. If you ask ChatGPT to “Explain the process of buying a house for first-time home buyers in the US,” you’d have such an outcome:
Real estate news
Part of your marketing content consists of updates on the changes in the real estate market. You would have to inform your audience about the changes in the market, but simply and tangibly. Let’s see if ChatGPT can be of help. Suppose you came across an article titled “Will home prices drop in 2023?” and wish to share it with your clients in a shortened format suitable for an Instagram post. You can ask ChatGPT4 to “summarize the article for a general audience in an Instagram post format”
If you want to use ChatGPT for news, make sure you’re using ChatGPT4 and, also, make sure that you have the “Web Access” on.
Neighborhood guides
Another common writing task for realtors is area descriptions that can assist homebuyers in picking the fitting neighborhood.
You can ask ChatGPT to “write a descriptive neighborhood guide for a specific area in a city or town. Here, we asked about paradise valley in Phoenix”:
Remember, you’ll need to check out the validity of the information provided to ensure you won’t share any outdated information.
Idea generation
Realtors can leverage ChatGPT4 for idea generation by initiating a conversation, providing context or specific prompts, and asking questions to explore different concepts, strategies, or creative approaches related to their real estate marketing efforts, such as planning advertisement campaigns.
We asked ChatGPT4: “What are Instagram strategies for real estate agents?”
Customer service
Realtors can use ChatGPT4 to reply to customer complaints and respond to customers’ reviews.
We asked: “Provide a response for a customer who complained about canceling an open house”
General Tips on Using ChatGPT4
Define clear prompts
You should start the conversation with ChatGPT-4 with clear and specific prompts to get more accurate and helpful results. Depending on your specific needs, you can use commands and questions. Commands or declarative sentences with clear context and detail yield the best results for task-oriented or creative purposes. On the other hand, questions work great when you’re seeking information or advice from the AI.
Take advantage of its contextual understanding
ChatGPT-4 can handle more complex narratives and longer conversations. So, feel free to use it for more complicated tasks.
Remember, it’s still a machine
ChatGPT-4 has greatly improved language understanding and can produce very human-like text. But it’s still an AI, so you must review and manually edit the content it generates before publishing or using it for essential communications.
Trial and error
If you’re not satisfied with the responses from ChatGPT-4, you can try different prompts or fine-tune the model (if available). Also, it may give incorrect or misleading information, so you must fact-check the generated text.
Check data
ChatGPT is not online, meaning its database is limited to certain information. The cutoff date is 2021, and any inquiry beyond that would count as the future for this chatbot. Because of its finite resources, you may not get up-to-date and accurate responses.
Do not share personal information
This is a chat, so you’re not the only one there! You are asking questions or requesting specific texts, but it’s all happening on a chat platform. Since this is a research preview, your conversation may be reviewed. Therefore, it is best to avoid sharing personal or private information.
Edit the content
While your inquiry may be specific, the generated output may not be unique. There are many users, and similar inputs may result in look-alike responses, so you must edit and rewrite the text for the best results.
Pay attention to restriction
According to OpenAI’s Terms of Use, you may not “represent that output from the Services was human-generated when it is not.” So, if ChatGPT is writing it, you can’t say you did!
Will AI Replace Realtors or Real Estate Agents?
While AI has made significant advances in various areas, including real estate, it is unlikely to replace realtors completely. Real estate transactions involve complex decision-making processes, negotiations, and personal connections that go beyond the capabilities of AI alone. Realtors provide clients with valuable expertise, market insights, and personalized guidance, which AI cannot entirely replicate.
AI aids realtors by automating tasks, analyzing data, and improving efficiency. It aids property searches, market trends, and administrative processes. However, the human elements are critical in understanding customers’ requirements, providing customized advice, and establishing trust and rapport.
Real estate transactions often involve emotional and subjective factors that require human empathy and intuition. Realtors can help customers navigate these complexities by learning their preferences and personalizing their services effectively. Additionally, real estate transactions may involve legal, financial, and contractual complexities that require human expertise and oversight.
Also, based on recent research, critics believe that AI can create new jobs, such as AI text editors, AI text rewriters, etc. Therefore, AI is useful for developing ideas and can be time and cost-consuming.
Conclusion
ChatGPT4 is a powerful tool in the real estate industry, providing enhanced language comprehension, personalized interactions, and valuable insights. Realtors can use it to deliver accurate information, streamline customer service, and generate creative content. However, since the sector depends on understanding market dynamics, personal connections, and complicated negotiations, it should complement human skill and judgment.
FAQ
You can provide feedback on the generated responses through the OpenAI platform or feedback channels provided by OpenAI. Sharing input allows future model versions to be trained and refined, making it more helpful and effective for real estate agents.
