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Chat GPT Uses In Residential Real Estate

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Since launching last November, the artificial intelligence bot “Chat GPT” has many industries just beginning to gauge the scope of its use.

Chat GPT is a language model that can generate realistic, human-like text. It also can generate text responses on any subject when prompted, making it useful as a chatbot for customer service.

Rather than research how Chat GPT is used in real estate, I went right to the source (as it is intended). I ran the following query and received an extremely detailed, well-crafted response:

"How is chat gpt used in residential real estate?

ChatGPT can be used in residential real estate in a variety of ways, such as:

  1. Virtual assistants for real estate agents: ChatGPT can be used to create a virtual assistant that can answer frequently asked questions from potential buyers and assist with scheduling viewings.
  2. Chatbots for property listings: A chatbot powered by ChatGPT can be integrated into a property listing website to provide potential buyers with detailed information about a property and answer any questions they might have.
  3. Automated property description generation: ChatGPT can be trained on a dataset of existing property descriptions to generate new, unique descriptions for new listings.
  4. Personalized home search: ChatGPT can be used to create a personalized home search experience for buyers by asking them questions about their preferences and providing a list of properties that match their criteria.
  5. Language Translation: ChatGPT can be used to translate the real estate listing and property details to different languages which will be helpful for buyers who are non-native speakers of the language.
  6. Answering customer queries: ChatGPT can also be used to answer customer queries related to property buying process, legal documentation, etc.
  7. Virtual property tour: ChatGPT can also be used to generate virtual tours of properties by describing the features of the property and guiding buyers through the space as if they were physically there.
  8. Lead generation: ChatGPT can be used to generate leads for new listings by asking potential buyers about their preferences and sending them relevant property listings.
  9. Email & SMS Marketing: ChatGPT can also be used to generate automated email & SMS marketing messages for new properties, open houses, etc.
  10. CRM: ChatGPT can also be integrated with CRM (Customer Relationship Management) systems for real estate agents to keep track of customer interactions and manage leads."

A note of caution though. The Chat GPT bot is often down because the servers are overwhelmed with traffic. Additionally, not all searches are up to date. I ran the following query and the response clearly was pulling material from several months ago:

"Is the greater boston real estate market active right now?

The Greater Boston real estate market is currently experiencing high levels of activity. Low mortgage rates and an increase in buyers have caused demand for housing to exceed supply in many areas. As a result, homes are selling quickly and at higher prices."
In sum, there are many potential applications Chat GPT in our industry, but it is best to proceed with caution, verifying all AI generated content.