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ChatGPT for Real Estate: 5 Must-Knows

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Over the last few months, ChatGPT (Generative Pre-trained Transformer) has taken the internet by storm. Launched by the OpenAI project in November 2022, it is a sophisticated chatbot (website software that simulates a conversation with a human) that is already changing how many businesses, including real estate, operate in some ways.

ChatGPT is based on a large language model (LLM) trained on enormous datasets, consisting of hundreds of billions of words of text, scraped from all over the internet. It then uses those datasets to predict the most likely response to your queries or prompts.

In a way, ChatGPT is a bit like an incredibly fast search engine and a bit like an incredibly fast assistant.

  1. How do you get started?  
    • Sign up for an account at chat.openai.com. (Note that this is a free service for now.)  
    • Once you are logged in you will be directed to the main page. Click on the “New Chat” button on the upper left-hand side.
    • You will then see a “Send a message” field on the bottom of the screen. This is where you enter details for what you need to “prompt” the chatbot to provide information.

  2. What are some examples of prompts real estate agents can use for content creation?   
    • Write a 500-word blog on real estate closing costs in California.  
    • Suggest four titles for a blog on “How to Generate New Millennial Real Estate Leads.”   
    • Provide me with six ideas on how to promote an open house.
    • Suggest seven ideas for a YouTube video on staging your home when it goes on the market.  
    • Write a prospecting script to reach potential new buyers.
    • Create an outline for a weekly newsletter for current leads and clients.
       
  3. What are some tips to use ChatGPT effectively?  
    • Try to be as specific as possible in your prompt. That will help generate a better response. For example, ask “Six ideas to promote a $6 million beach house in Malibu, Calif.” instead of “Six ideas to promote a beach house.”
    • If you are not satisfied with the response, ask the chatbot to try again. Specify what you want differently, such as the tone or geared to a specific group.  
    • ChatGPT, while very concise and thorough, lacks the nuances and insights of great human communication. Content, while well-written, can often seem a bit robotic and bland. Utilizing it is a fantastic way to brainstorm ideas when you have writer’s block. Use what is generated as a starting point and then edit to put your own personal touch to it.
       
  4. Always ask ChatGPT for sources and then verify them. 

While ChatGPT is an exciting innovation with astounding possibilities, it is still very new. Currently, it can only access existing content that has been uploaded to the internet since September 2021. There are still questions regarding the sources it scrapes from, such as the legitimacy of sites, possibly false, harmful or biased information and proprietary and copyrighted material.  When in doubt as to the sources, ask the ChatGPT to provide them and then go directly to those sources to verify the information.  

5. Alternatives to ChatGPT

Other competitors are rapidly rolling out their versions including Google Bard, ChatSonic and Jasper.  All have incredible features but like ChatGPT, should still be considered as in the beginning stages of their development.

As amazing as ChatGPT is, it is not — and will never be — as important as actual personal human communication. Consider it another tool in your business kit that will help you take care of mundane tasks so you have time for what really matters — developing deep, meaningful connections with your clients.

Want to learn more ways you can become a real estate professional that generates more leads, referrals and sales? We’ve got you! Schedule a free call with one of our Business Consultants today!

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