ChatGPT Is Already Indispensable for Real Estate

While ChatGPT has recently caused a lot of concern — from “it’s incredibly inaccurate” to “it’s going to take all our jobs” — the AI-powered chatbot is still a potentially powerful tool that might prove invaluable to some professions. And the first beneficiary might be the real estate industry.

To start, it’s great for creating listings in seconds. “[It’s] saved me so much time,” realtor JJ Johannes told CNN. “It’s not perfect, but it was a great starting point. My background is in technology and writing something eloquent takes time. This made it so much easier.”

ChatGPT Is a Scarily Convincing AI Chatbot

One week after launch, it hasn’t been hard to get the AI-powered chatbot to suggest some pretty awful things, such as wiping out humans

It appears that the AI tool is useful in ways that seem pretty obvious. Besides listing, a few human prompts can help realtors write social media posts, draft legal documents and automate repetitive tasks such as answering frequently asked questions and doing complex calculations. There’s already a YouTube how-to for realtors about using the AI tool.

(The realtors who spoke to CNN did note that they read everything the chatbot creates, and they also sent the generated responses to lawyers for legal advice.)

The AI is also helpful in giving quick answers. “I can be in a car with a client when they ask me what their mortgage payments might be,” says Frank Trelles, a commercial real estate agent. “I can ask ChatGPT what a mortgage payment would be on a $14 million purchase at a 7.2% interest rate amortized over 25 years with two origination points at closing, and in two seconds, it gives me that information. It also explains how it got the answer. It’s amazing.”

Still, ChatGPT is a work in progress and has been proven to be wrong before (even with math). But like a calculator, the internet in general or any number of apps, this is a technology that can — with human oversight — streamline processes and provide quick responses to resource-intensive questions. And then it doesn’t really matter if it’s a human or a machine that’s promising you an affordable Manhattan studio with a view, right?