The real estate industry is constantly changing, and so are the tools we use in business, like ChatGPT.
There has been a LOT of chatter and hype about a new technology that has arrived on the scene called ChatGPT, but what exactly is it anyway? ChatGPT is an AI language model developed by OpenAI, and it’s designed to answer questions and provide information in a conversational manner, just like a human would.
Tech Talk (sort of)
Without getting into all the technical talk, it is based on the GPT-3.5 architecture, which stands for “Generative Pre-trained Transformer 3.5.” Essentially, this means that it’s a computer program that was created by a team of people (who are a lot smarter than I am) by training it to read books, articles, and other things on the internet. The more it reads, the smarter it gets! It then pulls from that pool of knowledge to answer questions posed by the user.
What makes it truly unique is that it’s designed to understand what a human MEANS when they ask a question. It’s trained to understand the intention, rather than just the words themselves.
How was ChatGPT trained?
ChatGPT is a large language model (LLM), which is trained with enormous amounts of data to give it the ability to accurately predict what word comes next in a sentence. This training allows it to recognize patterns and generate appropriate responses to a wide range of topics and questions. Think of it like autocomplete but on a much larger scale. It can use this predictive text to write whole paragraphs and even pages of content!
Initially, ChatGPT was trained with massive amounts of code and internet content, but ChatGPT’s training is ongoing by using human feedback (a little something called Reinforcement Learning with Human Feedback) so that the AI could provide the information that humans expected when they asked a question. Training the LLM in this manner has revolutionized the whole idea of chatbots because it goes beyond simply training the LLM to predict the next word and decipher the meaning as well.
Early training included sources like Reddit discussions and the news to help ChatGPT learn dialogue and develop a human style of responding to prompts and questions.
What are ChatGPT’s limits?
As brilliant and amazing as this tool can be, ChatGPT does have some limitations.
- Limitations regarding toxic responses: ChatGPT is designed to be safe and will not provide answers that are toxic or harmful. It will simply ignore any question, or part of the question, that would lead to a response like that. It will also ignore questions (or parts of questions) that don’t make sense.
- Quality answers aren’t guaranteed: As it is with many things in life, the quality of the answer is dependent on the quality of the question. The more specific the directions and prompts, the better output ChatGPT can provide. If the questions are too vague or unclear, then you will not get the response you are looking for.
- Answers are not always correct: I’m sure you have heard it said that you can’t believe everything you read on the internet, which is also true with ChatGPT. It’s important to note that ChatGPT is trained to give answers that FEEL right to the human reading them, which means that the information it provides may not always be correct. To ChatGPT, if the answer sounds plausible, it will write it.
ChatGPT is a work-in-progress and will continue to be one as it learns more by being used and with feedback provided to the creators.
How Can Real Estate Agents Use ChatGPT?
The ways in which real estate professionals can make use of ChatGPT’s incredible functionality are constantly growing. Currently, the free edition of ChatGPT is more limited, but ChatGPTPlus has incredible tools for you to grow your business and save you a lot of time and stress. Let’s take a peek at some of the ways ChatGPTPlus can help.
- Lead generation: ChatGPTPlus can be put right on your website and used to generate qualified leads by engaging with website visitors and collecting their contact information. By asking relevant questions and providing helpful information, ChatGPT can encourage visitors to schedule appointments or submit their contact information.
- Customer service: You can use ChatGPTPlus to provide customer service by answering common questions about property listings, financing, and the home buying and selling process. This can help agents save time and improve the customer experience by providing quick and accurate responses.
- Property search assistance: ChatGPTPlus can assist potential buyers in their property search by asking them about their preferences and recommending properties that meet their criteria. This can help agents save time by narrowing down the options and providing personalized recommendations.
- Language translation: ChatGPTPlus can be used to translate property listings or other documents into different languages, making it easier for agents to work with clients who speak different languages.
- Market analysis: ChatGPTPlus can analyze real estate market trends and provide insights into market conditions, pricing, and other relevant factors. This can help agents make informed decisions and provide valuable advice to their clients. By tagging certain keywords, it will also notify you when something new pops up relating to that keyword.
- Content Creation: Writing blogs, website content, emails, and even social media posts, has never been easier than with ChatGPTPlus. It’s fast and easy, and it makes you look like a genius! It’s also a big time and effort saver, so you can spend your time connecting with clients.
ChatGPTPlus can be a powerful tool for real estate agents to streamline their workflows, provide better customer service, and generate more leads. By using ChatGPT prompts that are clear, concise, and relevant to their client’s needs, real estate agents can leverage this technology to improve their productivity and help their clients achieve their goals. Whether it’s assisting with property searches, translating documents, or analyzing market trends, ChatGPT can provide valuable support and insights to real estate agents and their clients.
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