ChatGPT for Real Estate

It’s been hard to escape from trending online talks about ChatGPT. As AI is introduced to the public and tech experts highlight productivity benefits of AI technology across all industries, real estate experts have joined in the conversation.

There’s no doubt that landlords and property managers could benefit from some tech productivity hacks to make their day-to-day tasks easier. If you work in the real estate or rental industry, there are some important and helpful tips for using ChatGPT and other AI technologies.

What is ChatGPT?

ChatGPT is a language model developed by OpenAI. It is a machine-learning artificial intelligence that can answer questions in chat form. According to OpenAI, this dialog format allows it to generate a human-like reply to a large variety of questions or instructions as well as answer follow-up questions, admit mistakes or even challenge incorrect premises.

ChatGPT is capable of more than answering a simple question, however. Testers have been able to ask ChatGPT to debug or create simple code, write essays on particular topics, or create a meal plan using a suggested list of ingredients.

What Other AI Technology is Available?

While it has taken the world by fire, critics in the tech industry have suggested that its technology is not as revolutionary as the public may believe. Whether that is the case or not, there are currently few options available for widespread use that seem as complex and comprehensive as what OpenAI offers. Microsoft has announced that its search engine Bing will utilize ChatGPT (the beta version is available to testers currently) and Google has announced its own version, Bard, will be available in the near future.

How Landlords and Property Managers Can Use ChatGPT?

As a professional in the real estate and rental industry, you might be asking yourself what ways you can lighten your load and turn to the AI options available. Since working as a property manager or landlord can mean you have to wear many different hats, having a personal assistant ready to take on extra tasks can feel like a golden opportunity.

Landlords and managers certainly can use ChatGPT to speed up a few vital daily tasks, but there are some tasks that will always require an expert and human touch.

Great Ways That Real Estate Professionals and Landlords Can Use ChatGPT:

  • Assist with listing descriptions
  • Craft emails and newsletters
  • Create quick captions for social media posts
  • Get content and script ideas for short videos on Youtube and social media
  • Gather blog or website content ideas and inspiration
  • Reword cumbersome language for text or email communications with clients or tenants

Here are some examples of ChatGPT’s generation abilities in these areas.

Rental Listing Assistance:

ChatGPT Rental Listing

Note: Rentec Direct now does this right within your property management software!

Learn more: New Feature: Instant Property Descriptions for Rental Listings

Example Prompt: “Provide me with a rental listing description for a 2-bedroom apartment. The apartment is located downtown close to shops. The apartment exterior is blue. The apartment’s interior has hardwood floors, a renovated bathroom, and a kitchen with marble countertops. Renters have access to a community pool, and includes access to a parking garage”

Initial Response from ChatGPT:

Welcome to our stunning 2 bedroom apartment located in the heart of downtown, just steps away from a plethora of shops, restaurants, and entertainment. The blue exterior of the building is a standout among the neighboring buildings, giving it a unique and stylish look.
Inside, the apartment boasts beautiful hardwood floors throughout, creating a warm and inviting ambiance. The bathroom has been recently renovated, providing a fresh and modern feel. The kitchen is a chef's dream with marble countertops, stainless steel appliances, and plenty of storage space.
As a renter of this apartment, you'll have exclusive access to our community pool, perfect for relaxing and cooling off during the hot summer months. Additionally, you'll have access to a convenient parking garage, ensuring you always have a safe and secure place to park your vehicle.
Don't miss out on the opportunity to make this luxurious 2-bedroom apartment your new home. Schedule a viewing today and see why it's the perfect place for you!

Email Assistance:

ChatGPT Email Assistance

Example Prompt: Help me craft a 100-word response to a tenant who is having trouble with their broken air conditioner. Use empathetic language to tell the tenant they are on the maintenance list and it will be fixed within the next 2 weeks.

Initial Response from ChatGPT:

Dear [Tenant Name],
We understand how frustrating it can be to have a broken air conditioner, especially during this hot season. We want to apologize for any inconvenience this has caused you.
Rest assured, we have added your name to our maintenance list, and our team will be fixing your air conditioner as soon as possible. Although we can't give you an exact date, we promise that it will be repaired within the next 2 weeks.
In the meantime, we recommend opening your windows to let in some fresh air and using a fan to help circulate it throughout your home. We appreciate your patience and understanding while we work to resolve this issue.
If you have any further concerns, please don't hesitate to reach out to us. We are always here to help.
Best regards,
[Your Name]

Social Media Posts:

ChatGPT Social Post

Example Prompt: Write 5 captions for Instagram photos. The caption should be an energizing advertisement for the Lovelyduck Apartment complex. The photos are pictures of a 20-30 year olds enjoying various apartment amenities: pool, spa, gym, and rooftop lounge.

Initial Response from ChatGPT:

  1. “Take a dip and dive into luxury living at Lovelyduck Apartments! Our pool is the perfect spot to relax and soak up the sun. [emojis] #LovelyduckLiving”
  2. “Find your happy place at Lovelyduck Apartments. Our spa offers the perfect escape after a long day. [emojis] #RelaxationGoals #Lovelyduckliving
  3. “Work up a sweat in style at Lovelyduck Apartments. Our state-of-the-art gym has everything you need to stay fit and healthy [emojis] #FitnessMotivation #LovelyduckLiving
  4. “Elevate your social life at Lovelyduck Apartments. Our rooftop lounge offers stunning views and the perfect atmosphere to unwind with friends. [emojis] #GoodVibesOnly #LovelyduckLiving
  5. “Experience the best of both worlds at Lvoelyduck Apartments – luxury living and unbeatable amenities. Don’t miss out on the ultimate living experience! [emjois] #LovelyduckLiving #LuxuryLiving

Best Practices When Using ChatGPT for Real Estate or Rental Needs:

Because Chatbots tend to infer information based on common language combinations, your prompt can initiate a response that generates additional information.

Notice that in the first prompt requesting a listing description, there was no mention of “stainless steel appliances.” However, most owners who decide to upgrade to marble countertops would likely update their appliances as well, and most listings that ChatGPT saw in its dataset likely mentioned both.

This means you may have to regenerate a new response or clarify and restate your prompt altogether. Either way, it’s vital that landlords and property managers scrutinize and edit the information given before sending out any official tenant communications or public posts. While an AI can certainly speed up the process, landlords and property managers should always ensure that a human on the management team adds the final details.

Like any tool, chat GPT has its limitations. This is particularly true of the iteration that is available to the public at this moment; without direct access to vital Information on the internet, the current iteration of ChatGPT is not able to verify sources in real time. This can mean that you will be given outdated or completely inaccurate data and that responses may be incorrect.

Integrations into a search-based platform like Bing and Google plan to do can mitigate this problem, but will likely not render it 100% accurate all of the time. Just as a simple Google search will not always bring up exactly what you need the first time, an AI-based web searching platform may miss the mark occasionally. Knowing that AI is a relatively new tool in your toolbox, some uses are not recommended.

Ways That Real Estate Professionals and Landlords Should Not Use ChatGPT:

  • Crafting lease agreements
  • Lease addendum creation
  • Unedited tenant communication
  • Automated blog posts
  • Any legal documentation
  • Referencing current landlord-tenant laws or regulations

While a text-generating AI assistant can sound like a lifesaver, there are some areas in the rental industry that need a human touch. This is especially true when that human should also be an expert in their field.

Any items that need to be vetted by a legal expert or certified accounting professional should never be left in the hands of an AI.

Additionally, the laws regarding copyright and ownership of AI content can be complex and are subject to change as the technology evolves. It’s always best practice to write your own content for blogs and other educational online platforms. At best, using others’ work can cheapen your connection with potential tenants and owners. At worst, it can also cause some sticky legal situations down the road. This is true for any plagiarized content as well as AI-generated content.

Final Thoughts:

While ChatGPT’s abilities may be new to the public, many AI options have long been on the market for specific use cases. This includes website chatbots to schedule open houses and answer common questions about your business.

While AI won’t be able to do your job anytime soon, there are certainly some helpful uses that can ensure you have time to tackle more important tasks in your day. Remember that while ChatGPT and similar products have their place, successful real estate professionals, landlords, and property managers must be ready to personally foster a great relationship with clients tenants, and owners. After all, nothing can completely replace the human touch, and this will remain especially true in the real estate industry.

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