Chatbot with artificial intelligence responds to messages to your customers
2023.01.31 03:24
Chatbot with artificial intelligence responds to messages to your customers
By Tiffany Smith
Budrigannews.com – If you recently saw a home in Cedar Rapids, Iowa, with four bedrooms and 3.5 bathrooms for sale on a quiet cul-de-sac, you might not hesitate to look at the online listing. It had phrases like “ideal for entertaining” and “ample space for relaxation” that are typical of real estate descriptions.
However, by entering a few keywords into ChatGPT, a viral new AI chatbot tool that can generate elaborate responses to user prompts, realtor JJ Johannes created the description in less than five seconds. He stated that if he had written it himself, it would have taken him at least an hour.
Johannes stated, noting that he made a few alterations to ChatGPT’s work prior to publishing it, “It saved me so much time.” Even though it’s not perfect, it was a great place to start. My background is in technology, so it takes time to write something powerful. It was so much easier because of this.
Since it was made available to the public toward the end of November, Johannes is one of the real estate agents experimenting with ChatGPT. From writing listings and social media posts to drafting legal documents, some residential and commercial agents reported that it has already altered their work practices. It could also be used to perform complex calculations and other repetitive tasks like answering frequently asked questions.
To respond to user prompts, ChatGPT is trained on a large amount of online data. It has composed original essays, stories, song lyrics, and abstracts for research papers that deceived some scientists. It has been used by some CEOs to write emails and do accounting work. Even an exam at an Ivy League school was passed by it. However, some people have expressed concerns about its inaccuracies and potential to facilitate cheating.)
ChatGPT has sparked discussions about its potential to disrupt publishing and legal services in less than two months. However, it is already affecting the way that a number of real estate agents across the nation perform their duties, as much of the written work is repetitive and time-consuming, to the point where some agents can no longer imagine working without it.
Andres Asion, a broker with the Miami Real Estate Group, stated, “I’ve been using it for more than a month, and I can’t remember the last time something has wowed me this much.”
A client recently contacted Asion with the following issue: The woman couldn’t open her windows because she had moved into a house that wasn’t built yet. She had tried to get in touch with the developer for months without success. Asion sent a copy of one of her emails through ChatGPT and requested that it be rewritten with a focus on the potential for liability.
He stated, “ChatGPT wrote it as a legal issue and the developer showed up at her house all of a sudden.”
Asion has also used the tool to draft addenda and other legal documents that must be approved by lawyers. Using ChatGPT, I fine-tune a wide variety of drafts, he stated. It gives you a lot of samples from which to choose and edit, and sometimes I’ll tell it to make it shorter or more funny.
Currently, ChatGPT is free, but the company behind it, OpenAI, is reportedly considering charging $42 per month. Asion stated that paying for access “is not even a question.” He stated, “I would easily pay $100 or $200 annually for something like this.” I would be insane not to.”
State Street Realty commercial real estate agent Frank Trelles said he would also pay to keep using the tool, which has already changed how he does business. He stated, “I was sold as soon as I tried it.” I went to sign up for a package, thinking it would cost at least $100 per month, but it turned out to be free. However, nothing in this world is free, which made me a little nervous.
According to Trelles, he uses ChatGPT to look up the permitted uses for specific land and zones in Miami-Dade County. He also uses it to figure out what a client’s mortgage payments or return on investment might be, which typically requires using mortgage calculators and formulas.
According to Trelles, “I can be in a car with a client when they ask me what their mortgage payments might be.” I can ask ChatGPT in two seconds what a $14 million purchase’s mortgage payment would be at a 7.2% interest rate spread over 25 years and two origination points at closing. In addition, it explains how it obtained the answer. It’s incredible.
However, there are some restrictions. For instance, the tool has previously struggled with some fundamental math. According to Trelles, it is useful for approximations on the go, not precise numbers.
According to Serge Reda, an executive in commercial real estate and adjunct professor at the Fordham Real Estate Institute, some ChatGPT use cases are superior to others. Although ChatGPT may help brokers save time when writing listings or responses, it may not be the most effective strategy to automate client responses because generating leads and closing transactions typically require a personalized approach.
Because it is free and they can try out this powerful tool, it is available to everyone right now. However, there are unquestionably significant restrictions,” he stated.
Although realtors have shown a lot of interest in ChatGPT, the application of artificial intelligence to the real estate industry is not brand-new. For instance, Zillow’s Zestimate tool, which can scan pictures to determine whether a home has hardwood floors or appliances made of stainless steel, uses AI to create automatic floor plans, 3D mapping, and better reflect the market. Zillow introduced an artificial intelligence (AI) feature earlier this week that allows potential buyers to conduct searches in a more natural language (something that Google has long mastered).
The real estate industry has been slower to innovate, according to Zillow spokesperson Matt Kreamer, but “I think we’ll be seeing much bigger strides very soon.” He stated that agents using ChatGPT to help save time and streamline their existing work do not raise any obvious concerns with Zillow.
He stated:
“We are not promoting or suspicious of ChatGPT, but are interested in how it is used and watching it.”
Johannes, a real estate agent, is of the opinion that AI in general will transform his industry and others. However, it is still too early to say whether the tool will become a mainstay in real estate.
He stated:
“I believe some form of artificial intelligence like this will become a big part of how we work and live our lives. Although it may not be with ChatGPT.”
