Harnessing the Power of ChatGPT: A Guide for Realtors

In today’s competitive real estate market, staying ahead of the curve is essential for success. As technology continues to evolve, realtors are constantly seeking innovative tools to streamline their business processes and better serve their clients. One such tool that has gained widespread attention is ChatGPT, a powerful language model developed by OpenAI. In this guide, we’ll explore how realtors can leverage ChatGPT to enhance their business operations and provide exceptional service to their clients.

Understanding ChatGPT

ChatGPT is an artificial intelligence, specifically a large language model (LLM), trained to understand and generate human-like text based on the input it receives. It has been trained on a vast amount of text data from the internet, making it capable of understanding and responding to a wide range of queries and prompts. It became possible only recently because of a breakthrough in neural nets that allowed ChatGPT to remember context based on its importance much more easily, an innovative technology called a transformer. Whether you’re looking for information, generating ideas, or seeking assistance with tasks, ChatGPT can be a valuable resource.

How Realtors Can Use ChatGPT

Client Communication

ChatGPT can assist realtors in communicating with clients more effectively. Whether it’s answering common questions about listings, providing neighborhood information, or addressing inquiries about the buying or selling process, ChatGPT can provide timely and accurate responses, freeing up time for realtors to focus on more complex tasks.

Market Research

Realtors can use ChatGPT to gather insights and information about the real estate market. By providing prompts such as “What are the current trends in the housing market?” or “What neighborhoods are experiencing growth in property values?” ChatGPT can generate valuable data and analysis to inform decision-making and strategy development.

Content Generation

ChatGPT can assist realtors in generating content for their marketing efforts. Whether it’s drafting blog posts, social media updates, or property descriptions, ChatGPT can provide creative suggestions and help realtors craft compelling messaging to attract buyers and sellers.

Lead Generation

Realtors can use ChatGPT to engage with potential leads and prospects. By incorporating ChatGPT into their website or chatbot, realtors can offer personalized assistance and guidance to visitors, helping them navigate the buying or selling process and ultimately converting leads into clients.

Polishing emails

You can ask ChatGPT to rewrite things for you, providing a layer of polish to your writings they might not otherwise have. It is like having your own personal editor/writing assistant.

Using Prompts Effectively

One of the key features of ChatGPT is its ability to respond to prompts—specific questions or instructions provided by the user. To make the most of ChatGPT in your real estate business, it’s important to use prompts effectively. Here are some tips:

Be Specific

Provide clear and concise prompts to ensure ChatGPT understands your request accurately. Instead of asking “Tell me about the housing market,” try “What are the current median home prices in [neighborhood]?”

Provide Context

Give ChatGPT context for your query to help it generate more relevant and useful responses. For example, instead of asking “What are the best schools in the area?” provide additional information such as the target neighborhood or school district.

Experiment with Different Prompts

Don’t be afraid to experiment with different prompts to see what works best. ChatGPT’s responses may vary depending on how you phrase your request, so try different variations to find the most effective approach.

Refine and Iterate

Continuously refine your prompts based on ChatGPT’s responses and feedback from users. As you interact more with ChatGPT, you’ll gain a better understanding of its capabilities and how to leverage it most effectively in your real estate business. Moreover, you can use Google to find many excellent prompts—esp. if you force Google to search Reddit or Quora by placing “Reddit” or “Quora” into your search. Indeed, at the risk of becoming a little meta, you can even ask ChatGPT itself to provide you with prompts or to suggest changes to your prompts. It is also excellent at suggesting prompts for other AI tools like Dall-E (the AI art generator). 

Ask It to Assume a Role

If ChatGPT is refusing to do what you want, ask it to imitate a person performing that role. For example, if it is refusing to rate your blog post because it is “only an AI model,” you can ask it to pretend to be a critic or English teacher. Many limitations on the model’s output are hard-coded and can be circumvented by asking it to “play pretend.” Anytime it says “I am just an AI” you can assume you have run into a preprogrammed limitation and may want to consider asking ChatGPT to take on a role.

Conclusion

ChatGPT has the potential to revolutionize the way realtors conduct business, offering a wide range of capabilities to streamline operations, enhance communication, and provide exceptional service to clients. By understanding how to harness the power of ChatGPT and using prompts effectively, realtors can leverage this innovative technology to stay ahead of the competition and achieve success in the ever-evolving real estate market. For those who want to become super users of ChatGPT, I can recommend the following free course: Prompt Engineering for ChatGPT | Coursera.

Franklin Carroll

Franklin Carroll is Kukun's VP of Modelling and Analytics; After finishing his studies at the University of Chicago, he worked at Fannie Mae where he helped build Collateral Underwriter, roll out the Value Verify initiative, and specialized in collateral related and credit related policy.

Published May 3, 2024