AI – Your new best friend?

AI – Your new best friend?

If there is one topic that has dominated real estate headlines as of late it would have to be AI – Artificial Intelligence. Everyone is talking about it, teaching a class on the subject, or wondering if movies like “The Terminator” or “The Matrix” may not have been so farfetched after all.

Speaking of which, did you see Chuck Whitehead’s AI class the other day? If not, click here to watch a recording.

The two AI questions I hear most frequently in real estate circles are:

  1. Will AI replace real estate brokers?
  2. How can I use AI in my business?

#1 is easy: No. Would you trust AI to perform surgery on you or be your legal representation in a trial? Exactly. So why would you trust a machine with the single biggest investment of your life. Not going to happen. Job security, my friends!

#2 depends on what it is that you need help with. First, you’ll need to select an app or a browser-based program that is powered by AI. There are many options, but let’s use ChatGPT as an example (conveniently that is the only AI application that I have used so far).

Here are some examples of how you can use AI in your real estate business:

  • Marketing Copy: You’re a real estate broker, so chances are you won’t receive a Pulitzer Prize anytime soon. ChatGPT can help you write a pretty darn good marketing blurb in seconds. Let’s look at an example. I typed the following into the ChatGPT message box: “How would you describe a home in the Ravenna neighborhood of Seattle, with 2000 sf, 3 bedrooms, 2 baths, large lot, mature landscaping, walking distance to shops & restaurants, built in 1916, high ceilings, built-ins, old world charm, remodeled kitchen?”

CLICK HERE to read what it came up with.

Pretty cool, huh? I mean, it’s not my style, but it’s a start and I bet that you can use at least some of that language in your marketing remarks, right? If the blurb is too long, you can tell it to limit the description to a certain number of words or number of sentences. This can definitely save you some time. Added bonus: no typos or grammatical errors.

  • Research: I like to think of ChatGPT as my new research assistant. Example: I recently co-listed a couple of multi-family properties and, not having worked on multi-family in a little while, I asked my new “research assistant”: “What documents would you request from a property owner when selling a multi-family property?”

CLICK HERE to read its response.

Fact-check the response, edit the verbiage to make it your own, and forward it to the seller. You can really ask it any question you want, and chances are it will come up with a pretty good answer.

  • Rewrites: You can feed it any body of text and it can rewrite it for you. This could be an email you’re working on, a biography, a congratulatory note, condolences – you name it.
  • Math: Ask it to solve complicated math problems (like interest rate calculations) and you will have an answer in seconds.

Looking for additional ways to use it in your business? Why don’t you ask ChatGPT directly why you should be using it for your real estate business?

Dave Danforth did, and you can CLICK HERE to read its response.

He also asked it to write a poem about “Why CB Danforth brokers are so awesome”, and you can read that work of art HERE.  🙂

I hope that gives you some ideas! And no, this article was NOT written by ChatGPT.  LOL

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