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ChatGPT takes on real estate: Agents say the AI could be a game changer in the industry

real estate broker
Credit: Pixabay/CC0 Public Domain

Century 21 Beggins Enterprises on its website lists a "beautiful" three-bedroom condo in Madeira Beach, Florida with "large spacious balconies to enjoy the warm, beautiful views."

"This is one of the only properties available on the Gulf Beach islands that's totally pet friendly," the listing reads. "Secure your piece of paradise at The Residences at Madeira Beach Town Center. Welcome home."

If you're tempted to buy the listing, thank ChatGPT. The text above was written by the free artificial intelligence computer program.

Real estate agents across the country are turning to the program to help write up listing descriptions and content scripts, as first reported by CNN.

"We're using it every day," said Mike Puma, chief marketing officer at Century 21 Beggins, who uses ChatGPT to write content like or video scripts for real estate agents. "(This allows) them to spend more time on what they do best."

How are real estate agents using ChatGPT?

Tony Angelos, a Chicago-based broker, said he started using ChatGPT soon after OpenAI launched the program in November 2022.

"It's a total game changer," he said. For most real estate agents, "marketing and prospecting is really most of the jobs' core functions. And this is a very cost-effective way to completely eliminate one of those things."

Angelos uses the program regularly to come up with scripts for social media videos and listing descriptions.

Earlier this week, he had the AI program write a script about things to do in Chicago in February. He said what would have taken him 20 minutes to write took ChatGPT five seconds.

"I said make it a little funnier, and it made it funnier for me," he said. "It's not perfect by any means. But it is an amazing starting point."

Paige Hewitt, a realtor based in Indianapolis, has used ChatGPT to help write listing descriptions and marketing newsletters. She said the program's capabilities far exceeded her expectations, and she's excited that the time it saves her means she can spend more time with clients.

"It's going to make my job easier, which is going to make me stronger at my job," she said.

While the is a growing trend in the industry, the National Association of Realtors' director of emerging technology, David Conroy, says business usage among realtors has so far been limited.

How much does ChatGPT cost?

While ChatGPT is free for now, OpenAI's official Discord server in January said the company was "starting to think about how to monetize ChatGPT" to "continue improving and maintaining the service."

Real estate agents told U.S. TODAY they believe the tool would be well worth the money.

"We've been playing around with different AI platforms for years now and none of them have been very good," Puma said. With ChatGPT, "we can now build really unique things on top of this that make the agents' life even easier."

What are ChatGPT's limits?

ChatGPT has proven to be useful, but it's not perfect.

Its popularity means it regularly reaches full capacity, forcing users to wait their turn to use the program. And because it was trained with writing from the internet up to 2021, some of its information is outdated.

Conroy from NAR warned that anything generated with AI should be thoroughly reviewed by licensed professionals. That includes listing descriptions; he notes that NAR's code of ethics prohibits the exaggeration or misrepresentation of pertinent facts.

"There could be scenarios where listing descriptions created by using AI could unintentionally include language or descriptions that are not intended or even violate fair housing laws," Conroy said in an emailed statement. "It is important to remember that real estate professionals have a responsibility to their clients to be honest and truthful."

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Citation: ChatGPT takes on real estate: Agents say the AI could be a game changer in the industry (2023, February 1) retrieved 15 April 2024 from https://techxplore.com/news/2023-02-chatgpt-real-estate-agents-ai.html
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