My Real Estate Chats with ChatGPT 

 January 28, 2023

By  Dennis Jones

ChatGPT stands for "Chat Generative Pre-trained Transformer".

It would be much simpler to say that ChatGPT is a ROBOT.

Because that's what it is.

It's a ROBOT.

ChatGPT is a natural language software processing tool based on artificial intelligence that allows you to have human-like conversations with a computer.

ChatGPT has been programmed with billions of responses that can help users with all sorts of tasks, like:

• Answering simple, Google-style questions
• Writing advertising copy (like listing descriptions)
• Generating software code
• Writing creative stories

As a breakthrough software tool, it's pretty amazing.

To illustrate how powerful (and almost human-like) this "Robot" is, I asked ChatGPT this real estate agent related question...

(Me): I am a Realtor. What can I do to compete against other Realtors in my local market?

(ChatGPT): As a Realtor, there are several ways to compete against other Realtors in your market:

  • Build a strong personal brand: Develop a unique selling proposition and communicate it effectively through your website, social media, and other marketing materials.
  • Provide excellent customer service: Make sure that your clients are satisfied with the service they receive and that they feel they're in good hands.
  • Network: Attend local networking events and join professional organizations to connect with other realtors, potential buyers, and other industry professionals.
  • Specialize: Develop expertise in a specific area of real estate such as luxury homes, first-time home buyers, or a particular geographic area.
  • Stay up-to-date: Stay informed about the local real estate market and stay current on industry trends and best practices.
  • Be creative: Be creative in your approach to listing, marketing, and selling properties. Use virtual tours, video, and other technology to stand out.
  • Be responsive: Respond to client inquiries and concerns as quickly as possible.
  • Be reliable: Be dependable and keep your promises, be responsive and be there for your clients.
  • Keep your CRM updated: Keep detailed records of your clients, their preferences and the properties they viewed.
  • Be proactive: Be the first to know about new listings and market trends, and be the one to bring them to your clients.

It's important to note that by building a strong reputation and providing excellent customer service can also help you to stand out and retain clients.

Everything in RED  was generated automatically, in seconds, by ChatGPT.

It's funny how much that Robot sounds like me. I've been saying these same things, over and over, for many years to the agents in my coaching group.

Recently, I had a conversation with an agent about ChatGPT and how I believe it will threaten a lot of peoples jobs. The agent did not agree, and doubted a software tool could replace a Realtor, so I thought I would test the ROBOT's creative skills with another real estate related question.

Check this out:

Write a marketing description for a 3,100 square foot home with 3 bedrooms and a pool on a golf course.

Experience luxury living at its finest with this stunning 3,100 square foot home situated on a picturesque golf course. This spacious and elegantly designed home boasts 3 bedrooms, each with ample closet space and natural light, providing the perfect retreat for relaxation and rejuvenation.

The heart of the home is the open-concept kitchen and living area, perfect for entertaining guests or enjoying a cozy night in. The gourmet kitchen features high-end stainless steel appliances, granite countertops, and a large island, making it a chef's dream.

Step outside and you'll find yourself in paradise. The backyard oasis features a sparkling in-ground pool, perfect for cooling off on a hot summer day, or for hosting a pool party with friends and family. The lush green surroundings of the golf course provide the perfect backdrop for your outdoor gatherings.

Additional features of this home include hardwood floors, a formal dining room, a three-car garage, and a large driveway for ample parking. Located in a desirable neighborhood, this home is just minutes from shopping, dining, and entertainment. Don't miss your opportunity to own a piece of paradise and schedule a showing today!

Everything in RED was automatically generated, in seconds, by the ChatGPT artificial intelligence Robot.

Hey...I'd like to see that home!

By the way...are you paying anyone to write creative descriptions for you?

ChatGPT is free!

I understand that writing creative descriptions is not the primary job for a real estate professional, but I know a lot of agents who could used some help in this area.

If you struggle with creativity, you might want to look into this...

This artificial intelligence "Robot" is pretty smart when it comes to real estate.

I have to remind myself that I am having a conversation with a pre-programmed computer!

I decided to ask one last question.

And here it is:

I am a Realtor. Is my job at risk?

Realtor jobs can be affected by a variety of factors, such as changes in the economy, fluctuations in the real estate market, and advancements in technology. Some of the specific risks that Realtor jobs may face include:

1) Economic downturns: During economic recessions, people may be less likely to buy or sell properties, which can lead to a decrease in demand for real estate agents.

2) Disruption from technology: The rise of online real estate platforms and virtual tools can make it easier for consumers to find properties and complete transactions without the need for an agent.

3) Increased competition: The real estate industry is becoming increasingly crowded, with more people entering the field, which can make it harder for agents to find clients and make sales.

4) Legal and compliance: The real estate industry is heavily regulated, and any failure to comply with laws, regulations and ethical standards may put the job at risk.

However, despite these challenges, the real estate industry is still a large and important one, and there will always be a demand for skilled and knowledgeable real estate agents.

Additionally, the industry is constantly evolving, so new opportunities and niches may arise, that could be a good fit for some agents. It's important to stay informed and adapt to changes in the industry, in order to remain competitive.

Good luck to you!

Again, everything in RED was automatically generated, in seconds, by the ChatGPT artificial intelligence Robot.

ChatGPT is powerful and easy to use.

And it's easy for me to see ChatGPT being used in the real estate business to some degree.

Does it have the power to replace a Realtor?

Dennis Jones

Dennis is a 23-year veteran of the real estate business. His industry experience includes over 5,500 residential real estate transactions exceeding $1 Billion in contract value. He founded RARE Agents to help agents of all experience levels raise the bar of excellence through his mentoring and coaching programs.
Email: Dennis@RareAgents.com.

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