As you may have noticed, there is a lot of buzz around A.I. (artificial intelligence) and specifically ChatGPT at the moment. While it has become an echo-chamber for marketers and other industries, very little has been mentioned about its potential impact on the Real Estate industry.
Prior to the development of AI, computers were programmed with specific instructions to perform certain tasks based on certain conditions. However, with the advent of AI, computers now have the ability to learn and adapt through training. One of the key techniques used in AI is machine learning, which involves providing a computer with large amounts of data and allowing it to identify patterns and information on its own. As the computer is trained through this process, it improves its ability to learn and make decisions independently. Open AI, a well-known AI organization, has been at the forefront of this development, with notable projects like ChatGPT, which is a language model that has been trained on a large dataset.
Microsoft has invested a large amount of money into Open AI including an estimated 10 billion dollars in early 2023 and it is now estimated to push forward one of the biggest revolutions in the tech industry since the social media revolution. Open AI itself has an estimated market value of $30 billion.
The exciting thing about Chat GPT is that it is a chatbot you can ask questions, get feedback and have conversations with. The real power in Chat GPT comes from being able to ask it to do something and it produces a fast, high quality result.
What does this mean for real estate agents and business brokers?
As an agent or broker, you can ask Chat GPT to do something for you such as prepare a marketing plan, give suggestions on social media posts or blog articles or even write professional listings descriptions.
For example, I just went into Chat GPT and typed the following “Give me a description for a real estate advertisement that will sell my house. My house is a 4 bedroom, 2 bathroom house with high ceilings, a pool, gas cooking and a large backyard located in hope island resort”.
This is what Chat GPT responded with:
“Experience luxury living in the highly sought-after Hope Island Resort community with this stunning 4 bedroom, 2 bathroom home. High ceilings and an open floor plan create a grand and spacious atmosphere, while a private pool and large backyard offer endless opportunities for entertainment and relaxation. Enjoy the convenience of gas cooking in the gourmet kitchen and take advantage of the many amenities that Hope Island Resort has to offer. Don't miss your chance to own this incredible property - schedule a viewing today!”
How amazing is that? However we can take this even further… Chat GPT remembers a conversation you are having so you can ask follow up questions. In this example, I then asked it “provide a 7 day social media campaign to promote this property and suggest hashtags to use in my posts”
Amazingly, this is the response I got :
“Here is a 7-day social media campaign to promote your property:
Day 1: Introduce your property with a highlight of its best features. Use hashtags such as #HopeIslandResortLiving #DreamHome #MoveInReady
Day 2: Share a video tour of the inside of the house. Use hashtags such as #VirtualTour #LuxuryLiving #HomeSweetHome
Day 3: Show off the backyard and pool area. Use hashtags such as #OutdoorOasis #SummerReady #BackyardGoals
Day 4: Share a post about the convenience of the gas cooking in the kitchen. Use hashtags such as #GourmetKitchen #CookingMadeEasy #ChefApproved
Day 5: Share a post about the high ceilings and open floor plan. Use hashtags such as #SpaciousLiving #GrandEntrance #DesignInspiration
Day 6: Share a post about the many amenities that Hope Island Resort has to offer. Use hashtags such as #ResortLiving #CommunityVibes #ActiveLifestyle
Day 7: Remind your followers that the property is still available and encourage them to schedule a viewing. Use hashtags such as #LastChance #OpenHouse #MoveInReady
Make sure to use location tagging and use property's address and the location name.
Also, make sure you are using the same hashtags consistently throughout the campaign, and always include relevant hashtags, like #realestate and #propertyforsale.”
As you can see by these examples, A.I. is becoming revolutionary and has so much potential for agents and brokers as a tool. At the moment Chat GPT is currently released for research but this will only be temporary. Last year it was reported that it costs $100,000 per day to run Chat GPT and since it has had a massive boom in popularity, that figure is being reported at $3 million per day now!
Although Chat GPT is free and in research phase now, at MantisProperty we are currently working with their API’s to build AI functionality directly into MantisProperty. We will be rolling out many valuable A.I. features in the coming months but for now, if you want to experiment with Chat GPT, you can do so now at https://chat.openai.com/chat
Will AI replace real estate jobs?
The important thing to remember with A.I. (and all technology) is that it does not replace you as the agent. Technology is there to complement and enhance what you can do.
It is important to point out that some of the most important property deals you’ll be involved with will still require things such as the ability to read the person … and not just data on a sheet. Which, again, is a skill that computers — and even many humans! — lack.
By using technology like A.I., Automated Workflows, etc. you can work a lot more efficiently and creatively, getting technology to do the heavy lifting on day to day tasks so that you can spend more time doing what humans do best… building relationships, servicing clients and closing deals.
In short, technology may take some jobs in the field (specifically in relation to admin and perhaps marketing) … but there are other skills you have as an agent that are purely irreplaceable.
Feature of the Week: Automated Workflows
Automating processes in your real estate agency can save you a lot of time and energy. With MantisProperty's automated workflow system, you can set up a series of actions that will run automatically when certain conditions are met. This can include tasks such as sending follow-up emails to leads, updating client information in your CRM, and more.
One of the key benefits of automating these tasks is that it frees up more time for you to spend on doing high-level tasks within your agency - or take a well-deserved break.
MantisProperty's automated workflow system is easy to use and can be configured for your entire office or for specific agents. Additionally, you can choose to disable a workflow after it runs once, delete it after it runs once, or have it run continuously.
In addition, MantisProperty comes with a variety of pre-designed workflows that can be installed with just a click of a button. These templates are designed to help agencies work more efficiently and can be customised to fit your specific needs.
For more information on Automated Workflows, visit https://www.mantisproperty.com.au/automated-workflows.aspx