Artificial intelligence (AI) is revolutionizing operations within industries across the board. Real estate is no exception, with AI tools transforming how professional developers and others from the sector do business. According to real estate developer and REIT manager Elliot Adler, ChatGPT from OpenAI is a prime example, facilitating easier than ever description, letter, script writing, and plenty more.
“Already in 2023, real estate professionals are turning to the power of cutting-edge AI tools in their droves, with ChatGPT at the top of most of their lists,” says real estate developer and REIT manager Adler, speaking from his home in San Diego, California.
ChatGPT is an artificial intelligence-powered chatbot from OpenAI. Chatbots are software applications traditionally used to handle online help desk-type chats instead of speaking to a human. All manner of companies have utilized chatbots over the years. However, ChatGPT is shaping streets ahead of any chatbot that has come before it.
Unlike its predecessors, it doesn’t answer questions with canned responses or by interpreting search results. ChatGPT relies on the mountains of data collected by OpenAI, large language models like Google Dialogflow, and bleeding-edge proprietary technology developed in-house by its maker. It analyzes questions, contextualizes what it knows, and provides conversational responses.
ChatGPT creator OpenAI first opened its doors in 2015 in San Francisco. The chatbot follows in the footsteps of OpenAI Gym, Universe, GPT-3, and DALL-E. These are a platform for reinforcement learning research, a platform for training an AI’s general intelligence, a language model, and a deep learning digital images model, respectively.
Yet, ChatGPT is the San Francisco research lab’s biggest hit. Launched in November 2022, the tool has rapidly made waves in countless industries, including real estate. “ChatGPT uses reinforcement learning and other techniques to do what no other tool has done before,” Elliot Adler explained.
And according to the San Diego-based real estate developer and REIT manager, his peers are quickly reaping the benefits from OpenAI’s revolutionary chatbot. Just weeks after ChatGPT’s launch, real estate professionals are flocking to the AI tool to generate property listing descriptions, write letters, and compile video scripts.
While that’s impressive, using ChatGPT to write letters, descriptions, and scripts only scratches the surface. Savvy real estate professionals have already used the chatbot to grant advice on negotiating property deals and to gather information about local and national housing laws. Others are using ChatGPT as a virtual assistant with almost infinite knowledge of every topic imaginable – including real estate.
Elsewhere, a further standout use highlighted is lead generation. The San Diego-based real estate investor says there’s never been a tool like it for this task in particular. With that, the seasoned professional suggests that real estate agents stand to save vast amounts of time generating leads, leaving them free to focus on other areas of their business.
Furthermore, he points out that ChatGPT is just one of several artificial intelligence-powered tools likely to appeal to real estate professionals. Examples include Hyro, touted as the world’s first adaptive real estate communications platform, and Redfin. Redfin uses AI to help agents conduct customer research. However, unlike ChatGPT, there’s a significant cost involved – a one percent commission on resulting sales.
ChatGPT remains free for real estate professionals and others alike, albeit with daily usage limits. Yet, for unlimited access and additional functionality, there’s now ChatGPT Professional. ChatGPT Professional launched this month and offered zero throttling and no message capping for a small fee.
Of course, there’s been some cause for concern surrounding ChatGPT and other similar tools. Could ChatGPT, in fact, replace real estate professionals in the future? Thankfully not, Elliot Adler notes. “There will always need to be additional layers of human thought to what ChatGPT does,” he adds, wrapping up, “, especially within real estate, finance, and other adjacent industries.”
About Elliot Adler
As a San Diego-based real estate developer and REIT manager boasting an extensive background in property. He cultivated a vast knowledge of the landscape during his time in the field. He is widely regarded for understanding what’s required to develop residential and commercial properties. He also focuses on detail and preserving investment capital first.
He enjoys numerous hobbies and interests outside his work, including sports and technology. He is actively involved in supporting youth basketball leagues in San Diego. He has also volunteered at several local organizations, including Mama’s Kitchen which provides meals to those in need.