How to Use ChatGPT for Real Estate: 11 Use Cases of ChatGPT for Realtors

March 18, 2024
9 min

Ever since the launch of ChatGPT in November 2022, social media has been abuzz with discussions around the possibilities—and risks—of this new AI innovation in different industries and business divisions, like computing, media, and customer service, to mention a few. ChatGPT real estate has been no exception.

We sat down with our fellow property professionals and brainstormed how ChatGPT could be used in real estate and what possibilities (or disruptions?) it can bring to the table. We all agreed that the ChatGPT real estate combo has enormous potential for creating compelling copy for social media, penning replies to customers, planning drip campaigns, drafting legal documents, and writing property descriptions.

However, it’s not all smooth sailing. There are certain red flags about using ChatGPT for real estate that agents should be cautious of. But let’s look into the possibilities behind this tool first.

11 Use Cases of ChatGPT in Real Estate

11 Use Cases of ChatGPT in Real Estate

1. Writing Property Listings

ChatGPT real estate can be a real time-saver when it comes to generating property descriptions based on some basic information about a property, such as its location, the number of people it can accommodate, and other key features. You just feed this information into the chatbot, and its AI brains highlight the property’s strengths pretty much as any human would do.

If you haven’t yet been exposed to the content-generating intelligence of Chat GPT for real estate, google it now, create an account, and start your conversation, say, by asking the chatbot to write a listing for a full-floor office in central Dallas. You will be amazed how quickly the tool will spit out an elegantly worded description for you to be able to successfully market your commercial property.

Here’s what the AI generated for me just in 10 seconds:

 

ChatGPT for Real Estate | Property Listing Generation

ChatGPT for Real Estate | Property Listing Generation

 

Just curious, how long would it take you or your content manager to come up with a similar copy?

Additionally, ChatGPT can provide real estate agents with language suggestions to make descriptions more engaging, create multiple versions to appeal to different audiences, and can save you even more time and effort if coupled with other tools for CRE agents.

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2. Creating Tinned Email & Social Media Marketing Campaigns

Just as it is a great listing description writer, the real estate ChatGPT can create engaging email marketing journeys for your real estate leads. The trick is the same: you input some bits of information you already know about the client, e.g., the date of their lease expiration, the type of property they’re interested in, or any other details you would like to highlight in the email, and ChatGPT for real estate will take it over from there.

ChatGPT for real estate | Email Marketing

ChatGPT for Real Estate | Email Marketing

 

Along with that, ChatGPT can assist real estate agents in:

  • Reviewing and editing the email to ensure that it is error-free, concise, and easy to read.
  • Suggesting ways to incorporate personalization and segmentation into the email, such as using the recipient’s name or targeting specific demographics.
  • Offering guidance on creating effective calls-to-action that encourage the reader to take the desired next step, whether that’s scheduling a consultation or checking out a new property listing.
  • Staying up to date on the latest email marketing trends and best practices to ensure that emails are as effective as possible.

 

Another time- and effort-saving opportunity ChatGPT real estate agents can bring is social media posting. If you are not actively pursuing your online presence yet, it is a great time to start your social media endeavors, as you can delegate much of your copywriting to real estate ChatGPT.

Relators can either ask ChatGPT to write a posting on a given topic, say using the prompt “Please create a short post for Linkedin announcing that our real estate services firm is expanding to New York and beyond,” or request the AI to generate a list of topics if you do not have anything specific in mind.

 

Chat GPT for Real Estate | Social Media Marketing

Chat GPT for Real Estate | Social Media Marketing

3. Personalizing Property Listings & Emails

Every prospective tenant or buyer has unique preferences and expectations toward the property. While one may prioritize spaciousness and natural light, another may value proximity to underground stations and other amenities. But after all, you have just one property listing that you know would suit both depending on how it is marketed. And this is where ChatGPT for real estate can step in.

The GPT-3 brain can artfully amend the existing property listing, highlighting its strongest qualities in a way that appeals to different customers and their preferences.

ChatGPT Real Estate Agents | Personalization

ChatGPT Real Estate Agents | Personalization

 

4. Improving Your Emails & Texts

When you find yourself composing a crucial email and require the wording and tone to perfectly align with your desired approach, utilize ChatGPT to assist you in rephrasing your email.

 

ChatGPT Realtor | Improving Your Copy

ChatGPT for Realtors | Improving Your Copy

 

The power of ChatGPT for real estate agents is that even if you do not get the desired result from the first try, you can always ask the chatbot to tweak your copy by giving some context or clear instructions, like “Your email is too long. Please keep it as short as possible” or “Your copy is too wordy and formal. Please make it more casual and brief.

You can also have ChatGPT real estate to:

  • check your copy for grammatical mistakes,
  • refine its style,
  • finish the provided text,
  • or come up with a synonym if you find yourself in a creative rut.

5. Writing Scripts

Creating scripts for videos and virtual tours in real estate was one of the most time-consuming tasks. – until Chat GPT stepped in 2022.

Whether you need a script for a formal business presentation, an engaging advertisement, or a lighthearted video, ChatGPT can generate one for you within seconds.

Here’s what ChatGPT real estate has generated for me on my prompt: “Generate a script for 2 min video about use cases of Chat GPT in real estate.

 

Using ChatGPT for Real Estate Videos

Using ChatGPT for Real Estate Videos

 

6. Generating Ideas & Topics

Apart from writing compelling copy, Chat GPT in real estate can help agents brainstorm fresh ideas for their social media marketing, YouTube videos, blog posting, and newsletters.

For example:

ChatGPT Prompts for Real Estate Agents | Idea Generation

ChatGPT Prompts for Real Estate Agents | Idea Generation

7. Drafting Legal Documents

With its natural language processing capabilities and vast knowledge base, ChatGPT can assist real estate agents in generating various types of legal documents, such as contracts, tenancy agreements, and policies, saving you time and effort.

For example, in response to my prompt “draft me a tenancy agreement,” the gpt-3 real estate generated a fairly convincing-looking contract:

Lease agreement chatgpt

Example of a Lease Agreement Created by ChatGPT

 

However, while ChatGPT works great for initial drafting, any copy it generates must be ultimately reviewed by a legal professional to ensure that the copy is legally binding, accurately reflects your intentions, and provides adequate protection for your interests.

Still, any kind of legal proofreading takes much less time than crafting a contract from scratch.

 

8. Summarising Long Documents into Short Abstracts

Another great approach to using ChatGPT in real estate is to ask it to summarise a long text, either a document or an article, into a short, digestible abstract. See what the chatbot had generated for me when I asked it to summarise the article comparing Salesforce vs Dynamics AI developments:

 

ChatGPT in Real Estate | Summarizing into Abstracts

ChatGPT in Real Estate | Summarizing into Abstracts

 

What is even more handy is that you can then ask the chatbot to pick specific bits of information and provide more details on those particular aspects. Just ask ChatGPT “How exactly does Salesforce partner with OpenAI?,” and if this was mentioned in the original article, you will have the answer in an instant.

9. Translating Emails & Texts

Another ultimate benefit of using Chat GPT in real estate is that realtors and brokers can easily have their correspondence or property listings translated into another language. For example:

 

ChatGPT Real Estate Agents | Translation

ChatGPT for Real Estate Agents | Translation

 

You can also translate your legal documents, like tenancy agreements or property inspection reports. It is important to note that these translations should always be reviewed by a professional translator for accuracy and completeness.

10. Enhanced Customer Support

Another area where ChatGPT for real estate can add great value both to customers and realtors is customer support. I envision two main approaches here:

  • ChatGPT can act as a copywriting helper, penning personalized replies to customers’ queries. Once you have got a request / complaint / or feedback from a client, ChatGPT can quickly generate a thoughtful and tailored response that addresses their specific concerns.

 

GPT-3 Real Estate | Better Customer Support

GPT-3 Real Estate | Better Customer Support

 

  • Realtors and brokers can also utilize the power of GPT-3 in real estate to generate a comprehensive set of Frequently Asked Questions (FAQ). This can cover various topics such as property listings, financing options, legal processes, and more, providing self-help resources to your clients and thus saving valuable time for your agents. For this, however, agents would need to feed in some “raw” information like guidelines and rules for the chatbot to be able to generate the right answers. And this is a slippery path in terms of security. Because once you’ve inputted something confidential, it becomes public in a matter of seconds. More on this below.

11. Simple Coding to Fix Bugs and Create Algorithms

One of the most exciting (and handy!) applications of ChatGPT in real estate is debugging real estate software, like loan origination systems, and creating algorithms for automated actions, e.g., generating comprehensive and accurate valuations for properties.

Speaking of AVMs, ChatGPT real estate can generate a quick estimate of a property’s value if provided with property details, such as size, condition, age, as well as recent sales data and local market trends. For example:

Example of Property Estimation Generated By ChatGPT

Example of Property Estimation Generated By ChatGPT

The more detailed statistical data you feed into the AI engine, the more accurate the property value you will arrive at.

 

Do’s & Dont’s When Using ChatGPT in Real Estate

Although ChatGPT, in some very creative ways, is changing the way business is done, real estate agents should be mindful of certain do’s and don’ts when utilizing ChatGPT in their real estate operations.

 

Dos & Donts of Using ChatGPT in Real_Estate

Dos & Donts of Using ChatGPT in Real Estate

 

1.Do not ask ChatGPT to write entire blog posts for your websites.

However lucrative it may look for SEO marketing purposes, using ChatGPT for blogwriting may be risky in terms of quality, accuracy, and legal compliance. Not to mention that the AI-generated text will always loo too generic and will not reflect your brand’s identity.

Instead, leverage ChatGPT in real estate for generating ideas and inspiration.

 

2.Do not input confidential data like real contacts and customer data into the chat.

ChatGPT’s privacy policy makes it clear that once you feed a string into ChatGPT, your information becomes public and available for other AI training purposes. Italy has even banned ChatGPT to protect its citizens until it improves its privacy, so you would think companies would be more careful about how their staff use it.

Instead, provide more context to the chatbot and ask it to act as a particular persona in a specific niche. By framing the conversation within a given context, you can engage ChatGPT as a simulated character, enabling it to provide tailored responses and insights relevant to the real estate domain.

 

3.Do not rely on ChatGPT without human oversight

To understand the risks, consider an experiment recently conducted by Sarah Bell, an AI specialist focused on real estate. She asked the chat to produce a Python code for automated evaluation of the desirability of different tenants based on nationality. She found out that the chatbot was profoundly prejudiced against Australians. Why? ChatGPT didn’t have the answer. This experiment may look just like a fun example of why we should or shouldn’t trust AI, but think – what if this code was blindly used as a source code of a rental marketplace? Australians would always fall victim to biased machines without a single real reason behind this. And why? Because the human wasn’t there to correct the mistake.

To avoid this scenario, make sure you double-check and cross-reference everything ChatGPT generates for your and other real estate agents.

Who Are We?

We, Ascendix, are a team of innovators dedicated to helping commercial real estate agencies embrace innovation.

Over 16+ years in real estate, we have witnessed many industry breakthroughs and developments, and have developed indispensable expertise that positions us as the right leader to help your company choose the right CRM software, migrate from your legacy system to Salesforce, and more.

Contact us if you need:

  • A technology partner who is sensitive to your commercial real estate problems – we have been providing stellar technology help to the most renowned industry incumbents like JLL and Colliers for almost 2 decades. Check our case studies to learn more about these collaborations.
  • An expert audit of your current technology, whether it be a dated CRM or listing platform, to spot the reasons for underperformance and room for improvement.
  • An external development partner to help you build whatever solution you have in mind for real estate – as product developers with 5 offices across the world, we have the right product buildout expertise and technology resources to bring your ideas to life.

Contact us to find out how we can help you succeed in commercial real estate.

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FAQ

What Can ChatGPT Do for Real Estate Professionals?

ChatGPT has the potential to revolutionize the real estate industry with its conversational AI abilities to answer common questions about property listings, pen emails, and even write property descriptions. It can even provide simple coding solutions and create algorithms for automated valuation models (AVM).

Can ChatGPT Really Replace Human Content Creators?

While ChatGPT is an impressive technology, it is unlikely to completely replace human content creators. While it can generate content quickly and accurately, it may lack the creativity and nuance that a human writer can bring to the table. Additionally, the use of AI-generated content may raise ethical concerns around authenticity and transparency. However, ChatGPT can still be a useful tool for content creators, providing a starting point or inspiration for their work.

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