“As current students, most of us have explored ChatGPT in work or study, or out of curiosity, mostly to facilitate some dirty work to increase productivity. As a CSE Career Captain, ChatGPT really helps a lot with my industry research work, acting like an AI expert across various industries.
For a new blog series, I wanted to know how this AI expert is changing each industry. Starting with real estate, here’s what I found about how ChatGPT makes an impact as a game-changer.”
– Ruolan Li, MA’24
Check out the first installation in a new CSE Connect Series about how ChatGPT is influencing the various industries of interest to Brandeis International Business School Students!
ChatGPT’s Impact on the Real Estate Industry: A Game-Changer
In a world that’s becoming increasingly tech-savvy, artificial intelligence is making its presence felt across various industries. The real estate sector is no exception, and ChatGPT, a powerful AI chatbot tool, is leading the charge in reshaping how real estate professionals conduct their business.
ChatGPT Makes Realtors’ Jobs Easier
According to the article “Real estate agents say they can’t imagine working without ChatGPT now” from CNN, realtors use it to streamline their work, from creating property listings and social media posts to drafting legal documents. ChatGPT generates detailed responses to user prompts, making tasks that typically take hours much quicker. For example, one realtor noted that it created a home listing description in seconds, which would have taken an hour to write manually. It has also helped automate repetitive tasks, such as answering common questions and performing complex calculations. The potential efficiency and time savings have made some realtors consider paying for the tool despite the expectation of future fees, with one stating they would be willing to pay $100 or $200 per year.
ChatGPT Improve Clients’ Experience
ChatGPT also provides convenience for customers. The most visited real estate website in the US has developed a new ChatGPT plugin for real estate, as the article “Zillow builds ChatGPT plugin for real estate searches” from PR Newswire mentioned. Users who enable the plugin can use conversational language to ask about specific property listings or share the types of for-sale and rental homes they are interested in.
ChatGPT Revolutionized Real Estate by Impacting Various Ways
The impact of ChatGPT on the real estate industry is not limited to its influence on agents. The article “Commercial Real Estate Firms Seeing Higher Profits and Lower Expenses Possible with ChatGPT and Other Generative AI Tools” by Benzinga shows various ways in which ChatGPT revolutionized the industry. From the marketing perspective, ChatGPT helps build targeted social media ads, listing copy, and blog articles. It can analyze market trends and keywords to expand a company’s reach to attract more clients. AI also helps with due diligence by providing real-time insights and metrics, reducing the time for research and analysis. Commercial real estate teams can use AI to make real-time informed decisions to avoid most risks and seize opportunities.
Real People Still Count
Compared with ChatGPT, people have another set of advantages. An article from Forbes, “As Revolutionary As ChatGPT Is, Real Estate Still Needs Real People” talks about the importance of people that ChatGPT cannot be displaced. While technology may enable more and more parts of the home-buying process, people tend to want people, not machines, to advise and inform them through the most important life decisions. People can listen to tone of voice, watch body language, and try to attend to subtle cues that words alone fail to communicate. Communication is the territory where real estate agents continue to add value and where ChatGPT cannot follow.
Reflection
In a rapidly evolving tech-driven world, ChatGPT’s impact on the real estate industry is nothing short of a game-changer. The convenience and efficiency it offers to real estate professionals are undeniable, from streamlining property listings and legal documentation to automating repetitive tasks. While ChatGPT’s capabilities are impressive, the human touch remains irreplaceable in real estate, as Forbes highlights. People’s unique ability to understand tone, body language, and subtle cues in communication continues to provide invaluable insights and advice during crucial life decisions.
Furthermore, ChatGPT’s influence extends beyond realtors, as it empowers the industry to enhance marketing strategies, due diligence, and customer engagement. Whether it’s assisting agents or enriching the customer experience, ChatGPT is reshaping the real estate landscape, combining AI’s efficiency with the indispensable qualities of human interaction.
Written by Ruolan Li, MA’24, and run through ChatGPT for grammar and copy-editing, this is the first installation in a new CSE Connect Series about how ChatGPT is influencing the various industries of interest to Brandeis International Business School Students.
