Over the last few months, ChatGPT has been hyped and is now all over the place.
You may have played around with it already and used your first prompts (what you enter into the chat field to ask the AI to do something).
You may have already found and even implemented a few use cases for your workflow as a real estate agent.
However, you may have missed some of the ones I will discuss today.
Don’t worry; this won’t be another article or video where you receive some half-baked prompts that, with some luck, get you a decent output from ChatGPT.
Just one prompt won’t cut it anyway, but that’s for another topic.
So in today’s article, I will cover…
- What ChatGPT is
- An ordered and prioritized overview of 9 ChatGPT use cases for real estate agents.
- What we can make of these uses cases.
What is ChatGPT?
The short answer is that ChatGPT is an AI chatbot created by OpenAI.
It debuted in November 2022 and is based on OpenAI’s powerful GPT-3.5 and GPT-4 large language models (LLMs).
By the way, large language models already exist since 2018 (source). The difference? Now, you can access them via a Chat Interface (ChatGPT).
And this AI language model is designed to understand and generate human-like text.
So, what does that mean for you?
In short, it can help you automate and improve various aspects of your tasks as a real estate pro and save you time.
The Ordered and Prioritized Overview of 9 ChatGPT Use Cases for Real Estate Agents
I didn’t want to be the guy throwing use cases around without any system or order.
So if it’s one thing that ChatGPT can help with, it’s saving time.
This is provided you use it correctly and don’t prompt it without putting some work into the prompt or, shall I say, the series of prompt combinations.
Therefore one of the essential criteria to order and prioritize the use cases you will soon learn about is time savings.
- Data entry and management (e.g., client databases, property listings, contracts, etc.)
- Scheduling and coordination (e.g., meetings, inspections, appraisals, open houses, closings, etc.)
- Research and analysis (e.g., comparative market analysis reports, market research, study of the latest trends and regulations)
- Communication and marketing (e.g., replying to emails, phone calls, texts, updating websites and social media)
So, while you go through the list below, you may start wondering how I came up with the order. Remember, it’s all about the impact they can have on your day-to-day work.
I am considering time savings, efficiency, client engagement, marketing reach, and revenue generation.
And as we go down the list, the use cases get a bit more specialized or have a smaller impact.
But don’t be fooled – if at the bottom of the list, they still offer tons of value in different areas of the real estate biz, like market analysis, competitor research, and personal branding.
The idea behind the order is to highlight the most game-changing applications of ChatGPT for real estate agents.
But, well, every agent is different, right? So your specific needs and situations might change the importance of these use cases a bit.
So without further adieu, here are the use cases:
1) Automated Property Listing Descriptions
ChatGPT can help you generate persuasive and accurate property descriptions by incorporating essential details and crafting engaging narratives.
This can save you time and improves listing quality, ultimately attracting more potential buyers.
But how does it work?
Well, as I mentioned earlier, ChatGPT is fueled by natural language processing (NLP) technology, enabling it to understand human language and generate text that reads as a human wrote it.
It has been trained on a massive dataset, including various real estate listing descriptions.
It can pick up on the nuances that make a property description shine, like highlighting unique features or using persuasive language.
But again, it also depends on how well you design your prompt to generate your property listing descriptions.
2) Buyer and Seller Lead Qualification
Via natural language processing ChatGPT can interact with prospects, gathering preliminary information and determining their needs.
This streamlines your real estate lead qualification process, allowing you to focus on more qualified prospects.
How does this work?
GPT can engage with leads through chatbots, emails, or even social media, asking pertinent questions to better grasp their needs, preferences, and motivations.
For instance, GPT might ask buyers about their budget, preferred location, desired property type, and timeline for purchase.
On the other hand, it could ask potential seller clients on your website about their property’s features, asking price, reasons for selling, and whether they are open to working with a realtor.
How can this be implemented for practical use?
That’s a good question because you need to bring GPT to interfaces other than the one you get via OpenAI (the chat interface you may know already).
Regarding chatbot implementation, you can integrate it into an existing chatbot platform or build a new one using various tools and APIs available.
You need to connect your chatbot to OpenAI’s API for the latter, so the AI can process user inputs and provide appropriate responses in real-time.
Voila! You’ve got a smart, conversational chatbot to add to your real estate website that can handle lead qualification, answer questions, and more!
There are not yet many ready-made chatbot solutions integrating GPT on the market. One to mention is AIBuddy (for WhatsApp).
Regarding qualifying seller and buyer prospects via emails and ChatGPT, you can use it to have it craft personalized emails to engage with your leads.
You can use its API to generate email content automatically focusing on lead qualification or create email templates using its natural language generation capabilities.
Once you’ve got the content, you can use your preferred email marketing tool to send those emails to your leads.
3) Personalized Property Recommendations
With the proper API implementation into your property database, (Chat)GPT can suggest suitable properties tailored to your buyer prospects‘ needs by analyzing client preferences, increasing the likelihood of a successful match and boosting agent-client satisfaction.
First, you have to gather information about your client’s preferences, such as budget, location, property type, size, and other requirements.
You can collect this information through questionnaires, chatbots, or direct client conversations.
Once you have the necessary data, you’ll feed it into ChatGPT.
The AI will analyze and compare the client’s preferences with your property database.
It’ll then generate a list of suitable properties that match the client’s criteria, considering factors like price, location, amenities, and more.
ChatGPT can also help you present these recommendations in a personalized and engaging manner.
For example, it can create tailored emails or messages highlighting each property’s key features and explaining why they match the client’s preferences.
This way, you’re not just offering a list of properties; you’re providing a curated selection that speaks directly to your client’s needs.
So, let’s recap. To make personalized property recommendations with ChatGPT, you’ll need to:
- Collect information about your client’s preferences.
- Feed the data into ChatGPT and let it analyze the client’s needs.
- Allow ChatGPT to generate a list of suitable properties based on the analysis.
- Use ChatGPT to present personalized and engaging recommendations, such as tailored emails or messages.
4) Customer Relationship Management
Slightly overlapping with the use case of buyers and seller lead qualification use case, Chat GPT can help agents maintain communication with clients, answering common questions, and keeping them engaged throughout the buying or selling process.
And unlike Chatbots, several CRMs have integrated GPTs API, such as…
5) Social Media Content Generation
Again with the proper prompts, ChatGPT can help you create engaging and relevant social media posts, helping agents establish a robust online presence, connect with their audience, and attract potential clients.
Here are three examples and no, no coding is needed for that to access GPT’s API.
1) You can generate unique and creative content ideas for your social media posts.
Simply provide the AI with a topic, theme, or target audience, and it will come up with various content suggestions tailored to your needs.
2) ChatGPT can help you craft engaging copy for your social media posts.
Input the key points or desired message, and the AI will generate well-written, attention-grabbing text that resonates with your audience.
3) It can also suggest relevant hashtags and keywords for your posts, helping to increase their reach and visibility.
This can be especially useful for platforms like Instagram and Twitter, where hashtags significantly influence content discovery.
6) Real Estate Email Marketing Campaigns
ChatGPT can generate personalized email content based on client preferences, improving open rates and fostering better engagement.
So it can generate…
- Eye-catching and creative subject lines helping you increase your open-rates
- Persuasive email content tailored to your real estate prospects when you provide it with your key message, real estate target audience, and any other specific information you want to include.
- Persuasive CTAs to motivate your subscribers to take the desired action (e.g., scheduling a call with you, clicking a link to a property, etc.)
At the time of this writing, no (real estate) email marketing providers have integrated with Chat GPT yet.
But it is not as necessary as is the case with Chatbots.
Fortunately, email is asynchronous communication and not synchronous like chats usually are.
So you can prepare the AI-generated email copy in advance by using good old copy and pasting.
7) Real Estate Content Marketing
ChatGPT can assist you in developing your individual real estate content strategy and then help you create the needed written content.
This can include neighborhood guides covering local amenities or video scripts for particular topics of interest.
8) Automated Real Estate Contract Generation
Of course, ChatGPT can’t be a replacement for professional legal advice since it’s not a dedicated legal tool.
However, it can assist with drafting and customizing contract templates by providing relevant clauses, terms, and language based on the specific requirements of a particular real estate transaction.
So you could provide ChatGPT with the necessary context and details of the real estate transaction. It can then generate relevant clauses or terms that should be included in the contract.
However, it’s crucial to have a legal expert review and validate the generated clauses to ensure compliance with local laws and regulations.
You can have it customize contract templates based on the specific needs of a real estate transaction.
By inputting information about the parties involved, property details, and other transaction-specific data, ChatGPT can tailor the contract template to fit the particular deal.
Chat GPT can also review a contract (if it’s not a hundred-page contract) and identify potential inconsistencies or missing information within the contract draft.
This can help streamline the review process before the contract is handed over to a legal expert for final approval.
Once Chat GPT can handle more tokens than currently and can work with the whole Harry Potter series in just one prompt, you could input whole documents about a particular law in your state and then have it generate a contract draft based on that law.
By the way, tokens are the units the AI model processes to understand and generate text.
Tokens can represent single characters, words, or subwords, depending on the language and how the model is trained.
They are the building blocks of text input and output in ChatGPT.
9) Real Estate Competitor Analysis
Real estate is sometimes a competitive game, if not all the time.
ChatGPT can also help you analyze your competitors by gathering information, identifying trends, and providing insights to adjust your strategies.
However, I wouldn’t consider data collection via web search as a viable use case for all ChatGPT users yet. Only a few currently have access to the browsing feature (source).
Once the majority can access this feature, you can have it search for relevant information about your competitors (e.g., properties, marketing strategies, pricing, customer reviews, etc.).
ChatGPT can then identify trends and patterns in your competitors’ strategies based on the collected data.
This might include popular property types, effective marketing channels, or successful pricing strategies.
Next, you can have it compare your strategies and performance with your competitors, highlighting areas where you might be lagging or excelling.
This can help you understand your unique selling points and areas that need improvement.
Again, no coding and API integration would be needed, only the proper series of intelligent prompts.
What Can We Make Of the ChatGPT Use Cases for Realtors?
As you may have learned from the earlier section, many of the ChatGPT use cases for realtors are untapped.
Because there are no ready-made software solutions on the market yet.
I’m sure this will change soon.
To bring some order into the different ChatGPT use cases for realtors, I prepared a table below that categorizes them properly.
|Use Case||Applicable Via|
|Automated property listing descriptions||Open AI Chat|
|Buyer and seller lead qualification||Open AI API integration (coding required)|
|Personalized property recommendations||Open AI API integration (coding required)|
|Customer relationship management||Existing software or Open AI API integration (coding required)|
|Social media content generation||Open AI Chat|
|Real estate email marketing campaigns||Open AI API integration (coding required)|
|Real estate content marketing||Open AI Chat|
|Automated real estate contract generation||Open AI Chat|
|Real estate competitor analysis||Open AI Chat (once web browsing is available to the majority of users)|
So as you can see, less than half of the above use cases are currently an option you can pursue just by using the GPT’s chat interface “ChatGPT.”
For the remaining ones, you would need to hire someone that could code it according to your needs, or you code it yourself, provided you have the coding skills for that (or know how to have ChatGPT assist you with it).
Nevertheless, there are still enough use cases that can help you save time in various areas of your real estate business.
This article has been reviewed by our editorial team. It has been approved for publication in accordance with our editorial policy.
- Real Estate Leads Pay at Closing vs. Relocation Deals - October 7, 2023
- Pay at Closing Real Estate Leads vs. Upfront Payments - October 6, 2023
- Real Estate Leads Pay at Closing vs. Partnerships - October 5, 2023