I’m more than a little fascinated with AI (Artificial Intelligence) and last week’s post explored a tiny bit of the AI technology.  (Read it here in case you missed it: https://realtytechbytes.com/what-is-artificial-intelligence/)

One of the leaders in the race to perfect AI is an organization called OpenAI (https://beta.openai.com/).  They recently released a research module called ChatGPT.  Read about it here:

ChatGPT: Optimizing Language Models for Dialogue

We’ve trained a model called ChatGPT which interacts in a conversational way. The dialogue format makes it possible for ChatGPT to answer followup questions, admit its mistakes, challenge incorrect premises, and reject inappropriate requests. ChatGPT is a sibling model to InstructGPT, which is trained to follow an instruction in a prompt and provide a detailed response.

You might be saying “so what” and I can’t blame you.  Their target audience are software developers who want to use AI to handle some interactions with people in a believable way.

I created an account for my self and found the “Playground” where I could ask the AI to create a few things.  I’m going to show you a handful of the things that I ran across.  My question is the bold line and the AI’s answer is in italics.

You tell me if you can tell that the answers are human or AI generated!

This tech is not quite ready for the average agent to use yet, but savvy real estate tech companies are certainly working on it!  

Stay tuned to the topic to see how it can benefit you and your clients in the months to come.

What follows is AI generated responses to my queries 

What technology tools to real estate agent really need?

1. CRM software: Customer relationship management (CRM) software helps real estate agents organize and manage their contacts, track client interactions, and store important documents.

2. Digital marketing platform: A digital marketing platform can help real estate agents reach a wider audience and promote their services.

3. Mobile app: A mobile app can help real estate agents stay connected with clients and manage their business on the go.

4. Lead generation tools: Lead generation tools allow real estate agents to capture leads from online sources and convert them into clients.

5. Property search engine: A property search engine makes it easier for real estate agents to find properties that meet their clients’ criteria.

6. Accounting software: Accounting software can help real estate agents track their expenses, manage their budget, and generate invoices.

7. Videoconferencing software: Videoconferencing software is essential for real estate agent who need to communicate with clients in different locations.

8. Virtual staging software: Virtual staging software helps real estate agent create realistic images of properties to make them more attractive to potential buyers.

What mobile apps do real estate agent really need?

1. Real Estate CRM: A customer relationship management (CRM) app that helps real estate agent manage their contacts, track leads, and schedule tasks.

2. Real Estate Listing App: An app that allows real estate agent to manage their listings, share them with potential buyers, and track open house attendance.

3. MLS App: An app that allows real estate agents to search for properties on multiple listing services (MLS) and get detailed listing information.

4. Real Estate Calculator: An app that helps real estate agents calculate mortgage payments, closing costs, and other pertinent financial data.

5. Document Management App: An app that allows real estate agents to store, manage, and share documents with clients, such as contracts and listing agreements.

6. Social Media App: An app that helps real estate agents share property listings on social media networks like Facebook, Twitter, and LinkedIn.

7. Home Valuation App: An app that helps real estate agents estimate the value of a property, based on recent comparable sales and market conditions.

Explain why real estate agent need a CRM (Version 1)

Real estate agents need a CRM (Customer Relationship Management) system to keep track of their clients, leads, and sales. A CRM helps them capture and store data on all of their contacts, manage tasks and appointments, and track activities and progress.

It also enables them to maintain better relationships with their clients by providing quick access to the necessary information and insights needed to make informed decisions. This helps them to build trust, increase their sales and grow their business.

Explain why real estate agents need a CRM (Version 2)

A real estate agent needs a CRM (Customer Relationship Management) system to help manage their client relationships and streamline the sales process. It can help them track leads, manage contacts, automate tasks, and keep track of client activities. It can also help them generate reports that can give them insights into their business performance. A CRM can provide a better customer experience and improved efficiency, allowing the agent to focus on their most important relationships.

How can a real estate agent get new clients? (Version 1)

1. Develop a strong online presence.

2. Develop relationships with local lenders, attorneys, and other real estate professionals.

3. Attend local events and join relevant interest groups.

4. Network and build relationships with potential clients.

5. Create a referral program.

6. Leverage word-of-mouth marketing.

7. Create content such as blogs and videos.

8. Make use of social media platforms.

9. Use targeted paid advertising campaigns.

How can a real estate agent get new clients? (Version 2)

1. Use online marketing tools (social media, websites, email campaigns, etc.)

2. Have open houses to showcase properties

3. Network with other professionals

4. Create referral programs

5. Utilize local advertising

6. Develop relationships with local businesses and organizations

7. Participate in community events

8. Offer incentives to current clients for referrals

9. Leverage personal and professional relationships

10. Publish helpful content online and in print

Explain the use of technology for real estate agents to generate new business

Technology can be used by real estate agents to generate new business in several ways.

First, agents can use technology to better manage their existing customer base. This includes using customer relationship management (CRM) software to track customer interactions, automate marketing campaigns, and capture leads from their website.

Agents can also use technology to create a more engaging and effective listing presentation. This can include using virtual tours, 360-degree videos, and high-resolution photos to showcase the property.

Social media can also be used as a tool to reach new clients and stay in touch with existing ones. Agents can use platforms such as Facebook, Instagram, and Twitter to engage with potential clients, advertise their services, and provide helpful real estate advice.

Lastly, agents can use technology to analyze the local real estate market. This includes analyzing data such as home values, market trends, and the latest listing activities. Doing so can help agents stay ahead of the competition and provide more informed advice to their clients.

Explain what ChatGPT is and why it is important

ChatGPT is an open source natural language processing system that is designed to enable automated conversations with chatbots. It is based on the GPT-3 (Generative Pre-trained Transformer 3) model, which is a powerful language model that has been trained on a massive amount of text data.

ChatGPT is important because it enables developers to quickly create powerful and sophisticated conversational AI systems that can generate natural-sounding responses to user queries. This technology can be used to create virtual assistants and customer service bots, as well as interactive educational and entertainment experiences.

Explain what AI is

AI (artificial intelligence) is a form of technology designed to simulate human intelligence. It enables machines to think and act like a human, and can be used to carry out tasks in a variety of fields such as management, data analysis, or robotics. AI technology is used to solve complex problems, such as facial recognition, natural language processing, and autonomous vehicles. It can also be used to automate everyday tasks, such as scheduling and customer service.

Explain how ai works

AI works by creating algorithms that enable machines to learn from data and recognize patterns. These algorithms are usually based on principles of mathematics and computer science, including statistics, probability, optimization and search algorithms.

AI algorithms can be used to solve problems and make decisions with minimal or no human intervention. AI can be used to analyze large datasets, identify patterns and correlations, and make predictions.

AI can also be used to automate processes, such as decision-making and finding the most efficient way to solve a problem.

Write a business plan for a real estate agent (This is a killer example)

A business plan is a comprehensive document that outlines the strategy and goals of a business. It serves as a roadmap for the business and helps ensure that it stays on track to meet its objectives. A business plan for a REALTOR® should include the following elements:

1. Executive summary: This is a brief overview of the business and its goals.
2. Market analysis: This section should describe the real estate market in the area where the business will operate. It should include information about the demand for real estate, the competition, and any trends or opportunities in the market.
3. Target audience: This section should describe the types of clients the business will serve, such as first-time homebuyers, families, or investors.
4. Marketing and sales strategy: This section should describe how the business will attract and retain clients, such as through advertising, networking, or referrals. It should also include details about how the business will close deals and generate revenue.
5. Service offering: This section should describe the types of services the business will offer, such as helping clients find and purchase homes, negotiating contracts, or managing rental properties.
6. Financial projections: This section should include projected income statements, balance sheets, and cash flow statements to show how the business will perform financially.
7. Management and staffing: This section should describe the management team and any employees or contractors the business will need.
8. Operations: This section should describe how the business will be run on a day-to-day basis, including details about office space, equipment, and systems.

Overall, a business plan for a real estate agent should clearly outline the business’s goals, target audience, marketing and sales strategy, service offering, financial projections, and operational plans. It should also provide insight into the management team and any staffing requirements.

Explain how a real estate agent can use ChatGPT (Version 1)

ChatGPT is a chatbot AI model developed by OpenAI that can generate human-like text based on a given prompt. real estate agent can use ChatGPT to automate some of their communication with clients and leads. Here are some ways that a real estate agent could use ChatGPT:

1. Create personalized responses: ChatGPT can generate custom responses to common questions or inquiries from clients and leads. This can save time for the real estate agent and provide a more personalized experience for the client.
2. Generate automated emails: ChatGPT can be used to create automated emails that are sent to clients and leads based on certain triggers. For example, an email could be sent to a lead who has shown interest in a particular property, or to a client who has recently closed on a home.
3. Handle frequently asked questions: ChatGPT can be programmed to provide answers to frequently asked questions, such as the process of buying or selling a home or the real estate agent’sservices. This can free up the real estate agent’stime and provide a convenient resource for clients and leads.
4. Generate social media content: ChatGPT can be used to generate social media posts or content for a real estate agent’swebsite. This can help the real estate agent stay active on social media and provide valuable information to clients and leads.

It’s important to note that ChatGPT is a tool that can assist a real estate agent, but it should not be used to replace personal interaction or professional advice. A real estate agent should always be available to answer questions and provide guidance to clients and leads.

Explain how areal estate agent can use ChatGPT (Version 2)

It’s important to note that ChatGPT is a tool that can assist a real estate agent, but it should not be used to replace personal interaction or professional advice. A real estate agent should always be available to answer questions and provide guidance to clients and leads.

ChatGPT is a chatbot technology that uses natural language processing (NLP) and machine learning algorithms to generate responses to user input. Real estate agents can use ChatGPT to automate certain tasks and improve their efficiency. Here are a few ways that real estate agents can use ChatGPT:

1. Lead generation: ChatGPT can be used to engage with potential clients and gather information about their property needs. The chatbot can ask questions, provide information, and capture contact information from leads.
2. Property search: ChatGPT can be used to help clients search for properties that meet their specific criteria. The chatbot can ask questions about location, price range, and other relevant details, and then provide a list of properties that match those criteria.
3. Scheduling appointments: ChatGPT can be used to schedule appointments with clients and manage the real estate agent’s calendar. The chatbot can ask for availability, confirm appointments, and send reminders.
4. Providing information: ChatGPT can be used to provide information about the real estate market, local neighborhoods, and other relevant topics. This can help real estate agents educate their clients and build trust.
5. Handling customer service: ChatGPT can be used to handle basic customer service inquiries, such as answering frequently asked questions or directing clients to the appropriate resources. This can free up the real estate agent’s time to focus on more complex tasks.

Overall, ChatGPT can be a useful tool for real estate agents looking to streamline their processes and improve their customer service. It’s important to note, however, that ChatGPT is not a replacement for personal interaction and should be used as an additional resource rather than a primary means of communication.

Explain how a real estate agent can use ChatGPT (Version 3)

ChatGPT is a chatbot that uses natural language processing (NLP) technology to have conversations with users in real-time. Real estate agents can use ChatGPT to interact with potential clients, answer common questions, and provide information about properties and the local real estate market.

Here are some ways a real estate agent can use ChatGPT:

1. Automate responses to common questions: ChatGPT can be programmed to respond to common questions about properties, the buying or selling process, and the local real estate market. This can help real estate agents save time and provide prompt, accurate information to potential clients.
2. Connect with leads: ChatGPT can be used to initiate conversations with potential clients and gather information about their needs and interests. This can help agents identify qualified leads and determine which properties may be a good fit for them.
3. Provide personalized recommendations: ChatGPT can be programmed to provide personalized recommendations based on a user’s specific needs and preferences. For example, if a user is looking for a home with a certain number of bedrooms in a specific price range, ChatGPT can recommend properties that meet those criteria.
4. Schedule appointments: ChatGPT can be programmed to schedule appointments with potential clients, allowing agents to efficiently manage their time and schedule viewings or consultations.
5. Stay in touch with past clients: ChatGPT can be used to stay in touch with past clients by sending regular updates or information about new properties on the market. This can help agents maintain relationships and generate repeat business.

Overall, ChatGPT can be a valuable tool for real estate agents looking to streamline their prospecting efforts and provide efficient, personalized service to potential clients.

As you can see from the above examples, the AI generated answers to my requests are very good, and with a bit of editing, can stand on their own.  Get in touch with your tech people and find out when they are going to integrate AI into their tech offerings to you, or find a company that has already done so.  I believe that it is that important to get out in front of this new tech wave.