You’ve probably heard a lot about the benefits of ChatGPT lately. There is no doubt that it’s everywhere now. Individuals use it regularly to streamline daily tasks in their personal and professional lives. And more and more companies across industries are finding new applications for the technology every day. From optimizing customer service experiences to simplifying travel planning and facilitating content creation, the potential of ChatGPT knows no bounds.
The real estate industry, in particular, has embraced the value of AI technology. Market leaders, such as Zillow and Redfin, have integrated GPT plugins into their software, enabling select users to ask more prescriptive questions when conducting a home search. Imagine requesting a home in a vibrant neighborhood with trendy restaurants or private backyards. Meanwhile, property managers, landlords, and agents leverage ChatGPT to write enticing property descriptions, draft responses to tenants and gather content and inspiration for their blogs, social media platforms, websites and more.
Identifying the time-saving value these tools can provide the industry is easy. As a software engineer myself, I was able to fast-track the implementation of AI technology into our application. Luckily, OpenAI, the company behind GPT and ChatGPT, provides solutions to assist with the integration, providing value to software applications across all industries.
Throughout this process, we uncovered several essential do’s and don’ts that are crucial for effectively harnessing the power of ChatGPT and AI technology. Below are a few of our top recommendations:
- Identify tasks where ChatGPT can save time. For instance, if you spend hours sending clients emails or crafting newsletters to promote your products and services, leveraging ChatGPT can be a game-changer. Some of our clients manage 500-plus properties, so having to write that number of creative listings can be daunting and overwhelming. On average, it takes 10 to 30 minutes to write each listing, while a GPT integration can accomplish that in a matter of seconds.
- Educate both clients and employees on how to use ChatGPT effectively. If you plan to integrate its technology into your daily operations or client-facing software, products or services, it’s crucial to provide clear instructions on how to use it and educate clients and employees on its limitations. Not everyone may be familiar with AI technology, so be prepared to address questions about data privacy and ethical considerations.
- Always review ChatGPT responses for accuracy before publishing them. While AI is a powerful tool, sometimes it will provide inaccurate or outdated information. Hence, reviewing all generated content before publishing it publicly is critical. Consider implementing an approval process. For example, we implemented a checkbox for users to approve the content generated within our AI Listing Generator to serve as a helpful reminder. If you’re in the real estate industry, it’s also important to ensure that it adheres to all local, state, and federal laws and fair housing regulations.
- Avoid relying on ChatGPT for financial, legal, and regulatory documents, such as lease agreements, addendum creation, legal documentation, or matters related to landlord-tenant laws or regulations. I recommend using experts for these business areas, as ChatGPT may not understand the complexities involved.
- Be aware that regulations for AI systems are being discussed, so don’t assume the parameters will stay the same. Many individuals and organizations are urging federal regulators to establish accountability measures to ensure the legality, safety, ethics, effectiveness and trustworthiness of AI systems. Although it may take some time for these regulations to be implemented, it is important to be aware that changes may be on the horizon.
- Don’t let ChatGPT hinder your critical thinking and creative writing skills. It is essential to question information, consider multiple perspectives, and seek diverse sources when using ChatGPT. ChatGPT is an aid rather than a substitute for human reasoning and analysis. By exercising critical thinking and creative writing skills in our everyday lives, we can continue to learn and grow as individuals and express ourselves in meaningful ways.
As an executive who built our business around creating efficiencies for clients, I am excited to see how ChatGPT technology can take our vision to new heights. I can say firsthand that AI technology is worth the exploration, and I encourage you to test out the technology to see if it can help you attain your business goals. All of us have the opportunity to unlock innovative ways of saving time for our clients, and ChatGPT technology can turn this aspiration into reality.