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ChatGPT enters the real estate market: Agents say AI could be a game changer in the industry.

On its website, Century 21 Beggins Enterprises advertises a “beautiful” three-bedroom condo in Madeira Beach, Florida, complete with “large spacious balconies to enjoy the warm, beautiful views.”

“This is one of the only properties available on the Gulf Beach islands that is completely pet friendly,” according to the listing. “Reserve your slice of paradise at The Residences at Madeira Beach Town Center. “Welcome back.”

Thank ChatGPT if you’re tempted to purchase the listing. The above text was generated by a free artificial intelligence computer programme.

According to CNN, real estate agents across the country are using the programme to help them write listing descriptions and content scripts.

“We use it every day,” said Mike Puma, chief marketing officer at Century 21 Beggins, who uses ChatGPT to write content for real estate agents such as social media posts and video scripts. “(This enables them to) devote more time to what they do best.”

How are real estate agents making use of ChatGPT?

Tony Angelos, a broker in Chicago, said he began using ChatGPT shortly after OpenAI launched the programme in November 2022.

“It’s a game changer,” he says. “Marketing and prospecting is really most of the jobs’ core functions,” according to most real estate agents. And this is a very inexpensive way to get rid of one of those things.”

Angelos employs the programme on a regular basis to generate scripts for social media videos and listing descriptions.

He had the AI programme write a script about things to do in Chicago in February earlier this week. What would have taken him 20 minutes to write took ChatGPT five seconds, he said.

“I said make it funnier, and it made it funnier for me,” he explained. “By no means is it perfect. But it’s a fantastic starting point.”

Paige Hewitt, an Indianapolis-based realtor, has used ChatGPT to assist her in writing listing descriptions and marketing newsletters. She stated that the program’s capabilities far exceeded her expectations, and she is thrilled that the time she saves will allow her to spend more time with clients.

“It’ll make my job easier, which will make me stronger at my job,” she explained.

While the technology is a growing trend in the industry, David Conroy, the National Association of Realtors’ director of emerging technology, says business usage among realtors has been limited thus far.

What is the price of ChatGPT?

While ChatGPT is currently free, OpenAI’s official Discord server stated in January that the company was “thinking about how to monetize ChatGPT” in order to “continue improving and maintaining the service.”

“We’ve been experimenting with various AI platforms for years now, and none of them have been very good,” Puma explained. “We can now build really unique things on top of this that make the agents’ lives even easier,” says ChatGPT.

What are the limitations of ChatGPT?
ChatGPT has proven to be useful, but it is not without flaws.

Because of its popularity, it frequently reaches capacity, forcing users to wait their turn to use the programme. Because it was trained with internet writing up to 2021, some of its information is out of date.

According to Conroy of NAR, anything generated by AI should be thoroughly reviewed by licenced professionals. This includes listing descriptions; he points out that the NAR’s code of ethics forbids exaggeration or misrepresentation of relevant facts.

“There may be scenarios where AI-generated listing descriptions include language or descriptions that are not intended or even violate fair housing laws,” Conroy said in an emailed statement. “It’s critical to remember that real estate professionals owe it to their clients to be honest and truthful.”

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