{"id":6706,"date":"2023-03-27T18:31:30","date_gmt":"2023-03-27T18:31:30","guid":{"rendered":"https:\/\/imsfund.com\/?p=6706"},"modified":"2023-03-27T18:31:30","modified_gmt":"2023-03-27T18:31:30","slug":"7-ways-real-estate-investors-can-use-chatgpt","status":"publish","type":"post","link":"https:\/\/imsfund.com\/index.php\/2023\/03\/27\/7-ways-real-estate-investors-can-use-chatgpt\/","title":{"rendered":"7 Ways Real Estate Investors Can Use ChatGPT"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div :class=\"{ 'hidden': $store.proContent.showFullPrompt() }\">\n<section class=\"px-4 relative border border-slate-200 mobile-toc lg:hidden\" x-data=\"{open:false}\">\n<button class=\"flex items-center gap-4 my-2 border-none w-full\"><br \/>\n<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"h-6 w-6\" fill=\"none\" viewbox=\"0 0 24 24\" stroke=\"currentColor\" stroke-width=\"2\"><path stroke-linecap=\"round\" stroke-linejoin=\"round\" d=\"M4 8h16M4 16h16\"\/><\/svg><\/p>\n<h2 class=\"font-semibold text-slate-800 text-base m-0 js-toc-ignore\">In this article<\/h2>\n<p><\/button><\/p>\n<\/section>\n<p><span data-preserver-spaces=\"true\">Artificial intelligence has been around for decades, but it seemed a lot more innocuous when it was just playing checkers.\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/openai.com\/blog\/chatgpt\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">ChatGPT<\/span><\/a><span data-preserver-spaces=\"true\">, an AI language processing tool developed by OpenAI, can\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnet.com\/tech\/chatgpt-can-pass-the-bar-exam-does-that-actually-matter\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">pass the bar exam<\/span><\/a><span data-preserver-spaces=\"true\">. We\u2019ve all seen and read enough science fiction material to feel a twinge of fear that robots may be coming for our jobs. But what\u2019s more likely to happen over the coming decade is that AI will enhance our capabilities, making our work processes\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.pewresearch.org\/internet\/2018\/12\/10\/improvements-ahead-how-humans-and-ai-might-evolve-together-in-the-next-decade\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">more efficient<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0and giving us back that precious free time that is often the motivation for real estate professionals to build passive income streams.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Of course, there are\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.pewresearch.org\/internet\/2018\/12\/10\/artificial-intelligence-and-the-future-of-humans\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">valid reasons to be concerned<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0about ethics, safety, and human independence and agency as a result of this new technology. But so far, ChatGPT is proving to be an invaluable resource for real estate professionals in multiple aspects of their business. Understand its limitations and how to use it effectively, and you could build more wealth in less time or kick back and relax a little longer than you would otherwise.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">How Does Chat GPT Work?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">ChatGPT uses deep learning to deliver real-time responses to questions and prompts in human-like language. It\u2019s pre-programmed with an inconceivable amount of data and has multiple language functions. It\u2019s one of the biggest language models that exist.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">When you type a request or question to ChatGPT, the individual words are analyzed and fed to the transformer part of the neural network, which is designed to process information much like the human brain, before ChatGPT generates a response. The tool is capable of a wide variety of language tasks, including:<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Generating text<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Completing text<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Translating text<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Summarizing content<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Answering questions<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Conversing\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">When using ChatGPT, it\u2019s crucial to be specific with your prompt or question. Tell it the length of the response you want and the tone you\u2019re looking for if that\u2019s important. If you don\u2019t get the response you\u2019re looking for, you can ask ChatGPT to change it based on specific parameters. You\u2019ll also want to edit and fact-check the result since ChatGPT is not 100% accurate.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Limitations of ChatGPT<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">ChatGPT tries to be accurate, but the results aren\u2019t perfect. You\u2019ll always need to review the content it delivers for accuracy. It\u2019s not a good idea to use ChatGPT to draft legal documents for this reason, unless you have a lawyer who can confirm the document is comprehensive and accurate. Furthermore, ChatGPT is not emotionally expressive and may use phrasing that reveals it\u2019s not human. It also tends to be pedantic and wordy. So if you don\u2019t want to alienate your readers, you\u2019ll need to edit it to make it more personable.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But probably the biggest limitation for real estate professionals is that ChatGPT is trained on data that existed in 2021. It can\u2019t discuss current events with you, but more importantly, it can\u2019t pull market data from 2023. The real estate market fluctuates, as we\u2019ve seen over the last several years\u2014markets that were\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/thehill.com\/business\/3753339-home-prices-cooling-fastest-in-pandemic-boomtowns\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">booming during the pandemic<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0are now seeing\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.axios.com\/local\/austin\/2023\/03\/02\/median-home-sale-prices-drop-in-austin\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">price declines<\/span><\/a><span data-preserver-spaces=\"true\">. Still, if you take ChatGPT\u2019s responses with that knowledge in hand, the tool can give you a starting point for your research.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">7 Ways Real Estate Investors Can Use ChatGPT<\/span><\/h2>\n<h3><span data-preserver-spaces=\"true\">1. Perform a market analysis<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">Real estate investors often spend time collecting market information from different data sources, whether that\u2019s rental price data from Zillow or Redfin, unemployment information from the Bureau of Labor Statistics, income and housing data from the Census Bureau, or\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/states-without-property-taxes\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">property tax<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0information from local government websites. They compile and compare this data to make informed decisions about different housing markets.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Given that ChatGPT is only trained on data from 2021 and earlier, using the tool will deliver less accurate and timely results than analyzing current data yourself. But you might use it as a starting point to compare markets. For example, if you give ChatGPT two cities and ask which one has a lower\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/price-to-rent-ratio-analyze-location\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">rent-to-price ratio<\/span><\/a><span data-preserver-spaces=\"true\">, it will answer based on Zillow data from September 2021. If you ask which cities have the lowest property tax rates, it will also generate a list from then.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">But when you push ChatGPT further and ask the best city to invest in real estate, it won\u2019t answer the question. It will deliver a list of factors to consider, which could be helpful information for some investors, but it leaves the real work of selecting an investment market for the humans of the world.\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">2. Communicate with tenants<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">While ChatGPT is sometimes suspiciously robot-like in its phrasing, with a little editing, it\u2019s a step above a form letter when you need to communicate with tenants or short-term guests staying in your property. If writing friendly and professional emails isn\u2019t your strong suit, ChatGPT can take some of the pressure off.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">For example, vacation property owners can use ChatGPT to write welcome letters and draft checkout instructions. You can even use it to create guides for visitors. For example, if you tell it to \u201cwrite a guide for restaurants and attractions that are popular with locals in Portland,\u201d it will deliver compelling results rather than just spitting out the top 10 restaurants on TripAdvisor. Add in a few personal touches, and you\u2019re good to go.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Landlords can use ChatGPT to write communications with tenants, such as a new landlord introduction, sale of property notice, notice to vacate, notice of rent increase, late rent reminder, excessive utility usage notice, and more. You can even ask ChatGPT to draft a lease agreement, but you\u2019ll want to check it for gaps and consider having an attorney look over it.\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">3. Generate marketing ideas and content<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">ChatGPT can help with everything from generating a name for your business to writing social media posts and blog content\u2014but again, it won\u2019t do all the work for you. For example, if you ask it to write five social media posts for a property management company in a particular city, it will deliver five generic versions of the same thing. But if you ask it for ideas for social media posts for a property management company, it comes up with ten solid suggestions to inspire you.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">ChatGPT can also play a role in search engine optimization by creating and optimizing content for your website. For example, you can tell it to \u201cwrite a 500-word blog post about declining occupancy rates for short-term rental properties.\u201d You\u2019ll need to fact-check the results and edit the copy to have an angle that serves your business, but that\u2019s certainly faster than writing a blog post from scratch. You can also ask it to optimize the content you\u2019ve already written for your site or rewrite something with a different tone or emphasis.\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">4. Prioritize property management tasks<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">If you manage multiple properties, you may have had the overwhelming experience of juggling several urgent maintenance problems. Your\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.ncbi.nlm.nih.gov\/pmc\/articles\/PMC5003767\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">executive functioning skills<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0weaken in response to acute stress, so you may find it difficult to prioritize under pressure\u2014ChatGPT doesn\u2019t have that problem. You can feed it a list of tasks you need to complete and ask it to prioritize them for you. It will explain its reasoning behind the choices.\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">5. Get resource recommendations<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">If you Google \u201cbest real estate CRM\u201d or \u201cbest real estate market analysis software,\u201d you\u2019ll get a multitude of top 10 lists, with no consistently-ranking winner. The best resource for you often depends on your business needs, and comparing products through that lens takes time. But you can give ChatGPT a list of features you need and ask it to recommend the best, least expensive, or most popular products.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">You might even find resources you didn\u2019t know existed by asking ChatGPT about an unfulfilled need you have. Not to toot our own horn, but if you ask ChatGPT, \u201cIs there an online community where I can attend real estate investment workshops?\u201d it will recommend\u2014you guessed it\u2014BiggerPockets.\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">6. Learn about housing regulations<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">You can also use ChatGPT to research local laws instead of trying to sift through the information on local government websites. For example, cities across the country are\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.biggerpockets.com\/blog\/airbnbust-why-it-may-be-time-to-rethink-short-term-rentals\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">cracking down on short-term rentals<\/span><\/a><span data-preserver-spaces=\"true\">, so before you invest in a vacation property, you\u2019ll need to read the short-term rental ordinance for the city or county. It\u2019s also wise to look at how municipalities in the surrounding area are dealing with short-term rentals since there can be a domino effect. But these ordinances are often lengthy and packed with legal jargon\u2014ChatGPT can summarize housing laws in different locations so you can easily digest the information.\u00a0<\/span><\/p>\n<h3><span data-preserver-spaces=\"true\">7. Write property listings and answer client questions<\/span><\/h3>\n<p><span data-preserver-spaces=\"true\">ChatGPT is saving real estate agents so much time. Some are already saying they\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnn.com\/2023\/01\/28\/tech\/chatgpt-real-estate\/index.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">couldn\u2019t go back to work without it<\/span><\/a><span data-preserver-spaces=\"true\">. Give it a few details about the home, and ChatGPT will generate a compelling listing in less than a minute. Real estate agents also use ChatGPT to answer client questions on-the-fly. It may be quicker than finding the right mortgage payment calculator or researching school districts for an address, for example.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bottom Line<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Improving efficiency often requires embracing new technology. A spokesperson for Zillow told\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/www.cnn.com\/2023\/01\/28\/tech\/chatgpt-real-estate\/index.html\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">CNN<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that the real estate industry hasn\u2019t always been quick to innovate, but ChatGPT may be changing that. While not a perfect tool, it\u2019s likely to change the way real estate professionals work over time. And since it\u2019s currently free, it\u2019s worth playing around with some of the tasks we mentioned\u2014you might be surprised how much time you can get back.\u00a0<\/span><\/p>\n<div id=\"hero-block_63371ffa15f2b\" class=\"first:mt-0 hero-block    has-background has-slate-200-background-color has-text-color has-theme-gold-color\">\n<div class=\" flex flex-wrap lg:flex-nowrap max-w-screen-xl mx-auto px-4 relative lg:items-center \">\n<div class=\"relative z-30 w-full \">\n<main class=\"py-4\"><\/p>\n<p class=\"has-slate-800-color has-text-color has-large-font-size\" style=\"font-style:normal;font-weight:800\">Join the Community<\/p>\n<p class=\"my-3 md:my-5 lg:my-8 has-slate-900-color has-text-color\" style=\"font-size:16px\">Our massive community of over 2+ million members makes BiggerPockets the largest online community of real estate investors, ever.\u00a0Learn\u00a0about investment strategies,\u00a0analyze\u00a0properties,\u00a0and connect\u00a0with a community that will help you achieve your goals. Join FREE. What are you waiting for?<\/p>\n<p><\/main>\n<\/div>\n<div class=\" first:mt-0 relative h-full lg:flex lg:items-center\">\n<picture decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  shadow-xl rounded-md hidden lg:block sp-no-webp\" title=\"7 Ways Real Estate Investors Can Use ChatGPT 2\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/BiggerPockets-SignUp.webp\" type=\"image\/webp\"><source srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/BiggerPockets-SignUp.png\" type=\"image\/png\"><img src=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/BiggerPockets-SignUp.png\" decoding=\"async\" class=\"object-cover w-full relative z-20 my-0  shadow-xl rounded-md hidden lg:block sp-no-webp\" title=\"7 Ways Real Estate Investors Can Use ChatGPT 2\" alt=\"BiggerPockets-community\" srcset=\"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2022\/08\/BiggerPockets-SignUp.png\"\/><\/source><\/source><\/picture>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"italic\"><b>Note By BiggerPockets:<\/b> These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.<\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/www.biggerpockets.com\/blog\/chatgpt-for-real-estate\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this article Artificial intelligence has been around for decades, but it seemed a lot more innocuous when it was just playing checkers.\u00a0ChatGPT, an AI language processing tool developed by OpenAI, can\u00a0pass the bar exam. We\u2019ve all seen and read enough science fiction material to feel a twinge of fear that robots may be coming [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":6707,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/www.biggerpockets.com\/blog\/wp-content\/uploads\/2023\/03\/chatgpt-logo-1024x517.jpg","fifu_image_alt":"","footnotes":""},"categories":[9],"tags":[],"class_list":["post-6706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/6706","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/comments?post=6706"}],"version-history":[{"count":1,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/6706\/revisions"}],"predecessor-version":[{"id":6708,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/posts\/6706\/revisions\/6708"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media\/6707"}],"wp:attachment":[{"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/media?parent=6706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/categories?post=6706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/imsfund.com\/index.php\/wp-json\/wp\/v2\/tags?post=6706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}