Recently a four-bedroom, 3.5-bathroom home in Cedar Rapids, Iowa was recently listed for sale on a quiet cul-de-sac. The realtor, JJ Johannes, created the online listing using a viral AI chatbot tool, ChatGPT, in less than five seconds by inputting a few keywords. The tool generated an elaborate response which Johannes then edited before publishing. Many real estate agents have begun experimenting with ChatGPT since its release in November, finding it useful for tasks such as writing listings, social media posts, and legal documents, as well as automating repetitive tasks and complex calculations.
ChatGPT is trained on large amounts of online data to generate responses to prompts and has been used to write essays, stories, song lyrics, and research papers that have fooled experts. Some CEOs use it for tasks such as writing emails and accounting. The chatbot has been the subject of discussions on its potential to disrupt various industries, and its impact on real estate agents has already been substantial, with some agents stating they can no longer imagine working without it.
Andres Asion, a broker from the Miami Real Estate Group, says he's been using the tool for over a month and was sold after the first use. He has used ChatGPT to draft legal documents and sent them to lawyers for approval. The chatbot has also been used to calculate mortgage payments and permitted uses of certain land and zones. While there have been some limitations, such as basic math struggles, the tool is still considered helpful for on-the-go approximations.
OpenAI, the company behind ChatGPT, is reportedly considering a monthly charge of $42. Real estate agents, including Andres Asion and Frank Trelles, say they would pay for access to the tool. Trelles uses ChatGPT to calculate mortgage payments and return on investment for clients.
Overall, ChatGPT has already had a significant impact on real estate agents, making their work more efficient and improving the speed at which they can complete tasks.