Why all the buzz about ChatGPT? How might it impact the way we work this year or in five years?
We know there are already some impressive innovations in the industry using machine learning, like chat-based interaction for rental maintenance requests, listing enquiry autoresponders, mining CRM data to find prospects to contact or valuation models that help with appraising a listing.
None have the potential impact of ChatGPT.
As real estate agents, communication is at the core of your work, whether you're prospecting, negotiating, or following up – you're communicating – and often in writing. ChatGPT's ability to provide contextually aware and knowledgeable communication has the potential to change the fundamentals of how we work.
So, what makes ChatGPT so special?
Firstly, it's generally contextually aware. This means it's equipped with a ton of general knowledge, including knowledge of your local area and the market environment that it can analyse to guide its responses. This is crucial when it comes to providing tailored communication to clients.
Secondly, it can be made aware of your context. This means it can take into account who you're talking to, what they're interested in, and what you're trying to say. When combined with its general knowledge, ChatGPT can create relevant communication in your tone, about things your client will be interested in, with information pertinent to them and the context of the communication.
So, how can this technology be used in real estate? The possibilities are endless. Here are a few examples:
- Writing detailed marketing copy for listings, tailored to each buyer that enquires.
- Suggesting topics for a cold call based on tags you've applied to a contact in your CRM.
- Shifting email content or tone in outbound emails based on human characteristics, tags on customer records, or tone of notes and emails stored against contacts in the CRM.
- Varying email subject lines based on demographics and current real estate market context.
- Using FOMO to drive engagement with a message to an on-again-off-again buyer mid-negotiation.
- Sending a welcome letter to a purchaser once they've bought, suggesting local restaurants and cafes based on the age range or interests of the purchaser.
At Rex, we're already on track with the release of our ChatGPT/Zapier integration that authors listing ads and contextual email messages to buyer enquiries. This is just the beginning, and the possibilities for the next ten years are endless. We can't wait to see what the future holds.
ChatGPT and the future of AI technology are set to revolutionise the real estate industry. This exciting new development has the potential to transform how we communicate with our clients, giving us the ability to provide them with more relevant, personalised content. It's going to be a wild ride, and we're ready to take it on.