ChatGPT, a new Artificial Intelligence (AI) chat bot tool developed by OpenAI, has been deployed by commercial and residential real estate agents. ChatGPT has written property listings, social media posts and drafted legal documents to support real estate transactions. In less than two months, ChatGPT has significantly impacted how real estate agents do their jobs by streamlining the previously formulaic and time-consuming work.
ChatGPT has provided wide-ranging real estate solutions ranging from writing emails to new home developers emphasizing liability implications for windows that do not open to looking up permitted uses for certain land and zones in Miami Dade County to provide mortgage payment or return on investment data for clients. While the tool has struggled with some basic math calculations, the time savings enjoyed by brokers have been significant. The adoption of ChatGPT by many realtors has been encouraging, however, many people caution that automating client responses may not be the best approach as generating leads and closing transactions still requires a personalized human touch.
Discussion Question: Do you anticipate ChatGPT and other AI tools to be widely used in real estate transactions?
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