By now, you probably already know that ChatGPT is a chatbot program that uses natural language processing technology to generate responses to user input.
Some people in the industry are excited about what the seemingly rapid advances in artificial intelligence (AI) technology could mean for productivity, while others are scared by it!
Here are 10 ways the AI technology behind ChatGPT can help commercial real estate agents save time and earn more:
- Handling direct communications. Artificial intelligence can provide quick and accurate answers to common questions from vendors, buyers, lessors and lessees. It can also create personalised and automated communication with clients, such as sending customised emails or texts based on their specific interests or responding to immediate needs, freeing up agents to focus on more complex tasks.
- Providing lists of market availability. AI can collect information about properties for lease in the market, such as floor area, the asking rent, and any other lease terms or property features that can be sourced. This could be a perfect tool for tenant representatives looking to create a long-list of options. It is also suitable to provide a list of sales comparisons when setting pricing expectations.
- Creating formatted marketing materials. Agents can use AI to create customised marketing materials for listings, such as property flyers and brochures, that highlight the unique features of a property – with compelling copywriting –and help to market it more effectively.
- Automated lead generation. ChatGPT specifically can be used to automate the lead generation process by creating prospecting lists (with contact information) based on certain criteria. It can then collect specific information about them to personalise the outbound prospecting process.
- Completing complex calculations. Do you need to know how much stamp duty is payable based on a certain purchase price? Want to calculate a land tax bill, or know the monthly repayments on a loan? Artificial intelligence can do all those things without you having to open a spreadsheet. It can even calculate your commission payments, if you ask it to.
- Brainstorming ideas. If you’re stuck for content to put in an eDM, if you want a list of more catchy email subject lines to increase the open rates for your email blasts, or if you need some direction on the first steps to tackle any task, artificial intelligence will not procrastinate like a human. It just gets it done.
- Optimising how you spend your time. ChatGPT can manage your calendar by scheduling appointments, sending reminders, and keeping track of important deadlines. It can also be programmed to follow up with clients automatically, such as sending reminders about upcoming appointments or generating updates based on information already recorded in your database (such as a weekly update that summarises recent inspections on properties for sale or lease).
- Entering conversations with new leads. AI can be used to engage with prospects, helping agents to warm up contacts and then prioritise conversations with those who are more advanced through the buying process. It can also nurture relationships until they are qualified to have a direct conversation with the agent.
- Completing administrative tasks. AI can create a meeting transcript and also generate a summary of that meeting, including a list of the action items arising from it and send a series of follow up messages to the people responsible for them.
- Generating market reports. The technology behind ChatGPT has the capability to write market reports with specific mention of an agent’s listings and deals. It can also be programmed to analyse market trends and provide insights to agents, helping them to stay ahead of the competition and provide advice to clients that empowers them to make informed decisions in relation to their assets.
Remember, ChatGPT is a tool, and not a replacement for the expertise and personal touch that people bring to their work and relationships.
There has been plenty of reporting about its shortcomings – and while it can do a lot of things (with capabilities that are far greater than the list in this article), it still requires a human to give it commands.
I believe it will help agents streamline certain aspects of their work, improve efficiency, and ultimately elevate the roles of people who are already working in the industry, rather than eliminate them.