“In 2005, the hot technology was a blog. Now the hot tech is artificial Intelligence and ChatGPT,” Clayton Collins, CEO of HW Media, said in a recent Housing News podcast.
Carpenter has been involved in almost every aspect of real estate, including technology and mortgage. Most recently, he was the director of strategic investment at the National Association of Realtors.
Carpenter is most interested about ChatGPT in real-estate. Carpenter said that this technology is very interesting because only a handful of things agents can do are protected by copyright. One of those is the listing description.
“Is the content copyrightable if agents don’t create it?” Carpenter suggested that if the agent creates the content, is it copyrightable?
ChatGPT isn’t just the opinion of Carpenter. Although legal concerns aside, there have been many compelling success stories with this AI, as well as important reminders about the pitfalls of using new technology.
Be cautious
Laura O’Connor is the chief operating officer at JPAR Real Estate Franchising. She has been in the industry for over 20 years. She describes herself as an “early adopter of new technologies.”
O’Connor stated, “I’m interested to see how we can make our business more efficient and streamlined.”
ChatGPT and other AI innovations could be the newest way to streamline your business, according to O’Connor. JPAR and O’Connor are interested in discussing all the ways agents and broker-owners could make ChatGPT work for them, embrace technology, and keep costs down.
“I have been trying ChatGPT out and finding new ways to integrate it into my team’s workflow. My team relies heavily on partnering with the right vendors so I want them to invest their time in fully utilizing its capabilities. We can also find people who have been using these products full-time and are happy to share their knowledge.
O’Connor stated that ChatGPT has been the focus of most of his work. He is currently interviewing technology partners to learn how they are leveraging it.
O’Connor recommends that you proceed with caution, despite the excitement about the new possibilities ChatGPT offers, because “it’s a new technology.” There will always be problems and glitches with anything new.
Automating is the future
Pinnacle Realty Advisors CEO Sam Sawyer stated that the tool can be used to help with writing descriptions for homes, houses, rentals, AirBnB listings, or commercial property sales. Our industry needs all the help it can get to improve property descriptions for consumers. Copywriting can be improved with a combination of AI tools like ChatGPT, human instincts, and AI tools like ChatGPT to produce the best words and descriptions.
ChatGPT is being discussed by experts from all walks of the industry. Although some are more concerned about AI’s deep end than others, there is one consensus: AI will change the world and agents must be adaptable.
In this age of rapid technological change, agility is a vital strength. Agents had to adapt to the online world of websites and listings in the early 2000s. We are now fully online in 2023. It is time for automation to be adjusted and to let go of some tasks that a bot or computer can automate for you business. The human side of real property is not going anywhere.
Carpenter stated that ChatGPT is able to recite facts but not add perception.