AI can interpret, forecast, and execute certain tasks much faster than a human can. For instance, it might forecast the number of transactions in a year, the areas in a particular market that will see the highest levels of growth, and even the selling price of properties.
AI analysis is so swift, in part, because it can access so much more data than a human mind can contain at one time.
Chris Linsell, a technology analyst, content strategist, and licensed REALTOR®, joined TRREB Chief Market Analyst Jason Mercer on a recent episode of Ready to Real Estate to talk about how AI and ChatGPT can help real estate professionals build their businesses.
Levelling Up with ChatGPT
AI-driven tools, like ChatGPT, allow REALTORS® to harness AI’s speed and take their business to the next level.
Let’s say it’s time for a REALTOR® to send a monthly e-newsletter. Rather than using her standard process, she cuts and pastes the draft of her e-newsletter into ChatGPT. She also types a “prompt” (that is, a command) to ChatGPT: “This is my latest email newsletter for my business. Edit this so that it sounds more professional and more authoritative, and provide me with five subject lines that will deliver this email with an open rate of over 20 percent.”
ChatGPT will edit the email and provide subject lines that get more opens. It really is that easy.
Who Should Worry
Chris believes that one segment of the REALTOR® population should be concerned about ChatGPT. That segment has a value to its clients based on access to tools, not on insight, and it executes straight-forward tasks, rather than navigating the windy roads that are transactions in the real estate space.
The Opportunity for REALTORS®
For REALTORS® who are above average or aspire to be, the rise of AI in real estate is an opportunity. Early adopters can help to create the processes that don’t exist yet, and using the added efficiencies of AI, they can vault ahead of their competition.
Such REALTORS® will also know their own value as distinct from AI’s — that they are able to understand the specific needs and lifestyles of each of their clients. AI can’t understand the needs of specific clients because it can’t sit across the kitchen table from them.
Catch Jason and Chris’s full conversation about the technological disruption that is changing the way REALTORS® do their jobs on this episode of Ready to Real Estate
