Written by Breakthrough Broker's Lead Marketing & Growth Specialist, Jeff Bernheisel

Artificial intelligence, specifically ChatGPT, is a scorching hot topic right now. Every time I open my email, scroll through Facebook or listen to a podcast, someone is touting it as the biggest game changer in our industry since the MLS listings book went digital. While there may actually be some truth to that, it doesn’t mean you should immediately run out and purchase the “77.5 ways ChatGPT will revolutionize real estate” courses that are popping up left and right.

Now, before we get into the drawbacks of using AI, let’s take a quick look at what exactly this new shiny object consists of and some of the ways it can be used.

First off, what is ChatGPT as it pertains to AI?

ChatGPT is a system that utilizes artificial intelligence (AI) to generate natural language conversations, simulating human dialogue. It is powered by a language-generative model that has been trained on millions of conversations.

So, how does ChatGPT work?

ChatGPT takes an input from the user in the form of a “prompt,” analyzes it using AI, and then generates a response based on that input. It leverages natural language processing and machine learning to produce responses that sound like they’re coming from a real person.

What can ChatGPT be used for?

ChatGPT can be used for a variety of applications, such as customer service, education, entertainment, and more. It can help automate conversations, provide quick responses to inquiries, and generate personalized content.

Fun fact - I actually asked ChatGPT those 3 bolded questions above. The answers are straight out of the horse's mouth, so to speak. Now, that’s a pretty basic example of what it can do but I’d be lying if I said I wasn’t blown away by some of the other things I’ve seen this tool do.

It can do things like:

• Create detailed product marketing
• Campaigns script out storyboards for videos
• Create outlines for presentations and webinars write blog
• Posts on pretty much any topic
• Create variations of copy for Facebook ads
• Write engaging and persuasive follow-up campaigns for online leads
• Translate any chunk of text from one language to another write code better than most mid-level programmers

The best part? It can do all this in a matter of seconds. Not hours. Not minutes. SECONDS.

Imagine how much time this can save us! But remember: ChatGPT is just a tool, and just because it CAN, doesn’t always mean you SHOULD.

Now, as promised, let’s take a look at a few reasons you shouldn’t use AI in your real estate business.

ChatGPT may not fully understand your business: AI is limited in its ability to understand the nuances and intricacies of the real estate business. It also can’t provide the level of personalized advice and customer service that a human can.

Example: if you primarily serve a specific niche, ChatGPT wouldn’t create content relevant to that niche without some high-level and detailed prompt inputs. The old saying “garbage in, garbage out” plays a huge factor in the prompts that are needed in order for ChatGPT to output high-quality content for these types of use cases.

ChatGPT may not be accurate: AI is still developing and may not always provide accurate answers. At the moment, ChatGPT has only been trained with data up to 2021.

Example: asking ChatGPT to write a blog post (or anything really) containing any real estate stats would definitely need to be double-checked for statistical accuracy or you run the risk of your clients being misinformed and potentially opening yourself up to liability.

ChatGPT may not be fully versed on the legalities of real estate: While the platform has been trained and “technically” passed multiple exams that most of us only dream of passing, such as the Wharton MBA Exam, US Medical License Exam, and various law school exams, it has had issues with more complex questions that required an understanding of how multiple inputs and outputs worked together.

Example: I came across an agent here in my home state of Oregon that was using ChatGPT to enhance her listing descriptions and immediately noticed it paid no mind to fair housing laws by saying things like “great neighborhood for families.” So again, if you choose to use this tool, be aware you’re going to need to watch for these things as it hasn’t been fully versed in the legalities of our industry.

So, hopefully, you can see from the above ramblings that I’m not against the use of AI in real estate. I’m very much for its adoption and use. I just want to make sure that you’re aware of the pluses AND the minuses when it comes to wielding such a powerful tool and that you don’t have to pay for some crazy half-baked course to learn how it can properly be used.

For a full deep dive into “the practical applications of AI for real estate” be sure to attend our AI in Real Estate: The Good, The Bad & The Ugly webinar on April 18th at 10AM MDT. This is a webinar you won't want to miss! Register here!

AI isn’t going to replace you as a Realtor. Another Realtor using AI might, though.

About our Author

Jeff Bernheisel, Lead Marketing & Growth Specialist

Jeff is a high-level marketing expert helping us grow BB through strategic planning and tactful execution. Not only does Jeff excel in marketing, but he is also witty and creative in numerous areas giving us the right amount of flavor; think eye-catching social media posts. Jeff enjoys skiing, golfing, and camping - with a glass of his favorite whiskey, of course.