How to Make Money in Real Estate with ChatGPT? 7 Things (2024) You Should Know

Everywhere you go, someone’s talking about ChatGPT and all the clever ways you can use it to enhance your business.

But does it really live up to the hype?

And can it be used in the world of real estate?

The short answer: Yes, yes, and yes!

ChatGPT isn’t going to save a business or double your revenue overnight, but there are a ton of ways it can make you money and lighten your workload.

Seems a little bit too good to be true, right?

An artificial intelligence (AI) chatbot is just supposed to swoop down and take your business to the next level.

That’s right!

But part of the secret is knowing what ChatGPT can do and how to get the most out of it.

So, for right now, set your preconceptions aside, and let’s talk about how to make money with ChatGPT and why AI has a place in the future of real estate.

Let’s go!

1. What is ChatGPT and How Does it Work?

Before we talk about how to make money with ChatGPT, let’s first break down what it is.

ChatGPT is an advanced AI language model that is able to answer questions using information from extensive databases in a human-like way.

The program has been trained to communicate in a coherent style that matches typical language patterns, making it easy to digest the information it provides.

Users can utilize ChatGPT to receive text-based information, create codes, generate ideas, and complete a number of tasks, such as language translation, customer support, and content creation.

A popular misconception is that ChatGPT has a form of consciousness.

At least for now, that is untrue,

ChatGPT is simply able to sort through massive amounts of information and use it to answer questions and complete tasks.

2. Is ChatGPT Free to Use?

Despite ChatGPT’s remarkable abilities, it is completely free to use.

The company behind the program, OpenAI, does offer a ChatGPT Plus subscription for $20 per month; the upgraded service ensures subscribers can still use the program during high spikes in demand, generates faster responses, and gives users priority access to new features.

However, even when you use the free version, you’ll be able to utilize all the features that are turning ChatGPT into a revolutionary product.

The major downside to the free version is that high demand can prevent you from using the app.

Depending on how important ChatGPT becomes for your business, it may be wise to pay for the upgraded service to make sure your workflow doesn’t get interrupted.

3. What is The Difference Between Chatbots and ChatGPT?

So, what’s the difference between chatbots that have been around for years and ChatGPT.

Well, standard chatbots aren’t able to collect information and respond to questions in an organic way.

Instead, they rely on scripted systems and programming to generate responses.

ChatGPT, on the other hand, has been trained on a massive amount of data and given machine-based learning techniques that don’t require it to base responses on scripts or predefined rules.

Unlike chatbots, ChatGPT can understand complex questions and prompts, adapt its answers based on subtle nuances, and recall information from previous messages–impressive, huh?

Chatbots are great for assisting companies with simple tasks, such as customer service, scheduling, and language translation, but when it comes to also completing complex prompts, gathering extensive information, and producing original content, ChatGPT is in a class of its own.

4. How to Make Money with ChatGPT in Real Estate?

Learning how to make money with ChatGPT in real estate doesn’t take much effort.

Why not?

Well, as soon as you open the app, you can start having it handle those everyday tasks that take up big chunks of your day–time is money, as they say.

But saving time isn’t the only way ChatGPT can put more money in your pocket.

So, let’s dive into all the ways the program can be a huge boost to your real estate business.

Ways ChatGPT can assist a real estate business:

bulletPersonal Assistant

ChatGPT is like a personal assistant that’s available on demand.

In most companies, assistants are reserved for upper management, but now, everyone in every position has a helping hand to complete jobs quicker.

The program can handle calculating monthly mortgage rates, property taxes, and other nitty-gritty details that could otherwise be time-consuming tasks.

Additionally, you can use ChatGPT to pull up complex information, such as housing codes and detailed information on properties.

bulletListing Descriptions

Writing the right listing description is crucial when attracting buyers.

Well, ChatGPT can produce dozens of catchy descriptions in the snap of a finger.

You will have full control of the tone and writing style, and you can even ask ChatGPT to slightly modify texts to include or eliminate certain wordage.

bulletMarket Research and Analysis

ChatGPT can process exorbitant amounts of data, identify trends, and create a detailed report on the findings.

In the past, companies would have to rely on expensive software and skilled employees, but now, ChatGPT makes the process simple.

With the help of the program, you can make better decisions faster.

bulletProofreading

Before you send an important document to a client, tenant, or contractor, have ChatGPT take a look at it first.

The program can help you get your message across, look out for any grammar or spelling errors, and provide suggestions to improve the text.

Of course, if ChatGPT alters the text, you should always reread it to ensure that the program didn’t miss or create mistakes.

bulletContent Writing (Keyword Research)

Creating articles and blog posts is a great way to drive traffic to your business and provide good-to-know information for preexisting clients.

ChatGPT is fully able to write coherent pieces of content that include SEO keywords and read as if a human had written it.

You may need to tweak the content it produces, but it will give you an excellent framework to put on more content faster.

bulletIdea Creation

Can’t think of a new marketing strategy, the color scheme for a home, or crowdfunding plans?

Well, ChatGPT has got you covered.

The program is excellent at generating ideas that translate to the real world.

It can also help you enhance your preexisting ideas and create game plans to execute them successfully.

bulletCustomer Service

ChatGPT can be embedded on your website and provide 24/7 customer service.

Clients and potential clients can use it to access specific information about a property, step-by-step instructions to fill out paperwork, and answers to frequently asked questions and other queries.

Providing strong customer support is crucial to establish a strong reputation within the industry, and ChatGPT can help you achieve that.

5. How Can You Get the Most out of ChatGPT?

Chances are you’ve never used an AI chatbot like ChatGPT, so figuring out how to get the most out of it will take a bit of practice.

The best way to get to know the system is to play around with it and see what it can and can’t do.

Remember, you can always ask ChatGPT about the different ways it can assist you and your projects.

So, let’s take a look at a few tips to help you get the most out of the program:

bulletBe as clear and specific as possible: The clearer you can be about a question or prompt, the better ChatGPT will understand the request and be at providing relevant information.

If you want something done in a specific style, provide the instructions and explain who or what the information or content is intended for.

bulletSet length limits: You can control how long ChatGPT’s responses are.

If you are using it to write an email or create an informative article, you can provide a structure with the exact word count for each section, and ChatGPT will follow it.

bulletUse the regenerate feature: If you don’t like the response that ChatGPT gives you, use the regenerate response feature.

The program will create an unlimited number of versions until you find one that you like.

However, you could also provide more specific instructions if the responses just don’t seem to match what you’re looking for.

bulletDouble-check the provided information: ChatGPT is extremely accurate, but it’s not perfect.

Always double-check the content’s information.

You can ask ChatGPT to provide sources to make the verification process easier.

bulletPut a human touch on the provided content: The content and ideas that ChatGPT provides should be looked at as a foundation.

Sometimes its responses can appear a bit robotic and repetitive.

In the digital world, it’s important that your content appears unique and personal, so make sure to add a human touch to the provided content.

6. What Are the Advantages of ChatGPT?

So, you know what ChatGPT can do for your real estate business, but let’s now look at the overall advantages of using the program.

Adapting to the latest technological advancements is crucial if you want to stay competitive in the market.

That doesn’t mean that ChatGPT has to become an integral part of your business, but it’s an excellent tool to add to your toolbox.

Here are the advantages of ChatGPT:

bulletAccess to Information

Research takes time, whether it’s a simple real estate question or a complex analysis.

ChatGPT’s ability to collect information and communicate it in a way that’s easy to digest is groundbreaking.

By using the program, you’ll not only save countless hours searching for information, but you’ll also save money by not having to rely on lawyers for legal or professional information.

bulletA Second Opinion

Sometimes an alternative viewpoint can help you refine your decisions.

ChatGPT is able to give second opinions, suggestions, and potential solutions.

You can ask the program follow-up questions to further detail its perspective and help you implement new ideas into your original plan.

Of course, ChatGPT is technically not an expert in a specific field, so always check for accuracy in its responses.

bulletDecreased Workload

When you implement ChatGPT into your daily flow, you’ll greatly cut back your workload.

Tasks that once took hours or days can now be done in the snap of a finger.

It will give you time to focus on other areas of your real estate business or your personal life–who doesn’t want that?

bulletImproved Texts

Being able to clearly and effectively communicate via text is imperative for success.

ChatGPT can make your written messages sound more professional and coherent by expanding the message’s vocabulary, adjusting the tone, correcting errors, and organizing the outline.

Using the program also speeds up the process of drafting messages.

bulletIncreased Content Creation

Consistently putting out content is a struggle when you’re juggling a million things.

Whether you need a caption for an Instagram photo, an article, or a newsletter, ChatGPT can greatly expedite the process, increasing the rate of content you publish.

The AI-generated content should always be double-checked by a human, and you may not want to solely rely on it for all your content.

7. What Are the Disadvantages?

ChatGPT is still a new technology, and it is by no means a perfect product.

If you do decide to incorporate it into your workflow, being aware of some of the disadvantages and pitfalls will help you avoid complications.

OpenAI, the creator of the program, is actively working to minimize ChatGPT’s disadvantages, and the company has already made massive improvements to the system.

Here are the disadvantages of ChatGPT:

bulletInaccurate Information

Although ChatGPT is extremely accurate, it can sometimes give inaccurate or outdated information.

The program is accurate enough that users can feel confident about the information they are receiving; however, you should always verify the content that ChatGPT produces before taking it as fact.

bulletLimited Knowledge

ChatGPT has a limited database of knowledge that stops in September 2021.

That means you can’t use it to access real-time information or as an internet browser.

If you need content about a recent event or a topic that is rapidly changing, ChatGPT can’t be relied on for information.

bulletBiases

The responses ChatGPT can sometimes be inadvertently biased due to the data it was trained on.

It’s important to note that the program does not develop its own biases but instead learns them from human biases in texts on the internet.

The latest version of ChatGPT is the least biased program OpenAI has created, and the company is implementing new ways to address the issue.

bulletOverly High Demand

ChatGPT is one of the most popular apps on the internet.

When traffic is unusually high, users of the free version will not be able to generate responses from the program.

That can be very disruptive to your workflow, especially if you have a tight deadline to meet and rely on ChatGPT for assistance.

To avoid experiencing delays, you can upgrade to the paid subscription to ensure you always have access to the tool.

Final Thoughts

Learning how to make money with ChatGPT in real estate isn’t a complicated process.

However!

Instead of looking at the program as a money-making machine, which it is not, you should look at it as a tool to take your business to the next level by optimizing your operations.

By using ChatGPT to handle trivial tasks, create content, draft emails, and generate new business ideas, you will be free to handle more important tasks that lead to more income.

As of now, ChatGPT doesn’t appear to be going anywhere anytime soon, so get familiar with the system and find ways it can benefit you!

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Erika Gokce Capital

Disclaimer: we are not lawyers, accountants or financial advisors and the information in this article is for informational purposes only. This article is based on our own research and experience and we do our best to keep it accurate and up-to-date, but it may contain errors. Please be sure to consult a legal or financial professional before making any investment decisions.

Erika

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