ChatGPT: How AI Revolutionises the Real Estate Industry
Artificial intelligence is taking the world by storm, especially with ChatGPT, the most recent AI product, produced and released by OpenAI in November 2022. But what is OpenAI? And what does ChatGPT bring to the table? How are ChatGPT and other AI tools and technologies revolutionising the real estate industry? Read on to discover all these answers and more!
All You Need to Know About ChatGPT
ChatGPT (Generative Pre-trained Transformer) is a highly intelligent and technically advanced chatbot. It uses a conversational tone to answer the user’s questions, relying on an extensive database. This seemingly simple tool has gained over a million users in just five days. But what makes ChatGPT so unique and revolutionary? Weren’t there any intelligent chatbots before this one? Even though there have been a few attempts at developing such an intelligent bot, none of them has stuck around; however, OpenAI changed the game.
OpenAI is an artificial intelligence research business founded in 2015 by Sam Altmar and Elon Musk. Even though Musk withdrew from the business in 2018 to focus solely on Tesla, he remained an advisor and donor. OpenAI aims to advance artificial intelligence in ways beneficial to various industries and the average user, hence its latest AI program: ChatGPT.
Now, let’s get into the ins and outs of ChatGPT.
ChatGPT Uses
To use this intelligent chatbot, you’ll have to sign up to ChatGPT and activate your account to reach the tool’s services. Afterwards, type your question and watch as this chatbot types the answer for you in real-time. This all seems simple until you realise the type of questions and requests ChatGPT responds to in a matter of seconds!
- You can ask ChatGPT to analyse specific data.
- It can generate and write content.
- With ChatGPT, you can write emails, letters, and all sorts of communications and rewrite them to be more friendly (for example).
- It answers all questions with a conversational tone, allowing you to ask for more information simply by typing “add more points.” This saves you time as there’s no need to do the research yourself.
- ChatGPT answers follow-up questions, creating a naturally flowing conversation free of the robotic tone we all dislike about chatbots.
- It can code and even find errors in existing codes.
- It can even solve maths problems.
You can use this highly intelligent and dynamic chatbot to benefit whatever field you work in, such as the real estate industry, marketing, research, and much more. So, with this in mind, how do ChatGPT and other AI technologies revolutionise the real estate industry?
AI in the Real Estate Industry
Before getting into ChatGPT and real estate, let us have a brief look into how AI is used in the real estate industry:
- Blockchain Technology
Blockchain technology eliminates the need for an intermediary in real estate peer-to-peer transactions between property developers and buyers, saving time and costs required by middlemen in real estate sales.
Additionally, automation in the real estate industry is significantly supported by blockchain technology. How come? Blockchain utilises smart contracts, which are unique programs that execute transactions when stipulated conditions are fulfilled, enabling automation in conditional real estate transactions.
- Access Control
Thanks to various advanced AI technologies, you can easily detect abnormal data and suspicious transactions and activity, triggering alerts within seconds. With such technology utilised in the real estate industry, your properties and business remain protected from unauthorised users and third parties, securing your operational, financial and transactional data.
- AI and Identity Verification
AI is used in various security applications in the real estate industry, one of them being identity verification. For example, you can use AI with video intercom readers to protect residents of a particular property, providing touchless access control and multi-factor authentication at the building’s entrance. Such AI technology automates the identity verification process and it secures the property so only authorised users can enter the building.
ChatGPT and the Real Estate Industry
How can ChatGPT be used in the real estate industry?
- Automated Property Management
ChatGPT and AI technologies are super beneficial in management tasks, such as maintenance requests and tenant communications. This saves time and reduces the need for human labour, giving you and others in the industry a chance to dedicate more time to other demanding and complex tasks.
- Predictive Analytics
It is essential to analyse real estate trends, tenant behaviour, prices, and many other things within the real estate industry, and this is where ChatGPT and various AI technologies come into play. They are used in analysing large data and making predictions, improving the knowledge provided for investors and developers alike.
- Enhanced Customer Service
ChatGPT generates accurate answers to all tenants and buyers’ questions in real-time, taking their customer experience to the next level. Considering how interactive and intelligent the ChatGPT is, it will surely assist interested customers in discovering all available offers and properties your business provides.
Since the currently released version of ChatGPT is considered to be the “raw” version, its current use is expected to reveal areas of needed improvement and upgrades. In other words, as the ChatGPT develops, it will become more beneficial in elevating customer satisfaction and experience.
- Improved Security
ChatGPT and AI technologies are used to monitor security cameras and detect abnormal activity in commercial and residential properties, enhancing security and reducing insurance costs.
- Better Tenant Screening
AI technologies, including ChatGPT, analyse tenant applications, helping developers identify reliable tenants. Overall, this increases the properties’ performance and increases ROI.
To conclude, real estate developers utilise AI tools and technologies (such as ChatGPT) to understand the market better and attend to tenants’ needs in the best possible ways, establishing properties better-targeted to what they’re looking for. No matter the type of property you’re searching for in Dubai, you can count on Azizi Developments to provide you with the most elegant residential and commercial properties, allowing you to have the dream home and turn your business ideas into reality.