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How can ChatGPT help the commercial real estate market?


A few months after the emergence of ChatGPT, a prototype chatbot with artificial intelligence specialized in dialogue developed by OpenAI, several sectors began to question the impact of the tool on their businesses.

Pat Ralph, Commercial Real Estate Reporter, gathered companies in the segment to hear their experiences with the software and the conclusion was that the influence of ChatGPT in the real estate market is inevitable.

Operation in practice
Imagine the following scenario, a professional does not understand much about birds, after all, he is a realtor, not a farmer. To help a customer identify a potential distribution center, he would have to do hours of research on poultry farming. But with the emergence of ChatGPT, he can find what he needs in five minutes and optimize the service.

Stories like this are starting to make the rounds in commercial real estate. Brokers are turning to the bot developed by artificial intelligence company OpenAI to help with day-to-day tasks.

Technology produces conversational answers to questions without you having to scour the internet for search results.

ChatGPT and the commercial real estate market
The bot will ultimately close the knowledge gap between brokers and further emphasize the importance of personal connections. He is the brain of the room. The only thing left is relationships. Knowledge will no longer be essential because basically you can get it easily.

ChatGPT can offer information such as property listings and bank creditors without having to call someone. The biggest change in the business is the fact that there won't be something on the market that nobody knows about. Everyone will know everything.

Companies are considering this technology not to replace employees entirely, just to make them more efficient.

Whether or not ChatGPT will lead to job cuts is the elephant in the room, but a common feeling is that it will help rather than replace real estate professionals, some tasks will be automated. It's more about helping to make people really good at what they do.

However, according to Techtudo, ChatGPT was trained with information available on the Internet until 2021. This means that, if asked about later events, the robot will not be able to respond or will return with incorrect information.

In this sense, the lack of access to real-time data is one of the obstacles to using artificial intelligence as a search engine.

It's not clear how widely the technology will permeate commercial real estate. Some companies in the industry said they were not yet using the tool, but recognized that it was likely to play a role in the future and said they were eager to understand the technology and see how it could benefit their businesses.

Our expert's opinion
Rodrigo Libano, Head of Technology Solutions, explains that today a differential to transform the business is how much faster and more efficient you are with the amount of information available - sometimes available in real time.

Based on that, ChatGPT arrived precisely to facilitate this challenge. From a question, he can search (based on Google), process, analyze and make the information available in a format incredibly close to what a human being would do, contextualizing the answer in a conversation format.

The benefits of using it for Real Estate services have been widely used by Brookers, with potential use aimed at searching for properties and producing lists with more in-depth information that is not quickly obtained.

Libado says that this can be very useful when you have little time to make a decision or generate leads: ''We can easily say that the disruption caused by platforms like Google Earth or Google Street View within the Real Estate business, now it also applies with the arrival of ChatGPT which, by the way, has its GPT4 version expected to be launched by the end of the first half of 2023. New technology that is evolving fast!''.

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