Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

How can ChatGPT help the commercial real estate market?

2/14/2023

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!''.

Featured Insights

REWORKING THE WORKPLACE
Article

Reworking the workplace: connecting people, purpose and place

Work and community have long been intertwined. Centuries ago, people worked in the communities they lived in, and in many cultures and countries, they still do. Mixed-use urban centers have formed bustling ecosystems, anchored by places of cultural enhancement and community connection such as churches, town halls, markets and public houses.

7/31/2023
Guide Cost
Article

Civil construction: main factors that have inflated the costs of the sector

The last 12 months have once again put the office market to the test. The easing of supply chain constraints has done little to curb the rising costs and material delays that continue to plague the construction industry.

7/26/2023
BTS Cariacica
Article • Sustainability / ESG

Ebook BTS Cariacica

Cushman & Wakefield provided consulting services in sustainability for LEED certification (Leadership in Energy and Environmental Design), comprising sheds I and II of the Condominium Logistics BTS Cariacica CLCR1, in Espírito Santo (ES).

7/7/2023

CAN'T FIND WHAT YOU'RE LOOKING FOR?

Get in touch with one of our professionals.
With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on Privacy & Cookies.
MORE OPTIONS
AGREE AND CLOSE
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS