How real estate agents can use ChatGPT to work less and earn more

Jan 18, 2023
What ChapGPT is and how it works?

Have you used ChatGPT yet?

This little chatbot is bringing the potential of artificial intelligence to the masses…and it has a lot more power than most people realise.

I tried it out over the holidays, and now I want to share how commercial real estate professionals can utilise ChatGPT to increase their productivity and grow their income.

This means not just asking the chatbot basic questions, but giving it context, asking it to take on a persona and using it to help you generate ideas that might take you hours to come up with on your own (and then asking it to elaborate or generate more if need be).

If you've just started using ChatGPT, or if you haven't yet got on board, and you’re not fazed by robots working for you, take a listen to episode 123 of CRE Success: The Podcast.



Episode transcript:

It's 2023, and the future is here.

Artificial intelligence is now able to support you to be more productive and to give you a whole range of ideas on the way forward when you're just feeling a little bit stuck.

In today's episode, I want to talk to you about ChatGPT.

I first learned about it a couple of weeks ago, on a podcast and now I've seen so many people talking about it on LinkedIn.

So, I thought, hey, I'd explain to you, first of all, what it is (if you don't know what it is) and how it works.

And I'm going to share with you some ways that you can use it more efficiently and effectively, if you are a commercial real estate professional. So, stick around.

Hello, welcome to Episode 123 of CRE Success: The Podcast. My name is Darren Krakowiak. And I help commercial real estate leaders to develop their people and to grow their business.

This is our first episode recorded in a new space because I moved house recently about three or four months ago, and we moved out of the old office just a few weeks ago.

And I haven't quite settled on the new recording location as yet.

This is in the home office where I'm coming too today. And I haven't even bought a laptop before I went on holidays.

And I haven't actually opened the box and put all the new programs. And that's I'm still using the old laptop, which means I haven't quite updated everything in the way that we're going to be presenting the podcast to you.

You might not even know what I'm talking about. If you are listening to the podcast, you might not notice any difference.

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So, today's episode is about ChatGPT. Well, it's about artificial intelligence, and the future of productivity. 

And ChatGPT is the vehicle which I'll be using to explain to you how it is that you can use a chatbot program that uses what's called natural language processing technology to generate responses for you.

And you can also use this to help you be more productive because the ChatGPT, GPT stands for Generative Pre-trained Transformer language model, which was developed by OpenAI.

It uses a combination of machine learning algorithms and artificial intelligence techniques to analyze the input that you put in and generate appropriate responses.

And you can actually use this technology to be your voice and to interact with your customers on your behalf.

It can be used for customer service, it can be used for dissemination of information, you can use it to abuse and entertain yourself. You can use it in your personal life.

And what I want to do today is really show you how it works, but also show you advanced ways of how it works.

Because if you just get on there and start asking questions, you'll be impressed and you'll be using it.

But you won't be using it to its full potential.

Now I'm not saying that I know how to use it to its full potential. But I've done some research.

And I've actually run some tests about how we can use this more effectively in commercial real estate. And that's the purpose of today's episode.

If you don't actually know what ChatGPT is yet, or if you don't haven't signed up for an account, you can just google ChatGPT.

You'll find OpenAI's website, get an account, sign up and start to play around with this thing, because it's really quite powerful.

So let me give you an example. Let's say that today's episode, I didn't have any ideas.

And I thought, well, let's just talk about building rapport with clients.

And what I could do is I could go into ChatGPT. And I could ask this question:

How do I build rapport quickly with clients?

And it's going to give me an answer. And in that answer, I asked this question. And this is the answer:

There are several ways you can build rapport quickly with clients, show genuine interest in them and their business, find common ground and establish a connection. Use positive body language and nonverbal communication. Be authentic and transparent, be flexible and adaptable.  

And then it says:

By following these tips, you can build rapport with a new client quickly and effectively.

And beneath those five tips that it gave me, it also gives me examples of how to do it.

So, for example, when it says: use positive body language and nonverbal communication, it says to make eye contact, smile, and use open confident body posture.

That’s pretty good advice.

And I could probably make a whole episode out of those five tips that it gave me and that would mean I wouldn't have to think about how to brainstorm an episode on how to quickly build rapport with a new client.

But it's not really that specific to commercial real estate.

So, I did ask it a couple of questions about commercial real estate and it wasn't as smart at the time that I tried it as I would like it to be.

I thought, "Okay I'll get less specific." And I'll just ask it about:

How can ChatGPT help real estate agents to become more efficient.

This is the answer it gave me and it said that:

ChatGPT could potentially be used to help agents automate certain tasks such as answering frequently asked questions from clients, or providing basic property information. This could allow agents to focus on more high-level tasks such as building relationships with clients and negotiating deals. Additionally, ChatGPT could be used to create personalized and automated communication with clients, such as sending customized emails or texts based on their specific interests or needs. This could help agents save time and stay organized while also providing a more personalized and efficient service to clients. It's worth noting that ChatGPT is a tool and not a replacement for the expertise and personal touch that a real estate agent brings to their work. However, it can potentially help agents streamline certain aspects of their work, and improve their efficiency.

Alright. So, it tells me some things that it can do, but it also notes its limitations. And the fact that as humans, we still need to do certain things.

And if you've been listening to the show for a while, you'll know that one of the things that I do recommend is that we always are looking for ways to, one, focused on higher order tasks.

And for all those other tasks that are below our paygrade that we're looking for ways to either delegate them, to automate them, or to outsource them.

And previously, say, writing an update on a property description, that might be something that you could have delegated to someone more junior on your team.

You probably wouldn't have outsourced because it might have been a bit expensive to outsource some basic copywriting like that, but certainly you couldn't automate that process.

Well, now you can with ChatGPT. And you can make that happen for the very, very low cost.

In fact, everything that I'm telling you today has been generated for free using the free version of the program.

But asking you to do certain things without giving it some context is perhaps not utilizing the full power of ChatGPT.

So, what I would recommend that you do is that you instruct the program to take on a personal when you're giving an instruction.

I've asked ChatGPT to be an executive sales coach. 

And to help me have a value driven conversation with the top executive at a global real estate fund and to provide me with questions that demonstrate my expertise, but also invites the SEC executive to share more information about their fund.

And I can tell you that the questions that it came up for me to ask were actually pretty good.

In fact, if I had brainstormed, if somebody comes to me and says,

Can you give me 10 questions that I should be asking a top real estate executive of a fund in a way that's going to get them talking about their fund and not talking about myself so much?

These are the sorts of questions that I would have come up with:

Tell me more about the current strategy and focus of your fund?

How do you see market trends impacting your investment decisions in real estate?

Can you share any specific challenges or opportunities you're currently facing in your portfolio?

In your opinion, what do you think sets your fund apart from others in the industry?

How do you measure the success of your real estate investments?

How do you see the fund evolving in the future?

Can you tell me about any specific initiatives or projects that the fund is currently working on?

How does your fund approach risk management in real estate investments?

So again, I'll give you the question that I asked it.

This is exactly what I talked into ChapGPT:

You are an executive sales coach, tell me how I can initiate a value driven conversation with the top executive in a global real estate fund. Provide me with questions that demonstrate my expertise, but also invites the executive to share more information about their fund.

And it gave me all those great questions, isn't that fantastic?

Well, let's do something again, which is specific, but also up to date and relevant.

So, 2023 is year in which I think many people are expecting not a great year in terms of the economic environment. That's what most of the outlook say.

We can actually ask ChatGPT to help us anticipate and overcome objections that we may have from investors about investing in 2023.

So, this is what I typed into ChatGPT. I said:

Most investors are expecting a market downturn in 2023. Tell me some ways I can encourage investors to remain active this year by showing them that 2023 is the best time for them to invest.

Okay, so there's the context I've provided. Here's the answer. It says:

To encourage investors to remain active in 2023, despite market downturn expectations, you can focus on emphasizing the potential opportunities that may arise during a market downturn, and how they can take advantage of them. Here are a few ways to approach the conversation: Highlight the historical trend of market recoveries following downturns. Remind them that downturns are a normal part of the economic cycle, and that markets have historically always rebounded. Emphasize the potential for undervalued assets to be found during a downturn. A market downturn can create buying opportunities for savvy investors looking to purchase assets at a discount. Highlight the opportunity of a long-term investment horizon. Remind them that even if there is a downturn in the short term, a long-term investment horizon helps smooth out any short-term fluctuations in the market. Offer them a portfolio review, a review of their current portfolio, and an in-depth analysis of their risk tolerance can help them understand their portfolios potential in the current market.

And it says a few more examples. And then it says at the end:

Overall, it's important to communicate that while a market downturn can be challenging, it can also present opportunities for investors who are willing to stay active and take a long-term perspective.

So, I think they're really good answers. And I wouldn't suggest that you just verbatim do what ChatGPT tells you to. But if you're stuck, and if you're looking for ideas, then I think it's a great resource.

Another thing that you can do is to ask it to generate headlines for you.

So, let's say that you're writing an article or you're about to send an email out.

Let's say you're going to send an email out to company CFOs. And that you want to tell those CFOs about why this year is a great time to relocate. 

I asked ChatGPT to:

Give me five subject lines for emails that I can use in that context.

And it gave me five.

For example, expert insights:

Why 2023 is the ideal year to relocate your office?

Another one it gave me was:

Maximize your company's growth potential in 2023 with a strategic office move.

2023 is the year to relocate your office, why now is the perfect time?

And then it even tells me that subject lines should be concise, attention grabbing and clearly communicate the main benefit of your newsletter.

Also make sure you use a professional tone and avoid using exclamation marks or all caps to avoid looking spammy.

So, in fact, if you wanted to know about how to write effective subject lines or emails, you could ask ChatGPT that question it will give you the answer.

Another one, I don't mind this one. So, I'm going to give this one to you as well.

I know I'm giving you a lot of examples, but I really want you to understand how this program can work.

If you want to get more of your employees to start working in the office rather than continuing to work from home. What could you send them? 

Well, I asked ChatGPT in an amusing way:

Explain why the company wants more employees to start working in the office again, rather than working from home? 

And this is what it gave me, it said:

Are you tired of working from home and staring at the same four walls every day? Well, I have some exciting news for you, our company is looking for you to join us in the office. Why work from home when you can work in an office with free coffee and snacks. Plus, you'll never have to worry about your cat sitting on the keyboard or your child interrupting an important zoom call again. In the office, you'll have the opportunity to collaborate with your colleagues bounce ideas off each other, and build relationships that will make work more enjoyable. Plus, who doesn't love a good office prank or two. Working from home may have been a nice change of pace at first. But let's get real. It's not all it's cracked up to be. With the office, you'll be able to take a break from your desk and stretch your legs or even play a quick game of foosball. Plus, let's not forget the perks of a professional office environment, you'll be able to dress up feel more productive and impress clients with a real office. So don't waste any more time working from home. Come join us in the office and let's make work fun again.

Okay, so I asked it to give me that memo in an amusing style. And it did. Not laugh out loud funny, but it wasn't bad. 

And certainly, I think it's a good base from which you can work from. 

So, the purpose of today's episode is to help you understand what ChatGPT is and to use it to its full potential.

That is to give it more context to give it more instructions about what it is that you're looking for.

And then once it understands what you're looking for, it will give you more meaningful responses.

One last example I want to give you.

My wife's birthday next month and she's going to be a certain age and I want to know about some gift ideas within a certain price range to get her.

Limit your answers to gifts, the cost between x and x.

So, what I did, I typed into ChatGPT:

What can I get my wife for her birthday, she will be x years old.

And it told me that:

Here are a few gift ideas for your wife's birthday that fall within the price range.

And it's given me seven or eight answers and they kind of a little bit generic, I think. Like jewelry or we can get away, handbag, kindle, camera, fitness class.

And it says:

These are just a few ideas to spark your imagination. Remember, the most important thing is to show your wife that you care and that you know her well enough to get her a gift that she will enjoy.  

So, I after it gave me that answer I actually typed in right away:

Okay, what about an unusual present for her?

And it said:

Here are a few unusual gift ideas that fall within the price range. A hot air balloon ride, a private wine tasting experience, a pottery class, a skydiving experience, a photoshoot, a concert or show, a hot air balloon ride.

It's actually given me a hot air balloon ride twice.

Point: this is why you can't just copy and paste slabs of text from ChatGPT and send it out to people.

You've got to review it; you've got to use it as a way to support you not as a way to do the work for you.

A couple of other things it says in subscription box or a trip to a nearby city or town.

And again, it reminds me that, you know I should be fought fallen and the unique gifts are a great way to show your wife that you care and that you know her well enough to get her a gift that she will enjoy.

So, I hope today's episode has not only brought to your attention what ChatGPT is, but it's also given you some more information about how you can use it more efficiently and effectively.

That's our show for you today. Thanks so much for listening. I will speak to you soon.

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