What is ChatGPT and What Does it Mean for Real Estate Investors?

By: Edward Humphries

Jump To

1. How Does ChatGPT work?
2. What Can I Do with ChatGPT?
3. Pros of ChatGPT
4. Cons of Chat GPT
5. Call to Action

Our prediction for the most used term in digital marketing in 2023 is ChatGPT. Over the last six months, This AI copywriting tool - which seems to have come out of nowhere - has disrupted the marketing world - particularly SEO, paid ads, and content marketing professionals, who view ChatGPT as either a marketing Messiah or a severe threat, depending on how you look at it.

ChatGPT is an artificial intelligence language model created by OpenAI that can engage in a wide range of automated content conversations and tasks. Since its release, it has gained significant attention and popularity. It can assist users in generating text, answering questions, and even holding long conversations with them.

Let’s take a closer look at ChatGPT and what it can do for real estate investors.

How Does ChatGPT Work?

ChatGPT allows you to research and create content or code based on search queries or input you provide. The automated tool can answer questions and assist you with tasks such as composing emails, writing web pages or blogs, developing marketing strategies, or writing code. It can even help you research real estate information in your market.

ChatGPT is similar to a search engine (Google, Bing), because it provides information based on your search term and responds to your input. However, it can go further than a search engine by giving you the most current and direct information in conversation form.

Here’s an example:

If I type ‘How do I sell my house fast in California,’ in Google, I get short snippets based on top answers from high-ranking websites.

These snippets provide nothing more than a summary or quick list designed to get you to click on the website to find out more.

However, if I type 'How do I sell my house fast,’ in ChatGPT, I get a more comprehensive answer.

How does this work? ChatGPT scans the Internet, assimilates all possible answers to your search term and comes up with the most comprehensive, definitive, or general answer based on its findings. For this reason, ChatGPT has become hugely popular in nearly every industry worldwide. AI technology can deliver answers to any question and deliver them in a contextualized and conversational way.

What Can I Do with ChatGPT?

Digital marketing teams are still finding new ways to capitalize on ChatGPT’s capabilities. Here are some practical uses for the tool in your REI business.

1. Brainstorm Ideas

Regardless of your upcoming project, ChatGPT can help you brainstorm ideas.

• Look for blog topics
• Develop an article outline
• Create a tagline for your business

For instance, let’s say you want to come up with blog topic ideas for ‘foreclosure’. ChatGPT can help you get started with ideas that range from baseline to complex topics. We typed ‘blog topic ideas for foreclosure’, and here’s what we got:

2. Social Media Management

There are numerous platforms for managing your social media marketing strategy. However, many of them are complicated and pricey. ChatGPT can help you refine your social media and complete many of the same tasks as other platforms, including

• Scheduling: You can use ChatGPT to optimize the scheduling of social media posts based on audience behavior, preferences and peak usage times.
• Analysis: The program can analyze data and provide insights on consumer behavior, preferences and trends to provide actionable insights for creating a stronger strategy.
• Advertising: ChatGPT can analyze data to recommend the best ad formats and creative elements for a company's campaign

3. Use as an Informative Search Engine

One of the biggest frustrations with Google searches is that you have to dig through website after website to search for answers. Since website rankings are based on effective SEO strategies, you don’t always find the information you’re looking for on these sites.

ChatGPT solves this problem by eliminating the steps it takes to get the information you want. It delivers answers quickly and with no filler.

Here’s an example of a search query and the answer:

4. Generate an Email Campaign or Template

ChatGPT can generate personalized email campaigns based on motivated seller behavior and preferences. You can utilize AI to ensure emails are tailored to each type of seller based on certain criteria that you establish. The best ways to do this include the following:

• Subject line optimization: A subject line is the first thing a seller sees. ChatGPT can test, generate and provide recommendations for various subject lines to find the best-performing ones for a specific audience.

• Email segmentation: ChatGPT can analyze seller behavior, identify common patterns based on interaction and segment email lists based on recipient behavior, preferences and interests.

• A/B testing: Marketers use A/B testing to analyze the performance of different email variations from subject line to format. ChatGPT can optimize email campaigns by analyzing the performance of different email variations and providing recommendations on which are likely to be the most effective for a particular seller.

5. Write Real Estate Listings

Professionals in nearly every segment of real estate are testing the waters as they explore ChatGPT’ capabilities. One area where they are finding success is in writing real estate listings - an otherwise, time-consuming task that often requires a level of creative writing that investors often do not possess.

If you currently have a property you are trying to sell and need a persuasive description to attract buyers, ChatGPT may be able to help you assemble the perfect combination of words to highlight your listing in a sea of competitive listings.

Here’s an example:

As the AI software grows in popularity, people are finding more and more creative ways to put the tech to use — including making it write flowery descriptions for real estate listings.

What Are the Pros and Cons of ChatGPT?

From providing quick and efficient customer service to personalized learning experiences, the ChatGPT chatbot has a lot to offer. However, as with any technology, there are also possible drawbacks to consider. Let’s go over the pros and cons to provide some perspective.

Pros:

It Provides Quick, Complete Answers

ChatGPT can extract information from large amounts of text data, such as blogs, articles, scientific papers, and social media posts. The model is great at pinpointing key topics, summarizing specific information, and gathering ideas from online data. It can regurgitate the data into a concise, complete answer you can digest. In many cases, it gives you more information than you asked for.

It Simplifies Nearly any Task

One of the benefits of any AI program is that it takes menial or repetitive tasks and automates them, saving the user several steps in nearly any process. ChatGPT is no different. Whether you’re researching a topic, creating a strategy, or developing a plan, the bot can automatically assist you with nearly every step in the process.

It is Highly Versatile

ChatGPT is an incredibly versatile tool. It can be used for a wide range of applications, including generating text, answering questions, and even holding conversations. It can be used in almost any context where text is required. It can be a valuable tool for any real estate professional regardless of what you need it for.

Cons:

It Creates Unoriginal Content

Regardless of what you use ChatGPT for, there are probably thousands of other people using it for the same thing. As a result, ChatGPT produces unoriginal content. In most cases, the content is exact from one user to the next. Consequently, you need to avoid using it to write a blog or a web page. Otherise, you’ll end up with content that has been duplicated countless times.

It’s Too Broad, Not Specific to Your Business

If you want ChatGPT to tell you how to sell your house fast, the answer it provides relates to the real estate industry as a whole - not specifically to local home buyers. ChatGPT’s primary purpose is to research and gather information from a wide range of sources to give comprehensive answers. In many cases those answers are either inaccurate or not specific enough to a certain type of investor.

It Hasn’t Learned How to Write Creatively or Properly

ChatGPT does exactly what you’d expect a robot to do - simply spit out answers. Developers have yet to teach it how to write creatively or follow simple grammatical rules. Since its primary function is to gather and report data, it’s gathering information from people who can’t spell and do not understand the nuance of any language. You end up with a poorly written piece of content that lacks human feel.

Start Generating 15-30+ Inbound Motivated Seller Leads Every Month

Magnyfi can help you get more motivated seller leads through various paid and organic online marketing strategies. Learn more about how we can help you implement the Motivated Sellers Marketing System in your area.

To check the availability of your market, fill out our application form or contact us at 877-540-4248, and we will walk you through the process. We only work with a limited number of investors per area, so claim your market today!