ChatGPT is the fastest-growing platform in history, surpassing the growth rates of tech giants like Facebook, Netflix, and Spotify.
In just 5 days, ChatGPT reached an astonishing 1 million users, and it’s not without reason. The platform offers a plethora of interesting use cases that have proven valuable to various industries, including real estate.
As a Direct Mail company specializing in real estate (check out golden letters for agents!), we have discovered 15 real-life use cases for ChatGPT that can benefit professionals such as agents, brokers, investors, and wholesalers.
In this article, we’ll dive into each of these use cases and provide detailed examples of how to prompt ChatGPT effectively to get the best responses.
What ChatGPT can and cannot do
Before exploring the 15 use cases, it’s essential to clarify what ChatGPT can and cannot do.
While some sources might suggest that ChatGPT can serve as a chatbot, personal assistant, or provide real-time data, these claims can be misleading.
ChatGPT operates based on prompts and responses and does not have inherent functionalities like a chatbot or real-time data access.
Now, let’s move on to the actual list of 15 ways real estate professionals can use ChatGPT effectively:
15 ways to use ChatGPT as a real estate professional
1. Writing listing descriptions:
Real estate agents can use ChatGPT to create compelling listing descriptions. To get the best response, provide a detailed prompt that includes essential details about the property, such as its location, features, and unique selling points. For example, prompt:
“Write an engaging listing description for a modern 3-bedroom house located in a family-friendly neighborhood with a spacious backyard. Highlight the open-concept layout, the newly renovated kitchen, and the proximity to local schools and parks.”
2. Negotiation help:
When stuck on how to negotiate with a client or a seller, prompt ChatGPT to provide persuasive responses. For instance, prompt:
Give me negotiation tips to convince a seller to accept a slightly lower offer due to property condition. Explain the benefits of the location and potential for future upgrades to justify the adjusted price.”
3. SEO articles:
ChatGPT can assist in crafting SEO-friendly articles. To make your content stand out, provide a clear outline and specific keywords you want to target. Prompt:
“Write an article on ‘Top Tips for First-time Homebuyers’ with a focus on affordable housing options and government schemes. Include information about down payment assistance programs and the importance of pre-approval for a smooth buying process.”
4. Social media content:
To create engaging social media posts, prompt ChatGPT with a specific feature or highlight of a property.
For example, prompt:
“Create 5 different Facebook posts emphasizing the stunning view from a penthouse apartment in downtown. Showcase the breathtaking city skyline and mention the nearby attractions to attract potential buyers.”
5. Content generation in general:
When you need fresh ideas for content, ask ChatGPT to generate a list of topics or headlines related to real estate trends and investment opportunities. Prompt:
Suggest 10 blog post ideas for real estate investors interested in the current market trends. Cover topics like the impact of remote work on housing demand and emerging neighborhoods with high growth potential.”
6. Create Facebook ads:
For agents and investors, ChatGPT can help generate a series of Facebook ads to promote listings or investment opportunities. Prompt:
“Design a set of Facebook ads for a luxury waterfront property, each focusing on a unique feature. Highlight the private boat dock, the infinity pool, and the exclusive access to a nearby golf course.”
ChatGPT can offer solutions to marketing challenges or specific problems related to real estate. Provide detailed information about the issue at hand. Prompt:
“Help me come up with a creative marketing plan to attract potential buyers for a property with a unique architectural design. Emphasize the property’s historical significance and target niche buyer groups interested in preservation.”
8. Keyword research:
For Google Ads campaigns and SEO strategies, prompt ChatGPT to find relevant keywords and search terms for real estate. Prompt:
“Find high-converting keywords for a real estate ad campaign targeting luxury homebuyers. Include terms like ‘luxury homes for sale,’ ‘exclusive properties,’ and ‘high-end real estate.'”
9. New ideas for customer service:
Ask ChatGPT to generate innovative ways to impress leads and customers, improving the overall customer experience. Prompt:
“Provide three unique ideas to surprise and delight new leads during the initial property tour. Suggest personalized welcome gifts, virtual reality home tours, and informative neighborhood guides.”
10. Cold calling scripts:
For a fresh approach to cold calling, prompt ChatGPT to generate scripts that resonate with potential clients. Prompt:
“Create a persuasive cold calling script to connect with homeowners interested in selling their property quickly. Mention the current demand for properties in their area and the benefits of listing with your agency.”
Although not a substitute for legal advice, ChatGPT can generate basic contracts like seller finance agreements for wholesalers in urgent situations. Prompt:
“Draft a simple seller finance contract for a residential property sale. Include terms related to the down payment, the interest rate, and the payment schedule.”
When crafting follow-up or lead generation emails, describe the context in detail to get more tailored responses. Prompt:
Write a series of follow-up emails to nurture leads interested in off-market properties. Provide information about upcoming exclusive listings and invite them to join your exclusive buyer’s list.”
13. Improve existing content:
To enhance existing materials like ads or articles, prompt ChatGPT with the content you want to improve and highlight specific areas to focus on. Prompt:
“Enhance this property listing description by making it more compelling and emphasizing the unique features. Add details about the energy-efficient appliances, the custom-built walk-in closet, and the panoramic views from the balcony.”
14. Building a chatbot:
Though ChatGPT is not a chatbot, it can help generate Q&A content for creating a real estate chatbot. Explain the importance of chatbots for website engagement. Prompt:
“Generate potential questions and answers for a real estate chatbot to enhance website interactivity. Include common inquiries about property listings, financing options, and local amenities.”
15. Coding and Excel:
For real estate professionals seeking help with coding or Excel tasks, prompt ChatGPT with the specific formula or coding problem you need to solve. Prompt:
“Provide a formula in Excel that calculates the return on investment for a rental property. Consider factors like the initial investment, rental income, and expenses.”
Weakness of ChatGPT
While ChatGPT offers incredible value, it does have some limitations.
One weakness is its lack of access to real-time data, making it unsuitable for providing up-to-date market insights.
Additionally, without careful prompting, ChatGPT may produce inaccurate or irrelevant responses.
Users may need to verify the output and refine their prompts to ensure accuracy.
Moreover, ChatGPT might occasionally provide responses that fall short of the desired length, necessitating further prompting to achieve the desired content.
Tips for prompting
To maximize the effectiveness of ChatGPT, follow these tips for better prompting:
1. Be specific and clear in your prompts.
2. Include all relevant details to ensure accurate and relevant responses.
3. Use proper formatting to create organized content.
4. Experiment with different prompts to find the best results.
5. Proofread and refine the generated content for accuracy.
6. Consider using a combination of prompting and editing to achieve the desired output.
7. Avoid using ambiguous or vague language in your prompts.
Examples of Bad Prompting and How to Improve It
Prompting is a critical aspect of using ChatGPT effectively. A well-crafted prompt can elicit detailed and relevant responses, while a poorly formulated prompt may lead to vague or inaccurate outputs.
Here are some examples of bad prompting and how to turn them around into good prompts:
1. Bad Prompt: “Tell me about real estate.”
Issue: This prompt is too broad and lacks specificity, resulting in a generic response that doesn’t address any specific real estate topic.
Good Prompt: “Explain the current trends in the luxury real estate market in New York City.”
Improvement: The revised prompt is specific and focuses on a particular aspect of real estate, leading to a more targeted and insightful response.
2. Bad Prompt: “Give me a good article on real estate investment.”
Issue: This prompt is ambiguous and doesn’t provide clear instructions on what type of article is desired.
Good Prompt: “Write a comprehensive article on the benefits of investing in commercial properties for long-term rental income.”
Improvement: The improved prompt specifies the type of real estate investment (commercial properties) and the desired outcome (long-term rental income), leading to a more relevant and informative article.
3. Bad Prompt: “Show me something about housing.”
Issue: This prompt is too vague, and “something” is not a clear indication of what information is needed.
Good Prompt: “Provide statistics and charts comparing the average home prices in major cities across the United States over the past five years.”
Improvement: The revised prompt offers clear instructions and a specific request for data, resulting in a more structured and data-driven response.
4. Bad Prompt: “Give me a script for cold calling.”
Issue: This prompt is too general and doesn’t specify the target audience or purpose of the cold call.
Good Prompt: “Create a cold calling script to reach out to homeowners in a specific neighborhood interested in selling their properties quickly.”
Improvement: The improved prompt defines the target audience (homeowners in a specific neighborhood) and the purpose (selling properties quickly), leading to a more tailored and persuasive script.
5. Bad Prompt: “I need help with marketing.”
Issue: This prompt lacks context and doesn’t provide any details about the specific marketing challenges faced.
Good Prompt: “Develop a marketing strategy to attract millennial homebuyers interested in eco-friendly and sustainable properties.
Improvement: The revised prompt offers clear context and a defined target audience, leading to a more focused and effective marketing strategy.
By avoiding vague and ambiguous prompts and providing clear and specific instructions, real estate professionals can extract more valuable and relevant information from ChatGPT. Crafting well-structured prompts ensures that the responses obtained are accurate, insightful, and tailored to the specific needs of the real estate industry.
ChatGPT offers real estate professionals a powerful tool to streamline various tasks and improve efficiency.
From crafting engaging listing descriptions to generating social media content and assisting with problem-solving, ChatGPT proves to be a valuable asset in the real estate industry.
However, users should be mindful of its limitations and follow best practices for prompting to get the most accurate and helpful responses. By harnessing the potential of ChatGPT effectively, real estate agents, investors, and wholesalers can gain a competitive edge and elevate their business strategies in the digital age.