You don’t have to worry about artificial intelligence taking over your job, but the real estate agent down the hall who is using AI could take your business.
This technology is the most powerful tool humanity has ever acquired. The AI locomotive left the station on November 30, 2022. It is now a bullet train hurtling down the tracks and cannot be stopped.
The important thing to understand about artificial intelligence in real estate is that AI takes over menial tasks like social media posting, marketing, identifying real estate trends, creating newsletters, etc. For you as a real estate agent, the result is less time on the computer and more time to spend with your clients or find new clients to expand your reach.
How Real Estate Agents are Using AI
Today, most real estate agents use AI to describe properties and respond to emails. But AI goes far beyond just verbal output. We are now seeing it generate songs with lyrics for social media posts about properties and create AI videos about the local real estate market.
OpenAI has shocked the entertainment industry with SORA, an AI system that can create 60-second videos from a simple one-line command, allowing you to create fully AI-generated real estate videos. Even more impressive is how easy this technology is to use.
Most AI language models are currently free
One of the things that struck me about this technology is that some of the most powerful AI language models are available for free. Many people missed the announcement from OpenAI (the developers of ChatGPT 3.5, 4, and now 4o) that all versions of ChatGPT will soon be available for free use for everyone. Currently, you must pay a monthly subscription fee to access ChatGPT 4, which is expected to roll out here in Canada this summer.
When talking to real estate agents about artificial intelligence language models, they mostly talk about ChatGPT. The reality is that AI has exploded since the second half of 2022, with nearly 12,000 AI tools being developed. In the past 12 months, tools such as META AI, Claude, CoPilot, Gemini and others have appeared every month. The most amazing thing is that all these AI language models are free to use.
What should AI be used for in the real estate industry?
The real estate industry is constantly changing, and the reality is that we all need to upgrade our skills or learn new tools to keep up. This is where AI comes in. Here are some examples of how AI can help:
Negotiations. When you're negotiating with a client or another agent, simply tell the AI to:
“I'd like you to be my real estate negotiator. I am representing the buyer in a transaction and have received an offer for the property that is $20,000 more than my original offer. This offer brings the price equal to the fair market value. Can you provide me with three different scripts I can use to communicate to the buyer that this offer is exactly equal to the fair market value of the property?”
Social Media Posts. Creating consistently new and engaging social media content can be a challenge. Try telling your AI to:
“I want you to act as a real estate social media marketing expert. Create three social media captions targeted at first-time home buyers. Make sure your captions are engaging and witty. Also, in your caption, include emojis, hashtags, and image prompts that relate to your caption.”
Real Estate Coach. Did you know you can now have a verbal conversation with the ChatGPT app? You can let ChatGPT be your real estate coach. Below are some great examples of prompts I use in my coaching:
“I want you to act as my real estate coach. I want you to rate me at the beginning of my real estate presentation. I want you to listen to the quality of my content, my energy, my rhythm, everything about my real estate presentation. Let’s get started…”
A final word on artificial intelligence
Leveraging AI in real estate is not an option, it's essential to stay competitive. AI automates tasks, allowing agents to focus on relationships and complex decision-making. Why wait? Embrace AI today to streamline your operations and enhance client interactions. The future belongs to those who adapt and innovate with this technology.