ChatGPT for Real Estate: 25 Use Cases of ChatGPT for Realtors [2024] (2024)

Ever since the launch of ChatGPT in November 2022, social media has been abuzz with discussions around the possibilities—and risks—of this new AI innovation in different industries and business divisions, like computing, media, and customer service, to mention a few. ChatGPT real estate has been no exception.

We sat down with our fellow property professionals and brainstormed how ChatGPT could be used in real estate and what possibilities (or disruptions?) it can bring to the table. We all agreed that the ChatGPT real estate combo has enormous potential for creating compelling copy for social media, penning replies to customers, planning drip campaigns, drafting legal documents, and writing property descriptions.

However, it’s not all smooth sailing. There are certain red flags about using ChatGPT for real estate that agents should be cautious of. But let’s look into the possibilities behind this tool first.

1. ChatGPT for Real Estate Listing Descriptions

ChatGPT real estate can be a real time-saver when it comes to generating property descriptions based on some basic information about a property, such as its location, the number of people it can accommodate, and other key features. You just feed this information into the chatbot, and AI for listing descriptions will highlight the property’s strengths pretty much as any human would do.

If you haven’t yet been exposed to the content-generating intelligence of ChatGPT real estate description chatbot, google it now, create an account, and start your conversation, say, by asking the chatbot to write a listing for a full-floor office in central Dallas. You will be amazed how quickly the tool will spit out an elegantly worded description for you to be able to successfully market your commercial property.

Here’s what AI generated for me just in 10 seconds:

Just curious, how long would it take you or your content manager to come up with a similar copy?

Additionally, ChatGPT can provide real estate agents with language suggestions to make descriptions more engaging, create multiple versions to appeal to different audiences, and can save you even more time and effort if coupled with other tools for CRE agents.

2. Creating Tinned Email Marketing Campaigns

Just as it is a great listing description writer, the real estate ChatGPT can create engaging email marketing journeys for your real estate leads. The trick is the same: you input some bits of information you already know about the client, e.g., the date of their lease expiration, the type of property they’re interested in, or any other details you would like to highlight in the email, andChatGPT for real estate will take it over from there.

Along with that, ChatGPT can assist real estate agents in:

• Reviewing and editing the email to ensure that it is error-free, concise, and easy to read.
• Suggesting ways to incorporate personalization and segmentation into the email, such as using the recipient’s name or targeting specific demographics.
• Offering guidance on creating effective calls-to-action that encourage the reader to take the desired next step, whether that’s scheduling a consultation or checking out a new property listing.
• Staying up to date on the latest email marketing trends and best practices to ensure that emails are as effective as possible.

3. Personalizing Property Listings

Every prospective tenant or buyer has unique preferences and expectations toward the property. While one may prioritize spaciousness and natural light, another may value proximity to underground stations and other amenities. But after all, you have just one property listing that you know would suit both depending on how it is marketed. And this is where ChatGPT for real estate can step in.

The GPT brain can artfully amend the existing property listing, highlighting its strongest qualities in a way that appeals to different customers and their preferences.

4. Improving Your Emails & Texts

When you find yourself composing a crucial email and require the wording and tone to perfectly align with your desired approach, utilize ChatGPT to assist you in rephrasing your email.

The power of ChatGPT for real estate agents is that even if you do not get the desired result from the first try, you can always ask the chatbot to tweak your copy by giving some context or clear instructions, like “Your email is too long. Please keep it as short as possible” or “Your copy is too wordy and formal. Please make it more casual and brief.”

You can also have ChatGPT real estate to:

• check your copy for grammatical mistakes,
• refine its style,
• finish the provided text,
• or come up with a synonym if you find yourself in a creative rut.

5. Writing Scripts

Creating scripts for videos and virtual tours in real estate was one of the most time-consuming tasks. – until Chat GPT stepped in 2022.

Whether you need a script for a formal business presentation, an engaging advertisem*nt, or a lighthearted video, ChatGPT can generate one for you within seconds.

Here’s what ChatGPT real estate has generated for me on my prompt: “Generate a script for 2 min video about use cases of Chat GPT in real estate.”

6. Generating Ideas & Topics

Apart from writing compelling copy, Chat GPT in real estate can help agents brainstorm fresh ideas for their social media marketing, YouTube videos, blog posting, and newsletters.

For example:

7. Drafting Legal Documents

With its natural language processing capabilities and vast knowledge base, ChatGPT can assist real estate agents in generating various types of legal documents, such as contracts, tenancy agreements, and policies, saving you time and effort.

For example, in response to my prompt “draft me a tenancy agreement,” the ChatGPT real estate generated a fairly convincing-looking contract:

However, while ChatGPT works great for initial drafting, any copy it generates must be ultimately reviewed by a legal professional to ensure that the copy is legally binding, accurately reflects your intentions, and provides adequate protection for your interests.

Still, any kind of legal proofreading takes much less time than crafting a contract from scratch.

8. Summarizing Long Documents into Short Abstracts

Another great approach to using ChatGPT in real estate is to ask it to summarize a long text, either a document or an article, into a short, digestible abstract. See what the chatbot had generated for me when I asked it to summarize the article comparing Salesforce vs Dynamics AI developments:

What is even more handy is that you can then ask the chatbot to pick specific bits of information and provide more details on those particular aspects. Just ask ChatGPT “How exactly does Salesforce partner with OpenAI?” and if this was mentioned in the original article, you will have the answer in an instant.

While ChatGPT is convenient for summarizing documents once in a while, ChatGPT real estate will not be suitable for companies that handle multiple documents daily. Its capabilities are limited regarding the summary quality, the amount of text you can summarize, and the document formats inserted. Additionally, as it is a third-party software provider, security implications must be considered.

For these reasons, Ascendix has developed our own framework for a lease abstraction, dedicated specifically to summarizing documents. Our tool can provide a high-quality summary of documents of any format and size, ensuring accuracy and top-notch security, as it is an in-house tool.

9. Translating Emails & Texts

Another ultimate benefit of using Chat GPT in real estate is that realtors and brokers can easily have their correspondence or property listings translated into another language. For example:

You can also translate your legal documents, like tenancy agreements or property inspection reports. It is important to note that these translations should always be reviewed by a professional translator for accuracy and completeness.

10. Enhanced Customer Support

Another area where ChatGPT for real estate can add great value both to customers and realtors is customer support. ChatGPT can act as a copywriting helper, penning personalized replies to customers’ queries. Once you have got a request / complaint / or feedback from a client, ChatGPT can quickly generate a thoughtful and tailored response that addresses their specific concerns. By personalizing your customer support this way, it is possible to increase customer satisfaction, and as a result – loyalty and retention levels.

11. Troubleshooting and Fixing Technical Issues

ChatGPT can become a great assistant in solving technical problems and helping real estate agents with the adaptation and implementation of their software. Certainly, AI cannot replace a human professional developer who would create high-quality code.

Still, ChatGPT can assist users by providing troubleshooting guidance, suggesting potential solutions, and explaining technical concepts in a user-friendly manner.

For example, real estate agents can describe the software problem they’re encountering, and ChatGPT can offer step-by-step instructions, tips for configuration settings, and advice on common errors.

Even more – ChatGPT can also recommend relevant software updates, plugins, or integrations which could be useful to enhance the functionality of existing real estate software. This use of AI will greatly facilitate tech-related processes of real estate agencies and reduce the downtime caused by technical issues.

12. Keyword Generation for SEO Marketing

ChatGPT real estate can be immensely helpful in keyword research and SEO optimization of your property listing site. By generating a wide range of keywords relevant to the inputted real estate topics or seed keywords, ChatGPT helps you not puzzle over the search queries of future clients.

ChatGPT for realtors can analyze the search intent of the target audience, suggest low-competition or long-tail keywords, and identify popular phrases emerging in the real estate industry. This enables realtors and marketers to optimize their content strategy effectively and find shorter paths to their clients.

By utilizing ChatGPT this way, it is possible to ensure the content on the site fully aligns with audience interests and needs, ultimately leading to improved visibility and organic traffic growth.

13. Creating Texts for Social Media Marketing

One more time- and effort-saving opportunity ChatGPT real estate agents can bring is social media posting. If you are not actively pursuing your online presence yet, it is a great time to start your social media endeavors, as you can delegate much of your copywriting to real estate ChatGPT.

ChatGPT for real estate agents revolutionizes traditional real estate social media marketing by generating compelling texts tailored for your target audience on various platforms. You can use it for tasks like creating texts for social media posts, crafting suitable captions, getting hashtag suggestions, and generating content ideas that resonate with target audiences, driving higher engagement and brand visibility.

Relators can either ask ChatGPT to write a social media post on a given topic, say using the prompt “Please create a short post for LinkedIn announcing that our real estate services firm is expanding to New York and beyond,” or request the AI to generate a list of topics if you do not have anything specific in mind.

14. Personalizing Email Marketing Campaigns

Except for generating marketing ideas and texts for email campaigns, ChatGPT can be used to tailor email campaigns to specific audience’s needs and wants.

Let’s say you have a wonderful space on the 20th floor of a commercial center overlooking Central Park. This real estate may be utilized as a coworking space, transformed into an open-space office, or used for corporate events or meetings. Each of these purposes has its own target audience – company owners, managers, HR departments, etc. Therefore, the marketing style will be different for each of them.

ChatGPT for real estate can help, as agents can create tailored messages for every target audience, considering factors such as personal or business preferences and typical buying behaviors.

Whether it’s highlighting specific property features, addressing the customer’s pain points, or emphasizing neighborhood amenities, ChatGPT can generate content that resonates with each prospective tenant, maximizing engagement and conversion rates.

15. Writing Blog Posts for Your Website

Another appealing use of ChatGPT real estate may be crafting high-quality texts for website blog posts. Although it’s better not to publish raw unedited ChatGPT answers to your blog, well-considered usage of AI may help you maintain the brand image and your business’s values, voice, and messaging strategy.

The trick is to provide enough information about your business so that AI can learn from it and then adapt its style to your tone of voice, formality level, and business image. If you follow this strategy, you will minimize the effort necessary to edit blog posts for your website, and there will be a lot of content that could be used for marketing.

This way, the consistency in brand messaging across the website, social media, and email campaigns will reinforce the company’s credibility, professionalism, and expertise, ultimately enhancing customer trust and loyalty.

16. Cross-Selling Opportunities

ChatGPT for real estate agents may be a helpful tool for identifying cross-selling opportunities in the industry (as well as the best commercial real estate CRM). By analyzing client preferences, past transactions, and market trends, ChatGPT can provide agents with insights into clients’ buying behaviors, preferences for certain property features, and potential interest in related services such as property management, home improvement, or investment opportunities.

This analysis will allow you to tailor cross-selling strategies and offer only relevant products or services that align with clients’ needs. Thereby you get a chance to maximize revenue, foster long-term client relationships and increase customer loyalty.

17. Answering FAQs from the Clients

Realtors and brokers can also utilize the power of ChatGPT in real estate to generate a comprehensive set of Frequently Asked Questions (FAQ). This can cover various topics such as property listings, financing options, legal processes, and more, providing self-help resources to your clients and thus saving valuable time for your agents.

For this, however, agents would need to feed in some “raw” information like guidelines and rules for the chatbot to be able to generate the right answers. And this is a slippery path in terms of security. Because once you’ve inputted something confidential, it becomes public in a matter of seconds. More on this below.

18. Simple Coding and Algorithms Generation

One of the most exciting (and handy!) applications of ChatGPT in real estate is debugging real estate software, like loan origination systems, and creating algorithms for automated actions, e.g., generating comprehensive and accurate valuations for properties.

While ChatGPT real estate was initially not created to fix the bugs in code, it can assist real estate agents by providing insights, suggestions, and improvement ideas based on the input provided. Ultimately, it serves as a valuable resource in understanding concepts, exploring alternative approaches, and improving the quality of real estate software.

19. Approximate Property Valuation

Speaking of AI algorithms, ChatGPT for real estate can provide approximate property valuations by leveraging Automated Valuation Models (AVMs) based on key property details and market data.

For instance, by providing ChatGPT with information about the property size, condition, age, recent sales data, real estate agents can get a quick estimate of the property’s value, be it for sale or rent.

This functionality is particularly useful for real estate agents and homeowners looking for a preliminary assessment of property worth, helping them get an approximate view of the property’s suitable pricing, investments, and rent.

20. Neighborhood Insights

Along with the property condition and price, the prospective tenants (or buyers) pay attention to the neighborhood and nearby facilities of the real estate. And while the essential data about the square footage or number of rooms is usually included in real estate agent’s database, the information about the neighborhood comes either from time-consuming research or from year-long experience.

This is where ChatGPT for real estate agents becomes a highly valuable tool. This real estate chatbot can provide comprehensive insights into neighborhoods by analyzing data such as schools, amenities, safety ratings, and market trends.

Such information helps real estate agents educate clients about different neighborhoods and provide enough information to then match the client’s preferences and lifestyle needs with suitable locations for property investment or purchase.

21. Market Trends Overview

Keeping up with real estate market trends might be challenging, especially if the real estate agents have to deal with dozens of other urgent tasks. ChatGPT real estate can assist here by generating relevant comprehensive overviews of current real estate market trends, including price fluctuations, demand-supply dynamics, and emerging opportunities.

This data will equip you with important knowledge of the latest news in the industry, which means you will be able to develop effective pricing strategies and capitalize on market trends for successful transactions.

22. Generating Contract Templates

ChatGPT can be utilized for streamlining the process of creating real estate contract templates. If the agent or a company uses standardized formats for contracts, agreements, disclosures, and lease agreements, ChatGPT for real estate agents can easily handle the task of creating the contract template.

Moreover, it is even possible to get the contract fully ready with the tenant’s personal details in the text of the agreement. However, the question of privacy should be considered carefully, as only the in-house tools can guarantee full security. Overall, such assistance from ChatGPT saves time for real estate agents, ensuring consistency and accuracy in legal documentation while adhering to regulatory requirements.

23. Legal Document Analysis

Using ChatGPT in real estate only for generating texts will be a limitation to AI possibilities. It’s important to remember that ChatGPT can also work with ready-made text.

For instance, it can assist you in analyzing legal documents such as contracts and agreements, and identifying key terms, clauses, and obligations. You can also choose a format in which chat will provide you with the answers – it can be a short summary of terms and conditions, a table with dates, or a breakdown of prices.

This utilization of ChatGPT for realtors makes handling the paperwork much more convenient, fast, accurate, and therefore, more pleasant. It helps agents understand legal implications, negotiate favorable terms, and ensure compliance with legal regulations in document-related operations.

24. Revision of Documents

Except for summarizing and analysis, ChatGPT can aid real estate agents in revising and editing documents. Though the amendments to the legal terms and conditions are better left to human professionals, ChatGPT in real estate can suggest relevant improvements in the language, structure, and formatting of the documents. This ensures clarity, readability, and professionalism in documents like agreements, sale contracts, and client proposals, and also in marketing materials and listing descriptions.

25. Transforming and Editing Texts

ChatGPT can transform and edit texts to optimize content for various purposes, such as social media posts, property descriptions, blog articles, and email campaigns. The same text can be condensed and rephrased in order to fit every platform’s requirements.

For example, if a property description is uploaded in ChatGPT real estate, the chatbot can add persuasive elements and calls-to-action for social media, craft informative and visually appealing newsletters for email campaigns, or generate well-structured and SEO-optimized content for a website blog post.

Such text adaptation and optimization will maximize engagement and convey messages effectively across various channels. By enhancing language, style, and messaging, real estate agents can effectively communicate with target audiences and get engaged and loyal customers.

Do’s & Dont’s When Using ChatGPT in Real Estate

Although ChatGPT, in some very creative ways, is changing the way business is done, real estate agents should be mindful of certain do’s and don’ts when utilizing ChatGPT in their real estate operations.

1.Do not ask ChatGPT to write entire blog posts for your websites.

However lucrative it may look for SEO marketing purposes, using ChatGPT for blogwriting may be risky in terms of quality, accuracy, and legal compliance. Not to mention that the AI-generated text will always loo too generic and will not reflect your brand’s identity.

Instead, leverage ChatGPT in real estate for generating ideas and inspiration.

2.Do not input confidential data like real contacts and customer data into the chat.

ChatGPT’s privacy policy makes it clear that once you feed a string into ChatGPT, your information becomes public and available for other AI training purposes. Italy has even banned ChatGPT to protect its citizens until it improves its privacy, so you would think companies would be more careful about how their staff use it.

Instead, provide more context to the chatbot and ask it to act as a particular persona in a specific niche. By framing the conversation within a given context, you can engage ChatGPT as a simulated character, enabling it to provide tailored responses and insights relevant to the real estate domain.

3.Do not rely on ChatGPT without human oversight

To understand the risks, consider an experiment recently conducted by Sarah Bell, an AI specialist focused on real estate. She asked the chat to produce a Python code for automated evaluation of the desirability of different tenants based on nationality. She found out that the chatbot was profoundly prejudiced against Australians. Why? ChatGPT didn’t have the answer. This experiment may look just like a fun example of why we should or shouldn’t trust AI, but think – what if this code was blindly used as a source code of a rental marketplace? Australians would always fall victim to biased machines without a single real reason behind this. And why? Because the human wasn’t there to correct the mistake.

To avoid this scenario, make sure you double-check and cross-reference everything ChatGPT generates for your and other real estate agents.

Who Are We?

We, Ascendix, are a team of innovators dedicated to helping commercial real estate agencies embrace innovation.

Over 16+ years in real estate, we have witnessed many industry breakthroughs and developments, and have developed indispensable expertise that positions us as the right leader to help your company choose the right CRM software, migrate from your legacy system to Salesforce, and more.

Contact us if you need:

• A technology partner who is sensitive to your commercial real estate problems – we have been providing stellar technology help to the most renowned industry incumbents like JLL and Colliers for almost 2 decades. Check our case studies to learn more about these collaborations.
• An expert audit of your current technology, whether it be a dated CRM or listing platform, to spot the reasons for underperformance and room for improvement.
• Expertise in AI development specifically dedicated to real estate, for instance, for an automated document management system tailored to your business needs.
• An external development partner to help you build whatever solution you have in mind for real estate – as product developers with 5 offices across the world, we have the right product buildout expertise and technology resources to bring your ideas to life.

Contact us to find out how we can help you succeed in commercial real estate.