Since OpenAI’s chatbot launched in November, real estate professionals across the country have experimented with it to help with tasks ranging from copy editing to tweaking the tone of an email to a disgruntled client. But while executives and brokers are still exploring AI’s many uses — ChatGPT still has bugs and accuracy issues it’s working out — there’s agreement it holds the potential to make some industry tasks easier.
Right now, AI’s biggest benefit is efficiency, according to commercial real estate professionals who joined in on a Twitter conversation about ChatGPT. Users said they asked it to do once-overs for grammar and tone in marketing materials, property descriptions, letters of intent and right of first refusal contracts, to name a few examples.
The technology can also help with lease reviews, comparing information against an agreed-upon letter of intent and avoiding bias in favor of the landlord or tenant, users said. Beyond that, it has basic coding capabilities and can perform data analysis to identify market patterns and risks.
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