Are you looking for a tool that can help you with coding, writing, and idea generation? Look no further than ChatGPT! Check out some of my favorite examples of the best uses for ChatGPT in real estate below.
Writing Leases
ChatGPT is a fantastic tool for writing a basic lease from scratch. I used ChatGPT to create a residential lease in the state of Georgia with standard terms. I gave it the basic details needed for a residential lease including the rent, concessions, pet fee, security deposit, start and end dates. See the results below!
The Verdict: The results were pretty good. It added in a late fee and the terms of the late fee which I forgot to include! It also added information about utilities and broke out the terms of the lease in an orderly fashion.
However, you will notice that I asked for a multifamily lease. The above lease is better suited for a single-family rental lease.
While ChatGPT still has room for improvement due to the nuances of a commercial or multifamily lease, it can be a useful tool when paired with additional coding automation, particularly in online leasing applications.
Underwriting
Looking to stay informed about the current market? Need specific data for a particular zip code? ChatGPT may be able to help. While ChatGPT’s database currently goes through 2021, it still delivers valuable directional information that can assist with the underwriting process. Simply ask ChatGPT for the data you need.
The Verdict: ChatGPT only has data until 2021 so you won’t find great information for recent rental rates, occupancy, or sale prices. It can help you understand key qualitative factors about a particular zip code, such as the risk of wildfires.
Training
Many newcomers to commercial real estate find it difficult to learn the basic metrics. Below, I asked ChatGPT a few basic questions about IRR, NOI and cap rates.
The Verdict: This is an excellent use case for ChatGPT in real estate. As an education engine, it is a great way to get junior and new staff up-to-speed on the basics.
However, keep in mind that we only tested a few metrics. You must review ChatGPT’s responses to ensure that you agree with their descriptions. While helpful, ChatGPT does not discuss the intricacies of these terms. For example, your team may need to see both gross and net IRR, levered and levered IRR, among other variations.
Marketing
Want to up your marketing game in the age of AI disruption? ChatGPT is here to help. With the right prompts, this tool can craft compelling blog posts and generate SEO-optimized lists. Need a feature on fun activities at the new clubhouse for your Tampa apartments? ChatGPT has you covered. The more traffic your site receives, the higher your marketing pages will rank in search engines. Let ChatGPT take the reins and watch your online presence soar.
The Verdict: This is where ChatGPT excels. Many savvy marketers have already learned to use it to generate topics, titles, and key words for SEO-optimized blog posts. It works great as a grammar and tone checker and can help teams churn out marketing material at lightning speed.
Creating Unit-Level Descriptions
Are you struggling to find the right words to describe your vacant units and properties? Let ChatGPT take the reins. This tool excels at creative writing and can help you craft compelling descriptions. While most data, like bed and bath count and square footage, can be easily populated and shared, the description is where you have the chance to shine. You can ask ChatGPT to generate an upbeat, attention-grabbing description. And the best part? It saves you time, producing a solid first draft in just minutes.
The Verdict: Although ChatGPT will not create your final draft, it will create a solid version 1 that your marketing team can use as a starting point for editing, resulting in tens, if not hundreds of hours saved.
The Best Uses for ChatGPT in Real Estate