Barbara Corcoran: How ChatGPT Will Change Real Estate

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If you work in the real estate industry, AI and ChatGPT can make your job much easier. But is that true across the board? In an interview with Yahoo Finance, Barbara Corcoran explained how the new technology is already being used by agents to make the process of buying and selling more efficient.

Real estate agents can use ChatGPT and other AI platforms in many ways. Corcoran gave two examples of ChatGPT benefits for real estate professionals.

“The same kind of documents you had to review that would take an hour, you’d see in two, three minutes,” she said. “People are writing emails and texts and explanations of the market to their customers.”

Real estate agents can also utilize ChatGPT to write property listings, create email and marketing campaigns, write scripts for video tours, draft legal documents, translate correspondence with international buyers and sellers and improve customer support.

Keep reading to find out more about the ways AI could help with buying and selling real estate.

Top Ways AI Can Improve Real Estate Agents’ Workflow

Real estate is a competitive market for both buyers and sellers, but that doesn’t even include the daily battle agents go through to make a living. Here are some key ways real estate agents can boost their productivity and streamline their workflow with AI:

• You can improve your customer service with AI-powered chatbots that can handle common client inquiries 24/7, provide instant property information, schedule viewings and answer basic questions — without you having to be on the clock.
• Platforms like ChatGPT can help you personalize your marketing by analyzing client data to create targeted marketing campaigns and personalized property recommendations.
• AI can help agents identify and nurture high-quality leads by automating follow-up emails and messages. 
• Automate your appointment scheduling for property viewings, send reminders, and provide detailed property descriptions all with a few prompts for AI.
• Your presentations can be enhanced with easy virtual staging of properties, allowing potential buyers to visualize the space without the need for physical staging. Or you can even provide actual virtual tours to create immersive and interactive virtual tours of properties, allowing potential buyers to explore properties remotely.

It’s Not Just Real Estate Agents Who Can Benefit From ChatGPT

While there are many use cases for real estate agents, Corcoran believes almost anyone can find value in utilizing ChatGPT to assist with their jobs.

“It’s not just agents in real estate. Everybody is using it,” she told Yahoo Finance. “If you have a low IQ, suddenly you can look smart. It’s like the whole world got a genius implant. This thing is such a game-changer.”

Caitlyn Moorhead contributed to the reporting for this article.

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