AI and ChatGPT are today’s buzzwords, and as every other business organization gets on the AI bandwagon, what can real estate businesses do to ensure they aren’t left behind? Well, there’s a lot that AI and Gpt technology can do to improve almost every aspect of real estate businesses from gaining insights into consumer behavior and using those insights to improve conversions, to optimizing pricing strategies, and streamlining business operations.
By embracing these technologies, real estate businesses can stay ahead of the competition and ensure they are not left behind in today’s rapidly evolving business landscape.
This article looks at the main AI offerings at large today, and discusses what each can do for real estate businesses
Copilot
Copilot is an AI-powered code autocompletion tool developed by Open AI, the company behind the now-ubiquitous ChatGPT. Copilot too is built on GPT (Generative Pretrained Transformer)—a type of neural network architecture designed for natural language processing tasks such as language translation, text summarization, and question answering.
Basically, Copilot uses GPT to analyze code being written and generates suggestions for the next lines of code. This can speed up the process, helping developers churn out code more quickly, accurately, and efficiently.
Copilot benefits:
Increased productivity
Copilot can save developers time by providing suggestions for code as they type, reducing the need for manual coding and improving productivity.
Improved code quality
Copilot can suggest code that follows best practices and coding standards, improving the overall quality of the codebase and reducing the likelihood of errors or bugs.
Reduced development costs
Copilot can automate certain coding tasks, reducing the need for manual coding and improving efficiency. This can help businesses save on development costs and reduce time-to-market for new products or features.
Access to a vast library of code snippets
Copilot has access to a large database of code snippets, making it easier for developers to find and reuse existing code rather than writing new code from scratch. This can save time and reduce development costs.
Increased accessibility
Copilot’s AI-powered suggestions can make coding more accessible to non-expert developers or those with less coding experience, reducing the skill barrier to entry for certain programming tasks.
Automation of repetitive tasks. Real estate developers can use Copilot to automate tasks like data entry, report generation, and other administrative tasks.
Improved collaboration
Copilot’s suggestions can help developers collaborate more effectively by providing a common starting point for coding tasks and reducing the need for manual code reviews.
In short: Copilot from OpenAI can benefit businesses by improving productivity, code quality, and collaboration, reducing development costs, and making coding more accessible to a wider range of developers.
ChatGPT
ChatGPT is an AI chatbot created by OpenAI — an AI research company, which launched ChatGPT in November 2022. Open AI was founded by a group of entrepreneurs and researchers including Elon Musk and Sam Altman in 2015; one of the company’s investors is Microsoft
ChatGPT uses natural language processing to create humanlike conversation. There are many instances of users leveraging its abilities to answer questions and compose various forms of written content, including blog posts, social media content, essays, emails, and even code.
Like many of the automated chat services available on various websites, VO provides answers to a variety of queries. The difference is the quality of responses, this is because the model is trained with reinforcement learning through human feedback and reward models that rank the best responses. This feedback provides data to ChatGPT’s NL algorithm to improve future responses.
Benefits
ChatGPT is perfectly suited for customer service and support. Real estate developers can use ChatGPT to create a chatbot that can answer common questions and provide assistance to potential buyers and tenants.
BARD
If Microsoft has an AI offering can Google be far behind? In response to OpenAI’s AI offerings Google released—in a limited capacity—its own offering: BARD. BARD is a conversational generative artificial intelligence chatbot, based on the LaMDA family of large language models. Bard’s ability to generate human-like responses quickly are powered by natural language processing and machine learning. Like OpenAI’s ChatGPT, Google Bard is an AI-powered chatbot that can respond to various queries and requests.
It uses online information to generate fresh, high-quality responses. While Bard will most likely be integrated with Google’s other offerings, and will, thus, probably be available gratis, there is a waiting period currently to become a user.
Benefits
Like ChatGPT, Bard is the ideal customer service application. It can be used, by real estate businesses, to build chatbots that can answer customer queries, offer suggestions, and provide allied assistance.
Both ChatGPT and Bard offer multiple benefits in terms of freeing manpower, improving the quality of customer interactions, and streamlining customer service processes.
BRAD (Building Recognition and Design) not to be confused with BARD is a computer vision system that uses a form of AI called deep learning. Specifically, BRAD uses something called convolutional neural networks (CNNs) to analyze and recognize images of buildings and architectural designs.
BRAD was developed by a team of researchers at the Massachusetts Institute of Technology (MIT) and is designed to help architects and urban planners better understand urban environments. BRAD uses deep learning algorithms to analyze images of buildings and urban landscapes to identify architectural features, building styles, and other characteristics that may be relevant to design and planning decisions.
BRAD is perfect for predictive analytics. Real estate developers can use BRAD to analyze market trends, identify potential buyers (and tenants), and predict demand for specific types of properties.
ChatGPT, Bard, Copilot, and BRAD can be used together to improve the overall customer experience. For example, a customer could use ChatGPT or Bard to resolve queries about a particular property, Copilot could be used to automate the booking process, and BRAD could be used to provide personalized recommendations based on the customer’s preferences and previous interactions.
Leveraging these tech innovations can help real estate developers improve efficiency, provide better customer service, and make better-informed decisions.
