ChatGPT in the real estate industry: innovation or temporary hype?

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The spread of ChatGPT, an AI-based chatbot, has rapidly conquered the world of work since its launch in November 2022. User growth reached over 1 million users after just 5 days, and today there are several million. The real estate industry is also showing interest in this new technology, although opinions are divided: On the one hand there is curiosity and euphoria, on the other skepticism and hesitation. But how is ChatGPT used in the real estate industry? What are the advantages of artificial intelligence? And what concerns are there? Nicole Wieting-Kaelin, CMO of properti, shares our insights.

How is ChatGPT revolutionizing the real estate industry?

Is ChatGPT the innovation in the real estate industry or just a passing hype? Hardly any technology has ever spread as quickly as the chatbot ChatGPT. Within a few weeks, it has divided users into different camps of euphoric supporters and skeptical observers. At present, the group of people who use artificial intelligence (AI) to make their work easier and enrich their private lives predominates, with the media reporting daily on new findings and experiences in connection with ChatGPT. ChatGPT is also establishing itself in the business world, as the bot supports certain tasks and thus minimizes the time required.

What opportunities does ChatGPT offer for real estate companies?

Interest in ChatGPT and the possibilities that the chatbot offers for day-to-day work is growing in the real estate industry. Companies are faced with the challenge of finding reliable ways for the chatbot to handle various tasks. Innovative start-ups in the rather conservative real estate sector in particular want to find out whether this is a temporary hype or whether the technology can be established in the long term. At properti, we pursue the goal of making real estate transactions and associated processes simpler and more transparent for customers, brokers and service providers. ChatGPT is seen as a helpful tool that can make recurring tasks in daily business easier and faster in the future.

How does ChatGPT support work processes in the real estate industry?

For example, executive summaries or summaries of content can be created in just a few minutes, which saves a considerable amount of time. ChatGPT also supports the writing of exposés, the proofreading of texts and the filtering out of important points in a description. It saves time and capacity by taking over repetitive tasks. A time saving that benefits the customers in our care. The time gained is used to go the extra mile in meeting customer needs, acting faster in terms of the desired transaction processing. The technology is proving to be a powerful tool that supports employees and allows them to focus on more demanding tasks. According to the CMO of properti, ChatGPT has the potential to revolutionize basic office work in the same way that robotics once revolutionized industrial work. However, control over the information provided by AI remains essential.

Where does the information from ChatGPT come from?

An important aspect that concerns experts and users alike is the origin of the information that ChatGPT uses to process complex texts. This question currently remains unanswered. “We don’t (yet) know the sources,” says Wieting-Kaelin. “In view of this uncertainty, all of us who work with ChatGPT must be extremely careful with the results provided. Whether the tool will become established in everyday working life also depends on how quickly the relevant authorities develop and implement data security regulations.”

Conclusion: Future potential of ChatGPT in the real estate industry

Artificial intelligence promises to make repetitive tasks more efficient. Legal and ethical aspects must also be taken into account in order to guarantee the highest quality. The long-term acceptance and use of ChatGPT will show whether it is just a temporary hype or a sustainable enrichment for the real estate industry in Switzerland. Nicole Wieting-Kaelin emphasizes the essential role of human expertise: “People will continue to be the focus and will have to check the information themselves. Every result that the chatbot delivers is carefully checked for accuracy and plausibility at properti in order to avoid errors and meet the highest quality standards.”

While we eagerly await the further development of this technology and its challenges, humans remain indispensable for independently checking the information and making ethically responsible decisions.

All data are without guarantee. The information on these Internet pages has been carefully researched. Nevertheless, no liability can be assumed for the accuracy of the information provided.

More about the author

Nicole Wieting-Kaelin

Nicole Wieting-Kaelin is Chief Marketing Officer (CMO) at Properti and a member of the Executive Board. As a leading expert in marketing, communication and digitalization, she is responsible for the development of the brand, marketing in all its facets and communication.

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