ChatGPT - a beginner's guide for Property Managers

The most exciting advancement in technology now is the rise of artificial intelligence (AI).

Let's break down the term "artificial intelligence" and see what ChatGPT has to say:

“Artificial intelligence refers to machines or software mimicking human intelligence—learning from experience, understanding complex concepts, recognizing patterns, and making decisions. One impressive application of AI is a language model, and that's precisely what ChatGPT is. Picture this: an assistant who understands and uses human language as proficiently as any skilled professional. That's the power of ChatGPT. It can converse, write, and provide information in human-like language, making it a versatile tool.”

Is this true?

When we think about human intelligence, we're referring to people who consume information, understand it, and make connections between bits of information, managing to put everything into a given context.

So, is it the same when we talk about AI? Not really… Let me explain:

The easiest way to visualize how ChatGPT works is by imagining a puzzle. Each puzzle piece represents a piece of information. The software has access to billions of puzzles, so it stores tons of small puzzle pieces. When you ask for something, it looks for puzzle pieces (through text, context, and references) and creates a whole new puzzle—your puzzle.

BUT (and here's the main difference): IT DOES NOT UNDERSTAND.

When we think of something, we incorporate all our mental and physical experiences. The AI has only the puzzle pieces, not the experience. So, it may conclude that an ice cream works great on a sunny day, but it doesn't understand what that means - it just knows that there's a high probability that the two work together.

How to use it?

You just make an account on https://chat.openai.com/auth/login.

Is it accurate?

I found that most inaccuracies from previous versions have now been fixed. However, you should always check a text or an answer because it doesn't know what's true. It knows only that there's a high probability that the answer is correct. Also, bear in mind that it's not up-to-date, and all the information it was trained on is up to 2021.

Is it safe?

Generally, yes. However, I would advise against inputting sensitive information, as it could potentially be leaked. They also have a disclosure when you login

"Conversations may be reviewed by our AI trainers to improve our systems. Please don't share any sensitive informations in your conversations."

Here's a workaround: Let's say you want to check an email for grammar issues or get three improved versions of it - replace any sensitive information. For instance, Mr Smith becomes 'X' and your secret project is now named 'Y'.

So, what can you do with ChatGPT?

Here are a few examples, and we'll dive deeper into specific areas for property management in upcoming posts:

• "Help me write a welcoming email for new tenants moving into our commercial property."
• "Create a checklist for annual property inspections."
• "Create a step-by-step guide for tenants on how to report maintenance issues."
• "Draft a response to a tenant's inquiry about the renewal process for their lease."
• "Provide me with a summary of the latest advancements in property management software."
• "Provide me with a summary of the following text"
• "How can I effectively handle conflicts between tenants in a commercial property?"
• "Help me draft a proposal for improving our property's landscaping to attract more clients."

Should you pay for the service or use the free version?

You can use the free version, but, to be honest, I would recommend paying for at least one month to get fast access and also to get the latest version. There is a significant difference between versions 3.5 and 4 in how they answer questions and queries.

Now that you've got a basic understanding of what ChatGPT is and how it works, you might be wondering how this fits into your role as a property manager. That's precisely what we'll explore in this series of posts—how you can use ChatGPT to streamline property management tasks and communicate more effectively.