ChatGPT for real estate? Everything depends on fine-tuning

ChatGPT is all the rage these days. Almost every industry is thinking and already testing the capabilities of large language models (LLMs) like ChatGPT for their respective fields, and the hopes and fears go high. Even in real estate there is unusual activity in evaluating and potentially adapting the new technology, from realtors to commercial real estate to property management. Yet the real success of LLMs depends on one factor alone, the so-called fine-tuning or the capabilities of LLMs to be adapted to the specific needs of the domain or customer.

ChatGPT and other large language models are based on two main functions that decide over their capabilities and strengths. One is the power of the models themselves, how much content they know and can use for their output or their answers. And the other is their capability to be "fine-tuned", in a way their "learning capacity" for external content.

Ideally, the LLM for a large property management company should be adapted to the specific data and history of the real estate portofolio, with tenant information as well as the actual chat history and communication with the property management company.

Currently deficient fine-tuning - progress forseeable

Currently, the fine-tuning capabilities of the largest LLMs like ChatGPT do not yet allow by default a flawless and easy adaptation to the specific content needs of any customer. Errors are still possible, but at least there are ways to improve the answers of LLMs over time regarding a specific field or property. ChatGPT can be trained with external content by prompt-engineering and additional databases that interact with LLMs.

Bright future for real estate language automation

In general, despite these early flaws, the deployment of LLMs in real estate will have a bright future. In an industry where studies show that 80% of all processes are communication based, that is based on text and messages, a human-like language automation must have a significant impact.

LLMs are also a natural next step for companies currently active in language automation for real estate, for example providing bots or other language-based services. Consequently, also the offerings of our company ProperyBot Solutions will be adapted and enhanced by the capabilites of LLMS. Be prepared for the impact of LLMs on your real estate business!

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