Commercial Real Estate: AI GPTs

These AI models, particularly Chat GPTs, are going to redefining how professionals engage in CRE transactions, encompassing everything from market analysis to client interactions. We will explore the concept of Chat GPTs, their multifaceted applications in CRE, and their role in driving efficiency and innovation within the industry.

Dawn of the GPT's

A groundbreaking development in AI is the ability to create specialized versions tailored to specific needs. This customization is a powerful tool, offering significant potential for users. Today, we delve into the potential and likely use cases for these unique tools.

Here is the start of creating one of the GPT for your self.

Customization: The New Frontier in AI

You then further customize the GPT with your own data.

The Untapped Potential of AI in CRE

For those yet to embrace AI, the opportunity to customize a large language model like Chat GPT with proprietary data is a compelling reason to start. Data, often considered more valuable than gold or oil, is crucial in business. It can be leveraged for significant advantages, and we will explore how this can be done effectively in CRE.

The Level Playing Field of GPTs

All users of OpenAI's subscription service start with the same base GPT model, trained on the same data. The real advantage comes from further training the model on your specific data. Currently, users can input approximately 20 documents into the GPT, with recent increases in token limits allowing for more extensive input and output. This emphasizes the value of data in enhancing the GPT's capabilities. If you don't know yet data is going to be more valuable than oil or gold. Every big brain on AI has touted this and most recently Elon musk at The New York Times’s DealBook Summit. By 2030, data collection and analysis is expected to be the basis of all future business models and service offerings.

Memory and Conversation Handling in GPTs

It's important to note that GPTs don't have memory in the traditional sense. They process each conversation anew, providing relevant answers based on the entirety of the conversation within the token limit. The AI community is actively working on improving the memory capabilities of GPTs.

Practical Applications for Commercial Agents

Let’s examine how a commercial agent could leverage this technology. Currently, professionals in CRE interact with Chat GPTs in several ways:

• File Analysis: Users can upload documents like market reports or legal contracts for the GPT to analyze and summarize.

• Direct Queries: Professionals can inquire about anything and the GPT will know to reach out for info on the web or read the documentation you gave it.
• API Integration: Many CRE firms integrate Chat GPT APIs into their existing systems for streamlined data analysis and customer service.
• External Data Access: Advanced Chat GPTs can connect to external databases, offering up-to-date market information and analytics.

Now, let’s get into some key applications of Chat GPTs in CRE:

1. Market Analysis

We have tested GPTs for market analysis, particularly for two-bedroom, two-bath condos. By feeding GPTs with specific MLS data, we asked basic investment questions. Although GPTs cannot yet handle all data in an IDX feed, we are exploring ways to connect IDX feeds to GPTs. This example highlights the importance of having proprietary or specific data for more accurate predictions.

2. Enhanced Due Diligence

Using GPTs for due diligence is highly relevant and exciting. By uploading documents of a deal, each GPT becomes 'smart' about that specific deal. This allows for detailed queries and potentially customer interaction, enhancing customer service and deal comprehension.

3. Tailored Investment Strategies

Imagine GPTs with profiles on your customers, offering real-time, proactive property matching and investment suggestions. This could be based on proprietary data, MLS data, or other sources, enhancing the connection between buyers, sellers, and properties.

4. Predictive Maintenance and Property Management

• Data-Driven Predictions: Chat GPTs analyze data from building management systems, maintenance records, and external factors to predict potential equipment failures.
• Real-Time Monitoring and Alerts: Integration with monitoring tools allows for immediate alerts about system irregularities.

• Cost-Efficiency and Resource Optimization: Predictive maintenance enables effective resource allocation and prevents unnecessary maintenance.
• Enhanced Tenant Satisfaction and Safety: Regular maintenance ensures reliable systems and identifies safety hazards.
• Customized Maintenance Plans: Tailoring maintenance strategies for each property based on specific characteristics.
• Integration with Other CRE Technologies: Combining Chat GPTs with technologies like BIM and IoT sensors for a holistic property management approach.
• Learning and Improving Over Time: The predictive accuracy of Chat GPTs improves as they process more data.

The Future of GPTs in CRE

Their ability to process and generate relevant information is transforming how CRE professionals approach market analysis, transaction management, and client engagement. As these technologies continue to evolve, they will undoubtedly play a more significant role in shaping the future of CRE, offering a blend of efficiency, accuracy, and strategic insight.

What are your thoughts on AI and Real Estate?

David Boatwright, Broker Associate, Riviera Group | CEO SocialStackPro.com

SocialStackPro (SSP) is a free real estate industry marketing tool. .

SocialStackPro.com offers real-time analytics provide insights to fine-tune your approach, while multi-platform posting saves time. .

Who We Help:

• Residential Agents
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• Realtor Associations

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