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Intimidated by AI? You don’t need to be any longer. On May 13, OpenAI launched GPT-4o, which makes putting AI to work in your real estate business incredibly simple. “Alex,” the name GPT-4o told me it would like to be called, shared exactly how it can help you in your business, as well as providing 35 commands that will cover most tasks you would like it to do.
Open AI Chief Technology Officer Mira Murati had this to say about the release of GPT-4o: “This is the first time that we are really making a huge step forward when it comes to ease of use.”
“Alex 4o” brings the functionality of GPT to both free and paid users, is up to two times faster, offers improved capabilities in text, video and audio, and will soon allow users to interface with it for video chat. (Free users will have rate limits on the number of times they can use GPT-4o and will be unable to use DALL-E’s image generator.)
This is what David Edelman from the AI lab at MIT called “armchair AI” because of its simplicity of use. Check out the announcement video and a display of some of the functionality here.
ChatGPT-4o for real estate professionals
Back at the end of 2023, I asked GPT 4.0 about what name it would choose as my writing assistant. It came back with “Alex.”
When I asked GPT-4o if it wanted to use “Alex” or “GPT,” here’s what it replied.
“Alex 4o” sounds great for a more personalized and relatable approach. Let’s go with that!
When I asked why it chose the name, Alex, it pointed out that the name is gender neutral; it works across multiple languages, and it’s simple, memorable, recognizable, friendly, approachable, and professional yet casual.
ChatGPT-4o
In today’s highly competitive real estate buyer with inventory shortages, higher interest rates, and fundamental changes in terms of how buyers’ agents are compensated, staying ahead of the competition requires new tools and strategies. ChatGPT-4o is an advanced AI assistant designed to support almost every aspect of your real estate business.
Here are seven areas where ChatGPT-4o can help you with your real estate business. It comes down to six words: generate leads, convert leads, close transactions.
Lead generation and identification
There’s an old real estate adage that nothing happens until someone generates a lead.
Alex 4o can sift through social media platforms like Facebook, Instagram and LinkedIn, as well as sites like YouTube, to identify potential buyers and sellers based on their activity and interests. This targeted approach ensures that agents spend their time on the most promising prospects.
Marketing support
Your marketing is another important aspect of effective lead generation. ChatGPT-4o says it requires a mix of strategy and creativity.
Alex 4o can assist with crafting compelling listings, creating targeted ad campaigns, and analyzing market trends to optimize marketing efforts. Whether it’s designing eye-catching social media posts or generating engaging video content, Alex 4o ensures your marketing stands out.
Convert leads
Turning a lead into a signed contract requires multiple steps that are designed to lead to a face-to-face appointment. Remember, according to the latest NAR Profile of Home Buyers and Sellers, 82 percent of the sellers only interview one agent whom they hire.
Alex 4o can automate this process by sending personalized emails and messages, scheduling follow-up calls, and even providing reminders for in-person meetings. By staying top-of-mind with potential clients, agents can increase their chances of closing deals.
Caveat: What this requires
You will have to decide if you want to turn your contact database information over to Alex 4o to use the features outlined in this section. You can also do it from your CRM, but you will probably need to speak with your CRM provider for assistance with this step.
Here are is a list of basic guidelines to follow (generated by ChatGPT-4o), provided you’re willing to share this data with ChatGPT-4o.
iCloud contacts
Go to iCloud.com and sign in with your Apple ID, navigate to “Contacts,” and export your contacts as a vCard (.vcf) file.
Google contacts
Go to contacts.google.com and sign in with your Google account. Export your contacts as a .csv or vCard file if needed.
Outlook contacts
Sign in to Outlook.com or open Outlook on your desktop. Export your contacts as a .csv file if needed.
Lead follow up
An equally important component of the lead conversion process is lead follow up. Figuring out what to say as well as the task of actually following up can be very time-consuming.
Alex 4o can automate this process by sending personalized emails and messages, scheduling follow-up calls, and even providing reminders for in-person meetings. By staying top-of-mind with potential clients, agents can increase their chances of closing deals.
Close transactions
The process of closing the transaction can be overwhelming for many clients. While you can use ChatGPT-4o to schedule inspections and appraisals, probably its most important use is keeping them up to date with what is happening in the transaction.
In my opinion, the industry has tremendous tracking tools that are integrated into the digital signature platforms that many companies, escrows, and title companies use. If you have a choice, use the existing tools that are already integrated rather than ChatGPT-4o.
By keeping clients informed and engaged, Alex 4o helps minimize stress and ensures a smooth closing experience.
Support buyers during their move
Agents often desert their clients once the transaction closes, or in some cases, as soon as the agent puts the property under contract.
Alex 4o can assist buyers by providing moving checklists, connecting them with moving services, and offering tips for settling into their new home. This added support can turn a stressful move into a positive experience.
Maintaining client relationships post-move
If you want to generate referrals from past clients, you need to support them not only during the time they’re moving, but also after their property has closed:
Alex 4o can send personalized follow-up messages, holiday greetings, and even reminders for home maintenance tasks. By maintaining a presence in your clients’ lives, you stay top-of-mind for their future real estate needs.
Commands for best results in real estate with ChatGPT-4o
In the past, the best way to get results from ChatGPT was to ask it to tell you the commands that would work best to achieve the tasks you wanted to complete. In the new version, the process is much simpler.
Using the seven categories above, here are the commands that will generate the best results from ChatGPT-4o.
Identifying and generating leads
Please note ChatGPT-4o can answer social media questions with the simple queries below. If you want ChatGPT-4o to access your personal Facebook, Instagram and LinkedIn pages, however, go to those sites, bring up your page and then copy the URL in the search bar.
In this case, you would give it a specific command to search your URL for that social media site.
- Alex 4o, find potential homebuyers on Facebook interested in moving to [City].
- Alex 4o, identify sellers on LinkedIn who have recently been promoted and may need to relocate.
- Alex 4o, generate a list of leads from YouTube comments on home tour videos in [your neighborhood].
- Alex 4o, search Instagram for users using hashtags like #FirstTimeHomeBuyer and compile their profiles.
- Alex 4o, create a targeted ad campaign on social media for potential sellers in [ZIP code].
Marketing support
ChatGPT-4o can handle various aspects of your marketing.
Here are five different commands to you can use to help you with your marketing:
- Alex 4o, create a new property listing for [property address] with a compelling description.
- Alex 4o, design a social media post showcasing the new listing at [property address].
- Alex 4o, analyze market trends and suggest the best price for [property address].
- Alex 4o, generate a video tour script for [property address] highlighting its key features.
- Alex 4o, schedule a series of Instagram posts to promote the upcoming open house.
Convert leads
Again, to use these features you must supply ChatGPT-4o with this information. Rather than giving it your entire database, you may want to share the contact information for clients who are actively looking now.
- Alex 4o, send a confirmation email for the appointment with [client name] and include a list of documents they should bring.
- Alex 4o, provide me with a script to address common objections about the neighborhood.
- Alex 4o, send a reminder email to [client name] about the benefits of buying a home in the current market.
- Alex 4o, draft a follow-up email for leads who attended the recent property seminar.
- Alex 4o, set up automated reminders for my appointments with potential buyers this week.
Lead follow-up
As noted above, you would have to supply ChatGPT-4o with the contact information of those who had visited your open house or viewed it with you directly.
Depending upon whether you want to use your address book or CRM, you still have to load them into your system before asking ChatGPT-4o to complete these commands.
- Alex 4o, send a personalized follow-up email to all open house attendees from last weekend.
- Alex 4o, schedule a follow-up call with [client name] and set a reminder for tomorrow at 10 a.m.
- Alex 4o, send a thank-you message to [client name] for visiting the property and ask if they have any questions.
- Alex 4o, draft a follow-up text message for leads who have shown interest in the last 30 days.
- Alex 4o, remind me to check in with [client name] next week regarding their interest in [property address].
Close transactions
I don’t know if I would count on ChatGPT-4o to prepare my checklist of closing documents — your broker is a much more reliable source. What you can do, however, is instruct ChatGPT-4o that this is the checklist you use to close listings, and the second list is the one you use to close buyer transactions.
From that point, ChatGPT-4o can automate the process of sharing it for future transactions.
- Alex 4o, prepare a checklist of documents needed for the closing process for [client name].
- Alex 4o, schedule an inspection for [property address] and notify the client.
- Alex 4o, send a reminder to [client name] about the upcoming appraisal.
- Alex 4o, generate a timeline of the closing process for [client name] and explain each step.
- Alex 4o, draft an email to [client name] with tips for a smooth closing day.
Support buyers during their move
Agents often neglect the closing process, and it’s a place where you can add a lot of value to your clients as they are planning to move. The great news is that ChatGPT-4o can draft these lists for them. (Be sure to double-check any document ChatGPT-4o creates for accuracy.) For movers, be sure to read their online reviews before giving your clients this information.
- Alex 4o, create a moving checklist for [client name] with personalized tips.
- Alex 4o, recommend [the top] local moving services to [client name] and provide contact information.
- Alex 4o, send a welcome packet to [client name] with information about their new neighborhood.
- Alex 4o, draft an email to [client name] with tips for unpacking and settling in quickly.
- Alex 4o, remind [client name] to update their address with important services and contacts.
Maintaining client relationships post-move
If you’re like many agents, once your transactions close, you’re not that good at staying in touch with your past clients. Given how tight the market is currently, you can’t afford to let a single potential lead go to waste.
Here’s how ChatGPT-4o can help:
- Alex 4o, schedule a follow-up email to [client name] three months after their move to check in.
- Alex 4o, send a holiday greeting card to all clients who moved in the past year.
- Alex 4o, draft a maintenance reminder email for [client name] as we approach the winter season.
- Alex 4o, create a survey to gather feedback from recent clients about their moving experience.
- Alex 4o, send a birthday greeting to [client name] on their special day.
By utilizing these commands, real estate professionals can leverage the power of ChatGPT-4o to enhance their lead generation, follow-up processes, marketing strategies, lead conversion rates, closing procedures and client relationships.
ChatGPT-4o’s final piece of advice
With Alex 4o, real estate professionals can leverage cutting-edge technology to enhance their productivity, improve client satisfaction, and ultimately close more deals. Embrace the future of real estate with Alex 4o and watch your business thrive.
Using ChatGPT-4o is simple, especially since the commands above are all single sentences. If you want to be the agent who establishes market dominance in this time of chaos and turmoil, working with ChatGPT-4o is one of the best ways to do it.
Bernice Ross, president and CEO of BrokerageUP and RealEstateCoach.com, and the founder of RealEstateWealthForWomen.com is a national speaker, author and trainer with over 1,500 published articles.
