How ChatGPT is being adopted into the real estate industry by generating online listings

The impact of ChatGPT is already being felt in the real estate industry.

Video transcript

- All right. Need some help selling your quaint, charming, or even stunning home? Turn to my new favorite assistant ChatGPT. Residential and commercial agents telling CNN that AI has transformed their job in a very short period of time. Consider ChatGPT has been around a few months. They're using chat to write listings, social media posts, even drafting legal documents.

For now, ChatGPT is free for users. But reports suggest OpenAI is considering a monthly charge of $42. One agent telling CNN he'd pay to $100 to $200 a month to continue using that tool. Now. That's an interesting question moving forward, much like Elon Musk is considering at Twitter. How do you monetize those people who pay $200 to the same people that are paid $2 like I would. How do you set a price that's somewhere in the middle?

But very fascinating trend that agents, I spoke to half a dozen this morning, all of them said, oh, yeah, when I asked them if they're using ChatGPT.

- Wow, that's adoption. When do you think about the fact that we only started hearing about it--

- I thought they'd all say, no way, I don't even know what it is.

- Exactly, or they'd be a little bit hesitant just in terms of how much they can rely on it. But it is very easy to use. I will say, after you enter a few things or you try to do it a couple of times, you do pick up on the keywords that you need to enter, what exactly the direction you need to give it. But this all goes back to the jobs that ChatGPT could potentially replace. Now in real estate agents' side of it, they're not replacing their jobs, it's actually helping those jobs.

But I think it gets to the point that some of those jobs that are replaced or maybe potentially could be replaced are those mundane tasks that a computer could simply do. There's been studies out there saying that it could potentially-- AI in general, could potentially replace up to 70% of the work that gets done in front of the computer screen. That really just talks about how powerful this technology is. And I love it in this case because it's not replacing those jobs, it's helping them better do their jobs and saving time for elsewhere, and what else that they could be doing just in terms of maximizing their listings.

- And that's what ChatGPT told me last week when I asked it if it's going to replace jobs. It said, no, essentially we're here to supplement the jobs and help you do them better. Not buying it entirely. When you look at this, I know a number of agents who have assistants that do similar jobs to what these agents are telling me ChatGPT is doing.

It is not going to take away an agent's job. But those descriptions will take away potentially thousands of real estate assistants. Those are the menial tasks that you don't want to do and you have AI that's currently free? No question about it. It's going to take away thousands of jobs as we move in.

- It is interesting, the monetization aspect of it too. You're saying that the agents would pay what? Up to $200 a month just to use this really shows how valuable this technology is.

- It can't be free much longer. These reports are certainly reliable. I don't know if $40 is a little high. I certainly would not pay that I think somewhere around $5 with the average user. But you've got people that'll pay $50. That's the question for them much like it is for Elan.