I have been reading your responses about AI language models and it appears a lot of you are not the biggest fans on its usefulness. But I am curious for those who do find it useful in their CRE roles - what specific AI prompts are you using in your day to day? Or what prompts in general have you used that yielded impressive responses?
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God this is lame.
"What are your favorite prompts?"
Idk man, do you have favorite Google searches too?
There’s literally an entire field called prompt engineering dedicated to prompting language models effectively. There’s a science to crafting effective inputs to get the best results from large language models…but you you can think it’s lame all you want my friend lol
Uh huh. A "field." A "science."
Based on most of the comments in that other thread it seems pretty clear a lot of people haven't used LLMs to any real degree.
You can do a prompt like "Write a program in python that pulls all the excel files from an outlook folder and puts them into one workbook for me" and it will give you code as well as instructions on how to use it. Last year, I used it as a launchpad for a program that now imports about 450 invoices a month into our accounting software.
"Is [Firm Name] REPE?"
"Is [Firm Name] prestigious?"
If you are talking about fine-tuning prompts as if it is an important part of the RE business, you are NGMI
Working in Industrial development, I've found AI to be very useful in things like helping understand electrical/ power stuff, think existing building power upgrades, assistance in "speaking the language", etc., as well as understanding lease language and other complex legal documents. I don't have any specific prompts for these items, but to me things like this is where AI really shines.
Agreed. If you're on a call with attorneys or GC's or lenders, and you're getting out of your depth and it's a bit wonky/esoteric, chatgpt (or alternative) can give you an explanation in 30 seconds vs. 5 minutes of googling. If it comes up often enough, these time savings are real.
I try to abstract the lease of every deal we do, no matter how small. Just for fun, I shot through a pretty complex lease with multiple amendments into ChatGPT, including leases that were 30+ years old with handwritten changes, and I have to say, it pretty much nailed the abstract, including catching something that I did not.
THIS. Saves so much time compared to scanning the entire lease yourself.
This. I was looking through a ground lease on a distressed high rise with multiple commercial and residential condo units and this thing dissected a very complex situation very quickly to get at all the salient points. Am I still going to pay a top notch lawyer $1500/hr during DD to make sure ChatGPT wasn’t hallucinating? Yes. But I’d rather start talking to that expensive attorney once we are in a DD period - not when I’m doing my initial analysis.
The reason why AI is being looked down upon in this sub is because more real estate guys including myself tend to be old school. We're focused on physical assets(buildings, land, improvements, etc). We will always be denying what AI can achieve. Everytime I meet up with my other friends theyre all investing in tech and crypto or whatever and I just talk about physical assets. Its in our nature.
Anyone touting that AI is useless just simply is not using it right. Its make all our jobs efficient. It won't replace us but there will certainly be less admin work for us. We'll be able to do more with less.
As for prompts,i dont know the specific prompt but the one that can modify exterior pictures of buildings is pretty cool.
Ask ChatGPT
Good thing I found is the new speaking feature with chat gpt. It like having a conversation with an expert and sure quick to get what you need
"An expert"
Sometimes you don't have an expert on the subject. For example, I was work on a rent stabilized portfolio in queens and needed to quickly get up speed with the current legislation, subsidies etc.
I had a 10 min conversation with the bot and learned enough to feel comfortable with the asset. While not perfect defiantly can get you up to speed quickly.
Still iffy on it so I use it for easy tasks like a location or sponsor section write up for a deal memo. Yet to really use it for more analytical purposes.
I'll use it for a few things:
Man, what is even the point of that email? Who came up with the idea of sending slop to the company that 95% of them won't even read?
You seem to have a generally negative view in this thread, so I'll take with a grain of salt the fact that you took a two sentence cursory explanation and made a lot of assumptions based on your view point.
The emails are corporate policy/SOP updates. And, without getting too much into the details, the purpose is to make them aware that we're establishing standards that we will hold them to.
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