ChatGPT in Real Estate

It can write you excel formulas for a specific problem.

The more descriptive and precise you are the better the results.

I've tried asking chatgpt a variety of Financial math questions and it answered wrong EVERY TIME. Really skeptical about its use in Finance. I feel it’s more useful towards coding.

Waiting for someone up the food chain to say, "Everyone we hire is my ChatGPT"

Had to write a macro in one of my models for a specific loan product that can't be done in any way by formulas. Asked ChatGPT how to do same and it spat out the exact same VBA code to me that I had made.

Can confirm my job is at risk.

ChatGPT has me so wet

I asked it to write an excel formula to calculate yield maintenance- Wrong every time. Same for "write me an excel formula to distribute construction costs on a bell curve" 

It could be great for basic leases, contracts and jv operating agreements. They seem to have reigned that in somewhat over the last few weeks. Probably threat of a class action law suit. 

I see it as being a highly competent intern who is fantastic at doing grunt work and takes constructive feedback extraordinarily well. You need to know what you want and you need to know how to ask for it. Great for time consuming generative content but it's not taking any analyst jobs in the current iteration. Definitely has loads of potential though, it's been a ton of fun to play around with

Not quite ChatGPT, but a combination of ChatGPT and DALL-E will significantly reduce the manhours required to design a development. If AI can design the most efficient project for a given site and have a complete understanding of a municipality's building/zoning codes and regulations, create flawless SD/DD/CD's instantly, and produce endless exterior designs for you to choose from, how many architect positions are no longer needed? 

I was thinking it would be really good for certain parts of IC memos - feed it the rent, sale, other comp tables and the narrative portion of those risk section will never not tie out again to the exhibits.

The scary one long-term for me is that AI can take millions of data points, toss them all into the sausage maker, and spit out acquisition opportunities. Will remove some of the inefficiency from real estate, and inefficiency is why there are no shortage of millionaires in real estate. Does AI allow for bigger firms to increasingly garner more share and make it more challenging for smaller groups to compete? I think we are decades away from that really starting to play a factor, but anything that reduces inefficiency from a market is bad in my book. 

Where are you trying ChatGPT?

ChatGPT can be used in real estate in a variety of ways. It can be used to provide virtual tours of properties, answer customer inquiries and provide detailed information about available properties. It can also be used to help customers search for properties, narrow down their search criteria, and even connect with agents and brokers. ChatGPT can also be used to facilitate online transactions, reducing the need for in-person meetings and paperwork.

I wonder if it can write my IC memos

I made a demo site that you can use for free: wrotescan dot com

You can upload a pdf of any size and run any prompt on it. This includes multiple pdfs merged together.

here’s an example:

I was really interested in how this could summarize primary sources, so I ran it on the database of Hillary Clinton's emails.

A Storyteller Summarizes Hillary Clinton’s Emails

Input: Raw PDF of 2016 Democratic National Committee email leak

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Prompt: I want you to act as a storyteller. You will come up with entertaining stories that are engaging, imaginative and captivating for the audience based on the summary text provided. It can be fairy tales, educational stories or any other type of stories which has the potential to capture people's attention and imagination. You have been given a section of a large set of emails to summarize and come up with an entertaining story.

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Output: Once upon a time, there was a group of diplomats working hard to make the world a better place. They had been discussing how to gain leverage over the Pakistanis to move them to more aggressively pursue Al-Qaeda. After much deliberation, they decided to use a combination of incentives and coercive measures to try to get the Pakistanis to cooperate. They offered incentives such as increased control over how Kerry-Lugar money was used and increased support for counterinsurgency capabilities. They also used coercive measures such as targeting military leaders who gave support to Al-Qaeda and its allies, and attempting to reduce Pakistani anxieties about the Indian front. In the end, their efforts paid off and the Pakistanis began to cooperate more with their mission. The diplomats had succeeded in making the world a better place.

The story follows Hillary as she juggles her busy schedule, responding to requests from her colleagues and friends. She is always willing to help, and her dedication to her work is evident. Despite her busy schedule, she is still able to find time to help those around her. A powerful leader was tasked with finding out whether a senator supported the surge in Iraq and obtaining a copy of his recent speech about troops to Afghanistan. The leader reached out to her team for help, and they worked together to draft a memo outlining four strategic interests, three of which overlapped with the leader's goals. With the help of her team, the leader was able to obtain the information she needed and use it to make a positive impact.

President Obama was faced with the challenge of how to win the war in Afghanistan without causing too much destruction and civilian casualties. He decided to increase the size of the Afghan army and police force, and to pay them better wages so they could live comfortably. He also decided to send more US Special Forces and tens of thousands of troops to the region. Despite these efforts, the Taliban continued to gain strength and support from the Pashtun community. Obama realized that he needed to find a better solution. He decided to focus on carefully thought out measures such as providing better pay for the Afghan army and police, and using diplomacy to negotiate with the Taliban. In the end, Obama was able to find a peaceful solution that allowed the US to win the war without causing too much destruction.

A Prime Minister of a country had a fear of losing his sight due to a childhood rugby injury. He had his eyes checked and it was found that he had two minor tears in his retina. He visited the world-renowned Moorfields Hospital for further examinations and the doctors decided against any further operations. The Prime Minister was grateful to the doctors and staff of the NHS, especially Moorfields Hospital. Meanwhile, the US Secretary of State was in contact with the Foreign Minister of Honduras to discuss the situation in the country. She asked her staff to call the US Congressman Payne to update him on the situation. Through her diplomatic efforts, she was able to make a positive impact on the lives of many.

A small island nation called Haiti faced many challenges, but the people of Haiti were determined to build a stable, prosperous and democratic future. The United Nations appointed President Clinton as a special envoy to Haiti, and he appointed Dr. Paul Farmer as the Deputy U.N. Special Envoy. Dr. Farmer had dedicated his life to helping the people of Haiti for the past 20 years. Despite the efforts of the U.S., U.N. and other countries, Haiti still faced many challenges. To help the people of Haiti, the U.S. State Department took a closer look at the challenges and Secretary Clinton's chief of staff briefed Members on the initial findings. The U.S. hoped to better target and coordinate assistance, engage the Haitian Diaspora, and make assistance sustainable. To help the people of Haiti, the U.S. proposed granting temporary protected status to Haitians living in the U.S. and included Haiti in security initiatives such as the Merida Initiative. With the help of the U.S., U.N. and other countries, the people of Haiti could build a brighter future.

There was also a great conflict between two powerful nations, Morocco and Guinea, over a passport that had been taken away from a citizen of Guinea. The leaders of the United States and France stepped in to help and offered ideas to help the two nations come to a resolution, but the leaders of Morocco and Guinea were still unable to come to an agreement. The leaders of the United States and France then decided to meet in Paris to discuss the situation further and were able to broker a deal between Morocco and Guinea, returning the passport to its rightful owner.

There was also a man named Tom who was nominated for a prestigious position, but his nomination was held up due to a disagreement between two powerful forces. A brave negotiator was able to convince the two sides to lift the hold on Tom's nomination, allowing him to achieve his dream.

Use it to reword/phrase my IC write ups because I have a 10th grade writing level. Works pretty well but definitely need to proofread before inking the memo.