How do you use ChatGPT in your job if you work in RE Development or Acquisitions?
Do your co-workers often use it as well? I find it helpful to refine my writing and check for grammar errors, but I'm curious how you all use it. Thanks!
it is a knowledge machine and a source of endless information and education. if you have a naturally skeptical stance topics unclear to you/consensus, or like to reall understand new research items your covering, you can just literally ask all the questions you'd otherwise fail at self educating and shortly moving on with your research.
Idk what your day to day is but aside from work, if you have an entreprenial spirit and know you want to build and own asset/businesses of your own one day, you can teach yourself literally every single thing you need to know that otherwise wouldnt become apparent until a faced with the issue or being under a mentor.
I have templates on grok for a deal summary that I can import a pdf into and ask for my prebuilt template with the information from that specific deal.
On the public equities side, I dont feel disadvantaged to begin the dreaded process of learning a unfamiliar/boring industry, typically the return on time was too low to spend hours becoming barely fluent in an industry for example govt software contractors, or life sciences tools/biopharma. I would skip ideas or memos highlighting these situations.
Aside from work; I use it for betting, asking for game logs of two starting 5s in a table next to eachother. historical perimeter pressure last time teams met; boards for 4/5 with prior and current line up.
Do you find grok to be the best for your daily use? I was using Claude for a few months straight, but been going back to ChatGPT lately and I feel its better at giving me certain information breakdowns.
My use cases are typically proofreading and revising emails and then just general research purposes to understand a concept.
I've tried to use it for excel modelling and found it pretty useless on that end as of now.
Not sure how else it would add a ton of value, but I might be slightly behind the curve on how to integrate AI in my daily work life.
Same use case from my perspective. I use it daily for proofreading emails, summarizing key terms in loan docs and JV agreements, etc. Haven't found it to be particularly useful for modeling, other than finding formula errors.
definitely use it for grammar and ideas for drafting memos. Also helpful for correcting/modifying hairy formulas.
Extracting data from a PDF is a pretty useful one for me, not at all related to Acq/Dev, but I have a specific use case where I need to convert a lot of bank statements from PDF to excel, the format is never consistent and PDF to Excel converters never work consistently. I prompted AI to extract all the transactions, then add them all up to make sure the ending balance matches what the statement says it should be to make sure it's accurate and complete - it works exceptionally well.
I use it to code python and vba for me as well. I have dozens of very niche uses cases that probably won't be helpful for you (similar to the bank statement one above) - it's just about finding your specific use cases, which requires you to constantly be thinking about what it can do and testing new things. Also keep in mind it's constantly improving, so it might not be great at a task today, but with new models it might reason through it better.
I can't imagine spending the time to proofread emails, much less with a completely separate program.
"What's the update on this?" isn't War and Peace.
Depends on what’s being written, not the form. IC memos for example lol.
What are you writing IC memos on that doesn't have spellcheck?
One of my favorite use cases is getting up to speed on annoying shit like real estate taxes, transfer/mortgage fees etc for a new market / jurisdiction
I’m probably more old school than I should be for my age but I feel like I spend almost as much time fact checking for mistakes than I gain productivity using it. It’s good at aggregating a lot of data points but make sure you ask it to source data points and verify before actually spewing this information out.
I also tend to get a generic response of check with your local zoning counsel, CPA, real estate broker/appraiser, etc. if you ask it anything somewhat complicated.
LLMs are known to be unreliable and even make shit up on occasion.
You have to verify it, but it's much more efficient than Googling. I'm trying to teach myself a pretty complex estate planning structure right now and it's saved me a ton of time. But you have to check the sources. Honestly, it's right most of the time now but still prone to hallucinations from time-to-time.
The photo/design applications in 4o are incredible and I use them multiple times a day. No more guessing what looks good based on small samples spread out over a conference table.
Can you tell me more about this?
See Ghibli memes floating around. The capabilities for image generation increased tenfold with OpenAI’s 4o.
I've made the ghibli memes I'm interested in how he's using that functionality for work
It's very good at putting together preliminary renderings for sites, which has helped me a lot sitting down with architects. I can also drop in an architect's rendering and play around with changing things about it. It's not perfect, but gives you a decent idea. Where I've really found it helpful is for redevelopments and capex projects. We own an asset where I wanted to change the awning colors. I went out to the property 3"x3" squares, but it's really hard to picture it. Dropped in a photo of our asset, included the SKU for the awning cloth, and was able to see what it looked like on our building.
I also use it on home projects now. Want to see how a rug would look in a room? Upload a picture of the room and the rug and it will show you. It's honestly incredible.
If I want to do something in excel and I don’t know the best formula to do so, I’ll ask ChatGPT to come up with a formula and the results are pretty good.
Your firms let you guys use ChatGPT?
Mine banned use of it for any company material
had a colleague create a prompt for lease abstracts that was super helpful
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