ChatGPT has the potential to create competition for estate agents // Photo: thp.co.uk.
The property owner contacted ChatGPT, who provided him with practical advice on preparing the home for sale. The transaction was closed in just five days.
AI proved to be more competent than real estate agents
Male in an interview with Fortune said he turned to ChatGPT after consulting several real estate agents. Those, he said, were not sure if the price increase was appropriate. They valued the house at about $850,000.
Levine said ChatGPT brought more clarity to the process by pointing him in the right direction. The AI advised the owner in all major stages of the sale – market analysis, pricing, promotion and negotiation.
After building a comprehensive strategy with the tool, Levin sold the house for $954,800. The AI recommended this price despite the fact that the house didn’t have the best view and the interior wasn’t the most modern in the neighborhood.
Affordable Advisor
For Levine, using AI is not new. He is the CEO of ComOps, a consulting firm that helps hotel and casino companies effectively apply AI tools to their operations.
Although AI served as Levin’s personal realtor, its capabilities were limited. First, the seller had to be involved in every step, giving ChatGPT instructions on how to proceed. In addition, modern technology does not allow replacing a lawyer, so Levin hired a specialist.
But at the same time, the man expressed confidence that anyone can use these tools, regardless of their level of technical knowledge.
“I would recommend this tool to anyone. ChatGPT is not programming, but an opportunity to have a conversation that should be had with real estate professionals anyway,” Levin said.
He concluded by saying that real estate agents can’t yet be completely replaced by AI, but sellers can take advantage of this tool to gain more confidence and control in the decision-making process.
