If automated intelligence tools and chatbots are not yet part of your property business, chances are they soon will be. One in five Australians – or 2.3 million people – have already used automated intelligence in some way or another for work. And while 5% use AI software daily, interest is strong with 25% of those who have never done so reporting they gladly would if and when the chance arrives according to data from Australian comparison website Finder
AI tools are designed to speed and streamline work processes by performing more basic, day to day functions that would usually require human intelligence. They include a slew of devices from virtual assistants to autonomous vehicles, while AI software is used for such purposes as producing predictive analytics and building complex machines that can detect disease and certain cancers.
Artificial intelligence chatbots are the latest addition to this fast-growing playing field. Of these ChatGPT’s powerful platform has garnered greatest attention for being one of the most effective developed so far. Released to the Australian public in November 2022, ChatGPT attracted over 100 million active users by January this year.
But the chatbot’s has polarised industry – opponents fearing it will steal jobs and put people out of work, supporters hailing ChatGPT and AI software in general as the keys to improved efficiency, huge time saving devices that are reshaping industry and workforces by boosting outputs and allow employees to focus on most important tasks.
Supporters of ChatGPTs include the Australian branch of News Corporation where last month bosses sent staff a memo encouraging them to experiment with the chatbot. Meanwhile companies such as Amazon, Accenture and Goldman Sachs are among the many who have banned ChatGPT from employee use.
Mortgage broker and founder of Sydney’s Pointer Finance Mark Bhardwaj has been using ChatGPT for four months now.
He employs the tool for aiding in the creation of blogs and basic video scripts and said while the AI tool was enormously helpful in saving time and effort, it was not a “set and forget”-style solution.
“I’m always wanting to try new things and quite curious,” Mr Bhardwaj said.
“ChatGPT is beneficial but it’s not a matter of copy and paste.
“The way you use ChatGPT is to create a base but then you must spend time on whatever piece of writing it produces, massage it further to get your points across and also make you and your personality come across in the tone.”
Even if ChatGPT was instructed to write HTML code and create a website or web-based tool Mr Bhardwaj said he would have the end result checked by a human expert in the trade.
By and large, property industry experts say that ChatGPT and other chatbots have transformative potential for those in the industry, whether they are selling agents, buyers agents, mortgage brokers or otherwise.
Samantha McLean, host of the agent focussed Elevate Podcast recently held an industry masterclass on using the tool in a property business and listed a range of day-to-day tasks for which a chatbot could save time, aid in learning and simply be helpful, including:
Darren Krakowiak, founder of Melbourne-based property agent training firm CRE Success CRE Success - a platform for people who work in commercial real estate, said another tedious task an agent could pass on to ChatGPT was answering common questions repeatedly asked by vendors and buyers.
ChatGPT could also greatly enhance an agent’s lead generation. “ChatGPT specifically can be used to automate the lead generation process by creating prospecting lists - with contact information - based on certain criteria,” Mr Krakowiak said. “It can then collect specific information about them to personalise the outbound prospecting process.”
Producing ideas for EDMs, sending reminders, scheduling appointments and automatically following up with clients were other run-of-the-mill yet important jobs that ChatGPT could be programmed to handle Mr Krakowiak said, along with optimising production of marketing materials and market analysis via its ability to quickly crunch and summarise vast amounts of data into straight forward documents.
“The technology behind ChatGPT has the capability to write market reports with specific mention of an agent’s listings and deals,” Mr Krakowiak said.
“It can also be programmed to analyse market trends and provide insights to agents which helps them to stay ahead of the competition and provide advice to clients that empowers them to make informed decisions in relation to their assets.”
Those still wary of the tool should remember it can never replace an agent’s expertise or the “human touch” Mr Krakowiak said.
“I believe it will help agents streamline certain aspects of their work, improve efficiency, and ultimately elevate the roles of people who are already working in the industry, rather than eliminate them.”
Workplace experts such as Michelle Gibbings Michelle Gibbings | Workplace Expert, Author, Leadership Facilitator, Talks similarly warn against resisting chatbots and other new technology. Those who do risk being left behind particularly in light of new data released this week showing Gen Z workers – those under the age of 25 –adopting its use 20 times faster than any other demographic.
More than 50% of Australia’s youngest employees are familiar with the tool and 20% already use it for work according to the Lonergan Research data.
But even slightly older workers are showing far less interest in chatbots. Only 14% of Millennials (aged 25 to 39) and a mere 7% of Gen X-ers (aged 40-59) reported using the chatbot at any time at work.
As for the baby boomer generation of workers aged 60 years and over, there was barely flicker of recognition when asked about ChatGPT. Just 25% said they were aware of the ground-breaking chatbot and a tiny one per cent reported that they had used it for work. “Workers need to understand that technology is really important and to be familiar with it,” Ms Gibbings said.