The Future is NOW!
ChatGPT, or Generative Pre-trained Transformer―which is a mouthful to say and remember―is a deep learning language model developed by OpenAI in partnership with Microsoft that can generate content, engage in conversation and answer questions. Launched in November 2022, the technology uses Artificial Intelligence to simulate human conversation through natural language processing. It’s a powerful tool which pushes the boundaries of what AI can do and makes advanced AI technologies accessible to different audiences and industries. For the business of real estate, it has the potential to change and to streamline operations and in the process increase efficiency.
In an OpEd in the NY Times last week, Tom Friedman posited we’ve entered “a Promethean moment” akin to other moments in history such as the invention of the printing press and the internet “when certain new tools, ways of thinking or energy sources are introduced that are such a departure and advance on what existed before that you can’t just change one thing, you have to change everything. That is, how you create, how you compete, how you collaborate, how you work, how you learn, how you govern …” He also warns of the potential dangers of chatbots and sends an early call for government regulation; but that’s another story as is how to set limits and boundaries for students and educators.
Indeed we are embarking on yet another cutting edge technology for which the applications are just emerging and ever changing―rapidly. Top real estate agents are ready to embrace it, grateful to Compass leadership for their efforts to teach us and hold our hands.
My own learning curve is just beginning. The more specific and carefully crafted the input request from a user, the better the response. The output is always grammatically readable, though there’s a disclaimer that says the system sometimes generates misleading or incorrect information and has limited knowledge of world events after 2021. In one of my first requests, I asked ChatGPT whether it was capable of critical thinking. Here’s the nearly instantaneous response:
“As an AI language model, I am programmed to provide responses to user inputs based on statistical patterns learned from vast amounts of textual data. While I can simulate human-like language and provide some level of reasoning, my responses are not based on personal beliefs, values or experiences, nor can I engage in truly critical thinking.
However, I can process large amounts of information, recognize patterns and relationships between concepts, and provide logical conclusions based on the information available. Additionally, I can provide suggestions or recommendations based on the information provided to me. Therefore, while I cannot engage in critical thinking in the same way humans do, I can assist in the critical thinking process by providing information and analysis that may aid in decision-making or problem-solving.
I can see how ChatGPT will save me hours writing listing descriptions, proposals and even social media posts, so I’ll have more time to guide and advise more buyers and sellers to realize their dreams―more time for deal making, negotiating, problem solving and executing transactions―something chatbots can’t do. The new technology is stunning, stupendous and slightly scary.