Artificial intelligence (AI) could soon be helping agents write listings copy and offering a whole smattering of day-to-day helpfulness, claims website and marketing solutions provider Property Webmasters.

ChatGTP – a language model AI designed to produce human-like text and designed to converse with people – has been taking the world by storm and Property Webmasters Chief Executive Jamie Arthur reckons it could represent the future for estate agency content and automation.

SOFTWARE

Arthur says: “ChatGPT stands for Chat Generative Pre-trained Transformer and is software that automatically generates text in human form.

ChatGPT can provide an agent with a quick and efficient way of completing tasks.”

“ChatGPT can provide an agent with a quick and efficient way of completing tasks for text generation, question answering, text completion, translation or forms of analysis.”

Arthur says that in the estate agency world ChatGPT can be used to enhance customer service by providing 24/7 support and response to queries.

It can also be used as a lead generation tool to engage with potential clients, gather information and qualify leads. And it can be used to generate articles, blog posts and other marketing content and used to gather and analyse data on property prices, market trends and consumer behaviour.

He adds: “Estate agents can use ChatGPT to build Chatbots that can assist with tasks such as property searches, scheduling viewings and providing property information. It can also be used to build virtual assistants that automatically automate routine tasks such as data entry, appointment scheduling and email management.

“ChatGPT represents a significant advancement in the field of natural language processing and its potential applications are virtually limitless. The benefits to agents can be significant.”

How good is ChatGPT?

ChatGPT is certainly an impressive tool. The Neg put it to the test with just one question: Why have successive UK governments never implemented the Estate Agent Act?

Here’s what ChatGPT came up with in less than 30 seconds. Let us know what you think in the comments below.

CHATGPT SAYS

The Estate Agents Act was passed by the UK Parliament in 1979 with the aim of regulating the estate agent industry and protecting consumers from unscrupulous or unethical practices. However, successive UK governments have never fully implemented the Act, which has been a subject of debate and criticism over the years.

One reason for the Act’s incomplete implementation may be the difficulty in enforcing it. The Act requires estate agents to be licensed, follow certain codes of conduct, and hold professional indemnity insurance, among other things. However, the enforcement of these requirements would require significant resources and funding, which the government may not be willing or able to provide.

Another reason could be the reluctance of the industry itself to be regulated. Estate agents are largely self-regulated through industry bodies, such as the National Association of Estate Agents (NAEA), which has its own codes of conduct and disciplinary procedures. Some estate agents may see full government regulation as an unnecessary intrusion into their business.

Additionally, the UK property market is a significant contributor to the country’s economy, and any changes to the industry could have potential impacts on the market and wider economy. There may be concerns that full implementation of the Estate Agents Act could negatively affect the property market and the economy as a whole.

Despite the Act’s incomplete implementation, there have been some efforts to improve industry standards and regulation. For example, the government introduced the Property Ombudsman scheme in 1990, which provides a free and impartial dispute resolution service for consumers who have complaints about estate agents. The industry also introduced the Propertymark scheme in 2017, which requires its members to follow a code of conduct and to hold client money protection insurance.

In conclusion, while the Estate Agents Act was introduced to regulate the estate agent industry and protect consumers, its incomplete implementation may be due to enforcement challenges, industry resistance, and potential impacts on the property market and economy. However, there have been some efforts to improve industry standards and regulation through other means.