ChatGPT in Real Estate

Juehui Ma and Ken Huang ()
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Juehui Ma: Grace Realty Company
Ken Huang: DistributedApps.ai

Chapter Chapter 8 in Beyond AI, 2023, pp 219-242 from Springer

Abstract: Abstract Chapter 8 of this book delves into the transformative potential of AI, particularly the generative AI model ChatGPT, in the real estate sector. The chapter begins by exploring the various ways in which AI is enhancing user experiences, streamlining processes, and fostering innovative solutions in real estate. It further elaborates on the specific applications of ChatGPT in the industry, including property listing and search, customer service, marketing, legal support, home staging, investment analysis, appraisal, home inspection, and property management. However, the incorporation of AI and ChatGPT in real estate does pose certain challenges, which the chapter also addresses. These encompass issues related to data quality and bias, the need for transparency and privacy in handling real estate data, the balance between automation and human intervention, integration with existing real estate systems, and data storage and management. The chapter concludes with an exploration of the synergy between ChatGPT and Web3 in reimagining the real estate sector. It elucidates the intersection of AI and blockchain in real estate, presents potential use cases, and discusses the strategies to overcome related challenges. The final discussion points towards the future, stressing the need for real estate professionals to adapt to a landscape where AI and blockchain become integral parts of the business model.

Keywords: Artificial Intelligence (AI); ChatGPT; Real estate; Blockchain; Web3; Generative AI; Data privacy; Smart contracts; Decentralized Finance (DeFi); ChatGPT and Web3 integration (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:fuobcp:978-3-031-45282-6_8

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DOI: 10.1007/978-3-031-45282-6_8

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