What is ChatGPT
ChatGPT is being compared to the industrial revolution. It’s an artificial intelligence model developed by OpenAI and backed by Microsoft
It has tons of knowledge and the ability to perform basic tasks like writing articles, and emails, summarizing text, answering basic questions, and doing most tasks you’d usually hire a virtual assistant for. It’s also very easy to use (and completely free).
This is why it’s imperative that you learn how to use ChatGPT for property management quickly because it’s a game-changer for your brand.
How Can Property Management Companies Use ChatGPT?
1. Write Email Replies to Your Clients and Residents
Email writing is a necessary but draining chore—or so it was until now. ChatGPT can write or respond to any email that you need it to. Just let the tool know what you expect it to write, and what tone the final draft should adhere to.
Prompt: Could you write a cheery, polite Christmas email to all the tenants under the management of our property management company?
Merry Christmas and Happy Holidays from all of us at [Property Management Company]! We hope this email finds you well and that you’re enjoying the holiday season with your loved ones.
We want to take this opportunity to express our appreciation for your continued trust and support throughout the year. We are grateful to have you as our tenants, and we value the relationship we’ve built with you.
As we approach the end of the year, we look back on the challenges we faced and the successes we achieved. We are proud of what we’ve accomplished together and are excited about what the future holds.
We know that this year’s celebrations may look different from what we’re used to, but we encourage you to stay positive and find joy in the little things. Whether it’s a video call with family or a cozy night in with your favorite movie, we hope you can make the most of this holiday season.
Once again, thank you for being a part of our community, and we wish you a Merry Christmas and a Happy New Year!
[Property Management Company]
2. Make Summaries and Pull Out Data from Important Documents
Speaking of summaries, ChatGPT can read and summarize entire documents for you. Instead of skimming large pieces of text and agonizing over searching for keywords just to the part you need (we’ve all been there), you can ask ChatGPT to read the entire document and then ask it to give you the information you’re looking for.
Prompt: (After providing legal context) Great, could you also go over the eviction laws mentioned in that document and provide a short summary? I don’t need more than 5 bullet points.
Sure, here are five key points related to eviction laws mentioned in the document:
- Evictions cannot be carried out without a court order, and tenants have the right to contest the eviction in court.
- Landlords must provide tenants with written notice before filing an eviction case, usually 30-60 days in advance depending on the state.
- Some states have additional requirements for landlords, such as the need to provide a reason for the eviction or to offer relocation assistance to the tenant.
- In cases where a tenant fails to pay rent, landlords can file for eviction after the notice period has elapsed and typically must provide proof of the unpaid rent.
- During the COVID-19 pandemic, there have been additional protections in place for tenants, such as moratoriums on evictions for nonpayment of rent or the availability of rental assistance programs.
3. Proofread Documents
The best part about ChatGPT is that it feels like you’re talking to an actual human. You can talk freely and express your requests in plain English, no matter how complex they are.
This means that it will ‘understand’ the text you give it on a holistic level and answer questions as if it were your team member.
Regular tools like Grammarly are great for spotting grammatical errors, but you can’t expect them to point out that you’ve miswritten your rental policies in a clause. This is, perhaps, one of the biggest incentives for learning how to use ChatGPT for property management.
You can ask ChatGPT if there are any conflicting details within a document and it will let you know on the spot because it intrinsically understands what the contents actually mean. This effect is exaggerated in GPT 4, which we have covered later in this article.
4. Administrative Tasks
ChatGPT can be a valuable tool for property managers when it comes to analyzing data related to rental properties. By feeding it rental pricing data for a given area, the model can provide you with insights and identify patterns that might not be immediately apparent.
It can also use its machine-learning capabilities to make forecasts based on historical data, allowing property managers to make informed decisions about future pricing strategies.
Imagine being assisted in identifying trends in pricing, occupancy rates, and other metrics that can affect their bottom line. Overall, this tool can help with making data-driven decisions, saving time and effort in analyzing complex data sets.
ChatGPT can also assist with displaying data insights in tables by organizing and formatting the information in a clear and easy-to-read manner. It can also generate summarized descriptions of the data to accompany the tables!
Overall, it still won’t compare to the insight and research capabilities of a professional, but if you already know what you’re doing, ChatGPT takes a lot of work off your plate because all you need to do is check for errors.
Prompt: (with the data provided by ChatGPT as context) What would your suggestion be for my business with this table in mind?
Based on the insights provided by the table, you could consider adjusting your rental rates accordingly to remain competitive in the market. For example, if you have properties in areas where the average rent is significantly lower than your current rental rates, you could consider reducing your rates to attract more tenants. On the other hand, if your properties are in areas where the average rent is higher than your current rental rates, you could increase your rates to potentially increase your revenue. It’s important to analyze the data and make informed decisions to remain competitive in the rental market.
ChatGPT in Operations
5. Write Property Listings
Prompt: Write an attractive property listing for a single-family home in New Hampshire. It has 3 bedrooms and 2 bathrooms. Its overall area is 1,700 sqft
Welcome home to this beautiful and spacious 3-bedroom, 2-bathroom house located in the heart of New Hampshire! With an overall area of 1,700 sqft, this property offers plenty of space for you and your family to enjoy. The house boasts a stunning open floor plan, allowing for easy living and entertaining. The kitchen features modern appliances and ample counter space, perfect for whipping up delicious meals. Enjoy cozy nights in the living room with a fireplace, or relax in the backyard surrounded by the natural beauty of New Hampshire. The bedrooms are spacious and offer plenty of natural light, making them perfect for restful nights. This home is located in a great neighborhood, close to shopping, dining, and top-rated schools. Don’t miss out on the opportunity to make this beautiful property your new home!
6. Compare Rent Rates in an Area
ChatGPT doesn’t have access to the internet, so it won’t be able to get you the latest rental figures—yet. However, you can still feed it tons of information on rental rates in various areas (or a single area) and then ask it to give you a comparison report.
Note: it’s possible to access the internet with GPT, but only if you’re using an add-on, likeWebChatGPT, or the latest version of Bing. You might need to join a waitlist before you’re able to access Bing’s chat feature.
There aren’t any limits to what you can do with this tool, which is why we’re recommending learning how to use ChatGPT for property management so much.
Once you have your data in an organized manner, you can ask ChatGPT to write a concise report based on it so you can forward it to your team.
Tasks like this usually take up a lot of time. Now, all these laborious tasks can be sped up and completed in a professional manner without incurring any additional costs to your business.
ChatGPT in Sales and Marketing
7. Writing Marketing and Sales Emails
Imagine not having to spend hours brainstorming your new cold email campaign. Instead, you could quickly generate an entire campaign within a 15-minute session with ChatGPT at the helm.
Prompt: Can you write the first of a 5 part email marketing campaign that asks property owners to consider my property management business? in this email, simply write that we have slashed our management fees by 50% for the next 3 months. Keep the tone hyped up and business-casual
Subject: Attention Property Owners! We’ve Slashed Our Management Fees by 50% for the Next 3 Months
Hello [First Name],
Are you a property owner looking for a reliable and affordable property management solution? If so, we’ve got great news for you!
At [Your Property Management Business], we understand the challenges that come with managing a property. That’s why we’re excited to announce that we’ve slashed our management fees by 50% for the next 3 months!
That’s right, you read that correctly. We’re offering a limited-time discount on our management services to help you save money and streamline your property management processes. With our team of experienced professionals, you can rest assured that your property will be in good hands.
Don’t miss out on this opportunity to take advantage of our unbeatable offer. Contact us today to learn more about our services and how we can help you manage your property more efficiently.
We look forward to hearing from you soon!
[Your Property Management Business]
8. Write Copy for Social Media and Website
Prompt: Can you write a short copy for a social media post about a new listing we have on our website? Make it one sentence and include emojis.
🚨 Attention all homebuyers and real estate enthusiasts! We are excited to announce a stunning new property that has just been added to our website. This gem boasts top-of-the-line amenities, and breathtaking views, and is located in one of the most sought-after neighborhoods in the area. Don’t miss your chance to own this dream home – head to our website now to check it out and schedule a viewing! 🏠💎👀 #newlisting #dreamhome #realestate
This reduces the pressure and overhead that an otherwise laborious and draining task has on your team.
If you’re expanding your website or making a new one, ChatGPT will not only help you write great copy that will convert but will also help you plan the layout of the website.
It’s like having a personal writing assistant with you—one that never gets writer’s block and types at 200 words per minute.
You might not necessarily get the best results from this tool, but it will certainly give you lots of different angles and ideas to work with. If you write blog posts for your business, ChatGPT can help with that as well by helping you manage your content timetable.
Also, it can assist you with generating new ideas for your content stream, along with research for the blog post content itself.
ChatGPT for Client Satisfaction
9. Use as A Translator
Prompt: can you write an email in Spanish for all our tenants that we are updating our maintenance policies to include free light bulb changes this quarter?
Esperamos que estén bien. Queremos informarles que hemos actualizado nuestras políticas de mantenimiento para el trimestre actual. A partir de ahora, estaremos incluyendo cambios de bombillas de luz de forma gratuita para nuestros inquilinos.
Queremos asegurarnos de que nuestros inquilinos estén cómodos y tengan todas las comodidades necesarias en sus hogares. Creemos que este nuevo servicio de cambio de bombillas de luz gratuito les proporcionará una mejor experiencia de vida en su hogar.
Si necesita cambiar alguna bombilla de luz en su hogar, simplemente llámenos o envíenos un correo electrónico y estaremos encantados de ayudarle.
Gracias por confiar en nosotros para satisfacer sus necesidades de vivienda. Si tiene alguna pregunta o inquietud, no dude en comunicarse con nosotros.
10. Automate Your Client Support
How GPT 4 Takes ChatGPT to the Next Level
ChatGPT currently runs on GPT 3.5, whereas GPT 4 is the next iteration of it. It’s currently available for use for everyone but isn’t free like the basic version of ChatGPT is. However, it is trained on a lot more data and is capable of performing more tasks:
- It can think analytically and solve complex problems, including mathematical ones.
- GPT 4 understands and accurately interprets advanced and complex queries which GPT 3.5 is unable to make sense of.
- Due to its multi-modal training, GPT 4 is able to comprehend images, among other inputs. It can look at a picture of a house and generate a caption for it.
- It can take in much larger inputs than GPT 3.5 can.
You might not have to pay for GPT 4, though. It’s possible to access this model for free via Bing although you’ll have to join a waitlist for it.
With the introduction of the WebChatGPT extension, you can also access up-to-date information on the internet for thorough research.
Plugins are being introduced for GPT now. Very soon, this technology will be integrated into all your favorite tools so you can simply write down what you need to be done, and the software will take care of it.
Imagine giving your customer management system (CMS) software the details of a new lead, and it adds them to its registry automatically. And after that, it updates the client’s journey through your CMS based on comments by your sales team.
It would free up so much time for your team, and this is just one of the many ways that GPT will impact your business in the future. ChatGPT benefits for property managers are too groundbreaking to ignore.
Warnings about ChatGPT in Property Management
Knowing how to use ChatGPT for property management isn’t enough. You need to be aware of its shortcomings to be able to use it to its full extent.
First off, ChatGPT sometimes hallucinates facts. That’s to say, if it doesn’t know the answer to your question, it will make stuff up and present them as facts (in a very confident way). It’s important that you double-check the information that you’re not entirely sure about.
Another pitfall to watch out for is letting ChatGPT handle technical or legal documents for you. While it generally produces relatable documents, it’s not worth the risk of legal issues if you get something wrong.
As a rule of thumb, it’s good to keep a professional in the loop whenever ChatGPT is tasked with something because it is not yet ready to fully take over entire tasks without supervision.