Real estate keen to explore AI tech
Real estate keen to explore AI tech
Although it is too early to say that AI systems like ChatGPT will become a mainstay in the real estate sector, brokers believe that they could transform the market in the coming years.
If before, real estate agents had to write plenty of descriptions of the house they wanted to sell, now ChatGPT could help them do it in seconds.
Hoang Duc, a private real estate broker in Ho Chi Minh City, wants to advertise for sale a 4-bedroom house in Thu Duc city. With just entering a few keywords, an AI chatbot tool can create an extremely attractive description. Duc said that it would have taken him an hour or more to write such a paragraph himself.
“Although it was just an experiment, it saved me a lot of time. It’s not perfect, but it’s a great start,” Duc said.
According to Tong Duong, CEO and founder of Homenext Corporation, more people in his area of expertise are wondering if AI will replace humans at some tasks sooner rather than later. “I think, if ChatGPT or a similar platform is officially released in Vietnam, it will become a tool which will impact education, business, and technology,” Duong told VIR.
According to Duong, from a business perspective, people will either quickly adapt and control the new ways of working, or be replaced or eliminated because of their slow process to adapt.
“However, there is one thing that AI cannot replace, which is human connection and emotional stories that only humans can write,” stressed Duong.
In less than two months, ChatGPT has sparked discussions about the potential to disrupt other industries, from publishing to law. It is made up of large amounts of online data, to answer users’ questions. It can write essays, stories, song lyrics, and research paper summaries, and some CEOs are using it to write emails or do accounting work.
Although not yet used in Vietnam, the system is currently being discussed enthusiastically throughout the real estate market, from investors and professionals to brokers and end-users. ChatGPT is currently free, but owner OpenAI is considering a $42 monthly fee. Real estate broker Duc said he is willing to pay hundreds of US dollars a year for a tool like this.
However, for questions surrounding the Vietnamese real estate market, this chatbot has revealed certain limitations. Although the product from OpenAI does not officially support Vietnamese users, the words and expressions of the chatbot are still relatively easy to understand. For those who only need to find basic information, the data it provides is relatively accurate.
However, for experts or those who want to look up more detailed information, results are deemed unsatisfactory. Data that ChatGPT owns is also limited to 2021 and is therefore not suitable when looking at current market prices.
Although OpenAI has updated calculation capabilities, many users acknowledge that the software incorrectly answers basic calculations.
According to Daniel Vu, a private broker, all advice is for reference only, even if it is advice from an expert.
“Investing is an individual decision. ChatGPT is ultimately just a reference channel. The investment depends on each person’s perception of the future picture of the market. This is a factor that depends on the analytical ability and sensitivity of investors. Meanwhile, the answer of the other AI is based entirely on past data,” commented Vu.
However, he said that he highly appreciated ChatGPT’s ability to create documents. He thinks that if it is to write documents or contracts, this chatbot could completely perform well. Even the team in the company’s marketing department could use it to support ideas and any content creation.
