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Everywhere you turn, people are talking about ChatGPT. The tool is the fastest-growing app in history, earning 100 million users after just two months on the market. Love it or hate it, ChatGPT is a highly disruptive technology that will forever change how we use artificial intelligence to get things done.
If you’re wondering where ChatGPT fits into the multifamily housing space, you’ve come to the right place. Here, we’ll cover what ChatGPT is and its fair housing implications, the best use cases for the tool, and the limitations that could keep you from using ChatGPT effectively.
What is ChatGPT?
ChatGPT is a state-of-the-art language model developed by OpenAI that produces human-like responses to text-based inputs. It sees artificial intelligence (AI) and natural language processing (NLP) to process language and generate responses with exceptional accuracy.
AI is a computer science field that uses algorithms to imitate human cognitive functions like problem-solving and decision-making. NLP is a subfield of AI that uses computer models to interpret human language so that computers can talk and write like humans.
Together, these technologies lend ChatGPT an uncanny ability to understand and respond to human users seeking information.
Compliance And Fair Housing Concerns
ChatGPT offers new opportunities for multifamily professionals, but their place within the housing compliance landscape remains unclear.
Bias is a real concern for these tools. ChatGPT can learn and replicate patterns, including biases present in their training data. This can lead to incorrect or discriminatory responses.
The federal government recognizes a need for heightened AI regulation and has drafted a blueprint for an AI Bill of Rights. The bill would ensure that AI is deployed in a way that is ethical, transparent, and respects fundamental human rights.
Currently, no timeframe is set for the AI Bill of Rights, so it’s up to multifamily teams to use the technology with care. Refrain from using ChatGPT to generate legal documents or process sensitive information, and if in doubt, seek legal counsel.
Best Uses for ChatGPT in Multifamily Housing
ChatGPT is suitable for many multifamily tasks! See the list below for examples of how you could incorporate the tool:
- Use the chatting feature to offer 24/7 customer service and book tours.
- Create property listings automatically by feeding ChatGPT details about the property for lease.
- Analyze the real estate market and create reports that inform business decisions.
- Increase marketing efficiency by using ChatGPT to generate email subject lines, blog topics, and social media captions.
Limitations Of ChatGPT
Like every tool, there are limitations to ChatGPT’s seemingly infinite capabilities. Examples include:
- ChatGPT is known to give false or misleading information about high-level concepts.
- The tool lacks emotional IQ and can’t understand context clues, so any content you generate using ChatGPT may require significant editing to sound human.
- Due to limited server capabilities, ChatGPT can easily get overwhelmed by user activity, resulting in occasional downtime.
The Bottom Line
Although ChatGPT offers great benefits, it is not infallible. If you choose to use it for your multifamily company, expect increased efficiency but be cautious and maintain confidentiality.
An industry partner like Grace Hill can help you establish ChatGPT policies and perform necessary training, so your company can approach chatbot tools in a safe, unified way.
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