Talk of AI is all the rage right now, but have you thought about how you could use this revolutionary new development?
ChatGPT is what is known as a “natural language processing tool” driven by artificial intelligence (AI) technology that allows human-like conversations. This “large language model” can answer questions and assist with tasks, such as composing emails, writing contracts or business plans, even music and computer code.
The Google search engine’s power is its ability to do enormous database lookups and provide a series of matches. Open AI ChatGPT's (the acronym for Generative Pre-trained Transformer) power on the other hand is its ability to parse queries and produce answers and results based on most of the world's digitally-accessible text-based information - at least the information that existed at the time of its pre-training.
The next stage is to incorporate the technology into a Microsoft Bing or Google Bart search engines which is happening now.
Despite warnings of where this GTP technology might be leading us, it has some obviously immense capabilities and the power to assist humans, including landlords and letting agents, in performing many mundane tasks at great speed. It also has the power to do away with many of the jobs that exist today.
This is an example of Google “Bart’s”, its own version of AI, when asked to describe the landlord’s lot in the form of a Shakespearean sonnet.
This is what it gave within 20 about seconds:
The landlord's lot is a hard one indeed,
To keep the roof from leaking and the walls from falling down.
To pay the bills and keep the tenants happy,
And to make a profit, if they're lucky.
The landlord is always at the mercy of the market,
Of the economy and the whims of the tenants.
They are the first to be blamed when things go wrong,
And the last to be praised when things go right.
But despite all the challenges,
The landlord's lot is not without its rewards.
There is the satisfaction of providing a home for others,
And the knowledge that they are making a difference in the world.
So if you are considering becoming a landlord,
Be prepared for a challenge.
But also be prepared for the rewards,
Of making a difference in the world.
The landlord's lot is a hard one,
But it is also a noble one.
They are the ones who provide us with a place to call home,
And they deserve our respect.
Wow, not rhyming but pretty good, insightful and accurate.
Some key figures in the technology world including Elon Musk are calling for a halt in the development of artificial intelligence, they want training of powerful AI systems to be suspended amid fears of a threat to humanity. They have signed an open letter warning of potential risks, and say the race to develop AI systems is out of control.
Reported recently: "Google’s AI has taught itself the Bengali language, even though it wasn’t asked to do so. “We discovered that with very few amounts of prompting in Bengali, it can now translate all of Bengali,” chief executive Sundar Pichai told CBS’s 60 Minutes. He says his top researchers don’t really know how it managed the feat, adding that “all of us in the field” refer to the whole system as a “black box” – something “you don’t fully understand”."
But AI is with us already, it’s in our phones and you interact with it whenever you call your bank. It’s just that these latest developments and the competition among the tech giants to develop the Chatbot Generative Pre-trained Transformers has taken a great leap forward.
It doesn’t take a great deal of imagination to see how these powerful adaptations of this technology can enter almost every aspect of our lives and in our businesses, taking many tedious tasks out of our hands, but at the same time threatening many jobs and livelihoods.
The speed of these developments seems amazing to those of us just becoming aware of it, though in reality it’s probably taken years to get to this stage. You can see that if this technology can be harnessed for the good then its potential is enormous, but for those who warn of its dangers perhaps know far more than us.
It would seem though, that if something like this has been invented (or discovered), rather like nuclear weapons, you can’t uninvent it. Humanity must find a way to control it because the tech minds’ intense curiosity will inevitably continue to develop it, and its potential economic benefits to the tech giants and businesses generally will almost certainly ensure the race continues.
At its present stage of development, we are told, it is not perfect, whether writing a computer program, a legal contract or a job application. Its reliability is still suspect, human minds will still be needed. But from what we can already see of its capabilities, it won’t be all that long before it achieves greater accuracy and reliability.
An AI assistant working along with people will speed up everyday tasks, tasks that landlords, agents, legal professionals and accounts need to perform. Writing a business plan, a mortgage application, a tenancy agreement, as well completing an annual budget or tax return. These will be completed in seconds. They will undoubtedly need tweaking by a knowledgeable person, but this will be far quicker than starting from scratch,
Want a report on the local property market, market trends and pricing, buyer and seller behaviour, your tenants’ needs? In future your AI powered assistant will likely produce these reports in seconds, reducing the time to complete complex tasks to a fraction of the time it takes now.
This technology will help you search the internet for the best property deals, write out property listings for your agency, create social media posts, draft responses to letters and tenant emails, and instantly calculate and print out reports on mortgage repayment for you.
AI won’t have a problem writing scripts for your YouTube videos, or answering complex legal communications with your tenants.
The technology is not perfect now, but it’s made a great start. You can easily see its potential to save a lot of time on many tasks relating to real estate. It will make some mistakes but it will come up with credible basics that you can build on.
Here is an example using Open AI's ChatGRP, perhaps a little more advanced that the Google version as it’s based on ChatGPT4 and Microsoft’s investment in Open AI.
Here's a Shakespearean sonnet that it produced in seconds on the theme of “a landlord's lot” which actually rhymes:
When I, the landlord, look upon my land,
I see a patchwork quilt of homes and fields,
A tapestry of renters, each a strand
That weaves its way among the grassy yields.
My duty is to tend this living earth,
To watch it prosper and to see it thrive,
To nurture every soul that finds its berth
Within the bounds of what I can contrive.
And yet, though I may try with all my might,
There are those tenants who will not abide
By all the rules I set, and in their spite
They cause me grief and make my spirit chide.
So as I gaze upon my land each day,
I find my lot, like all, is mixed with clay.
And here is a an outline for a business plan for a buy-to-let property investment:
The purpose of this business plan is to outline the strategy and objectives of a buy-to-let property investment. The investment will consist of acquiring and managing residential properties for the purpose of generating rental income and long-term capital appreciation. The plan is to target high-growth areas with strong rental demand, and to invest in properties that offer a good balance of rental yield and capital growth potential.
The buy-to-let market in [target location] is experiencing high demand due to [insert reasons, such as population growth, job opportunities, etc.]. The rental market is also experiencing steady growth, with rental rates increasing by [insert percentage] over the past [insert time frame]. The area has a shortage of affordable rental properties, which presents a great opportunity for investment.
Our investment strategy is to acquire properties with a minimum yield of [insert percentage] and a potential for capital growth. We will focus on properties that are well-located, well-maintained, and offer good value for money. The properties will be purchased using a combination of equity and debt financing. The rental income will be used to cover the costs of mortgage payments, property management, and maintenance, with any excess cash flow reinvested back into the portfolio.
Marketing and Sales:
Our target market is primarily young professionals, families, and students who are looking for quality rental accommodation. We will advertise our properties through various channels, including online listings, local newspapers, and social media. We will also work with local estate agents to help us find and secure suitable tenants.
Operations and Management:
The properties will be managed by a professional property management company, which will be responsible for day-to-day operations, including maintenance, tenant screening, rent collection, and legal compliance. The management company will be selected based on their reputation, experience, and fees.
Our financial plan is to achieve a minimum return on investment of [insert percentage] per annum. This will be achieved through a combination of rental income and capital appreciation. We plan to invest [insert amount] in the first year, with an annual investment of [insert amount] thereafter. We project a net income of [insert amount] in the first year, with a projected annual growth rate of [insert percentage]. We plan to hold the properties for a minimum of five years, with the option to sell if the market conditions are favourable.
Our buy-to-let property investment strategy aims to create long-term wealth through rental income and capital appreciation. We believe that the high-demand rental market in [target location] presents a great opportunity for investment. Our investment strategy is to focus on acquiring properties with strong rental yields and potential for capital growth. With careful planning and management, we believe that our investment will achieve our desired returns and provide a solid foundation for long-term financial security.
This technology is here to stay, and is likely to revolutionise many industries, including real estate management.