Proptech has had a massive effect on the property industry over the past few years from property management software to the rise of virtual house viewings through lockdown and, whether you like it or not, it's here to stay.&nbsp; The proponents of the increasing use of automation of various elements of the customer journey has claimed that this approach helps foster stronger relationships with prospective buyers and tenants. But is that so?&nbsp;Let’s consider the potential of the ubiquitous ChatGPT in Proptech. ChatGPT has been acquiring over one million users in a single week, everyone with internet access is now able to pose questions and give commands to what is perceived as an “omniscient” chatbot. As Google and Bing weigh into the conversation via the introduction of Bing Chat, the evolution of Big Tech now seems inevitable. This continued intrigue has caused many to wonder about the impact that ChatGPT will have on businesses – specifically, how communications with customers will be handled, going forward.The momentum that ChatGPT has generated should not be underestimated – especially considering the increasing focus on customer loyalty. ChatGPT has been hugely successful in encouraging those slow on the uptake to integrate conversational AI into day-to-day operations. While its versatility and responsiveness are undoubtedly impressive, ChatGPT technology will be best used when integrated with pre-existing PropTech to create a balanced solution.Integrating technology that enables homebuyers and tenants to interact with agents via messaging apps, live chat, chatbots and voice technology are key to improving customer satisfaction.RIFO App and ChatGPT IntegrationRIFO App already offer its registered users automated services in the 5 main areas where ChatGPT integration could be helpful:<ul style="list-style-type:disc;"><li>Creating the property listings&nbsp;</li><li>Virtual assistant for real estate agents</li><li>Customer Service&nbsp;</li><li>Market Analysis</li><li>Chatbot</li></ul>All these options are available on RIFO App. With more digital touchpoints to cover than ever before, there is potential for further integration of ChatGPT to facilitate a smoother customer experience, on account of its ability to communicate instantaneously with users. For the property industry, ensuring that hard work translates into rentals, sales and repeat business will depend on its ability to meet customers where they are, on a platform and at a time that suits them.&nbsp;&nbsp;Flexibility is key, and RIFO App can provide easy, instant access to information via a range of entry points which ensures RIFO’s position to meet the needs of prospective buyers, sellers and tenants.&nbsp;Excessive reliance on ChatGPT has a potential for introducing a few serious downsides, however. The US congress is already getting on top of TikTok over security issues. The security issues related to Chat GPT may vary. On one hand, the content of the text and what it will be used for by users of Chat GPT can be dangerous. Since Chat GPT has been used to create the most accurate, humanlike emails, posts, and listings, it may contribute to a pool of false information, used to scam unsuspecting people. Chat GPT has been banned in Italy so far for security reasons. The rationale behind this is the threat to jobs and the spread of misinformation. The issue many people have with Chat GPT is the store of information the program uses to learn how to mimic us.&nbsp;Another issue of Chat GPT is integrity. While real estate agents don’t have to worry much about plagiarism, the truth is that chatbot generated flyers can out an agent at the risk of having biased or contentious information added to their posts. The risk of bias comes from Chat GPT’s learning process; it takes information in from various sources across the web. Whatever it accesses and learns from is what it will produce.Using the platform for its intended use – customer service – while maintaining integrity can be harmless. The fear of our information being used for these bots to mimic us has its merits. However, it is important to remember that the service learns from information that writers and social media users have chosen to make public prior to publication. If we choose to post something online, we need to understand it is being made available to anyone with internet access. In real estate, asking Chat GPT for the current market trends is a harmless yet efficient way to support your business needs.&nbsp;A ‘Best of Both Worlds’ solutionWhile many house hunters will welcome the implementation of chatbot technology that facilitates convenient communications via channels like WhatsApp, it is important to acknowledge the importance of engagement with human agents.Certain stages of the buying and renting process will require more input from agents than others – many customers may feel comfortable, for example, scheduling viewings or logging a repair request after they’ve moved in via chatbot, but will likely prefer to speak to an agent directly to query a clause in their contract. Ultimately, a combined human-bot approach that provides customers with as much choice as possible will create a ‘best of both worlds’ solution, helping businesses embed versatile communications into their day-to-day operations.Future communicationsAs conversational AI continues to transform the property industry, further developments in customer communications are inevitable. As subsequent versions of the software are developed and become available for business integration, ChatGPT will undoubtedly be a part of this ever-evolving landscape.To meet the evolving expectations of buyers and tenants, estate agencies and housing associations must seek to leverage technology that helps employees manage challenging workloads and utilise their time effectively so that they can interact with customers meaningfully and develop strong professional relationships.

 RIFO App and ChatGPT – Transforming the Property Industry

RIFO believes that developing and integrating technology that enables homebuyers and tenants to interact with agents in real time are key to improving customer satisfaction.

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