Real estate agents rely on complex regulatory documents that are critical for compliance and informed decision-making. Admittedly, these are sometimes cumberson to use and not something that a sales representative will normally carry to reference on-the-go. This leads to an over-reliance on memory which increases your cognitive load and may lead to mistakes. The more you can do to lighten your cognitive load, the better you’ll be able to address issues that are at hand. Ultimately, that will mean less stress and more enjoyment in your work. Using tools such as ChatGPT can help with the sourcing and interpreting of regulatory information using your board’s PDFs on the subjects.
Getting Started with ChatGPT
To get started, you’ll need an advanced, paid account at ChatGPT. The subscription account will allow you to upload board PDFs, provincial regulations, CREA rules, etc. into a single conversation. Within that conversation, you can ask questions in plain English, such as “what are the rules?” or “am I compliant?”. ChatGPT will ‘read’ the documents you have uploaded and synthesize a response. It’s like having an expert assistant that provides explanations, summaries, and clarifications of detailed regulatory documents.
Setting Up Your Knowledge Base Conversation
Begin by telling ChatGPT what you intend to do and what the conversation will be about. This provides context as to your intentions. Some experts suggest talking to it like you would a child. You’ll need to provide the who, what, where, when, and why answers so it knows what it is supposed to do.
Next, upload any and all regulatory documents to the platform that you want to do look-ups on. These documents are retained in the system as a saved conversation, which can be accessed on various devices. This is essential for quick access while outside the office or in client meetings. For example, a client might ask you a question that, in the past, you might have replied, “I’ll have to get back to you.” Now, you can speak the scenario into the ChatGPT app on your phone or tablet and receive an opinion immediately. Some agents might think this makes them look weak or incompetent but that is not true. In fact, your customers will think of this service as the mark of a professional – someone who can has regulatory answers at their fingertips.
As new documents become available, upload them to the conversation and let ChatGPT know you’ve updated a prior document, if needed. ChatGPT will also accept Word documents so if you don’t have a PDF, you can copy-paste information into Word and upload that to form part of your knowledgebase. Such maintenance not only enhances efficiency but also ensures the accuracy of the information provided.
Practical Applications in Real Estate
Instant Information Retrieval: Consider a scenario where during a property showing, a client questions the implications of a zoning change. If you have uploaded zoning notices from the municipality, you could immediately access the relevant information on your mobile device.
Client Reassurance: Providing accurate and prompt responses to regulatory queries can significantly improve client trust and satisfaction. The ability to access detailed regulatory information in real-time supports agents in establishing credibility. It’s a great starting point for a story that will help clients understand the issues.
Meeting Preparation: Prior to meetings, consult your knowledgebase to review necessary regulatory details and case studies from training manuals. This ensures preparedness to address questions or concerns that may arise, thereby enhancing the productivity of client interactions.
Enhancing Client Interactions: In situations such as negotiations where immediate clarification of information is necessary, your knowledgebase can be consulted for quick answers. For instance, if questions about property disclosure requirements arise during a discussion, you could immediately consult them to provide precise information even for complex scenarios.
Disclaimer and Conclusion
It’s important to know that ChatGPT is a tool, and like all technologies, it is fallible. Use the most advanced model in the subscription available to ensure a high quality experience. In your queries, you may want to add to a question something like, “reference your reply with the document name and page number.” This ensures that the AI is checking itself. If you have any doubts, consult the documents directly, especially for legal issues that you must rely on for a sound contract. It is not a substitute for legal advice or the opinion of your broker.
