7 Ways to Use ChatGPT in Property Management

ChatGPT has taken the internet by storm since its launch in November, 2022. Chances are, you’ve heard it mentioned in a conversion or two. But what is it really and why should it matter to you as a property manager?

ChatGPT, simply put, is a super smart, artificially intelligent chatbot that’s been trained to produce human-like responses. It was built using technology that enables it to stimulate natural conversation. With 175 billion parameters, it’s incredibly power intensive and one of the smartest AI tools to ever be created. Not to mention the vast host of data it uses at its source.  

ChatGPT successfully surpassed 1 million users within a week of its launch and it continues to attract enough attention for the server to be ‘at capacity’ often.  

In its own words, here’s what ChatGPT can do for property managers:

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How Can Property Managers Use ChatGPT?

If you doubt the usefulness of ChatGPT in property management, just think of all the tasks on your to-do list that involve some level of writing – emails, agreements and property ads etc. Now consider the time you would save if you had a tool that could prepare drafts and proofread content.  

ChatGPT does all that and more. Here are some ways you can use the chatbot for property management:

1. Write Better Listing Ads  

The better the ad copy, the more leads you attract and the faster you get to take the property off the market. But writing property and unit descriptions can get tedious, especially in multifamily.  

ChatGPT can help in two ways:

Writing a good copy

Use ChatGPT to generate a fresh, intelligently written ad copy for your listings. Take a break from the same descriptions. Just provide details of your property and let AI work its magic. Here’s an example of a prompt you can use:

‘Write an awesome [number of words] words description for a property I’m trying to sell to {ideal target audience} in {area} on {street} with {amenities} and {additional features}’

Improving or proofreading your ad copy

Make your listing ad a little shcnazzy with ChatGPT. You can use the chatbot to proofread the property description you’ve already written or ask for improvements.  

Check out the prompt we used and the result we got:

‘Can you improve this description for a property I am trying to sell in 50 words.

The spacious house has 4 bedrooms and 3 bathrooms. It is located right in the heart of Seattle. It has a backyard with an ocean view which is perfect for relaxing with friends and family. It is close to public transport stations and only a 15 minute walk from the city centre.'

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2. Facilitate Email Communication

It’s Friday morning. Unsurprisingly, your email inbox is full. You need to respond to and send out new emails of your own. For once, it doesn’t stress you out. You open a new tab and start typing in ChatGPT.

Reach out to potential clients or renter leads

Write a convincing promotional email using ChatGPT. All you have to do is specify your goal and the selling points of your email. ChatGPT will sort through data and use effective vocabulary to drive conversions.  

Here’s an example prompt we used for sending an email to an owner lead:

‘Please write a short marketing email with a consistent theme throughout the copy. Use strong language and images to keep the reader engaged. The goal is conversion. The email will be sent to property owners from a property management company. Talking points will {insert talking points}. {unique selling point}. The call to action is {insert desired CTA}’

Pro tip: Take this one step further by automating the emails you send out. LetHub automatically sends customized follow-up emails to leads after they first show interest in your property. Use ChatGPT to draft emails and and build a sturdy automated email funnel with LetHub to maximize conversions.

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Respond to tenant emails

A huge part of managing properties is interacting with tenants and ensuring their concerns are dealt with. The first step is responding to them courteously. On the days that you don’t have time to write a carefully worded email or simply don’t have time at all, use ChatGPT.  

Check out this example:

“Please write an email from a property manager to their tenant informing them that their complaint has been received and a {relevant professional} will be at their property {time frame} Apologize for the inconvenience caused.”

Send emails to your team

The emails you send aren’t just limited leads, owners or tenants. Internal communication is key to working cohesively with your team. If you’re struggling to express a request professionally or simply not sure how to respond to one, let AI take over.  

3. Compare Rent Rates  

The real estate industry might not be the most volatile but it’s always a good idea to stay updated on changes in the market. Use ChatGPT to run a quick check on what rent you should be charging for your unit given the location and the features of the unit itself.

Here’s the example we looked up:

4. Pull Information from Documents

Have long reports to go through but no time? Or conducting market research but don’t want to spend your day reading long articles? ChatGPT can provide the Sparks Notes version. Simply copy-paste the document and ask for a summary. It works, we promise.

Example prompt:

“Hey can you please summarize this for me in bullet points:

5. Proofread Documents

ChatGPT can also help property managers write and proofread documents. Lease agreements, lease renewals, owner agreements and employee contracts are all lengthy documents to draft and proofread.  

Copy-paste them into ChatGPT to fix any grammatical errors. Run a moderation check to make sure everything is politically and factually correct.  

6. Maintain an FAQs Deck  

If you’re tired of answering the same inquiries over and over again, we recommend maintaining an FAQs deck on your website – specific ones for owners and tenants.  

Ask ChatGPT to write the article, using the information you provide ChatGPT’s own knowledge of the industry.  

7. ChatGPT for Administrative Tasks

Here’s the deal - bulk of your administrative tasks are text-related and either involve understanding data or sorting through it.  

Here’s how ChatGPT can help:  

• It can generate reports and analyze data related to occupancy rates, rental income and operating expenses.

• Create PDFs from Excel Sheets.
• Creating budget forecasts and providing financial analysis using available industry data.

How Does ChatGPT Work with Other Applications and Tools?

Hear us out – the best way to use any software if to use it together with all the other apps in your tech stack. That is when you save the most time, get the most out of your investments and experience automation at its best.

Here’s how you can get the most out of ChatGPT:

Integration with Zapier

We admit that a good number of the ways property managers can use ChatGPT involve copy-pasting. However, you can delegate this repetitive task with Zapier. Integrating with Zapier is help at your fingertips. You can connect ChatGPT with property management software like LetHub and set up automated workflows that cut your wok in half.  

Here are some examples:

• Slack  → OpenAI – Check your important Slack messages for discriminatory and derogatory remarks before you send them.

• Gmail → OpenAI – Use OpenAI to create a reply to any email received and save it as a draft

• Google Docs → OpenAI – Use OpenAI to proofread every document you upload  

Web Extensions

ChatGPT comes with its own set of limitations but using it in conjunction with other tools like extensions can increase its usefulness and reduce workload for you.

Check out some of the awesome extensions you can use with ChatGPT:

• WebChatGPT – Here’s why this is our favorite. ChatGPT has been trained in data up to 2021 only. Using this extension gives ChatGPT access to relevant links with updated information so the text contains the latest data.  

• ChatGPT for Google – This might just be your favorite. This allows you to get results from Google and ChatGPT simultaneously.  

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• Summarize – We talked about copy-pasting articles in ChatGPT and requesting a summary. This extension makes your life a hundred times easier by simply clicking on the extension once you’re on the webpage of the document you want to summarize. It automatically sends a request to ChatGPT and generates a summary within seconds.  

ChatGPT - The Good, The Bad and The Ugly

Property managers spend a lot of time replying to emails and drafting property descriptions for listings. Writing tasks can take up to a few hours. With ChatGPT, you can cut this time down to 15 minutes.  

ChatGPT is perhaps one of the smartest AI tools ever built for multiple reasons; it provides fresh, intelligent text, it has been trained using human feedback learns from previous responses. ChatGPT also allows for follow-up corrections, using your comments to make improvements.  

With advanced filters in place, ChatGPT also makes sure any information or statement given does not contain racist or sexist remarks.  

The Bad

ChatGPT has been trained on extensive amounts of data up to 2021. Unfortunately, that means it is not aware current events and without the use of extensions like WebChatGPT, the text generated will not reflect the latest changes in the industry.

When we say ChatGPT uses everything as its source, we mean everything. Consider this; each search result on Google does not contain accurate data. ChatGPT has no way of determining what is legitimate information and uses everything it has access to formulate results.  

“The way Chat GTP is trained to be conversational builds trust; however, when an expert asked questions (knowing the answers ahead of time as it’s their domain of expertise), they noticed that ChatGTP gave the wrong answers in a convincing conversational way. It even included known research journals, but the reference doesn’t exist. In the wrong hands, ChatGTP can create serious misinformation.”- Gary Vaynerchuk, chairman of VaynerX and CEO of VaynerMedia.

ChatGPT uses input to sort through data and generate text. It does not understand context and goal. It also displays little to no creative thinking which is integral to purposes like planning a marketing campaign.

What Does This Mean For The Future?

Experts are skeptical of relying entirely on the text ChatGPT generates. It can definitely produce a well written copy but will need human input to add depth and originality. The question is, will all content eventually become repetitive and barely discernible copies of each other?

Property managers can definitely use ChatGPT to their advantage for generating first drafts and then make the necessary edits to personalize the content.  

However, they cannot rely on ChatGPT to respond to lead inquiries since it does not connect to their website. To help with leasing, property managers should consider chatbots with conversational engines like LetHub’s AI Assistant River. River responds to leads intelligently and instantly, helping you capitalize on leads and increasing conversions by 63%.