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Using ChatGPT in Property Management: A Practical Guide

November 2, 2024 • Suket Shah
Using ChatGPT in Property Management: A Practical Guide

AI seems to be everywhere these days. It can feel a bit overwhelming, like trying to learn a new language. But because ChatGPT uses English instead of code, anyone can learn how to use it effectively. This week, I'm taking a look at ChatGPT and sharing how it's been helpful in my property management work.

A Quick Note on Privacy

Before we get too far, let's talk about privacy. The free version of ChatGPT learns from the data you input, which means any sensitive tenant or owner information could be used to train their model. Something to keep in mind.

Here's how to secure your data:

  • Buying Enterprise Seats: ChatGPT offers an enterprise plan which protects your data from being trained on. For most PM companies, this will not be a viable option due to pricing. The enterprise plan is $60/seat with a 150 seat minimum.

  • Opting Out: I've asked my team to fill out OpenAI's privacy form to prevent their chat history from being used for training. You can find it here: OpenAI Privacy Policy.

Using ChatGPT to Streamline Your Work

Now that we've covered privacy, let's see how I'm using ChatGPT to make my work a bit easier.

1. Refined Listings

The way I write listings hasn't changed in years and they have been pretty generic. It can be tough to write compelling property descriptions. Lately, I've been using ChatGPT to help with this.

Here's a prompt I often use:

"Improve this property description. Remember to stay semi-formal. Maintain the rough structure I've already established: [existing copy]"

ChatGPT takes my simple description and makes it sound more appealing, highlighting the best features. I also find that it is grammatically very accurate so it catches my grammar mistakes. The copy may still need some edits to make it sound more like my voice, but the end result is an objectively better copy.

2. Dealing with Documents

I often find myself needing to read a long document to find one piece of information. ChatGPT has been useful for quickly understanding these long documents and directly finding the information I need.

Here's how I use it:

"Summarize the key findings of this market report [paste report text or upload PDF file]."

After this initial prompt the documents details are now in ChatGPT's memory, so I can then ask it follow up questions to learn more. This is great for getting a quick answer, but I still prefer to read the whole document for a detailed analysis.

3. Easier Emailing

Managing emails from tenants and owners takes up a lot of time. ChatGPT has helped me write clear and concise emails.

Here's an example:

"Write a semi-formal email to a tenant reminding them that rent is due on the 1st of the month."

ChatGPT usually creates an email I can send right away or with minor edits. It's important to have an idea of what my response will be and then prompt ChatGPT rather than have ChatGPT do the thinking for me.

AI News

OpenAI's DevDay: OpenAI made some big announcements, including a Realtime API, Model Distillation, and Prompt Caching. This means faster, more efficient, and more customizable AI.

AI Generated Videos: Pika, a generative video company, unveils version 1.5, enhancing AI-generated video. Some of these videos blow my mind and it makes me think what marketing in this industry would look like if we can just generate images and videos instead of searching for them.

That's all for this week's AI update! I'm curious to hear your thoughts. How are you using ChatGPT in your property management work? Email me at suket.shah@propkeep.io