Recently, BetterBot conducted a special LinkedIn live session on ChatGPT. BetterBot CEO & Founder Zlatko Bogoevski shares his insights on what that could mean for the multifamily industry. Check out the entire session and explore additional insights below.
What is ChatGPT?
ChatGPT is a significant leap forward when compared to other AI language models. It gives human-like responses with extreme accuracy. It utilizes one of the most complex neural networks and is trained on an extensive data set that includes existing software code. To make it even more effective, it was fine-tuned by humans constantly to give the best response possible.
How did ChatGPT start?
OpenAI created ChatGPT; OpenAI is an organization designed to advance humanity through the ethical use of Artificial Intelligence. OpenAI was founded by Elon Musk and Sam Altman, among others. The most successful OpenAI products to date have been DALL-E, GPT-2 and GPT-3, and now ChatGPT.
How Accurate Is ChatGPT?
ChatGPT can be very accurate depending on the type of question. In other cases, it is way off the mark. The problem is that it’s nearly impossible to tell when ChatGPT is off the mark. This can cause significant confusion and potentially even misinformation.
Is it safe to use?
Multifamily is a heavily regulated industry. That being said, there would need to be some significant guardrails in place for it to be safe. In addition, if those guardrails were to fail, it could entail legal liabilities.
Will ChatGPT replace job positions?
Chat should help make lives easier, not necessarily replace human job positions. ChatGPT will heavily automate specific tasks, but that will allow team members to focus on more critical tasks. Solving human problems requires empathy which is something that bots don’t have therefore, humans will have to be part of the equation.
In what ways can ChatGPT in help the multifamily industry?
Property management companies will become forced to adopt chatbots because it will be an expectation and likely a preferred method of finding information by prospects and renters. We are already seeing this trend with chatbots over the last few years, and ChatGPT will accelerate this trend. It will also allow properties to automate their operations even further. Easier to operate with leaner budgets. Not to mention, prospects will benefit from a better buying experience when bots are used correctly.
Does BetterBot use ChatGPT?
A commercial API is currently unavailable, but we are already building features that will benefit from chatGPT. Since ChatGPT is not immune to the potential problems inherent in other AI language models, we will carefully consider how we deploy it. As BetterBot currently serves some of the biggest property management companies in multifamily, our goal is to ensure that the millions of people using our product to find their next home have a great experience.
How ethical is ChatGPT, and how could it be affected by fair housing laws?
It will be much easier to mimic a human with ChatGPT. This will likely be regulated in the US and Europe. More guidelines are being created by the White House in the form of an AI bill of rights where bots are prevented from pretending to be human. For example, California passed the Bolstering Online Transparency Act (BOT Act), which prohibits online bots from hiding their identities.
What challenges face ChatGPT?
Most likely, ChatGPT will come with a high price tag. Not to mention, there is the likelihood of lawsuits related to how it operates and uses data in its model. Likeliness is a remarkable ability but may be litigated since it’s a legal gray area.
So what does this all mean?
As ChatGPT continues to make its way into our everyday lives, we will continue to consider its capabilities in order to improve the experience for renters.. As we’ve mentioned, one of our primary goals is to ensure our customers have the best user experience possible. That being said, we will introduce new features only when they enhance that experience. Stay tuned for more information as AI technology continues to develop!