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AI Technology Makes Major Waves With the Release of GPT-4

By Catherine Tims | April 14, 2023

Automation technologies like artificial intelligence (AI) are taking an increasingly large role when it comes to supporting business growth for real estate professionals. Now, with Microsoft announcing the new iteration of its AI chatbot known as GPT-4, the capabilities of AI seem poised to make an even bigger impact on real estate businesses around the world.

The Next Generation of AI

OpenAI, which has partnered with Microsoft to combine its already well-known ChatGPT AI chatbot by integrating it into the tech giant’s Bing search engine, made some major waves recently when it unveiled the newest generation of its AI technology to the world. GPT-4 is practically a quantum leap forward in machine learning, based on early reports. 

In fact, GPT-4 is so powerful that it can do more than just generate rational responses from text queries - it’s already demonstrated the ability to analyze images and video content and then answer questions based on that content. Additionally, thanks to the absolutely massive amount of text in its database that was used to “train” GPT-4, it’s now even possible for the AI to create simple computer programs.

The Implications for Real Estate Professionals

For anyone who’s been following the development of AI-based tools, the new breakthrough in GPT-4’s functionality is major news. While existing machine learning language models were showing promise in that they could be used to generate first drafts of content destined for marketing copy or to serve as automated chatbots to handle routine interactions with clients, GPT-4 shows much more promise in exceeding these goals.

Real estate professionals could potentially capitalize on this new standard of AI in dozens of different ways. Marketing content generation will become even faster thanks to GPT-4’s enhanced capabilities, requiring less oversight and tweaking before rendering the output from these chat models as ready for publication. Smarter, more capable chatbots running on a GPT-4 backbone can help serve clients and prospects better, resulting in a more positive user experience and improved client relationships. The possibilities could very well be endless.

The Future Looks Bright, Even if It’s Not Quite Here Yet

GPT-4 is light-years ahead of its previous iterations, and that’s getting plenty of people excited about where the state of AI software is going. Yet even with these new advances, GPT-4 still is far from perfect. The technology still has plenty of limitations, the first and foremost being that the database the AI is pulling from only dates back to September 2021. This means that GPT-4 doesn’t know anything about events that happened before this date. Additionally, GPT-4 doesn’t learn from its experiences yet, which means it can be prone to reasoning errors and doesn’t have the ability to scrutinize user statements for accuracy.

This means that AI software, while advancing by leaps and bounds by what seems like every day, is still being perfected. GPT-4 is indeed much more powerful than its previous iterations, and that means it’s going to be much more useful for real estate professionals or anyone else who wants to capitalize on its capabilities. For now, though, you’ll still need to keep a close eye on its outputs to verify that what you’re getting is what you wanted.

Realty Biz News Contributor at Realty Biz News
Catherine covers a broad spectrum of niches: personal finance, mortgages, travel, housing, internet marketing, network marketing, marketing, and business. Catherine is a Realty Biz News Contributor
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