Alaap B. Shah, Member of the Firm in the Health Care & Life Sciences practice, in the firm’s Washington, DC, office, was quoted in Law360 Real Estate Authority, in “ChatGPT’s Real Estate Potential Is Big, but Attys Urge Caution,” by Nathan Hale. (Read the full version – subscription required.)
Following is an excerpt:
Attorneys with expertise in real estate and technology said they see a variety of ways that OpenAI’s new natural language artificial intelligence tool ChatGPT could make the real estate industry more efficient, but they cautioned the product needs further development and still requires substantial human intervention at this stage.
Lawyers with expertise in both real estate and technology said they are already seeing and hearing of ChatGPT’s use in the field, mostly by brokers using the generative language model to write property listings and social media posts. Even greater potential exists in its ability to quickly synthesize large quantities of data into readable form, but there are still gaps in terms of its access to data and tendency to turn out outdated or false results, they told Law360. …
As of now, ChatGPT is not connected to the internet, so its data sources are limited and may be outdated for events after 2021, OpenAI said on its website.
“There are limitations, however, when asking ChatGPT to provide responses that would require nonpublic records or information related to property ownership, land records, market trends, local commercial retailers, local schools and other amenities requiring more real-time access to data,” said Alaap Shah, a member at Epstein Becker Green who specializes in technology issues, including artificial intelligence. …
While these limitations of the platform are serious, they also are areas that could be addressed in future releases, such as with tools that allow users to input or link their own databases, several lawyers said.
“As ChatGPT gains greater access to records/information over time, the solution may have expanded capabilities,” Epstein Becker Green’s Shah said in an email.
When it comes to what the capabilities of ChatGPT may ultimately prove to be, that remains to be seen. …