Real AI: The magic of the prompt, AI dominates Connect NY, facts, headlines and the Quote of the week

Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate.

The magic of the prompt

There's a secret to maximizing the effectiveness of generative AI that every real estate practitioner who uses AI must know above all else: the key to unlocking the best AI has to offer is in your prompts.

This is a universal AI truth. It does not matter if you are using ChatGPT, Claude, or any other AI language model. The magic of maximizing AI effectiveness can be found by perfecting your prompts.

The principle of "garbage in, garbage out," or GIGO, still applies. If your prompt is poor, you are going to get a poor-quality result.

Many real estate professionals, when first using ChatGPT, often provide generic or general prompts that delivers generic answers and content. When crafting your prompts, consider these five Ps:

1. Preparation: Before submitting your prompt, take time to carefully think through what you are trying to achieve. Draft your request in a separate document where you can revise and refine it. Provide the context and provide as much detail as possible. Also, share the goal of your inquiry.

2. Precision: Be specific and clear in your instructions. ChatGPT does its best when given highly detailed, clear prompts. Avoid general queries by specifying the type of information you are seeking as well as the format you need it in.

3. Patience: One of the first rules you will learn to improve your use of ChatGPT is to never accept the first output. Understand that getting your desired response is highly likely to require some back-and-forth interaction. This is one of the best ways to learn how rephrasing or expanding on your initial prompt will unlock more effective results.

4. Probing: Don't hesitate to ask follow-up questions or request elaboration on certain points. If you ask ChatGPT to assist with an 850-word blog post, do a word count: it's likely to be off, often falling significantly short. Push back and ask for a more expansive draft. Don't be afraid to ask it for examples, or request clarification on a specific part of the response.

5. Persistence: If the response you receive isn't what you expected or if it lacks certain details, be persistent. AI also can hallucinate and provide you with a completely inaccurate response. If it does, and the error is obvious, point it out to ChatGPT and ask for a better result. Don't be afraid to start over and rework your prompt, incorporating feedback or additional information from previous interactions where you had better success. Reiterate your request with adjusted wording or additional context, and that can help move ChatGPT closer to delivering the response you need.

The bottom line: Well-prepared prompts lead to much better and more original results.

AI dominates Inman Connect NY

Returning from Inman Connect NY last year was a bit of a bummer. ChatGPT had exploded on the scene two months earlier and our expectation was a slew of AI panels. Or the very least, a hands-on ChatGPT track. Instead, Connect NY was nearly ChatGPT free.

What a difference a year makes! AI was everywhere at Connect NY 2024. If it wasn't in the title of a keynote or panel, it was mentioned in nearly every discussion.

Sitting in on many of the major AI sessions yielded a mix of the magnificent and mediocre. We'll pass on the mediocre and share a gold nugget that was a magnificent find: a giveaway from Phil Stringer after his deep dive into perfecting prompts.

I did not know about Phil and never heard him speak before Connect. As I told him afterwards, I was fully prepared to be seriously disappointed. I've written about how so many real estate conference AI speakers have been complete duds. They all have been spectators, not doers.

The title, "Your Custom 2024 AI-Powered Content Plan" made me suspect Phil was a poser. I was wrong, very wrong, thankfully.

A former COO of a North Carolina real estate brokerage, Phil created the "The AI Agent Academy," becoming an AI coach and speaker.

For his Connect talk, he polled the crowd to vote on one of five presentations – he only had time for one – that included using his highly creating one year's worth of a newsletter campaign, a year of blog posts (100), a year of TikToks or Insta Reels, a year of YouTube videos or a year of ads. The year of ads won.

Phil went through his process, providing detailed prompts for ChatGPT to first understand your business and goals, create highly detailed client personas with a list of pain points, create the targeted ads, and then provide the "hooks" needed to make the ads work.

Here's the kicker: at the end of his talk, he gave away all his well-crafted, highly detailed prompts for all five marketing programs, not just the ad one he covered at Connect. As long as this link remains alive, you can get your PDF of all five program prompts here.

The only big disappointment in Connect NY this time around? No Rabbit R1 giveaways. Next Connect, please.

AI Five Fast Facts

1. AI is expected to automate up to 800 million jobs by 2030 and create 97 million new AI-related roles – McKinsey
2. More than one-third (37%) of business leaders said that AI will replace workers in 2024 – CNBC
3. 85.1% of AI users utilize AI-powered CRM (Customer Relationship Management) for content creation and article writing – Authorityhacker
4. Almost half (49%) of employers expect AI to have a positive impact on job growth – Weforum
5. More than one-fourth (26%) of business organizations use AI for marketing and sales – IBM

Sources: Various collected by AIMultiple

AI Headlines Take 5

AI far too expensive to replace humans in most jobs, MIT study finds | 1/22/24 - Fortune
The cost-effectiveness of AI should be considered in job replacement.

Bracing against a rising tide of real estate fraud | 1/22/24 - HousingWire
Scammers are weaponizing AI to commit fraud.

AI Everywhere: The Unmissable Highlights From Davos 2024 | 1/22/24 - Forbes
AI takes center stage at this year's World Economic Forum.

The generative AI future will not be free | 1/19/24 - Business Insider
Consumers should be ready to start paying for new AI models.

When Might AI Outsmart Us? It Depends Who You Ask | 1/19/24 - TIME
Experts debate if "human-level" AI will be able to surpass the human mind.

Quote of the week

To view the original article, visit the WAV Group blog.