You are viewing our site as an Agent, Switch Your View:

Agent | Broker     Reset Filters to Default     Back to List

Real AI: AI's sophomore slump, 5 great ChatGPT party tricks, headlines, fast facts and AI quote of the week

March 31 2024

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.

Welcome to AI's sophomore slump

wav real ai 20240329 1

Last week, the headlines warned, "It's not just you: ChatGPT is down for many worldwide." For those who rely on ChatGPT for work assistance, having your AI offline can be frightful. It's sort of like misplacing your iPhone: you go into a panic until it is found.

How many times do you refresh your browser when this happens?

Overloaded AI servers, slow responses, and system errors are becoming more common.

Yet these troubles pale compared to what is happening as generative AI enters its "mushy phase" – a term consultant Chetan Sharma used to describe it, according to Axios.

AI is in what's akin to a sophomore slump. Remember, ChatGPT has only been around since November 2022.

That slump is fueled by the collision of hyperbole and the fact that AI makes mistakes. Sometimes, colossal ones.

Generative AI is in its overpromising and underdelivering phase, and people are taking notice. Business Insider reported this week that Goldman Sachs found that more than a third of S&P 500 companies mentioned AI in their fourth-quarter earnings reports.

Overpromising can be costly. The SEC charged two investment advisory firms with making false claims about their use of AI. They agreed to pay nearly a half-million dollars in fines. It turns out they were not using AI to predict hot new companies and trends.

Many companies are finding that when they try to scale AI, they run into accuracy and reliability problems. AI isn't where they need it to be—yet.

But let's be clear. Despite these issues, generative AI is not a fad that will eventually disappear or stall out like Web 3.0. It may get worse before it gets better, but it will get a lot better.

Patience pays in the case of Generative AI, and ChatGPT-5 is coming, maybe this summer or by fall. But you can bet that when it does arrive, it will be better—a lot better.

5 Great ChatGPT Party Tricks

wav real ai 20240329 2

While Generative AI struggles through its sophomore year, we want to share some cool things you can do with ChatGPT-4 that you may not know about, but should.

Here are five party tricks that can help you be more productive now with ChatGPT:

  • Turn a PDF into text: Yes, there are other ways of doing this but using ChatGPT seems faster – and better. Plus, you avoid the bizarre formatting issue that plagues some PDFs when you attempt to cut and paste. Attach your PDF file and give the prompt, "Please turn the attached PDF into a readable text file." It not only perfectly displays the text allowing you to cut and paste, but also creates a downloadable text file.

  • Extract numbers interspersed with text: Let's say you keep track of your expenses in a note file that says, "Thurs. Dinner $54.25, Sat. Lunch $22.71, Taxi to Airport $65, Tip to Bell staff $5, and Tip for Maid $3, etc." You can copy and paste this text into ChatGPT and ask it to give you your total expenses. ChatGPT can also break it down by the expense categories you need. No more entering things into a spreadsheet as ChatGPT can analyze your numbers and run any calculation you need, despite text being interspersed with numbers.

  • Translation wizard: Forget Google Translate, use ChatGPT as you're going to get a better result. Writing an email in French to a GM at a hotel in Paris, the quality of the output was fantastic – according to the GM, who did not know it was created by ChatGPT. Attempts in the past to use Google Translate yield responses of "Did you use Google to write this?" ChatGPT understands the context of the communication and that gives it a huge advantage. Stunning fact: it can assist with translations for more than 100 languages, and is highly efficient and effective with English, Spanish, French, German, Chinese, Japanese, Korean, Russian, Portuguese, Italian, Dutch, Arabic, and many more.

  • Best poems and limericks for celebrations, ever: If you want to have a little fun in recognizing a colleague winning an award, celebrating a milestone, graduation, or retirement, use ChatGPT to help you create a poem, haiku, or limerick for the occasion. The key to a fantastic result is to give it as many details as you can about the person/people you want recognized. The more specific information you provide, the better the verses will be.

  • Data analysis from a survey: You don't have to pay Survey Monkey extra to find statistical trends and interesting data points. Just upload an Excel file of all your survey results and ask ChatGPT to do the analysis. It can do cross-tabulation to find relationships between multiple variables. It's how Delta Media found in its annual brokerage leadership survey that female-led brokerages, particularly those with medium to large agent teams and high transaction volumes, are the most likely to use AI, and that the youngest and oldest male leaders, overseeing smaller brokerages, are less inclined to integrate AI. Let ChatGPT do the hard math for you at no extra charge.

We'd love to hear about your ChatGPT party trick.

AI Fast Facts

wav real ai 20240329 3

  1. 46% of U.S. adults express concerns that AI systems are being developed too quickly – Ipsos
  2. 75% of consumers surveyed said they are comfortable with chatbots handling routine customer service tasks. However, only 33% approve of chatbots managing complex inquiries – Authority Hacker
  3. More than half of online shoppers in the United States employ voice assistants to aid in product research, and over a third use them to add items to their shopping lists – Oberlo
  4. 82% of business leaders surveyed believe AI enhances job satisfaction and performance – Forbes
  5. Nearly 80% of CEOs have already made or plan to make changes in how they utilize conversational AI technologies to manage client engagement – Accenture

Source: Master of Code Global

AI Headlines – Take 5

wav real ai 20240329 4

The next phase of AI is here — and it's not looking pretty | 3/26/24 - Business Insider
Could AI be reaching its era of struggle?

ASU in Tempe to begin offering graduate degree in business AI this fall | 3/27/24 - KTAR News
This new degree comes in the wake of ASU's collaboration with OpenAI.

AI Is Learning the Secret Language of Pipes to Detect Water Leaks | 3/24/24 - Propmodo
AI-powered tech is revolutionizing water management, saving money, and reducing environmental impact.

As AI booms, land near nuclear power plants becomes hot real estate | 3/25/24 - The Register
Datacenter operators are taking an interest in nuclear-powered AI.

AI is about to change the homebuilding process, from start to finish | 3/25/24 - Fortune
Companies like Compass and JLL are utilizing AI tools that simplify homebuilding for agents.

AI Quote of the Week

wav real ai 20240329 5

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