Introduction
Since its public launch at the end of 2022, ChatGPT has made headlines due to its potential impact on various industries and its implications for the future. At Bricks&Logic, we are dedicated to advancing property analytics and have leveraged the power of GPT to assist our Clients with their data analysis. In this article, we will discuss how we use this technology and how we believe innovations like ChatGPT will influence the property market in the future.
Introduction
Since its public launch at the end of 2022, ChatGPT has made headlines due to its potential impact on various industries and its implications for the future. At Bricks&Logic, we are dedicated to advancing property analytics and have leveraged the power of GPT to assist our Clients with their data analysis. In this article, we will discuss how we use this technology and how we believe innovations like ChatGPT will influence the property market in the future.
Incorporating Estate Agent Data into the Bricks&Logic Platform
As a part of our service to Estate Agents, we ingest and process their listing data to help them effectively communicate their market position and insights to their clients. We achieve this through features such as:
- Displaying areas where agents have been particularly active on our industry-leading heat map. Log in to try it here HeatMap
- Allowing agents to select comparable sales and rentals they have marketed.
- Showcasing properties they have sold or let to Bricks&Logic public users.
- Seamlessly integrating their data into digital reports.
See Fig. 01 for an example of these integrations
Incorporating Estate Agent Data into the Bricks&Logic Platform
As a part of our service to Estate Agents, we ingest and process their listing data to help them effectively communicate their market position and insights to their clients. We achieve this through features such as:
- Displaying areas where agents have been particularly active on our industry-leading heat map. Log in to try it here HeatMap
- Allowing agents to select comparable sales and rentals they have marketed.
- Showcasing properties they have sold or let to Bricks&Logic public users.
- Seamlessly integrating their data into digital reports.
See Fig. 01 for an example of these integrations
Processing our Clients' data with GPT
When it comes to analysis, well-structured data is crucial. However, extracting structured data from large amounts of free-form text can be challenging. GPT has revolutionised this process and allowed us to gain significantly more value for our Clients from their data.
Figures 02 and 03 display the Bricks&Logic Listings Manager, where we process and verify our clients' listings. We strive to extract as much useful information as possible from the data provided. For example, we have interpreted the condition of the property to be "Excellent" and classified the outside space as a "balcony." The classification process is essential, as it allows for a better understanding of the property's attributes and enables more accurate comparisons with other listings or sales. This is vital in determining the property's value based on its features and how they compare to other properties.
Processing our Clients' data with GPT
When it comes to analysis, well-structured data is crucial. However, extracting structured data from large amounts of free-form text can be challenging. GPT has revolutionised this process and allowed us to gain significantly more value for our Clients from their data.
Figures 02 and 03 display the Bricks&Logic Listings Manager, where we process and verify our clients' listings. We strive to extract as much useful information as possible from the data provided. For example, we have interpreted the condition of the property to be "Excellent" and classified the outside space as a "balcony." The classification process is essential, as it allows for a better understanding of the property's attributes and enables more accurate comparisons with other listings or sales. This is vital in determining the property's value based on its features and how they compare to other properties.
Examples of analysis with ChatGPT
One of our primary objectives for clients is to establish a clear understanding of a property's condition and its impact on value. Prior to GPT, we employed a variety of Natural Language Processing (NLP) techniques to achieve this goal. However, GPT has revolutionised this domain. For instance, we can now generate consistent scores using interpretations from GPT. To illustrate this, I will present examples using ChatGPT screenshots.
As experienced analysts understand, integrating domain knowledge into a problem is typically more effective than merely examining the data in isolation. It is widely acknowledged that Agents strive to serve their clients well, which often results in a slight positive bias when describing properties. By informing ChatGPT of this bias, we can prompt it to adjust its evaluation accordingly.
See Fig. 04
Examples of analysis with ChatGPT
One of our primary objectives for clients is to establish a clear understanding of a property's condition and its impact on value. Prior to GPT, we employed a variety of Natural Language Processing (NLP) techniques to achieve this goal. However, GPT has revolutionised this domain. For instance, we can now generate consistent scores using interpretations from GPT. To illustrate this, I will present examples using ChatGPT screenshots.
As experienced analysts understand, integrating domain knowledge into a problem is typically more effective than merely examining the data in isolation. It is widely acknowledged that Agents strive to serve their clients well, which often results in a slight positive bias when describing properties. By informing ChatGPT of this bias, we can prompt it to adjust its evaluation accordingly.
See Fig. 04
Improving our understanding of the market
The example above is just one illustration of how we integrate GPT into our analysis to enhance our understanding of the property market for the benefit of our clients and the public.
The Bricks&Logic House Price Index incorporates information supplied by our partner agents, and by gaining a deeper understanding of this data, we can improve the accuracy of our indices.
Through continuous testing of our industry-leading Automated Valuation Model (AVM), we have observed improvements since integrating GPT into our algorithms.
Improving our understanding of the market
The example above is just one illustration of how we integrate GPT into our analysis to enhance our understanding of the property market for the benefit of our clients and the public.
The Bricks&Logic House Price Index incorporates information supplied by our partner agents, and by gaining a deeper understanding of this data, we can improve the accuracy of our indices.
Through continuous testing of our industry-leading Automated Valuation Model (AVM), we have observed improvements since integrating GPT into our algorithms.
What next for AI in the property market
Large Language Models like GPT are undoubtedly impacting various industries, and it is worth considering how these advancements might shape the property market's future use of such technology. OpenAI recently announced the launch of GPT-4, which offers the added capability of processing and analysing images. We believe the next significant innovation the industry should explore involves enabling property searches by images, with listings provided based on matching themes.
For instance:
- While exploring a neighbourhood, if you find a property aesthetically appealing from the outside, you could take a photo and request listings in the area that resemble this property.
- Another example might involve searching for houses with specific decor styles or room sizes/layouts.
- Users could also search for properties with similar garden types or landscaping features by uploading images of their desired outdoor spaces, making it easier to find homes that meet their preferences for outdoor living and aesthetics.
This is just one example of how the property market could leverage AI's power to enrich the user experience. Numerous other possibilities are likely to emerge, many of which have not yet been conceived!
What next for AI in the property market
Large Language Models like GPT are undoubtedly impacting various industries, and it is worth considering how these advancements might shape the property market's future use of such technology. OpenAI recently announced the launch of GPT-4, which offers the added capability of processing and analysing images. We believe the next significant innovation the industry should explore involves enabling property searches by images, with listings provided based on matching themes.
For instance:
- While exploring a neighbourhood, if you find a property aesthetically appealing from the outside, you could take a photo and request listings in the area that resemble this property.
- Another example might involve searching for houses with specific decor styles or room sizes/layouts.
- Users could also search for properties with similar garden types or landscaping features by uploading images of their desired outdoor spaces, making it easier to find homes that meet their preferences for outdoor living and aesthetics.
This is just one example of how the property market could leverage AI's power to enrich the user experience. Numerous other possibilities are likely to emerge, many of which have not yet been conceived!
Conclusion
In conclusion, Bricks&Logic's integration of GPT has significantly enhanced our data analysis capabilities, providing our clients and users with a more comprehensive understanding of the property market.
As AI continues to evolve, we are excited about the potential for further innovations, such as GPT-4's image processing capabilities, to enable more intuitive and personalised property search experiences.
By staying at the forefront of AI-driven advancements, we aim to redefine the property market and empower our clients with unparalleled insights and user experiences.
As technology progresses, we anticipate a wealth of new possibilities to emerge, ultimately revolutionising the way people navigate and interact with the world of property.
If you would like to find out more about how Bricks&Logic could help your business please book a demo via our professional page.
Conclusion
In conclusion, Bricks&Logic's integration of GPT has significantly enhanced our data analysis capabilities, providing our clients and users with a more comprehensive understanding of the property market.
As AI continues to evolve, we are excited about the potential for further innovations, such as GPT-4's image processing capabilities, to enable more intuitive and personalised property search experiences.
By staying at the forefront of AI-driven advancements, we aim to redefine the property market and empower our clients with unparalleled insights and user experiences.
As technology progresses, we anticipate a wealth of new possibilities to emerge, ultimately revolutionising the way people navigate and interact with the world of property.
If you would like to find out more about how Bricks&Logic could help your business please book a demo via our professional page.
