Watch Out: Red Flags When Using ChatGPT And AI

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Watch Out: Red Flags When Using ChatGPT And AI

Jul 13, 2023 | News | 0 comments

Have you recently started using social media to grow your business, or did you join the trend later? If you had the opportunity to go back in time, would you have been one of the early real estate professionals to market on Facebook, Instagram, or TikTok and stay ahead of the competition?

Consider this: only 14% of U.S. adults have used ChatGPT, despite 58% being aware of it. This presents an opportunity for you to be a trendsetter.

Alternatively, if you were among the first to embrace those other platforms, it’s likely that you have already become an early adopter of AI chatbots like ChatGPT. You might even have a customized bot of your own.

Let’s explore four warning signs to watch out for when utilizing AI in our business operations, along with strategies to minimize their impact:

  1. Beware of underestimating the potential for an AI chatbot to go rogue.

Lesson: Regularly check for updates, proofread the AI’s output, and be prepared to address any issues promptly.

  1. Exercise caution when developing or utilizing a bot that influences people’s choices regarding certain areas of a town.

Lesson: If you are creating a custom bot, especially for larger initiatives like Redfin or Zillow, ensure compliance by partnering with local fair housing centers for beta testing, re-testing, and pre-launch audits. This approach demonstrates accountability and helps intercept and resolve any unforeseen issues, minimizing potential legal implications and penalties.

  1. Exercise caution when bots collect sensitive information from prospects and clients, as it may lead to fraud or identity theft.

Lesson: Program the bots to avoid gathering sensitive information, ensure updates don’t override this, and remind clients to refrain from sharing such information via chatbots.

  1. Don’t expect AI to always have the most current rules and laws for industries like real estate.

Lesson: Stay updated on legal changes and review autogenerated text to ensure compliance with laws like fair housing and fair lending regulations.