© 2025 Real Estate Consultants of Colorado, LLC
Austin, TX
In the last 24 hours, we've had two encounters with ChatGPT:
The first was on a property tour we had set up for our owner-user-buyer client for a property that needs extensive renovations to suit their business needs. Upon arrival they were concerned with the budget because they had asked ChatGPT how much the renovation would cost. ChatGPT's response was demolition alone would cost $300 per square foot. A more realistic answer is probably closer to $15 per square foot.
The second was an introduction from a real estate attorney to his client who had received a lease renewal proposal from its landlord and the client wanted to know if the terms were market appropriate. The client had asked ChatGPT the same question and forwarded us the answer. ChatGPT's analysis was approximately three times as long as the proposal itself and went off-topic, suggesting a response that missed the point.
Yes, using new technology gives the world progress but it's a bit scary to see increasing dependence on a platform that does not provide correct information about matters of serious economic consequence. Each commercial real estate transaction is unique. While we wait for the artificial intelligence technology to grasp that uniqueness, feel free to contact us with your commercial real estate questions and we will be happy to point you in the right direction.
In the last 24 hours, we've had two encounters with ChatGPT:
The first was on a property tour we had set up for our owner-user-buyer client for a property that needs extensive renovations to suit their business needs. Upon arrival they were concerned with the budget because they had asked ChatGPT how much the renovation would cost. ChatGPT's response was demolition alone would cost $300 per square foot. A more realistic answer is probably closer to $15 per square foot.
The second was an introduction from a real estate attorney to his client who had received a lease renewal proposal from its landlord and the client wanted to know if the terms were market appropriate. The client had asked ChatGPT the same question and forwarded us the answer. ChatGPT's analysis was approximately three times as long as the proposal itself and went off-topic, suggesting a response that missed the point.
Yes, using new technology gives the world progress but it's a bit scary to see increasing dependence on a platform that does not provide correct information about matters of serious economic consequence. Each commercial real estate transaction is unique. While we wait for the artificial intelligence technology to grasp that uniqueness, feel free to contact us with your commercial real estate questions and we will be happy to point you in the right direction.
© 2019 Real Estate Consultants of Colorado, LLC