Auction vs Private Treaty

"If two men in a business always agree, one of them is unnecessary." - William Wrigley Jr.

Some big news in the world of ChatGPT today as they rolled out browser access with Bing.

This means that if you have version 4.0 of ChatGPT, you can now ask questions, and the model will search the web for up-to-date information - beyond September 2021.

So I decided to throw ChatGPT an age-old argument in real estate: What’s the best method of sale - Auction, Private Treaty… or something else?

Today’s Prompt of the Day

As a real estate agent I would like you to give me the pros and cons of sale by auction vs private treaty vs EOI or any other methods you can think of - like Marketbuy, Openn Negotiation, Propps etc. Please write me a blog post on the pro's and cons of each as though a potential seller might read it. Please note we are mainly talking to sellers in Australia.

OK, so this started out as a pretty straightforward result from a fairly straightforward copywriting type command.

So I won’t paste the whole result here - you can have a crack at that yourself.

But what happened while the post was being generated is pretty interesting - so I recorded a video:

If you choose not to watch this video, here are a few takeaways:

  • Some folks reading this will be relieved to know there was no clear winner in the Auction vs Private Treaty battle - that choice remains up to the humans (the agent and the seller) to figure out what’s the best option for the particular circumstances. ChatGPT did raise some good and valid points, although it looked a bit shabby on state-by-state legislation (I could have re-prompted that, I guess!)

  • The sources that are being included now are pretty cool, although ChatGPT is still taking a fair bit of creative license with some of this stuff.

  • The browsing thing is cool - but clearly in the early ‘Alpha’ stage (no doubt will get better!)

  • How long before someone can just compare agents or professions in any industry - using reviews on Facebook, Google, Zillow, REA etc

A few more tests coming soon!

Happy Hunting 🚀

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