Frequently Asked Questions

"Anticipate the difficult by managing the easy." - Lao Tsu

In order to save time on admin, a city council with 4000 employees across multiple offices in Japan made the decision this week to use ChatGPT right across the board.

A PR representative said of the move, “We aim to use tools, like ChatGPT, to free up human resources for things that can only be done in a person-to-person format.”

Sounds like it’s straight out of a real estate industry coaching playbook, right?

And it was just a decision anyone in any business can make at any time because ChatGPT is:

  • Not a major technology expense, it's free (or the paid version is a very reasonable $20 per month)

  • Not a major IT installation with project management, downtime and data transfers - ChatGPT simply accessible from any browser

  • Not a major change program requiring a heap of team training as the interface is something we all instinctively know how to use - chat.

Today’s Prompt of the Day

This little bit of news got me thinking about how to use ChatGPT in the customer service world - which served as inspiration for today’s prompt.

Come up with a list of frequently asked questions and answers from customers of a [real estate business]. Please write me a website FAQ section with that.

Hitting enter the first time, the list I received from ChatGPT from this prompt was problematic if you’re based in Australia - it was a bit American (ok, if you’re a realtor, based in the US, I guess!).

And it felt a bit bland - as in no hyper-local feel - which you want as a local business - and because why not optimise everything if it’s just one more question?

So my second prompt went like this:

Could you please do that again, but could you maybe adjust for a real estate business in Australia and SEO optimise for the suburb Runaway Bay?

Here is the result - and it’s not a bad start

FAQ Section: Real Estate Business in Runaway Bay, Australia

1. How do I start the process of buying property in Runaway Bay?

To begin your property search in Runaway Bay, first determine your budget, property preferences, and desired location within the suburb. Then, contact a reputable local real estate agent who specializes in Runaway Bay properties to assist you in finding available listings, scheduling inspections, and guiding you through the buying process.

2. How do I know how much I can afford for a property in Runaway Bay?

A general guideline is that your monthly mortgage repayment should not exceed 28% of your gross monthly income. Consult with a mortgage broker or financial advisor to help you assess your financial situation, pre-qualify for a mortgage, and determine a suitable budget for buying property in Runaway Bay.

3. How do I choose the right real estate agent in Runaway Bay?

Select an agent with extensive experience in the Runaway Bay market, a proven track record, and excellent communication skills. Ask for recommendations from friends or family members, read online reviews, and interview potential agents to find the best fit for your property search in Runaway Bay.

4. How long does the property buying process take in Runaway Bay?

The property buying process in Runaway Bay can range from a few weeks to several months, depending on factors such as market conditions, property availability, and the efficiency of involved parties. Working with a knowledgeable local real estate agent can help expedite the process.

5. What are the stamp duty and other costs associated with buying a property in Runaway Bay?

Stamp duty is a tax levied on property transactions in Australia. The amount of stamp duty payable depends on the property's value and your eligibility for concessions or exemptions. Other costs include legal fees, building and pest inspections, and mortgage fees. Consult with your real estate agent and conveyancer for a comprehensive breakdown of these costs.

6. What is a building and pest inspection, and should I get one in Runaway Bay?

A building and pest inspection is a professional assessment of a property's structural and pest-related issues. It is highly recommended to get a building and pest inspection before purchasing a property in Runaway Bay to uncover potential problems and negotiate repairs or price adjustments with the seller.

7. How much should I offer on a property in Runaway Bay?

Your offer should be based on current market conditions, the property's condition, and comparable sales in Runaway Bay. Collaborate with your real estate agent to determine a fair and competitive offer that aligns with your budget and goals.

8. How do I sell my property in Runaway Bay?

To sell your property in Runaway Bay, prepare it for sale by decluttering, cleaning, and making any necessary repairs. Collaborate with a local real estate agent to effectively market your property, set a competitive price, and negotiate with potential buyers.

9. What are the differences between fixed-rate and variable-rate home loans in Australia?

A fixed-rate home loan has a consistent interest rate for a specified period, resulting in predictable monthly repayments. A variable-rate home loan has an interest rate that fluctuates based on market conditions, which may cause your monthly repayment to increase or decrease.

10. What is a cooling-off period, and how does it affect the property purchase process in Runaway Bay?

A cooling-off period is a legally mandated timeframe during which a buyer can withdraw from a property contract without incurring significant penalties. In Queensland, the cooling-off period for residential property contracts is five business days. This period allows buyers to reconsider their decision and conduct any necessary due diligence, such as obtaining a building and pest inspection.

NB you could go one more prompt to fix the spelling if you spell with British English, vs US English, “Could you please give that to me again, proofed for British English”

If you’re in PM, you could probably play around with variations for landlords or tenants, or if you’re in another business entirely you could probably substitute any business for [real estate business]

Happy Hunting 🚀 and let me know how you go!