Wondering if ChatGPT is a good tool to do all my market research with

[Dongyoon Lee]

Recently, I find myself doing more market research using ChatGPT and was wondering if 1) this is valid enough as a source of information and 2) whether other people are starting to do the same thing. Basically what I do is copy the entire Zillow listing into a chat and then ask it questions about the property (neighborhood stats, rental comps, cashflow, etc.). I have the paid ChatGPT plan so I ask it to research online sources for me and with "Deep Research", I get a pretty comprehensive report on each listing. Some questions I have are 1) Is online research done online good enough or do I have to go to the local environment and ask around? 2) How much time should I spend researching a specific listing versus asking realtors in the area for information on the listing?

[Nick Perret Efferson]

Hey Dongyoon, I use Chat GPT as a powerful tool everyday, but for accurate market numbers it can sometimes be trusted and other times not. If you want a general ball park, in the same atmosphere, it sometimes works. If you input the numbers yourself, it can analyze and crunch numbers very well and give you variables to think of. 

Chat GPT doesn't build trust or rapport in the market though, which is a very necessary ingredient in closing a deal. Might as well start with an informed agent. However, it's still a great tool.