What are Custom GPTs? Plus a few examples we’ve built. (Updated May 2024)
In the fast-moving world of generative AI (gen AI), staying up to date on the latest advancements in AI is crucial for professionals in every field, but especially in commercial real estate. At A.CRE, we’re committed to sharing what we view as the critical developments in AI and their practical applications to CRE.
One such groundbreaking advancement is ChatGPT’s Custom GPT feature. This innovative tool marks a significant stride forward, empowering subject-matter experts such as ourselves to create purpose-specific AI models. In this blog post, we’ll delve into what Custom GPTs are, their capabilities, and how they can be leveraged by CRE professionals to transform their approach to real estate challenges and opportunities.
Source: Image on OpenAI’s ‘Introducing GPTs‘ page.
What are Custom GPTs
Custom GPTs are specialized versions of the ChatGPT AI model, designed to cater to specific purposes or industries. OpenAI rolled out this new feature as part of their 2023 Dev Day and in May of 2024, made custom GPTs available to both free and paid users of ChatGPT. They represent a significant leap in the flexibility and utility of AI chatbots, allowing users to tailor the technology to their unique needs. This advancement is particularly relevant for sectors like commercial real estate, where specialized knowledge and tasks are paramount.
- To create your own Custom GPT, go to chat.openai.com, click ‘Explore’ along the left-hand side, and next click ‘Create a GPT’
Purpose-Driven Design
GPTs allow users to create versions of ChatGPT that are fine-tuned for specific tasks or roles. Whether it’s for day-to-day activities, work-related tasks, or even personal interests, these custom models can be developed to provide targeted assistance.
Custom Instructions and Skills
Earlier, users could only set some preferences in ChatGPT. However, with GPTs, you can go beyond just setting preferences to incorporating a combination of instructions, extra knowledge, and a variety of skills. This flexibility is especially beneficial in the CRE sector for tasks like analyzing market trends or creating investment models.
Community-Driven Innovation
The development of GPTs is not limited to tech experts; it’s accessible to anyone, including educators, coaches, and professionals from various fields. This opens up possibilities for a wide range of applications, including in the CRE industry, where professionals can share their expertise through custom GPTs.
GPT Store and Monetization
OpenAI plans to introduce a GPT Store, where users can share their GPTs publicly. This marketplace will feature creations by verified builders and allow creators to potentially earn revenue based on user engagement with their GPTs. For CRE professionals, this could mean both a platform for sharing their custom GPTs and a potential revenue stream.
Privacy and Safety
When creating GPTs, the privacy and safety of data are paramount. The system ensures that interactions with GPTs are secure and that builders have control over how user data is utilized. This is crucial in the CRE industry, where confidentiality and data security are key concerns. For instance, proprietary data used in custom GPTs is not used to train future OpenAI models.
Real-World Applications
Custom GPTs can be integrated with external data sources and real-world applications. For example, a CRE GPT could be connected to property databases, financial models, or market analysis tools, enhancing its practical utility in real-world scenarios.
Enterprise-Level Customization
For enterprise users, GPTs offer the capability to create internal-only versions, which can be tailored to specific business use cases or proprietary datasets. This feature is particularly advantageous for large CRE firms looking to streamline internal processes or develop bespoke tools for market analysis and client engagement.
Enhanced Accessibility and Integration
ChatGPT has been updated to simplify user experience by consolidating various models and tools in one place. This improvement makes it easier for CRE professionals to access necessary tools like DALL·E, browsing, and data analysis without switching between different models.
In summary, Custom GPTs offer a powerful and flexible tool for commercial real estate professionals, providing them with the ability to create AI assistants that are precisely tailored to their specific needs and challenges.
Examples of Custom GPTs A.CRE Team Members Have Created
We’ve begun to play with custom GPTs (and other AI tools for CRE) at A.CRE and have built several GPTs to date. We hope these GPTs highlight the potential of custom AI models in real estate and beyond. If you have ChatGPT (either a free or paid version), you can use the link to each GPT below to try them out for yourself.
Here’s a summary list of GPTs in our growing library of custom GPTs for commercial real estate:
- A.CRE AI Assistant. Access and retrieve specific content from A.CRE Content Library using keywords. This GPT is connected to a database of A.CRE content, allowing the user to ask questions and be suggested content on A.CRE to help them answer those questions.
- Advanced Mortgage Amortization Schedule. A tool that simplifies the process of building a mortgage amortization table by taking a series of inputs and automatically filling them into our Advanced Mortgage Amortization Schedule Excel model.
- Big Red Matey. Spencer spoke on AI in commercial real estate at Cornell on November 16th, 2023. He created this fun custom GPT as part of that speaking event. This pirate and Cornell-themed GPT creates fun, realistic Cornell images and themed jokes.
- Code Helper for Financial Models. A GPT to help quickly audit, assess, and improve VBA code in Excel Financial Models such as those found on A.CRE. This custom GPT helped build our Excel 4 CRE custom add-in.
- Cover Letter Composer by A.CRE. A well-trained custom GPT that helps you draft a professional cover letter using a proven cover letter framework used by top universities and career coaches.
- Custom Instruction Guide. Expert in guiding users to write effective ‘Custom Instructions’ for ChatGPT.
- CRE Technical Interview Coach. Friendly guide for real estate interview prep, focusing on case studies and modeling. This GPT helps users learn knowledge they need to tackle real estate technical interviews.
- New Year’s Resolution Helper. A custom GPT to create and track New Year’s Resolutions and other goals. The GPT will guide the user and help create a tailored plan using the BSQ (Big, Small, Quick) framework to help them achieve their goals (Read more about this GPT).
- Real Estate Case Studies Creator. A creative writer for real estate case studies. This GPT is tailor-built for young professionals looking to practice real estate financial modeling, professors looking to create cases for their lectures, and hiring managers wanting to build proficiency testing tools.
- Spinny’s Personal Nutritionist. A tool to analyze how healthy a food product is, whether it will help me accomplish my fitness goals, and to track overall macros for the day. Simply take a picture of the food and/or food’s nutritional facts/ingredients, and the GPT rates the food, provides input on the quality of the ingredients, and reports total macros. Also, multiple food items included in a conversation will be added together to arrive at a combined total for the day.
- Spinny’s Personal Trainer. A custom GPT to develop, track, and motivate to complete a personal workout. The GPT learns about the user’s goals, prepares a comprehensive workout and nutrition plan, and then helps the user track their progress to completion.
- STNL Valuation Model. A tool that simplifies the process of performing STNL investment analysis by taking a series of inputs and automatically filling them into our Single Tenant NNN Lease Valuation model.
