Real Estate Insights Unleashing the potential of ChatGPT in property valuation reports: the “Red Book” compliance Chain-of-thought (CoT) prompt engineering

What is it about?

This article explores the use of Large Language Models (LLMs) like ChatGPT in the property valuation industry. The authors highlight the importance of prompt engineering, which involves providing precise instructions and contextual cues to LLMs in generating accurate and reliable valuation reports. By integrating LLMs into the valuation process, property valuers can improve efficiency, automate report generation and contract drafting tasks, and enhance client transparency. The article emphasises the need for transparency in AI-generated valuation reports and encourages valuers to train their own custom GPT models to ensure the customisation and reproducibility of valuation outputs. The symbiotic relationship between valuers and LLMs is identified as a key driver shaping the future of property valuations.

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