ChatGPT has the potential to revolutionize the way we communicate and generate content in a variety of industries, including real estate wholesaling.
However, many people are only scratching the surface of what ChatGPT can do, using basic prompts that don’t fully leverage its capabilities.
In the development of REI/kit’s SmartText AI tool for effective communication with different lead types, we have spent a lot of time optimizing prompt generation to get the optimal suggestions from ChatGPT.
This is how we developed the ROCKET formula for prompt generation – a structured approach to crafting effective prompts that give ChatGPT more context and produce superior results.
Whether you use REI/kit’s SmartText AI feature or not, by incorporating the ROCKET mnemonic into your own prompts, you can get ChatGPT to understand it’s specific role, desired outcome, unique context, relevant keywords, example voice, and task at hand, resulting in more targeted, and extremely effective communications.
ROCKET Formula Breakdown
The power of the ROCKET formula starts with a simple but powerful mnemonic:
R – give ChatGPT a role to play
O – tell ChatGPT what you want to achieve
C – provide context to the request
K – list keywords to include or avoid
E – indicate the example voice to use
T – break down the task that you want ChatGPT to perform
Let’s expand on each of the specific elements of the ROCKET prompt formula and why it’s so powerful:
The Role element in the ROCKET formula helps to identify the different types of experts that we want the AI to emulate, such as the wholesaler, seller, or buyer.
By indicating the AI’s role, the prompt can be customized to take advantage of the unique expertise of that role in pursuing the outcome that we desire.
When using the ROCKET formula for real estate wholesaling prompts with ChatGPT, it’s important to mold the Role in a way that helps ChatGPT understand what we need it to behave like.
This means being specific about the role and providing context for the role. For example:
“Act as a real estate wholesaler looking to acquire distressed properties,”
“Act as a homeowner looking to sell their property quickly.”
If you want to write a really engaging blog post you can try roles such as “Act as a blog post writer specialized in creative financing techniques.”
Creating a role with specificity helps to ensure that ChatGPT understands the audience and can generate relevant prompts.
The Outcome element of the ROCKET formula focuses on the specific outcome that the prompt is designed to achieve.
In real estate wholesaling, this might include identifying the desired outcome of a negotiation, the desired outcome of a marketing campaign, or the desired outcome of a specific transaction.
By including any of these specific outcomes, it becomes easier to create a prompt that is clear and helps ChatGPT stay focused.
When using the ROCKET formula for real estate wholesaling prompts with ChatGPT, it’s important to be specific about the desired outcome.
For example, “Your goal is to convince the seller to accept your offer and close the deal within 30 days,”
“Your goal is to develop a marketing campaign that attracts potential buyers to a specific property.”
Giving this type of clarity helps to ensure that ChatGPT generates prompts that are related to the intended outcome.
The Context element of the ROCKET formula provides additional information about the environment in which the prompt is being used.
In real estate wholesaling, this might include information about the market, the competition, or the challenges that you or the industry is facing.
When you have a clear understanding of the context in which the prompt will be used, it’s far easier to create a prompt that is effective in that specific environment.
Here are a couple examples of adding context to a prompt:
“The market is currently saturated with distressed properties, making it difficult to find good deals,”
“The competition for this property is high, and you need to differentiate yourself from other wholesalers.”
This inclusion helps to make sure that ChatGPT generates prompts that are contextually relevant.
The Keywords element of the ROCKET formula identifies specific words that should be included or excluded from the prompt.
In real estate wholesaling, when talking about a property this might include keywords related to types of properties or features or specific neighborhoods or cities.
In prompts requesting help with communications such as emails, you may want to avoid certain words.
By identifying the relevant keywords, you give ChatGPT the guidance it needs to apply the correct vocabulary and make it sound relevant to the target audience.
Here are some examples of setting expectations for keywords in prompts.
“Include keywords related to ‘foreclosure avoidance,’ or ‘fixer-upper,'”
“Avoid using keywords that are spammy or overused, such as ‘fast cash’ or ‘get out of debt.'”
This specificity helps to ensure that ChatGPT generates results that are fine-tuned to be effective in getting the message seen and understood.
The Example element of the ROCKET formula identifies the tone and style that should be used in the prompt.
In real estate wholesaling, this might include using a professional but approachable tone, or using a more persuasive or assertive tone, depending on the specific target audience.
It can also be first person (I) or third person (we) tense.
Here are a couple examples of providing clear guidance on the tone and style that can be used by the AI model:
“Use a persuasive tone to convince the seller to accept your offer,”
“Use a professional but approachable tone to establish a rapport with potential buyers.”
This helps to ensure that ChatGPT generates suggestions that are appropriate for the intended audience.
Other voice examples that you might use include:
Professional and formal tone
Conversational and casual tone
Informative and educational tone
Persuasive and sales-oriented tone
Narrative and storytelling tone
Creative and imaginative tone
Humorous and lighthearted tone
Empathetic and compassionate tone
Technical and specialized tone
Scholarly and academic tone
The Task is the final element of the ROCKET formula that identifies the specific task or action that the system is expected to complete.
In real estate wholesaling, this might include conducting research on a specific property, developing a marketing campaign for a specific type of property, or negotiating a specific real estate transaction.
Here are a couple examples of clear and specific tasks for the system to accomplish:
“Write a persuasive email to a homeowner who is considering selling their property,”
“Create a series of text messages for a 12 month follow-up campaign.”
This helps to ensure that ChatGPT generates results that are effective for the task at hand.
Putting it All Together
Bringing this all together, here is an example of an extremely powerful prompt using the ROCKET formula:
“Hi ChatGPT, [Role] act as a real estate wholesaler looking to generate leads for distressed properties. [Outcome] Your goal is to develop a marketing campaign that attracts potential sellers to work with me. [Context] The market is currently saturated with distressed properties, making it difficult to find good deals. I need you to use a creative approach so that I can stand out from the competition. [Keywords] Please include positive words such as ‘moving on’, or ‘dream.’ Avoid using spammy words such as ‘urgent’ or ‘investor’ [Example Voice] Use a professional but approachable tone. [Task] Please generate ten variations of an email that addresses the pain points of absentee owners who may be tired of paying two mortgages, and offer a solution for them to sell their property quickly.”
The sky’s the limit with the ROCKET formula. Not only does it provide a comprehensive structure for generating effective prompts for real estate wholesaling, but it also helps to ensure that the prompts are clear, focused, relevant, and actionable.
By using this formula, real estate wholesalers can create prompts that are more engaging and effective, which can ultimately lead to better outcomes and increased success.
This is the underlying framework that you can take advantage of in the SmartText AI feature of our SMS and Email prompt generation feature inside of REI/kit real estate wholesaling software.