Curious about the future of the real estate industry? Explore the top tech trends from the National Association of Realtors (NAR) annual conference and discover what lies ahead in 2024.
The real estate industry is constantly evolving, and staying ahead of the curve is crucial for success. As I attended the NAR annual conference, also known as NXT, I gained valuable insights into the tech trends that will shape the industry in the coming year. In this article, I'll share the top real estate tech trends of 2023 and what to watch out for in 2024. I'll also highlight some innovative companies that are leading the way.
Streamlined Efficiency with Integrated Tech Platforms
Efficiency is the name of the game for real estate agents, and the emphasis on integrated tech platforms was a major highlight of the conference. These all-in-one solutions streamline processes, from prospecting to marketing to closing deals. Companies like PLACE are even creating central business hubs, revolutionizing the traditional brokerage model. By leveraging these platforms, agents can focus more on building relationships and less on administrative tasks. It's all about personal connections, lead generation, and executing consistently.
Creative Ownership & Emerging Models
Sellers are looking for new ways to engage in and exit homeownership, and creative ventures are emerging in the residential real estate market. With high interest rates, homeowners with mortgages from the past are feeling the constraints. Companies like Flock Homes offer innovative solutions, allowing sellers to convert their existing equity into shares via 721 exchanges. The short-term rental market is also evolving, with companies like Summer providing opportunities for investment in second homes. These emerging models are reshaping the real estate landscape and providing exciting options for buyers and sellers.
Empowering Teams through Technology
Teamwork is taking center stage in the real estate industry, and tech trends are reflecting this shift. Most of the tech showcased at NAR NXT was geared toward teams of five or more agents. From showing solutions to marketing and lead generation tools, the focus is on helping teams excel. Artificial intelligence (AI) can handle surface-level tasks, but specialized skills and knowledge are still best provided by agents. Teams that leverage technology to enhance their expertise will be the top performers in the future.
The Role of AI & Automation in Real Estate
AI and automation are often seen as threats to real estate professionals, but the consensus at NAR NXT was different. While these technologies streamline many aspects of an agent's role, they can never replace the human element. Real estate transactions are emotional journeys, and agents bring a personal touch that AI simply cannot replicate. With the routine tasks handled by technology, agents can focus on the human aspect of their business. Leveraging AI to streamline processes, such as social media posts and listings descriptions, allows agents to connect and support clients on a deeper level.
The Importance of Presentation & Analysis
With platforms like Zillow providing home valuations, it's essential for agents to stand out by showcasing their unique value. Understanding hyperlocal neighborhood data trends and delivering personalized presentations are key to success. Tools like Altos Research and Highnote can arm agents with data and customizable presentations that make an impact. The ability to provide a unique experience for each client and offer expert analysis will set exceptional agents apart from the competition.
(Source: The National Association of Realtors)
Companies to Watch
During NAR NXT, I came across some exciting tech companies that are poised to make a big impact in the coming year. Here are a few that you should keep an eye on:
- Pivo Real Estate: Pivo Pod offers unique AI tracking capabilities for creating captivating videos and 3D renderings of homes.
- Presidio: This digital privacy vault helps clients prepare for the unexpected by securely storing important information and assets.
- Sundae: For homeowners who want an alternative to traditional selling, Sundae connects sellers with investors, offering a hassle-free process.
- Real Grader: This tool conducts a digital audit of your online presence and provides recommendations for improving your profiles.
- iNCOM Real Estate: iNCOM offers an alert system that notifies you and your leads when prices drop on listings, keeping your clients engaged on your platform.
Your Take
Were you at NAR's NXT conference? What real estate tech trends are you watching? How do you feel about the rapid pace of innovation in the industry? I'd love to hear your thoughts in the comments below. Let's continue this conversation and stay ahead of the game in the ever-evolving world of real estate.
