Curious about the future of the real estate industry? Wondering what exciting developments lie ahead? Well, look no further. I recently attended the National Association of Realtors (NAR) annual conference, also known as NXT, in Anaheim, California, and got a glimpse into the future. In this article, we'll explore the top real estate tech trends of 2023 and the ones to watch out for in 2024. Plus, I'll share a handful of companies that you should keep an eye on in the coming year.
5 Tech Trends From NAR NXT
1. Efficiency Through Integrated Tech Platforms
One of the highlights of this year's conference was the emphasis on integrated, all-in-one tech solutions for real estate agents. These platforms streamline processes from prospecting to marketing to closing deals. Companies like PLACE are even creating centralized business hubs, replacing the traditional brokerage model. By adopting these streamlined business suites, agents can focus more on building relationships and less on administrative tasks. In 2024, personal connections will be key to success in the real estate industry.
2. Creative Ownership & Emerging Models
The real estate landscape is changing, and innovative ways for sellers to engage in and exit homeownership are emerging. With high interest rates and shifting market dynamics, sellers are seeking alternatives. Companies like Flock Homes offer options for sellers to convert their equity into shares, allowing them to move on from their homes while still realizing their equity gains. The short-term rental market is also witnessing new models, such as Summer, which allows homeowners to participate in the second-home trend while minimizing risk. As the real estate market evolves, expect to see more creative ventures like these.
3. Technology Continues to Empower Teams
Teams have been dominating the real estate industry in recent years, and real estate tech trends are now reflecting this shift. The tech showcased at NAR NXT was primarily geared towards teams of five or more agents. This segmentation allows agents to focus on their areas of expertise while relying on AI-powered tools for routine tasks. Teams that combine specialized skills with technology will have a competitive edge in the future. With the ongoing uncertainty in real estate commission structures, teams will play an even more crucial role in ensuring success.
4. The Role of AI & Automation—Agents Are Essential
AI and automation are undoubtedly transforming the real estate industry, but they can never replace the human element. Real estate transactions are emotional journeys, and it's the human touch that brings empathy, connection, and guidance to clients. While AI tools like lead nurturing, video editing software, and chatbots can streamline business operations, it's essential for agents to focus on connecting and supporting clients on a human level. Let the robots handle the routine tasks and use your expertise to provide personalized, human-centric service.
5. The Importance of Your Presentation & Analysis
In the age of Zillow and easy access to home valuations, it's crucial for agents to stand out by showcasing their expertise. Understanding hyperlocal neighborhood data trends and delivering polished presentations will be key to success. Tools like Altos Research can arm you with data to provide valuable insights to clients. Additionally, platforms like Highnote enable you to customize presentations and track analytics to create unique experiences for each client. Your ability to provide expert analysis and guide clients through the intricate details of a real estate transaction will set you apart.
Companies to Watch
During NAR NXT, I connected with several tech professionals who are vying for your business. Here are a few companies that caught my attention:
1. Pivo Real Estate
Pivo offers an innovative AI-powered tracking device called the Pivo Pod. This device follows you as you create beautiful videos for social media and also generates flawless 3D renderings of homes. By providing a cost-effective alternative to traditional Matterport tours, Pivo is set to become a game-changer for agents.
Visit Pivo Real Estate
2. Presidio
Presidio is a digital privacy vault that helps clients prepare for the unexpected. This app allows users to securely store important information such as wills, safe combinations, and asset valuations. As an agent, offering this service to your clients can set you apart and provide them with peace of mind.
Visit Presidio
3. Sundae
Sundae offers an alternative to traditional home selling. Homeowners can contact Sundae for a home valuation and have the company handle listing photos and renovations. Sundae then connects sellers with its network of investors, simplifying the selling process. Agents working with investors may find this tool valuable.
Visit Sundae
4. Real Grader
Maintaining a strong online presence is crucial for agents in today's digital age. Real Grader provides a comprehensive digital audit of your online profiles and offers recommendations for improvement. Ensuring that your online presence is up-to-date and professional is essential for attracting potential clients.
Visit Real Grader
5. iNCOM Real Estate
iNCOM Real Estate is a well-established company that offers website-building services for agents. One notable feature is their alert system that notifies you and your leads when prices drop on a listing. Keeping potential buyers engaged on your platform can increase your chances of closing deals.
Visit iNCOM Real Estate
Your Take
What are your thoughts on the future of real estate technology? Did you attend NAR's NXT conference? Feel free to share your insights and experiences in the comments. Let's keep the conversation going!