by Aaron Grushow
With the real estate industry buzzing about the rapid advancement of emerging technologies and the upcoming implementation of the National Association of Realtors settlement, Inman Connect Las Vegas 2024 was a whirlwind. The event delivered insights, posed important questions, and sparked new ideas among the thousands of real estate professionals in attendance.
Here are three takeaways that best represent the current real estate buzz and are most likely to influence the industry in the months to come.
1. Embrace AI or get left behind
There’s a growing sentiment that while artificial intelligence is here to stay, its impact on the industry hinges on how adeptly professionals use it. During the panel “Demystifying AI In Luxury Deals,” President of Affiliate Strategy at Christie’s International Real Estate Kevin Van Eck summed up the situation: “You’re not going to be replaced by AI, but you’re going to be replaced by others in this room who know how to use it.”
Malte Kramer, CEO of Luxury Presence and a co-panelist with Van Eck, built on this sentiment, making the important distinction between AI and other advances in real estate tech.
“This innovation cycle is fundamentally different from previous innovation cycles,” Kramer noted, pointing out that while innovations like e-signatures and search portals were significant, they only affected specific layers of the value chain. “AI affects every part of the value chain, from how homes are designed and built to how they are marketed and sold, and even how the software used to sell them is developed. Everything is becoming more efficient.”
While earlier discussions have highlighted the trepidation of professionals around AI, Inman attendees seemed to understand the opportunities before them. Kramer reflected this view in an interview after his panel: “It feels like for the first time, real estate is an industry of early adopters.”
2. It’s hard to replace a stalker
While adopting new technologies in a thoughtful way is one clear way real estate professionals can solidify their place in the transaction, leaning into their humanity is a smart companion tactic. No one personified this more clearly than Glennda Baker.
In her session, “Building a One-of-a-Kind Brand Experience,” the broker and social media superstar noted that the industry is currently oversaturated and many tech companies are eager to slice commissions or cut agents out entirely. “That’s why it’s crucial to build strong relationships with your clients, so you’re not easily replaceable and they don’t forget about you,” she said.
Her advice for the best way to do that? “It’s okay to be a stalker.” Baker does this online, researching clients’ significant life events, utilizing Facebook’s birthday feature, and proactively seeking out ways to connect.
She takes the “stalker” approach in real life, hosting weekly events like “coffee and comps,” where she invites neighbors to view her new listings and receive on-site home valuations, and “eight at eight,” where she hires a private chef to prepare dinner in her home for three couples she knows would connect well.
Baker also highlighted the value of thoughtful, personalized closing gifts, sharing an example of a time that one client so cherished the custom cake she had made that they refused to let anyone eat it.
Her philosophy? In an industry that’s increasingly focused on building relationships rather than just closing deals, use consistent, genuine engagement as a strategy for “not getting replaced.”
3. Branding is no longer optional in real estate
The days of real estate professionals stumbling on success without crafting a robust brand and marketing strategy are over.
During the session “How to Future-Proof Your Brand,” Kevin Knight, cofounder of real estate marketing agency Upgrade, noted that the soon-to-be-implemented NAR settlement means buyer’s agents now need to demonstrate their value in order to convince clients to sign binding representation agreements.
“The modern consumer wants a different package,” Knight said. “Are we willing to change our ways and invest in the future, or are we going to keep milking the way we’ve been doing things forever until it runs out?”
Many agents know they should invest in a brand book, but are reluctant to invest the necessary time, energy, and funds. To illustrate the harm of inertia, Knight reflected on the time worked with Procter & Gamble to stem the loss in market share of its Dawn dishwashing liquid brand.
The company knew Knight was right when he suggested revamping its packaging but resisted nonetheless. They told him, “We know it’s the packaging, but do you know how much it costs to retrofit the factories? It’s too expensive to change.” Knight concluded with a valuable lesson: Change isn’t easy, but it’s less costly than being left behind.
Staying ahead of the curve with Luxury Presence
Inman Las Vegas 2024 left no room for doubt: the future of real estate is being shaped by those who embrace technology, prioritize personal relationships, and adapt to changing consumer expectations. As the industry continues to evolve, these hot takes provide a roadmap for staying ahead of the curve.
If you’d like some advice on how to transform these hot takes into long-term, sustainable strategies for your real estate business, our expert team would love to talk. Set up a free strategy call today.
About the author
Aaron Grushow
Aaron Grushow is a Los Angeles-based real estate agent and social media marketing specialist with eight years of experience in content creation and distribution. He founded Aaron Grushow Homes, a real estate and media collective with over 1.4 million followers and 250 million views, and was the first real estate agent to exceed one million followers on TikTok. Aaron now applies his expertise as the social media marketing manager at Luxury Presence.
