Why the Future of Real Estate Depends on Technology: Inman Connect NY18 Recap

Tuesday, February 06, 2018

Over 4,000 top performing real estate professionals gathered at Inman Connect New York last month to mastermind, knowledge share, and gain a pulse on what’s trending in the industry in 2018. The trade show featured 5 full days of content with over 250 industry trailblazers and a number of CINC power users sharing industry best practices on stage. Now that the dust has settled from the show, we’re sharing what we learned from the weeklong event, and highlighting what you can expect in real estate for the year ahead.

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Adoption and Adaptation

 It’s no secret that the industry in continuing to evolve. With more than 65% of US adults using social media regularly for instance, it can be difficult for agents to keep up with the best social media platforms and digital marketing strategies that actually drive conversions. Leigh Brown, broker/ owner of RE/MAX Executive Realty took to the main stage to get nostalgic about the good old days of working your sphere in person, while also discussing the importance of embracing innovation and breaking out of your comfort zone. Brown’s knack for making important topics humorous kept the audience laughing and engaged (likening Zillow to “real estate porn” for instance … “because everything looks really good whether or not it’s available”), even as she challenged the audience to embrace innovation regardless of one’s personal comfort level. In her own words, in real estate “you’re either going to be a part of the innovation, or you should just turn your license in right now.” But in order to do so, agents must first get very clear about the role that technology will play in the future of their brokerage.

 Technology is the Future of Real Estate

 

InmanBlogJulieThe age of technology and innovation in real estate is upon us. Today, technology is evolving at a pace that we are neither prepared for or familiar with, and our industry is no exception. Last February, we shared our tips for keeping up with the real estate tech transition, and Inman speakers like Simon Sinek, and Leigh Gallagher only further reiterated the critical role that technology will play in molding the future of the industry.

 With tech companies and internet giants like Google, Facebook, and Amazon entering the real estate space, the rules ofengagement in the business are changing, making it increasingly difficult for most agents to keep up with all the new competition coming into the market. So many of the new players entering the industry bill their solution on the “promise to come”, so unless you happen to be one of the early adopters, these new technologies can seem like a constant intimidating reminder to Realtors that the future of the industry is still widely unknown. That being said, agents should be cautious of these new and unproven systems promising an elusive “silver bullet”, that doesn’t exist. Top-performing agents like Brian North of North&Co Realty and Julie Youngblood of Youngblood Coaching and Consulting discussed in their respective sessions how proven systems like CINC help drive their leads and nuture and convert to closings. CINC prides itself on being a Tesla amongst race cars... in other words, agents looking for a proven solution that allows them to get in and go look to systems that start working and converting for them right away, without required a great deal of ramp up. 

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 Artificial Intelligence is Upon Us

 Artificial intelligence (AI) was a big topic of conversation at Inman, with the consensus being that AI will undeniably have a huge impact on the future of real estate - from open houses to property descriptions, and property alerts. For instance, envision a service that can create full property descriptions and identify key house features (i.e. a chef’s kitchen, or a fireplace) from a photo alone. And with chatbots increasing in popularity and performance, it’s just a matter of time before your agents will have the ability to utilize chatbots and automation to engage your leads and warm up your pipeline nurturing leads until they are ready to convert.

At the end of the day, while the future of real estate may be impossible to predict, trends like AI, an increased reliance on technology, and innovation and adoption are clearly here to stay. And at a time where there’s more noise in the industry than ever before, without the technological capabilities and service and support of systems like CINC, it will become increasingly more difficult for the modern Realtor to compete in a changing industry.

Miss out on Inman, but looking to up your digital marketing game this year? CINC's resident Facebook lead ads expert Harry Kierbow shares his tips for improving your cost per lead via our industry- leading marketing team's webinar, Maximize Your Lead Generation This Year where we share: 

  • Why CINC's Cost per lead for our clients decreased a whopping 24% in 2017
  • Why some digital ads generate 80% more appointments than others 

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