Last week, the National Association of REALTORS® hosted its annual NAR NXT conference in Anaheim, California. In attendance were over 12,000 agents, corporate employees, and other real estate professionals from all 50 states, U.S. territories, and 61 countries. REALTORS® were invited all week long to “Own the Moment” with networking events, governance meetings, advisory boards, sessions, keynote speeches, and much more. These are just a few highlights that stuck out to us.
The role of artificial intelligence in real estate
In a topic near and dear to us, two sessions focused on the convergence of technology and real estate. Artificial intelligence (AI) and machine learning (ML) are still being used in the industry to automate tasks, provide informed insights, and personalize the real estate experience for consumers. Four companies shared how they use automation and AI to reshape their marketing and related operations.
For example, AI-powered chatbots can answer questions about properties and neighborhoods via text messaging, while ML algorithms can be used to predict home prices and identify potential buyers.
The takeaway for agents: Embrace AI, and don’t fear it. AI can help you handle content creation, prospects, and other daily tasks, so you can focus on what matters most—your clients. AI will never replace you or your job. Rather, it’s here to empower you to work faster and smarter, all while impressing your clients with a smooth real estate experience.
And most importantly? Relationship building is still the most important piece of running your business, and AI or ML can never replace that.
Real estate’s future: Looking at the numbers in 2024
It's no surprise that the real estate market has not been normal in several years. But the good news is that 2024 looks to be getting closer.
As NAR Chief Economist, Lawrence Yun, summarized in his presentation, making predictions based on past market behavior is not entirely reliable, but there are some takeaways that are painting a bit more of a clearer picture in 2024. In short:
- The housing market is expected to remain strong in 2024, with moderate price growth and mortgage rates falling under 7% in time for the spring season.
- Mortgage rates are expected to remain low in 2024, with gradual increases in the long term.
- Existing home sales are expected to increase 13% in 2024, with new home construction expected to rise 19%.
- Inflation is expected to remain high in the short term, but moderate in the long term.
Keynote speakers focused on resilience
Other keynote speakers not directly associated in the real estate industry also made a splash throughout the week to inspire and motivate NAR NXT attendees. A few included:
Col. Nicole Malachowski, USAF (Ret.) | The first woman USAF Thunderbird pilot
Nicole Malachowski discussed leadership and how to overcome failures. She related her experiences piloting to how you can overcome challenges and perform with the highest level of excellence—while remaining trustworthy to your clients. Speaking of trust, some of the maneuvers she took part in were just three feet away from other aircraft!
Mindy Kaling | Emmy-nominated producer, writer, and actor
The general session kicked off with a fireside chat between NAR Vice President of Association Affairs, Jennifer Wauhob, and Mindy Kaling, who shared stories across her expansive career and how she remained resilient and overcame many obstacles to land where she is now.
Kurt Warner | Former Hall of Fame NFL quarterback, broadcaster, and philanthropist
The closing general session with Kurt Warner and the 2023 Vice President of Advocacy, inspired attendees as Kurt shared his incredible journey of overcoming adversity and achieving success on and off the football field. His journey of resilience, leadership, and the power of faith propelled him to become one of the greatest quarterbacks in NFL history—all values that you can take away in your own real estate journey.
Additional themes from NAR NXT
Other themes throughout the week were consistent with what we have seen in the market in the past few years.
- The importance of building relationships. Real estate is a relationship business, and it is important for real estate professionals to build strong relationships with your clients, colleagues, and partners.
- The need for continuous learning. Real estate is constantly evolving, so it is important for you to stay up to date on the latest trends and technologies.
- The importance of giving back to the community. Many real estate professionals are involved in their communities, volunteering their time and resources to make a difference.
Once again, NAR NXT 2023 was a valuable opportunity for real estate professionals and companies to come together to learn about the latest trends and technologies, connect with colleagues, and build relationships. As we head into the next year, we’re excited to introduce you to the next generation of technology and hope to see you there next year!
