WASHINGTON (May 8, 2024) – Technology leaders take the stage in 2024 REALTORS® Legislative Sessions discuss the integration of cutting-edge technologies such as artificial intelligence (AI) and augmented reality (AR) into real estate business practices. Several hundred real estate agents attended on Tuesday”Emerging business and technology forum,” where a panel of experts explored how these technologies are transforming the industry, enhancing customer interactions, and shaping the future of real estate transactions.
The panel was moderated by Julie Whitesell, Chair of the Emerging Business Issues and Technology Forum and Managing Broker of Meybohm Real Estate. After welcoming the audience, Whitesell kicked things off by asking the panelists about the current landscape of AI and real estate technology.
Jeff Allen, president of CubiCasa, said it’s easier than ever to improve the means and results in listings.
“This is where artificial intelligence has had a particularly big impact,” Allen said. “You can now create a floor plan from a smartphone, virtually stage photos with AI and create virtual tours with much less effort. It’s becoming easier, more accessible and more affordable for agents to raise the bar.”
Sam DeBord, CEO of the Real Estate Standards Organization, discussed how his nonprofit organization supports agents who are Realtors® with data standards and processes that create efficiencies for all participants in real estate transactions. He explained that the future input experience won’t just be data fields and images.
“There’s a lot more media out there,” DeBord said.
When the conversation turned to AR, DeBord envisioned a future where smart glasses with built-in cameras could help agents with their listings.
“You could walk through a property and shoot video very quickly and easily,” he said. “That could be turned into a 360-degree video, it could be turned into a floor plan — it could be all kinds of different things that professionals could use to enhance the consumer experience.”
Scott Richard, vice president of the Emerging Business Issues and Technology Forum and owner of Richard Realty;
emphasized the importance of adopting new technologies despite the rapidly changing environment.
“When you adopt a technology early, you eventually become an expert in that area,” Richard said. “Don’t be afraid to adopt technology. It doesn’t matter what it is, just start doing it. Eventually it will become easier for you.”
Speaking about the impact of smartphones on marketing, Richard noted that there have been significant developments in recent years.
“You have the most powerful marketing tool possible in your pocket,” he said. “I can create a cinematic style playlist video on my cell phone that rivals a production company. It’s available and in the palm of your hand right now.”
Chris Christensen, NAR’s director of technology policy, shared insights about how NAR staff is working with committees to help develop and improve AI policy. He emphasized the importance of member participation in policy formulation.
“Your participation in the process is really important,” Christensen said.
Christensen also discussed exciting new real estate startups and highlighted his support for companies in Second Century BusinessREACH Escalation Program.
“REACH is curating a list of new technologies to help your business,” he said.
Julie Whitesell concluded the session by emphasizing the word “opportunity” to the engaged crowd of real estate professionals.
“You all have a great opportunity to take the things you’ve learned and try new things,” he said.
About the National Association of Realtors®
The National Association of Realtors® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industry. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.
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