Real estate and tech leaders from across the country gathered in Chicago for the recent Innovation, Opportunity and Investment Summit presented by the National Association of REALTORS® (NAR).
The two-day conference at the Sheraton Grand Chicago Riverwalk included more than 20 presentations on how tech is affecting lead generation, productivity, insurance data, mortgages, the future of real estate and more.
“It’s up to the leaders in this room to work together, to imagine together what version of the future we want,” Alex Lange, vice president of strategy and innovation for NAR, told the audience at the outset of the conference.
AI continues to be the No. 1 tech topic in real estate and business in general, and that was evident during much of the conference. During a panel on using AI for lead generation, Likely.AI CEO Brad McDaniel encouraged every real estate professional, even those who might struggle with new tech, to start learning now.
“No matter how old you are, you always wish you started sooner, and today is the youngest you’ll ever be,” he said.
During a discussion on leveraging tech for productivity, Joseph Wihbey, co-founder and COO of Productive.ai, suggested using AI to learn about AI.
“Ask ChatGPT about AI,” he said. He recommended asking ChatGPT questions and to “explain it to me like I’m a 5-year-old … the education you can get in the world of AI is truly extraordinary.”
James Dwiggins, CEO of NextHome Inc., gave an insightful presentation on how agents can stand out from their peers and enhance their value, especially post-settlement.
He cited a survey that said 51% of clients say customer service is more important to them than price and suggested agents lean in to customer service. He suggested tiered pricing option that agents can offer clients. For a premium, clients can pay for platinum service, which might include unlimited showings, packing and organizer services, landscaping for 90 days and a handyman for four hours.
“If you show the buyer what you do, explain to them what it is, they will pay you for it,” he said, because the data shows clients value service and convenience.
One of the conference’s featured events was the sixth-annual Pitch Battle competition in which 12 startups pitched their real estate tech innovations to the audience and a panel of judges for a chance to win $15,000.
The winner was Tether RE, which offers a suite of tools to enhance safety and productivity for real estate professionals. The audience favorite, determined by a vote, was Tuesday, which streamlines real estate market data and intelligence into a user-friendly social feed.
“This year’s Pitch Battle showcased exceptional innovations that are setting new benchmarks in the real estate sector,” said Dan Weisman, NAR director of innovation strategy. “The ingenuity displayed by Tether RE represents the progressive strides we support at the iOi Summit and NAR’s ongoing efforts to enhance the services provided to real estate professionals and consumers alike. We congratulate Tether RE on their outstanding achievement.”