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One of the highlights of the Inman Connect Las Vegas (ICLV) event was a dynamic series of insights shared by industry leaders, all designed to guide real estate professionals through the ever-changing environment.
The event was vibrant, full of energy, fresh perspectives and groundbreaking ideas. It also reminds real estate agents to stay informed about changes in buyer’s representation and to avoid misinformation that often appears among popular real estate groups on social media.
Whether you’re a technology enthusiast, a consumer empowerment advocate, or a staunch believer in the power of personal connections, ICLV has something of value for everyone.
I have had the privilege of carefully selecting and participating in outstanding sessions with the aim of enhancing the valuable experience gained from these impactful discussions. With over twenty years of experience in the industry, I deeply understand the importance of putting community at the heart of everything we do. These sessions highlighted the tremendous value of community and collaboration in driving our industry forward.
1. Explore new commission patterns
Ed Zorn, California Regional MLS | Photo courtesy of AJ Canaria Creative Services
Adjusting to the new commission structure is a major focus for real estate professionals. California MLS Vice President and General Counsel Ed Zorn emphasized the importance of staying informed, communicating clearly with customers, and adjusting business models to comply with the new rules. These changes are part of a broader trend toward transparency and efficiency in real estate transactions.
Key insights:
- Stay informed: Keep up with industry changes and new commission structures.
- Communicate clearly: Make sure customers understand the new process.
- Adjust your practice: Be prepared to adapt your business model to the new rules.
2. Effectively handle objections from buyers and sellers
Left to right: James Dwiggins, NextHome; Kendall Bonner, eXp Realty; Ed Zorn, California Regional MLS; Cassie Walker Johnson, Windermere | Photo courtesy of AJ Canaria Creative Services
The art of effectively resolving buyer and seller objections requires providing context, encouraging motivation, and educating customers. NextHome, Inc. CEO James Dwiggins emphasized that by understanding current market conditions and the impact of changes, agents can better manage expectations and facilitate smoother transactions.
Key insights:
- Provide context: Explain current market conditions and how changes may affect trading.
- Encourage and motivate: Highlight the benefits of offering commissions as incentives.
- Education customers: Clear up any misunderstandings and ensure customers are informed.
3. The role of real estate agents in an evolving market
Clelia Peters, Frank Martell | Photos courtesy of AJ Canaria Creative Services
The lasting value of a real estate agent lies in their local expertise and ability to guide buyers through complex transactions. Clelia Peters, managing partner at Era Ventures, and Frank Martell, chief executive of LoanDepot, stressed that despite advances in technology, the personal touch and deep knowledge an agent brings is still irreplaceable. Understanding the changing demographics of homebuyers, especially Millennials and Generation Z, is critical to staying relevant.
Key insights:
- The enduring importance of agents: Your knowledge and local expertise are irreplaceable.
- Adapting to demographic changes: Get to know young, tech-savvy buyers, learn to decipher their unique language, and connect through their preferences rather than your own comfort zone.
- Addressing affordability and supply issues: Address big issues head-on and find non-traditional solutions to affordability and supply challenges.
4. Maximize profits in a changing market
Left to right: Clelia Peters; Joe Skousen, Inside Real Estate; Chris Heller, OJO | Photo courtesy of AJ Canaria Creative Services
Let’s face it, financial pressure isn’t going away, so it’s critical to upgrade buyer rep workflows to increase efficiency, support compliance, and enhance reporting. Joe Skousen and Chris Heller discuss the importance of streamlining operations and allowing agents to focus on customer service. Skousen also predicts that despite the shift taking place, he believes the industry is about to experience one of its most profitable years.
Key insights:
- Improve efficiency: Streamline operations to focus on customer service.
- Support compliance: Ensure smoother transactions through improved compliance measures.
- Enhance reporting: Gain better insights and operational transparency with enhanced reporting.
- Cultivate community: Establish a collaborative environment where ideas and strategies are shared.
- Encourage continuous learning: Promote ongoing education and knowledge sharing.
5. Embrace technology and consumer empowerment
Zillow CEO Rich Barton | Photo courtesy of AJ Canaria Creative Services
Zillow CEO Rich Barton said leveraging technology and focusing on consumer empowerment are keys to the future success of the real estate industry. At the conference, he emphasized that by adopting data-driven tools and investing in innovation, agents can enhance the consumer experience and stay ahead of the competition. This approach is in line with wider industry trends towards greater consumer transparency and efficiency.
Key insights:
- Embrace technology: Leveraging technology to enhance consumer experience.
- Care about consumer needs: Understanding and meeting consumer needs is critical to long-term success.
- Investment data and tools: Leverage data-driven insights and invest in empowering tools.
6. The impact of artificial intelligence on real estate
Left to right: Kendall Bonner, Veteran; Shayan Hamidi, Rechat; Scott Martino, Endpoint | Photo courtesy of AJ Canaria Creative Services
Artificial intelligence (AI) is revolutionizing the real estate industry by personalizing customer interactions, automating tasks and providing valuable insights. Kendall Bonner’s session brought together Rechat’s Shayan Hamidi and Endpoint’s Scott Martino to discuss how to balance technology with the human touch to ensure that important personal connections are maintained while streamlining operations.
Key insights:
- Leverage artificial intelligence tools: Use artificial intelligence to make your job easier and enhance the customer experience.
- Focus on customer experience: Artificial intelligence can help create more personal and engaging experiences.
- Balancing technology and humanity: Don’t forget the importance of personal interaction.
7. Strategic team management and adaptation
Verl Workman, Workman Success System | Photo courtesy of AJ Canaria Creative Services
Effective team management while adapting to industry challenges involves specialization, leveraging technology and adopting a consumer-centric approach. Verl Workman of Workman Success Systems provides insights into innovative team structures and compensation models that ensure long-term success and resiliency.
Key insights:
- specialization: Focus on a specific area of expertise.
- Technology integration: Use artificial intelligence and predictive analytics to generate high-quality leads.
- Consumer-centric approach: Always prioritize your customers’ needs, even if it takes you out of your comfort zone.
8. The Relevance Effect: Creating Real Connections in Real Estate
Rachel DeAlto, MatchGroup | Photo courtesy of AJ Canaria Creative Services
Building real relationships in real estate is crucial. Rachel DeAlto’s session emphasized the importance of authenticity, effective communication, and inspiring clients through shared passion. Cultivating relevance as a skill can lead to deeper connections and greater customer satisfaction.
Key insights:
- Desire link: People need connections, and that’s critical in real estate.
- Human business experience: Focus on creating a human experience for your customers.
- Relevance as a skill: Cultivate your relatability through authenticity and embracing discomfort.
- Relevance principle:
- connect: Be genuine and find common ground with your customers.
- comminicate: Be present, make clients feel valued, and lead with purpose.
- Inspire: Share your passion and inspire your customers with your enthusiasm.
9. Leverage brand and audience engagement
From left to right: Kevin Knight, original Facebook team, former global brand lead at Pinterest; Sydney Miller, agent upgrade | Photo provided by AJ Canaria Creative Services
Unique brand identity and effective audience engagement are crucial. Upgrade’s Sydney Miller and Kevin Knight emphasize the importance of defining a compelling brand, understanding your audience’s needs, and maintaining direct communication with your customers—all strategies that are critical to standing out in a competitive market.
Key insights:
- Unique brand identity: Highlight how your services differ from your competitors.
- Audience engagement: Build direct relationships and adapt to platform changes.
- Value proposition: Clearly articulate the value and benefits of your services.
10. Empowering women in real estate
Left to right: Lauren Martin of RENEW, Lynette Gladdis of Anywhere, Natalie Hamrick of Christie’s International Realty, Denee Evans of the Multiple Listing Service, Julia Sashay Israel of Kellers Williams and Lindsay Listanski of Coldwell Banker Realty | Photo by AJ Canaria Creative Services provided
Empowering women in real estate requires mentorship, confidence and inclusivity. The What Moves Her session, moderated by Lindsay Listanski, brought together outstanding female leaders who shared their success stories and strategies. Supporting each other and creating an inclusive environment can drive industry success and innovation. Viewing failures as learning opportunities is also critical to growth.
Key insights:
- guide: Share your knowledge and support your peers.
- Confidence and Resilience: Stay true to your skills and knowledge.
- Inclusion and empowerment: Create an inclusive environment and don’t hesitate to ask for help.
- Embrace failure: Treat failures as learning opportunities and keep moving forward.
As you can see, Inman Connect Las Vegas was a whirlwind of wake-up call, inspiration, and innovation, where fresh perspectives and actionable strategies took center stage.
So what is the overall moral of this story? Embrace technology, focus on consumer empowerment, build real connections, and become a real estate professional who can navigate the complexities of today’s market with strength and confidence. By harnessing the collective power of our community and understanding the importance of continuous learning and the need for a customer-centric approach, our industry will be well-prepared to handle all changes.
If I may, as someone who is committed to cultivating connections and building strong communities within the industry, I was not only moved by the collective wisdom shared during the conference, but more importantly, I was truly re-energized.
If we take them to heart, the insights shared by industry leaders can not only help us continue to meet the challenges ahead, but also enhance our practice and create a lasting impact in each of our organizations. We are stronger together and truly have the power to change our industry for the better, one real connection at a time.
Author Stacey Soleil is Inside Real Estate’s Senior Vice President of Community and Engagement, an Inman contributing writer, and a national speaker.
