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With the housing market rocked by inventory shortages and all-time high prices, it can be difficult for agents to figure out how to best serve their prospective homebuyers.
To maintain their edge, savvy agents have turned to new technology powered by artificial intelligence and machine learning to help serve their clients in an increasingly tough market.
During a January Inman Connect Now session, Corcoran’s Stephanie Anton was joined by Localize CEO Omer Granot and luxury broker Ilan Bracha of the Bracha Team at Corcoran Group to discuss just what it is buyers are looking for from their agents in the 2022 housing market.
Among their topics of discussion were the different applications of technology, the top priorities for buyers, and working with long-distance buyers in the pandemic market.
Below are a few highlights of their conversation.
Tech changes the game
In the pursuit of best serving one’s clients, useful data and efficient technology is essential, Bracha said.
“It helps both ways,” Bracha said. “It’s helping the buyers to get them better service, and doing the homework faster for them.”
Among the most helpful uses of technology for agents is the ability to package essential data into digestible formats for agents, allowing them to break down what it means for clients and help them make smart decisions.
“Our job as an agent is to do our homework and clean it as much as we can and bring it to them to a level so they can make an educated decision,” Bracha said.
Portals like Localize have introduced artificial intelligence to the equation, helping agents and buyers alike find just what they’re looking for in large markets.
The engine allows homebuyers to chat with an engine to input home features that are important to them, including things like natural light, a location on a quiet street or convenience to good supermarkets and dog runs, helping buyers and agents narrow down their search pool.
While engines like Localize can point buyers in the right direction, Granot says he sees agents as an essential part of the equation in closing the deal.
“Buyers still need that expert human real estate rockstar agent on their side,” he said. “We don’t see a world where machine learning replaces that agent.”
The human element
While staying on top of current technology will help you serve your clients better, nothing is more important than maintaining trust, Bracha said.
“It’s becoming about almost 90 percent of the time, back to trust,” he said. “As you build rapport with your clients and they are going back to you… I think the trust level is extremely important.”
Bracha said he has seen the same thing regardless of whether the unit he’s selling is moderately priced, luxury, or ultra-luxury.
“Every time it’s about the trust level, they’re coming back to me and saying ‘what do you think?’ he said.
This is where accurate and useful data comes back into play, according to Bracha. If he’s done his homework, he can feel confident about offering input his clients can rely on.
“What I’m thinking is based on the information I have,” he said. “If I collect enough information, that is helping me to make a decision that is good for them based on their situation.”