If there’s one thing MLSs can’t afford to take their eyes off of as we prepare to usher in a new year, it’s their responsibility to help navigate the noise in the industry while keeping the best interests of brokers and agents alike front and center.
While planning and strategizing to stay ahead of the specific trends and issues that stand to affect residential real estate as we kick off 2024, paying attention to the “what ifs” is also critical—especially as we deal with the repercussions from the Burnett commission trial.
Given that change is the only constant in life, now is the time to prepare for the future and adjust for what is expected to come down the pike as the industry continues to evolve.
Demonstrating their value to stakeholders, brokers and agents is a top priority for MLSs across the board, who are laser-focused on keeping an eye on the following issues and trends to show that they’re not just about compensation, but rather, the data, the products and services that tie everything together.
Federal Interest Rates
As 2024 gets underway, everyone will be watching the Fed closely to see what they do with federal interest rates and how their decision impacts mortgage rates. Judging by the questions being asked regarding whether the market will look the same as it does today and if interest rates will remain the same or go down, this is one trend that real estate professionals and consumers will be watching closely—and so, the Fed is going to have an impact on that.
Low Inventory/Lower Sales Volume
This has the potential to push out part-timers, which could impact the overall customer base of the industry as a whole, or even an MLS’ overall customer base.
Artificial Intelligence
While AI will continue to explode, we’re going to see an increase in the tools that are available to real estate professionals that have some kind of AI integration. Automation will begin to kick up, so getting back to the consumer very quickly will be critical. There will also be more options available via AI market analysis, so integration of both climate and flood-risk data could become more standardized, which will impact property valuations.
Virtual and Augmented Reality
We will also see more virtual and augmented reality products hit the market. With all of the new tech that’s coming out—or is already available—consumers will be able to access walkthroughs from their living room for properties that may be across the nation.
Change is coming, and you must be prepared to face it head-on. As we tackle the last few weeks of 2023, I challenge you to focus on being adaptable, overcoming the fear of change, and accepting that it will come.
By taking a closer look at the future, we’re setting our brokers up to succeed in the consumer marketplace through planning and education, helping them show value to the consumer by providing value from the top down.
For more information, please visit https://www.stellarmls.com.
