How Emerging Tech is Reshaping Real Estate: Insights from NAR’s David Conroy

The Next Big Thing: Emerging Technology Trends in Real Estate

"The Next Big Thing will start out looking like a toy." This quote from engineer and investor Chris Dixon perfectly encapsulates the way disruptive technologies often sneak into industries. At first, they are dismissed as novelties, but over time, they evolve into transformative forces. This was the central theme of a discussion led by David Conroy, Director of Emerging Technology at NAR, who explored how emerging technologies—specifically generative AI—are beginning to reshape the real estate industry.

Learning from the Past: Why Disruptive Technology is Overlooked

History offers countless examples of disruptive technologies initially being dismissed. From Western Union rejecting Alexander Graham Bell's telephone patents to BlackBerry underestimating the rise of touchscreen smartphones, industry leaders often fail to recognize the full potential of new innovations. According to Conroy, real estate professionals should take note: the technology that looks like a novelty today might become an industry standard tomorrow.

The Rise of Generative AI: A Game-Changer for Real Estate

One of the most significant technological shifts in recent years has been the rise of generative AI—a form of artificial intelligence that uses deep learning to generate text, images, video, and more. OpenAI’s ChatGPT and DALL-E 2 are leading examples of these tools, allowing users to create highly sophisticated content from simple prompts. But what does this mean for REALTORS®?

How REALTORS® Can Use Generative AI to Work Smarter

1. Renovation Previews
   • Generative AI can create visual previews of what a property could look like after renovations. This helps buyers envision potential updates, making it easier to see a home’s possibilities without extensive remodeling work.
2. Listing Photo Modifications
   • REALTORS® often enhance listing photos, adjusting lighting or decluttering spaces. Generative AI can take this a step further by automatically removing objects or changing aesthetics to align with buyer preferences.
3. Stock Photo Generation
   • High-quality stock images can be expensive or legally complex to use. Generative AI can create unique, copyright-free stock images for websites, marketing materials, and social media.
4. Automated Listing Descriptions
   • ChatGPT can generate compelling property descriptions based on a few key details, saving agents time while maintaining a professional tone.
5. Marketing Content Creation
   • From blog posts to social media captions, AI can streamline content creation, making it easier for REALTORS® to maintain an engaging online presence.

The Fine Line: AI Accuracy & Compliance in Real Estate

While generative AI offers incredible efficiencies, it’s important to use it responsibly. Conroy cautions that AI-generated content must always be reviewed for accuracy and compliance with fair housing laws. AI can sometimes produce misleading information, and REALTORS® need to ensure that descriptions, images, and marketing materials align with ethical and legal guidelines.

Looking Ahead: The Future of AI in Real Estate

With major companies like Microsoft investing billions into AI, these tools will become even more embedded in daily business operations. Conroy predicts that voice-powered AI assistants will soon enable hands-free modifications to images, listings, and documents—making AI an indispensable tool for REALTORS®.

Final Thoughts: Adapt or Get Left Behind

The key takeaway? Now is the time for REALTORS® to start experimenting with AI. Those who embrace these technologies early will gain a competitive edge, while those who ignore them risk falling behind. As Conroy emphasizes, the role of a real estate professional will always center around building relationships, but leveraging AI effectively can free up time to focus on what truly matters: serving clients and closing deals.

Watch the full webinar