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14
Real Estate Leadership Outlook For 2024
In December 2023, Delta Media Group® conducted our annual real estate leadership survey with over 130 participants. The firms these top brokerage leadership executives who participated belong to were collectively responsible for 65% of all real estate transactions last year.Â
The findings of this survey provide valuable insights into how today's brokerage leaders feel about topics such as artificial intelligence (AI), all-in-one marketing technology, the future of their business, and the housing market and the economy going into 2024.
Here are the results of this year's real estate leadership survey:
Let's begin with what was all the rage in 2023: AI: More than 75% of brokerage leaders reported using AI for their real estate business today.Â
Nearly 80% of real estate leaders reported that their agents use AI for their real estate businesses.
When asked about the importance of AI in the real estate industry today, the average ranking by top brokerage executives on a scale of 1-10 was 5.Â
We asked real estate leaders what their agents use AI for, and 82% said they use it for creating property descriptions, followed by creating blogs, emails, or letters at 67%. Other popular uses include social media posts, website content, and writing personal bios.
The top ways brokerage executives plan to use AI in 2024 are for digital marketing and social media. Others plan to use the technology to create client content, analyze and report data, and conduct research.Â
More than half of the brokerage leaders surveyed said they are worried or very worried that AI does not have the appropriate guardrails to limit their risk or liability.
Moving onto marketing technology platforms, nearly 60% of real estate leaders surveyed said they view all-in-one marketing technology as highly valuable for their business. Less than 8% said they find it has little to no value.Â
Despite a still uncertain economy, nearly half of brokerage leadership executives believe their brokerage's profitability will increase in 2024. Only about 13% believe their firm's profitability will decrease this year.
The leaders are also largely optimistic about market share this year, as more than half believe their market share will increase in the next 12 months, with only 4% expecting a decline.
Aside from seeing an increase in market share, about two-thirds of brokerage leaders anticipate an increase in their total number of transaction sides compared to the final quarter of 2023.
The survey also showed us that the top five business challenges brokerages fear facing in 2024 are recruiting agents, reduced profit margins, agent adoption of brokerage-provided technology, the impact of commission lawsuits, and cutting the right expenses.
About two-thirds of real estate leaders expect the housing market will improve or improve significantly in 2024. Almost one in three believe it will remain the same. Very few, less than 5%, see it deteriorating.Â
About half of brokerage leaders believe the U.S. economy will improve or improve significantly this year. Only one in five see the economy deteriorating in 2024. Nearly 30% see it remaining the same.
Nearly two-thirds of leaders believe their firm's total transaction sides will increase in 2024, with one in five predicting it will stay the same. Only about 9% expect their firm's transaction volume to decline.
Finally, when asked to rank their confidence in their local, state, US, and global economies today versus a year ago, the closer the economy is to home, the higher the confidence brokerage leaders have. Local economies reaped the highest overall confidence with 41%, followed by the state at 33% and the US at 29%. More leaders said overall, their confidence in the local and state economies was the same from a year ago versus being more confident. The lowest confidence leaders have is in the global economy: only 3% were more confident in the global economy today than a year ago. The majority of leaders were less confident in the global economy versus a year ago at 57%.
