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Technology is rapidly molding the future of real estate. Just look at the speed with which generative AI tools, such as ChatGPT, have matured and gained traction among real estate agents in the last year.
But did you know that NAR has already been researching emerging technologies that are three, five, or even ten years down the road, and building partnerships with companies that will allow REALTORS® to leverage these innovations in their businesses? NAR REALTOR Benefits® works alongside other tech-forward teams at NAR as a part of the association’s Strategic Business, Innovation, and Technology (SBIT) group. SBIT focuses on identifying, researching, and modeling changes in the industry, so that all members have quick access to the tools they need right when they need them!
Here are 4 ways that NAR’s SBIT group leverages the impact of disruptive technology to shape the future of real estate:
1. Investing in Real Estate Startup Solutions
NAR’s strategic investment arm and global real estate technology fund Second Century Ventures, and its unique technology scale-up program REACH, continue to play a crucial role in fueling technology innovation. We model current and future engagement scenarios within the real estate industry by managing the relationship between NAR and prominent “big tech” companies, such as Meta, Apple, Microsoft, and more.
Today, more than 220 global firms have been scaled through REACH and Second Century Ventures. Companies selected for the REACH program in years past have represented a diverse range of solutions across the real estate ecosystem, including innovations in financial planning, second home property ownership, property management, lead generation, marketing, mortgage asset management, and tenant retention, among others. Many of these companies will grow to become invaluable partners for members’ everyday business transactions.
2. Providing Exclusive Access to Business-Building Solutions
When essential, tech-forward companies are identified, NAR REALTOR Benefits® works closely with these partners to provide custom solutions for agents, brokers, association staff, and others within the REALTOR® community. By partnering with companies like Bosscat, Rental Beast, Chirpyest, and more that came through the REACH program or are already making waves in disruptive tech, NAR can bring emerging tools to members before the rest of the industry even catches on. Additionally, The REALTOR® store offers programs like Right Tools, Right Now, and the MVP Program, providing members with timely, carefully vetted tools at either no or discounted cost. The constantly evolving roster of offers is focused on consistently bringing practical solutions and accessible innovation to members.
3. Gathering Top Minds for Real Estate Tech Events
For the pros who want to stay up to date with the latest innovations for their business, NAR hosts the Innovation, Opportunity, and Investment (iOi) Summit each year in August. This summit is a powerhouse conference for innovators, capital investors, and real estate leaders to talk about big ideas and test-drive innovations that solve some of the biggest challenges in real estate today.
NAR also creates a space for anyone interested in learning and exploring the billion-dollar real estate technology industry through their PropTech Meetup. With a rotating roster of speakers and networking opportunities, communities like these further the conversation surrounding real estate innovation.
4. Delivering Personalized Domains to REALTORS®
In today's ever-changing digital landscape, your virtual domain stands as a prized asset. With NAR's array of top-level domain choices like .realtor™ and .realestate, members gain access to Professional Websites, facilitating instant online brand establishment. Featuring multiple website options pre-loaded with your data, crafting your online presence has never been simpler. Plus, REALTORS® enjoy their first year of a .realtor™ domain free, ensuring immediate recognition and a comprehensive online identity.
NAR’s SBIT group is a driving force behind the innovation shaping the real estate industry today. By leveraging all the above resources alongside other pillars of NAR, such as policy, advocacy, association outreach, research, and more, these thought leaders can advise on the future of real estate and bring real-time solutions to members when they need it the most. Learn more about how emerging tech can improve your business at nar.realtor/technology.