Ryan Serhant: Interactive Media Is The Subsequent Large Factor In Actual Property
In these instances, double down — in your expertise, in your data, on you. Be part of us Aug. 8-10 at Inman Join Las Vegas to lean into the shift and be taught from one of the best. Get your ticket now for one of the best worth.
Ryan Serhant, the multi-hyphenate chief of the true property brokerage SERHANT. and one of many stars of “Million Greenback Itemizing New York” till final 12 months, informed a rapt viewers at Inman Join New York on Thursday that interactive media and live-streaming content material would be the differentiator for actual property brokers prepared to embrace these applied sciences in 2023.
In a wide-ranging interview with moderator Lockhart Steele that touched on the rise of synthetic intelligence in actual property and digital worlds like his personal UNIVERS. and eXp World Holdings’ Virbela, Serhant stated media interactivity, corresponding to content material like the brand new Netflix sequence “Kaleidescope” wherein viewers can select a protagonist’s journey, might be additional utilized to actual property.
He additionally touted a future the place live-streamed residence excursions, wherein brokers work together with purchasers remotely, will likely be de rigueur. He pointed to a deal in October wherein all the transaction with a shopper from South Africa was sourced nearly over Facetime and the customer by no means noticed the property till after the deal had closed.
“I’m thinking about interactive media, so ‘Kaleidescope’ on Netflix, for instance,” Serhant informed Steele on the ultimate day of ICNY. “What I get very enthusiastic about proper now on the earth of social — and it’s a bit loopy — is stay.”
Serhant argued that the sort of clear, produced media that high brokers perfected years in the past will solely take content material creators as far as expertise continues to evolve. The subsequent stage, he emphasised, will likely be stay and interactive.
“It’s like ‘Survivor,’” Serhant stated of the fierce competitors between brokers in an unsure market, referencing the long-running CBS actuality TV present. “Actual property “Survivor” — who’s going to make it?”
As for synthetic intelligence, which automates work movement by synthesizing billions of information factors, Serhant expressed shock — and snark — over how the expertise that not too long ago seize the world’s creativeness with ChatGPT hadn’t emerged as a significant speaking level throughout the three-day Join convention.
“Effectively,” he informed Steele, Inman’s chief content material officer, “You’ve had some tech CEOs on stage this week and I like how they haven’t talked about expertise.”
“Synthetic intelligence by true definition doesn’t exist but,” he added. “This isn’t Ex Machina, Terminator 2. This isn’t Westworld — but.”
With the rise of ChatGPT and comparable chatbots that may generate articulate textual content on their very own, Serhant stated individuals in the true property world are beginning to get excited that they don’t have to write down their very own itemizing descriptions or a troublesome e mail to a vendor anymore. He stated instruments like ChatGPT will allow SERHANT. to get rid of roughly 60 p.c of duties that brokers used to should do on their very own.
Nonetheless, there are nonetheless limitations to what AI can do, Steele stated.
“It looks like what nonetheless shines by way of and turns into much more vital is voice and persona,” he stated.
However Serhant predicted the expertise is evolving so quickly that these parts wouldn’t be a priority within the close to future.
“It’s loopy, in case you take a look at GPT-3, it makes use of 175 billion components,” Serhant stated. “And it learns on daily basis, each second as we go on.”
Brokers shouldn’t be afraid to maneuver ahead into an unsure future, Serhant stated.
“No matter concern you might have, concern is like gasoline,” Serhant stated. “It will possibly both burn your home down, or it could possibly warmth your home and energy you ahead.”
“As scary as issues is likely to be immediately or as wonderful as issues is likely to be, the best deal you’ve ever performed, you haven’t even performed that but,” he added.
Serhant additionally not too long ago introduced a digital world, UNIVERS., at his brokerage, and Steele questioned if it’s corresponding to eXp Realty’s well-known digital world, eXp World by Virbela.
“Type of,” Serhant stated, suggesting ever so subtly that UNIVERS. is likely to be superior to eXp World. “My aim is to get higher than anybody else on something — eternally.”
The primary phases of UNIVERS.’s growth will embrace a section 1 to allow crew enlargement, section 2 for knowledge integration and section 3 of shopper integration [selling real properties virtually]. Serhant added that growing UNIVERS. might additionally probably assist make an business that’s not at all times inclusive much more welcoming.
“For everybody on this room who’s an actual property agent, what number of of you might be in a wheel chair?” Serhant requested, as nobody within the room raised their hand. “Zero. The actual property enterprise is the least inclusive enterprise. So one thing that I’m actually emotionally connected to is, how will we take this enterprise that for therefore lengthy has solely utilized to individuals with two arms, two legs and oftentimes a persona, and open it as much as a tremendous world of people that have felt discriminated in opposition to?”
“If I could make a enterprise affect with SERHANT., but in addition a real social affect, that will get me labored up,” he added.
On the mass return to working in an workplace, Serhant stated that he by no means stopped working within the workplace himself, however that he believes paying for workplace overhead is overrated, notably on condition that a lot of an actual property agent’s enterprise have to be carried out exterior of the workplace.
When Steele famous that Compass CEO Robert Reffkin stated that the workplace is the middle of an organization’s tradition, Serhant vehemently disagreed.
“I 1,000 p.c disagree with that,” he stated. “I believe he needed to say that as a result of they spend a lot goddamn cash on workplace house.”
Get Inman’s Luxurious Lens Publication delivered proper to your inbox. A weekly deep dive into the largest information on the earth of high-end actual property delivered each Friday. Click on right here to subscribe.