The Age of Agent Empowerment, and 4 Other Key Takeaways from Unlock 2024

What does the agent of the future look like? What skills do they need? And what tools can help them grow their businesses?

During such an important moment in real estate, over 1,800 people came to Las Vegas for Unlock, Zillow’s annual agent conference that also brought together Follow Up Boss and ShowingTime+, to discuss those big questions and more. Here are five key takeaways from the event. 

1. Consumer empowerment is agent empowerment

Zillow CEO Jeremy Wacksman walked on the main stage for his opening keynote and talked about change. He touched on the year’s hot topics like mortgage rates, artificial intelligence, and new industry policies (more on that later), but his focus was really about a bigger vision. Digital advances have helped real estate consumers, and all of these forces of change do one thing: Elevate the role of the agent.

In just a few decades, we’ve gone from MLS books that showed one black-and-white photo per home to online listings full of detail that agents can update from just about anywhere. And in just a few years, booking a tour has gone from awkward games of telephone tag to one click of a button. These game-changing improvements have led to more educated and empowered consumers. “Today’s innovation is tomorrow’s expectation,” Wacksman said. 

For agents, constantly mastering new tech isn’t easy, but those who do will be empowered too. The change is accelerating, which is opening up opportunities for the best agents. They’ll have an advantage to communicate quicker and offer more tailored guidance, and as a result, win a bigger share of business. 

2. Many agents have settled in since NAR policy changes took effect

Speaking of big changes… while there was much speculation earlier in 2024 about how National Association of Realtors® policies would disrupt the industry, agents seem to be adjusting pretty well to the new status quo since August 17. 

The biggest adjustment some agents have made is addressing compensation earlier in the process. The upshot is they’re having conversations around agent value right away, and as one team leader said, agents may now be more comfortable articulating their worth compared to before the settlement. 

Throughout Unlock, the conversation was less concerned with any disruption from the changes and more interested in how to capitalize on them. Client education has been a big point of emphasis, according to agents, because when buyers or sellers bring up the topic, they tend to be looking for a basic explanation with questions like “So what is this all about?”

3. Building great culture is top of mind, but there’s no one-size-fits-all approach

Given the market challenges of 2024, team leaders brought up the need for a strong culture to motivate their agents. At multiple mini-sessions, panelists explained how they tried to create environments that empowered agents without turning them into robots. 

Jenny Wemert, team leader of Wemert Group Realty in Orlando, stressed that culture is not just about happy hours and fun events; it’s really a level of standards. By keeping things consistent, like the tools they use or the meetings on their schedule, teams can avoid disrupting their culture with “whiplash,” as Wemert put it.

George Laughton, CEO of the Laughton Team, in Peoria, Arizona, explained how core values improved his business. Concepts around integrity, collaboration, and excellence seemed fluffy at first, but once agents saw how they applied to everyday activities, Laughton noticed how effective they were at consistently driving his team to work better together. 

Meanwhile, Jon Campbell, who leads the Jon Campbell Team in Lehigh Valley, Pennsylvania, likes to ask an unorthodox question: What’s your exit plan? He realized some people don’t want to be agents forever, so by understanding their life goals, he’s been able to keep his team engaged while supporting their long-term career plans. 

4. There’s cautious optimism around artificial intelligence

In 2023, all the hype surrounding AI made it hard to talk about. That’s no longer the case now that we’re starting to see practical applications for agents. One common use case so far: saving time on repetitive tasks. 

Nicholas Stevens, Zillow’s VP of Product for Artificial Intelligence, took the stage to highlight how we created a feature that automatically summarized agent calls with buyers and sellers. In the first week, it generated more than 5 million call summaries, and agents were thrilled with how efficient it made them. However, after some investigating, Stevens discovered a small percentage of the summaries weren’t real — AI had decided to make things up if calls captured butt dials or missing audio. Stevens’ team quickly addressed the issue, but it was a good reminder that AI can be imperfect on its own. 

The consensus throughout the conference seemed to be that we’re in an interesting stage of exploration. One team leader even mentioned his agents practice client conversations by prompting AI dozens of times a day. While there are still kinks to be worked out, it’s clear that AI is an influential force rewiring how some agents work.

5. Useful data is everywhere, and agents can help put it in context for buyers and sellers

As Zillow Chief Economist Skylar Olsen told the audience during her presentation on demystifying the market, “Data is in Zillow’s DNA.” That’s part of what’s behind the symbiotic relationship between economists and agents. Economists are experts at the market level, while agents are local experts great at interpreting the data for their clients. 

Olsen and Zillow Senior Economist Orphe Divounguy each presented data that showed affordability challenges in many markets, but they also pointed to why relief could be coming soon. For example, as of August 2024, inflation was down to 2.5%. And there are 33 million millennials who are potential first-time buyers. 

The key is helping them understand their options. That’s where data tools like the Housing Market Snapshot, Affordability Dashboard, and Home Value Forecasts come in handy. Agents can deliver this local market intel and, most importantly, help clients understand what the data means for them any time the market moves.