Business
Real May Agent Survey Reveals Shifting Market Dynamics Amid Continued Affordability Challenges
Survey Also Finds Increasing Adoption of Generative AI Among Real Estate Agents TORONTO & NEW YORK--(BUSINESS WIRE)-- The Real Brokerage Inc. (NASDAQ: REAX,
About this update from The Real Brokerage, Inc.
[{"type":"text","content":"\nSurvey Also Finds Increasing Adoption of Generative AI Among Real Estate Agents\n\n\n TORONTO & NEW YORK--(BUSINESS WIRE)--\nThe Real Brokerage Inc. (NASDAQ: REAX, “Real”), the fastest-growing, publicly traded real estate brokerage, today released results from its May 2024 Agent Survey. The survey indicates agents’ continued optimism despite a predicted decline in North American home sale transactions during the month of May.\n\n\n“While affordability challenges persist, it is promising to see our Agent Optimism Index remain in positive territory, reflecting agents’ confidence in the future,” said Tamir Poleg, Chairman and CEO of Real. “Real is committed to equipping our agents with advanced technology, comprehensive resources and a collaborative culture to thrive in any market condition.”\n\n\n“As one of the first real estate technology companies to deploy a proprietary artificial intelligence (AI) layer for agents, we are excited that over 80% of agents are actively using AI to power their businesses or planning to learn,” remarked Sharran Srivatsaa, President of Real. “We will continue to lead the industry with cutting-edge technology solutions to make our agents’ lives easier and to deliver differentiated value to their clients.”\n\n\nKey Findings:\n\n\n\nAgent Optimism Index Declines but Remains Positive: At the end of May 2024, agents were asked, “Compared to one month ago, are you more optimistic or pessimistic about the outlook for your primary market over the next 12 months?” Among the respondents, 39% felt more optimistic and an additional 9% felt significantly more optimistic, outweighing the 16% who felt more pessimistic and 3% who felt significantly more so.\n\nThe average response resulted in a weighted index reading of 59.0 on a 0-100 scale, with scores above 50 reflecting a positive outlook. This compares to 63.6 in April, indicating a month-over-month decline in optimism. The decline was more pronounced in the U.S. (down 4.9 points to 57.9) than in Canada (down 2.5 points to 68.9).\n\n\n\n\n\nSellers Losing Negotiating Power as More Agents View Market Dynamics in Balance: When asked “Would you consider your primary market to be a buyer's market, seller's market or balanced market?”, approximately half (49%) of agents noted sellers have the upper hand, a 12 point month-over-month decline from the April survey. ...