Industry panelists discussed the dual threats of shrinking profit margins and AI technology to brokerages. Dwiggins, co-CEO of NextHome, emphasized that while agents remain vital in guiding clients through emotional transactions, the role of agents will change, along with brokerage profit strategies. The emergence of ancillary services as a revenue model poses challenges against competitors like Rocket and Zillow. Dwiggins anticipated a shift towards commission-sharing models and potential consolidation within the brokerage sector over the next few years, while O'Koniewski urged companies to succeed by honing their core competencies.
Dwiggins highlighted that while real estate agents are central to emotional transactions, AI's role in the industry is destined to evolve alongside brokerage profitability.
CEO O'Koniewski believes there is still potential for success in the real estate market if companies focus on their core strengths and what they do best.
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