AI, optimism and profits – 3 Inman Connect New York 2024 takeaways

Inman Connect New York 2024, held January 23-25, was a rich educational three-day experience.

Discussions ranged from building supportive work environments to the transformative impact of technology on agents' marketing strategies, with considerable attention given to AI in real estate.

If you missed it, don’t worry – PayProp is here to bring you the juiciest takeaways:

‍Positive vibes make business thrive‍

‍Brad Inman, founder of Inman, kicked off the first day of Inman Connect New York 2024 with an inspiring opening statement about the power of optimism. According to Brad, the key to success, even in a challenging market, is a three-part harmony:

1. Information – arm yourself with accurate and credible facts about the market's current state, its trajectory, the latest technologies, and how to leverage them. Stay informed by attending events, asking questions, and reading everything.

2. Relationships – social interaction and interpersonal connections are good for the brain, the body, and therefore the business. Nurture existing relationships, but also break out of your comfort zone and introduce yourself to new contacts.

3. Tenacity – in times of uncertainty, do not sit still. You need to keep going and always be in action. Never, ever give up.

Collaborate with AI, don’t cower

On the second day, R. David Edelman, founder and Director of the Project on Technology, the Economy, and National Security at MIT, showcased how AI is being used in classrooms, corporate boardrooms, and even the White House Situation Room.

He highlighted the good that AI can do, like aiding doctors with early sepsis diagnosis, and the bad, like voice deepfake phone scams.

However, Edelman reassured us that humans still and always will be the ones holding AI’s reins, setting the limits, and shaping its destiny. It's not a takeover; it's a partnership.

As AI continues its relentless advancement, Edelman suggested the focus should shift towards defining “what AI shouldn't do rather than what it can’t do.”

Today’s real estate profits are in property management

On the final day of Inman Connect New York 2024, Lee Lin, CEO of RentHop, dropped a truth bomb on a room full of sales agents: now is the best time to enter the rental market.

Lin echoed much of PayProp's own thought leadership, emphasizing that 6% mortgage rates are encouraging homeowners to stay put and so reducing sales inventory. Those who do relocate are increasingly opting to rent out their previous homes instead of selling.

Additionally, Lin noted that new investors have much longer-term mindsets with investment periods spanning 10 to 20 years. And they’re getting more creative by not only investing in multifamily complexes and single-family homes, but also exploring more unconventional assets such as mixed-use buildings, individual rooms within their own residences, parking lots, and even salon chairs.

For current and aspiring property managers, this approach ensures sustained cash flow and a diversified portfolio. And with today’s tech tools, it’s never been easier to manage rental properties remotely!

Inman Connect New York 2024 in a nutshell

There you have it – Inman Connect New York 2024, where optimism met AI, and property management emerged as the unsung hero of the real estate industry. PayProp looks forward to the next event!

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‍See why Inman named PayProp among their Best Reviewed PropTech of 2023.