4 min read February 2024 — “AI is becoming increasingly important in the real estate business, but the human side remains an essential element,” said Jenni Bonura, president and CEO of Harry Norman REALTORS®. “I believe that there are some things that are uniquely human and cannot be replaced. I also believe there is significant value in gaining a different perspective, even if it comes from a machine.,” Bonura told Invest:.
What are the different ways in which Harry Norman REALTORS® has grown in the last year?
We had numerous sales over $3 million and two landmark notable sales in 2023. We tied the highest-priced sale in Ansley Park. We also had a premier sale at One Museum Place this past year, which is across from the High Museum of Art.
As far as other accomplishments, we have upgraded and launched an entirely new tech stack and have added a significant amount of personalization and customization to enhance our client experience, as well as improving our expertise in our market and the first-class service that we deliver to our clients. In addition, we continued to deepen our community focus with agent and company donations of over $102,000 to local charitable organizations as well as giving back through volunteer service during Harry Norman Cares Week.
How are you seeing technology and innovation continuing to disrupt the industry?
As a former software developer, I have always seen the value of technology and embraced it. If you use technology to your benefit, then you have an edge. We have tried to be early adopters and innovators. AI is making a significant impact across many industries, and certainly within real estate. It enhances our ability to connect, inform, and educate.
One of the ways that we use technology is to enhance the customer experience, by using AI through our engagement tools on our website. We also use AI to help inform and shape some of our marketing campaigns and ideation.
I believe that some things are uniquely human and cannot be replaced. I also believe there is significant value in gaining a different perspective, even if it comes from a machine. We embraced that early and it has influenced our business growth and decisions. We want to see how else we can utilize AI in our systems and even in some of the more customer-facing experiences, too.
What do you see as the overarching opportunities that are available in the market?
When I think about Atlanta compared to other major cities and metros in the United States, I always feel like we have an advantage. We have had steady growth over decades. We also have low unemployment, continued job creation and growth, and both business and government investment. All of those things create a sort of flywheel that continues to perpetuate the success and the growth not only of Metro Atlanta but Georgia as a whole. When you have the business, government, and education components feeding off each other and relying on each other for success, it creates opportunities and growth in the long term.
When you couple that with some natural advantages like weather, it becomes a place where people like spending time. Our four seasons are very moderate, so obviously that’s attractive. We have many built-in advantages and a lot of core support within that ecosystem. The University of Virginia recently released a study that showed that the metro Atlanta region will continue to grow and be one of the largest in the nation by 2040.
Have you seen any shifts in demand?
Because we’re still in a tight inventory situation, it’s hard to track trends. You might ask me, what’s a hot market? They’re all hot because the amount of demand is still not on par with the level of supply. One area I do think could formulate into a longer-term trend is the rental market, specifically apartments, which is not an area in which we work, but it impacts housing overall. I do think that there will be an increase in the number of people who are currently renting but will purchase in 2024.
What do you see as the primary challenges in the industry and the region, and how are you working to navigate through those?
The obvious challenges are interest rates and inventory, but those mechanics are known and there’s a path toward a resolution for them. Some of the more unknown challenges for the industry and the market are bigger, nationwide components. Another main challenge is insurance. Insurance and the cost of insurance are impacting a lot of states and homeownership in those states. It is also helping to drive immigration to us here in Georgia.
That is something that we look at as far as where the opportunities are for us as a company, for us as a metro area, and how we can best capitalize on that.
What is your outlook for the company and the region in the next two to three years?
I’m excited and bullish about the outlook for Harry Norman REALTORS®. Part of the reason for that is the commitment of all our professionals to add value to their clients through market-leading expertise that we can apply to negotiations and the first-class service that we provide to our clients. We have a very deep heritage within our company that is rooted in the community and influenced by our connectivity and client experience, which we continue to deliver even after 90-plus years in the market. For all of those reasons, and the fact that we are very well supported by our parent company, we have a great foundation for future growth, future success, and continued innovation.
I am equally excited about the future and the growth of the Metro Atlanta region for all of the reasons we’ve discussed. Our area has a unique mindset. Some would call it the Atlanta way as far as doing business. But there’s a unique mindset in how we continue to have a place where people want to grow and live, and they don’t want to leave.
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