Examination of the importance of emerging real estate technologies

The National Association of Realtors (NAR) examined technological trends in its new industry analysis, the NAR Technology Survey 2021, as realtors have found drones and cybersecurity as emerging technologies with more impact on your business. In addition to drones (37%) and cybersecurity (34%), realtors believe that 5G (31%) and virtual reality (30%) will also have a significant impact on their business in the next 24 months.

The survey examined the current use of technology by real estate agents, finding that the most valuable tools used in the last twelve months were electronic signatures (78%), local MLS applications / technology (54%), social media (53) %), lock boxes (48%) and video conferencing (39%).

“The pandemic has confirmed to us all in the industry that technology will continue to transform real estate,” said Bob Goldberg, CEO of NAR. “The great work done by NAR, including our Strategic Business, Innovation and Technology Group, has ensured that real estate agents will continue to have access to the latest technology and remain at the forefront of market-driven innovations.”

Thirty-seven percent of respondents agreed that their intermediation provides them with all the technological tools they need to succeed, and 27% fully agreed. The main tools provided by brokers were eSignature technology (57%), personal websites (54%), customer relationship management tools (54%) and transaction management tools (50%). . 36% said their broker does not charge any technology commission and 50% said the price their broker charged was reasonable.

Even if these technology options are not offered, the NAR report found that real estate agents are willing to pay, as 36% invest an average of $ 50 to $ 250 a month in technology to use in their business. Eighteen percent invest between $ 251 and $ 500 and 23 percent invest more than $ 500 a month in technology.

Respondents also noted that social media is now more prevalent than ever in their businesses, with Facebook at the forefront, used by 90% of real estate agents, followed by Instagram (52%), LinkedIn (48%), YouTube ( 24%) and Twitter (19%). The role of video in marketing efforts has also increased, as 37% of respondents pointed to the use of video in their marketing and 35% currently do not use video, but plan to implement it.

“There’s no denying that social media has become a comprehensive tool for promoting a listing,” Goldberg said. “The pandemic has caused more of our members to use social media and video to creatively market themselves and their properties.”

The main reasons respondents cited that they use social media in their business included that they are expected to have a social media presence (54%), help build and maintain relationships with existing customers (49%), and can be used to promote listings (49%). In addition, 36% said they use social media to find new leads and 33% say it helps them network with other real estate professionals.

When asked about the technological tools currently not offered by their intermediary, cybersecurity topped the list with 19%, followed by lead generation (16%), notarial tools (11%), CRM (10%) and personal websites (10%). .

Click here for more information on the NAR 2021 Technology Survey.

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