When buyers are in the market for a new home, they tend to start their search online. Real estate agents, therefore, leverage the power of technology to reach their prospective clients. Thanks to ever-evolving property technology (PropTech), real estate professionals cannot use a shortage of digital resources.
NAR Highlights Top Tech Tools Used by Real Estate Agents
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t is one thing to have the technology needed and keep up with it. According to a National Association of Realtors, 41 percent of over 6,000 executives and senior executives say one of the biggest issues they’ll face over the next two years is keeping up with all the new technologies. The NAR report looked at the way technology is used in the real estate industry. And though it might be a fit for real estate agents to keep up with technologies, they can’t get enough of technology. MOST VALUABLE TECHNOLOGICAL TOOLS According to the report, respondents used the five most valuable technology tools in the past 12 months in their real estate. eSignatures being the most used tool, with 78 percent of respondents saying they used it. eSignatures were followed by local MLS apps/technology (54 percent), social media (53 percent), lockboxes (48 percent), and 28 l
video conferencing (39 percent). In the future, real estate agents felt that the top technology tools they would be using would include; eSignatures (73 percent), Social Media (53 percent), Local MLS Apps/Technology (43 percent), Customer Relationship Management (44 percent), and Lockboxes (43 percent). On emerging technology tools, 37 percent felt that drones, 34 percent cyber security, 5G and virtual reality would be the most impactful. TECHNOLOGY TOOLS PROVIDED BY BROKERS When asked what technology tools were provided by their Broker, the top five were; eSignatures at 57 percent, Customer Relationship Management CRM at 54 percent, Personal Websites at 54 percent, Transactional Management at 50 percent and Digital Marketing platform. When respondents were asked to rank the technological tools provided by their Broker and that they were most satisfied with, eSignatures made an appearance again. Making the least also was the Transaction Management, Customer Relationship Management (CRM), Personal Websites and Local MLS Apps/Technology tools. On the other hand, the respondents were dissatisfied with Personal Websites, Customer Relationship Management (CRM), Showing/Open House Software, Cyber Security and Transactional Management. BUSINESS EXPENDITURE ON TECHNOLOGY TOOLS In the past 12 months, real estate agents used on average $50 to $250, 36 percent monthly on technology in their business. Twenty-three percent of respondents spent over $500 on technology monthly on technology in their real estate business. Seventeen percent of respondents spent THE POWER IS NOW MAGAZINE | DECEMBER 2021
