NAR highlights top tech tools used by real estate agents

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

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.

It 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 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

less than $50 every month on technology tools on the extreme end.

CYBER-SECURITY INSURANCE

A whopping 63 percent of respondents said that they did know whether they or their Brokerage were covered by cyber security insurance. Only 17 percent of respondents were, or their Brokerage had a Cyber-security insurance cover. Twenty-one percent of respondents said that neither they nor their Brokerage is covered.

SOCIAL MEDIA

Social media has proven to be useful when it comes to creating visibility for businesses. When respondents were asked why they were on social media, 54 percent of them said they were on social media because they were expected to be on social media. The second reason cited was that social media helped build and maintain relationships with existing clients and help agents promote listings.

The most popular social media platform among real estate agents was Facebook, with 90 percent of respondents using Facebook, 52 percent using Instagram, 48 percent using LinkedIn, and 24 percent using YouTube.

TOOLS THAT GAVE THE MOST PROMISING LEADS

Social media was cited as the most successful tool in giving promising leads, with 52 percent of respondents crediting it. Second were Customer Relationship Management (CRM) tools with 31 percent and MLS sites at 28 percent.

BOTTOM-LINE

Technology in the report emerged as a marketing tool and, to some degree, a management tool. The technology tool most preferred for marketing is social media, despite many respondents saying they were only on social media platforms because it was expected of them. The report also revealed that real estate agents were looking forward to more technology that would impact the running of their business. Real estate agents, however, seem oblivious to the importance of cyber-security insurance.

ABOUT ERIC FRAZIER:

Eric Lawrence Frazier is President and CEO of the Power Is Now Inc. The Power Is Now is a multimedia company specializing in real estate and mortgage education for consumers and real estate professionals on various topics in real estate, lending, economics, and government policy since September 1, 2009. The financial and real estate information is distributed through BlogTalkRadio, iTunes, TuneIn, and other online radio platforms nationwide, as well as online TV and eMagazines. Connect with Eric Frazier DRE 01143484 | NMLS 461807 | Office: 800-401-8994 x 703 | Direct: 714-361-2105 and start your real estate investment journey or homeownership in safe hands.

ABOUT THE POWER IS NOW MEDIA

The Power Is Now Media is an online multimedia company founded in 2009 by Eric L. Frazier, MBA, headquartered in Riverside, California. We advocate for homeownership, wealth building, and financial literacy for low to moderate-income and minority communities. The Power Is Now Media corporate office is located at 3739 6th Street Riverside, CA 92501. Ph: 800-401-8994 Website: www.thepowerisnow.com

Eric Lawrence Frazier, MBA. President and Founder, The Power Is Now Media

Work Cited

https://realtybiznews.com/nar-highlights-top-tech-tools-used-by-real-estateagents/98764137/ https://www.newsbreak.com/news/2397385911730/nar-highlights-top-techtools-used-by-real-estate-agents https://www.nar.realtor/research-and-statistics/research-reports/realtortechnology-survey https://www.talktalkchina.com/nar-highlights-the-best-technological-tools-usedby-real-estate-agents-realtybiznews-real-estate-news/

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