As technology continues to transform and modernize the real estate industry, REALTORS® are focused on adapting to and remaining at the forefront. NAR recently kicked-off the Innovation, Opportunity & Investment Summit in San Francisco, and conducted a survey about their use and desire for real estate technology.
“The summit is a part of an ongoing process of creating a dynamic, competitive real estate market that will help NAR advance our members-first mission for years to come,” said NAR CEO Bob Goldberg.
And the NAR survey focused on day-to-day use of technology and analyzed ways technology continues to change how REALTORS® and real estate businesses operate. According to the 2018 Realtor® Technology Survey, members have spent countless hours and millions of dollars advancing real estate technologies and keeping up with the latest trends to further their business.
According to the survey, REALTORS® continue to find the most value in current technology tools that increase efficiency and enhance remote work capabilities. The three most valuable technology tools REALTORS® used in their businesses, excluding email and cell phones, were local MLS websites/apps (64 percent), lockbox/smart key devices (39 percent), and social media platforms (28 percent).
As the real estate market becomes more dynamic and competitive with advances like smart technology, REALTORS® are becoming more familiar with smart home and Internet connected devices.
The survey found that REALTORS® are most familiar with security devices (19 percent), home-connected wearable devices (12 percent), and home comfort devices (12 percent).
While the majority of agents are satisfied with the technology tools provided by their broker, they would like to see their broker provide predictive analytics (36 percent), CRM tools (35 percent), and transaction management software (25 percent).
According to the survey, 41 percent of Realtors® were somewhat satisfied with MLS-provided technology and nearly 29 percent were extremely satisfied with their MLS’s technology offerings. Only two percent of respondents do not use any of the technology tools or services that their MLS offers.
The tech tools that have given respondents or their agents the highest number of quality business leads in the last year were social media (47 percent), their MLS site (32 percent), their brokerage’s website (29 percent), and listing aggregator sites (29 percent).
The iOi Summit and the survey “are both initiatives that help us better understand REALTORS® use of technology, embrace change and identify the business technology tools of the future,” said Goldberg. “Both are part of my vision as CEO, advocating for technologies that are REALTOR®-centric and ensure a competitive market for consumers throughout the real estate transaction.”