As technology continues to transform and modernize the real estate industry, members of the National Association of Realtors, are focused on adapting to and remaining at the forefront of this change. Last month, NAR kicked-off the inaugural Innovation, Opportunity & Investment Summit in San Francisco, where realtors joined real estate technology companies and the investment community to discuss evolutions in real estate technology and strategies for realtors to keep up with these trends.
“During the iOi Summit, realtors collaborated with leading technology firms to identify realtorfriendly technology tools and resources. 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
Following the iOi Summit, NAR developed a survey focused on realtors 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, realtors have spent countless hours and millions of dollars advancing real estate technologies and keeping up with the latest trends in order to further their business.
“The iOi Summit and the Realtor Technology Survey are both initiatives that help us better understand realtors’ use of technology, embrace change and identify the business technology tools of the future. 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,” said Goldberg.
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.
Realtors always stay in touch with the latest trends buyers want in their homes. 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 do want some additional tools. When asked what additional technology tools Realtors would like to see their broker provide in the future, respondents most wanted to see 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 MLSprovided 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 2018 Realtor Technology Survey was based on data collected in March 2018. The survey was e mailed to NAR members, including realtor brokers, managers and agents, and generated 2,525 usable responses. The survey is available at nar.realtor/reports/realtor-technology-survey.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Who's Brokering Los Angeles: Technology, Inventory and Competition Among Firms’ Top Challenges
- Who's Brokering Los Angeles (October 29): Number of Real Estate Teams is Growing, NAR Survey Finds
- Who's Building L.A. (July 17): Led By China, Foreign Investment in U.S. Commercial Real Estate is on the Rise
- MLS Operators Look to Mergers as Online Rivals Click With Buyers
- Who's Brokering Los Angeles: Foreign U.S. Home Sales Dollar Volume Surges 49 Percent to Record $153 Billion
- Jane Bryant Quinn---Will the Net Bring Realtors' Big Commissions to End?
- Who's Building L.A. (Sept. 17): Foreign U.S. Home Sales Continue to Soar
- Flush with Cash, AssetAvenue Joins an Accelerator