WASHINGTON (Aug. 3, 2021) – Realtors® see drones and cybersecurity as the most powerful new technology for their business, according to a new report from the National Association of Realtors®. NAR's 2021 Technology Survey examined current technology usage and attitudes of NAR members towards the future of real estate technology. 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 pandemic has confirmed to all of us 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 Realtors® continues to have access to the latest technology and stay at the forefront of innovations that drive the market."
The survey also looked at Realtors®'s current technology use and found that the most valuable tools over the past 12 months were electronic signature (78%), local MLS apps / technology (54%), social media (53%), lockers . were (48%) and video conferencing (39%).
Many brokers make these technologies available to their agents. 37 percent of respondents agreed that their brokerage gave them all the technology tools they need to be successful, and 27 percent fully agreed with the statement. The top tools provided by brokers were electronic signature (57%), personal websites (54%), customer relationship management (54%), and transaction management (50%). About one in three Realtors® – 36% – said their broker did not charge technology fees, and 50% said the price their broker was charging was reasonable.
NAR's report found that Realtors® are willing to pay for this technology even if their brokers don't. 36 percent of Realtors® spend an average of $ 50 to $ 250 per month on technology they use in their business. Eighteen percent spend between $ 251 and $ 500, and nearly one in four Realtors – 23% – spend more than $ 500 a month on technology.
When asked about desired technology tools that are not currently provided by their broker, cyber security topped the list with 19%, followed by lead generation (16%), eNotary (11%), CRM (10%) and personal Websites (10%). ).
According to the survey, Realtors® use social media more than ever in their companies today. The leading social network is Facebook, used by 90% of Realtors®, followed by Instagram (52%), LinkedIn (48%), YouTube (24%) and Twitter (19%). Video is also playing an increasingly important role in the marketing of real estate on social media. 37% use video in their marketing and 35% don't use video but hope to do so in the near future.
"There is no denying that social media has become an integral tool for promoting a listing," said Goldberg. "The pandemic has seen more of our members use social media and videos to creatively market themselves and their properties."
Among the top reasons Realtors® cited for using social media in their business is that they are expected to be present on social media (54%), it helps build and maintain relationships with existing customers maintain (49%), and they use it to advertise offers (49%). Additionally, 36% of Realtors® use social media to find new prospects and 33% say they network with other real estate professionals. Social media was also at the top of the list when it came to lead generation. The top three technical tools that have generated the highest number of high quality leads for respondents or their agents over the past 12 months were social media (52%), CRM (31%), and their MLS site (28%).
These current and future real estate technology issues are the focus of NAR's iOi Summit, held August 17-18 in Dallas, Texas. Over 500 real estate experts, technologists and investors will come together to share knowledge and present innovative real estate products and ideas.
"IOi is all about innovation," said Goldberg. "This event brings together proptech leaders and thinkers whose products, services and solutions will help shape and advance the real estate industry."
Learn more about and register for the iOi Summit at https://www.nar.realtor/events/ioi.
The 2021 technology survey can be downloaded from https://www.nar.realtor/reports/realtor-technology-survey.
The National Association of Realtors® is America's largest trade association and represents more than 1.4 million members who work in all aspects of the residential and commercial real estate industry.
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