Survey shows Realtors view technology as valuable for business, competition
WASHINGTON — As technology continues to transform and modernize the real estate industry, Realtors, members of the National Association of Realtors, are focused on adapting to and remaining at the forefront of this change. Last month, the NAR kicked off its inaugural Innovation, Opportunity & Investment Summit in San Francisco. At the summit, 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 Realtor-friendly 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 Bob Goldberg, CEO of the National Association of Realtors.
Following the iOi Summit, the NAR developed a new survey focused on Realtors’ day-to-day use of technology and analyzed ways that 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,” Goldberg said. “Both are part of my vision as CEO — advocating for technologies that are Realtor-centric and ensuring a competitive market for consumers throughout the real estate transaction.”
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 use in their businesses (excluding email and cellphones) are local Multiple Listing Service websites and apps (64 percent), lockbox/smartkey devices (39 percent) and social-media platforms (28 percent).
As the real estate market becomes more dynamic and competitive with advances such as smart technology, Realtors are becoming more familiar with smart-home and Internet-connected devices.
Realtors must stay in touch with the latest trends that 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 said they are satisfied with the technology tools provided by their brokers, they do want some additional tools. When asked what additional technology tools Realtors would like to see their brokers provide in the future, respondents most wanted to see predictive analytics (36 percent), CRM (customer-relationship management) tools (35 percent) and transaction-management software (25 percent).
According to the survey, 41 percent of Realtors are somewhat satisfied with MLS-provided technology, and nearly 29 percent are extremely satisfied with their MLS’s technology offerings. Only 2 percent of respondents said they do not use any of the technology tools or services that their MLS offers.
The survey also showed that the tech tools that have given respondents or their agents the highest number of quality business leads in the past year were social media (47 percent), MLS websites (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 emailed to NAR members, including Realtor brokers, managers and agents, and generated 2,525 usable responses.