The National Association of REALTORS® (NAR) recently released its “2021 Technology Survey,” which analyzes members’ tech usage and sentiment regarding the future of real estate tech. According to the report, cyber security and drones are standouts.
“The pandemic has confirmed to all of us in the industry that technology will continue to transform real estate,” said NAR CEO Bob Goldberg. “The great work being done by NAR, including our Strategic Business, Innovation and Technology group, has ensured that REALTORS® will continue to have access to the latest technology and remain at the forefront of the innovations driving the market forward.”
According to survey respondents, the most valuable tools for the past year include eSignature (78%), local MLS apps/technology (54%), social media (53%), lockboxes (48%) and video conferencing (39%).
In terms of brokerage support, only 37% agreed they are offered the technology tools they need to be successful, and only 27% “strongly agreed.” Of those tools being provided by brokerages, the following ranked at the top: eSignature (57%), personal websites (54%), customer relationship management (54%) and transaction management (50%).
Does this support come at a higher cost? According to survey results, 50% are charged for this technology but believe the cost is reasonable, while 36% do not incur an additional technology fee.
Social Media and Video Still Key
Social media usage continues to increase, with Facebook utilized by 90% of REALTORS®, followed by Instagram (52%), LinkedIn (48%), YouTube (24%) and Twitter (19%). Intertwined within social is video, with 37% of respondents using video marketing and 35% optimistic they will endeavor in video in the future.
“There is no denying that social media has become an integral tool to promote a listing,” Goldberg said. “The pandemic has caused more of our members to use social media and video to creatively market themselves and their properties.”
Why does social media play such a prominent role in real estate marketing? According to the survey:
– 54% use it to build and maintain relationships with existing clients
– 49% use it to promote their listings
– 36% use it to find new clients
– 33% use it for B2B networking opportunities
Tech of the Future
In terms of trends to come, REALTORS® believe that drones (37%), cyber security (34%), 5G (31%) and virtual reality (30%) are next in line to significantly impact real estate business.
To read the report in full, click here.
Liz Dominguez is RISMedia’s senior online editor. Email her your real estate ideas to firstname.lastname@example.org.