Technologies continue to evolve just as the real estate markets continuously shift. In order to adapt to new trends in the way we communicate and close transactions, real estate practitioners must be open to implementing new tech tools. But how are the newest platforms and resources being used? A new report from the National Association of REALTORS® (NAR) “2021 Real Estate in a Digital Age,” sheds light on how the real estate industry is leveraging technology.
How are homes being found?
– While real estate agents remain at the core of transactions, 97% of all homebuyers used the internet throughout their home search
– There are generational differences in the devices being used, with younger millennials conducting 65% of their search on a mobile device while older baby boomers conducted 75% of their search on a desktop or laptop
– The silent generation is the most likely to have found their home first from a real estate agent, while the other generational groups most likely purchased the home they found online
What tools are today’s agents leveraging?
– 96% of REALTORS® use a smartphone daily, while 95% of REALTORS® use e-mail and 57% use social media apps every day
– 69% of NAR members have a website, and one that is typically five years old
– REALTORS® prefer to communicate with clients via text messaging (93%), followed by telephone (90%) and email (89%)
– REALTORS®’ top three tools are social media (52%), CRMs (31%) and MLS sites (28%)
– Members believe they will use eSignature the most in the next 12 months (73%), followed by social media (53%), and local MLS apps and technology (47%)
– The most desired tech tool not currently offered by brokerages is cyber security, followed by lead generation and eNotary
How do social platforms fit in?
– 90% of REALTORS® use Facebook, followed by 52% on Instagram and 48% on LinkedIn
– Almost three-fifths of brokerages have social media guidelines for agents, but only one-third apply to both personal and professional accounts
“We realize that technology is a part of our daily lives and plays a vital role in the ever-evolving real estate industry. There is a wealth of information related to tech tools and trends, so we created this report to combine much of our technology-related data in one place,” said NAR Research Analyst Matt Christopherson in a Q&A for the association. “We created a one-stop shop on an overview of tech use by REALTORS®, firms and homebuyers, as well as trends looking forward.”
Liz Dominguez is RISMedia’s senior online editor. Email her your real estate news ideas to email@example.com.