August it Listing Technique Thematic month in Inman. All month we dig into listing technology, discussing portals, single listing sites, landing pages, 3D tours, photos, videos, and more.
Among emerging technologies, realtors expect drones to have the greatest impact on their businesses in the next two years, according to an annual survey by the National Association of Realtors. Meanwhile, cybersecurity and lead generation technologies were the technical tools that most real estate agents wanted their brokers to provide.
In June, the 1.48 million-member trade group posted an online 2021 technology survey and received 3,104 helpful responses from its members. Survey margin of error is plus or minus 1.76 percent at a 95 percent confidence level.
When asked what new technologies respondents think will have the greatest impact on their business in the next 24 months, 37 percent answered that it is unmanned aerial vehicles, 34 percent for cybersecurity, 31 percent for 5G and 30 percent for virtual reality. Just over a quarter, 27 percent, said artificial intelligence, just as many said they didn’t know.
Drones topping the list is perhaps unsurprising given the increased consumer interest in better list visuals during the pandemic, although many agents currently does not satisfy this desire… Cybersecurity has also become a more serious issue as telegraph fraud and ransomware attacks increase.
During the pandemic, agents found the tools that made doing business easier in practice to be the most useful. According to the survey report, e-signatures have been the most valuable tool for realtors in the past 12 months, as indicated by 78 percent of respondents, followed by local multiple-listing service (MLS) applications or technologies (54 percent), social media. (53 percent), safes (48 percent) and video conferencing (39 percent).
Email signatures, social media, local applications or MLS technologies, customer relationship management (CRM) systems and safes were the main technical tools that realtors are expected to use in the next 12 months.
“The pandemic has confirmed to all of us in the industry that technology will continue to transform real estate,” NAR CEO Bob Goldberg said in a statement.
When asked whether their brokerage company provides all the technical tools needed to succeed in their work, 64 percent either agree or strongly agree, 23 percent disagree or disagree, and 10 percent either disagree or strongly disagree … More than half of respondents said their brokerage firms provide electronic signatures (57 percent), personal websites (54 percent), customer relationship management (54 percent), and transaction management (50 percent).
Half of the respondents said their broker charges a reasonable fee for the technology, while 36 percent said their broker does not charge a fee for the technology. Only 11% said the broker’s technical fee was not justifiable.
Of the tools that brokers did not provide as respondents would like, cybersecurity topped the list with 19 percent, followed by lead generation (16 percent), eNotary (11 percent), CRM (10 percent), and personal website (10 percent). … More than a quarter of respondents, 28 percent, said “none of this.”
When asked which tools their brokers provide most and least to respondents, some of the tools made it to both lists, possibly due to the different quality of certain tools. Respondents were most satisfied with electronic signature, transaction management, CRM, personal websites, and local applications or MLS technologies. The least satisfied respondents are personal websites, CRM, demo or open source software, cybersecurity, and transaction management.
With regard to their MLS, the vast majority of respondents were satisfied with their MLS’s technical offerings: 43 percent said they were “somewhat satisfied” and 29 percent said they were “extremely happy”. Only 11 percent said they were somewhat or extremely unhappy.
Among the tools provided by the MLS, in addition to list searches, the most valuable were comparative or benchmarking market analyzes (CMAs), followed by automated emails to customers or prospects, and property data or history, according to respondents.
More than a third of realtors, 36 percent, said they spend an average of $ 50 to $ 250 a month on technology for their business, 18 percent said they spend $ 251 to $ 500 a month, and 23 percent said they spend over $ 500 per month.
Lead generation costs varied widely. Nearly a third of respondents, 29 percent, reported spending less than $ 50 a month on lead generation, while 17 percent spend over $ 500 a month.
This can be related to the main sources of leads. The three top tech tools that respondents said brought them more quality leads in the last 12 months were social media (52 percent), CRM (31 percent), and their MLS site (28 percent).
“It cannot be denied that social media has become an indispensable tool for promoting listing,” Goldberg said. “The pandemic has forced more and more of our members to use social media and video to creatively promote themselves and their property.”