Drones, cybersecurity, and 5G cellular networks are expected to have the biggest impact on the real estate business over the next two years, according to the newly released 2021 Technology Survey conducted by the National Association of REALTORS®.
“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 survey examined the current use of technology by REALTORS® and the most valuable tools they’ve used in the past 12 months.
The technology expected to have the greatest impact on real estate pros’ business are:
- Drones: 37%
- Cybersecurity: 34%
- 5G: 31%
- Virtual reality: 30%
The most valuable tools used in the past year, according to real estate pros:
- E-signatures: 78%
- Local MLS apps and technology: 54%
- Social media: 53%
- Lockboxes: 48%
- Videoconferencing: 39%
Thirty-six percent of real estate professionals survey reported spending $50 to $250 per month on technology. Twenty-three percent say they spend more than $500 per month, the survey finds.
Many brokers are providing technology products to their agents. The top tools provided by brokerages were electronic signatures (57%), personal websites (54%), customer relationship management (54%), and transaction management (50%). About one out of three real estate pros surveyed said that their broker does not charge any technology fees, and 50% said that the price their broker charged was reasonable.
The top technology tools that real estate pros said their broker doesn’t currently provide that they wish they did were tools for cybersecurity (19%), lead generation (16%), electronic notarization (11%), CRM (10%), and personal websites (10%).
Social Media Use Grows
Real estate pros are increasingly using social media to help build and maintain relationships with existing clients, promote listings, and find new prospects, the survey found. The top social networks used by REALTORS® are Facebook (90%), Instagram (52%), LinkedIn (48%), YouTube (24%), and Twitter (19%). Video use is growing among real estate pros. Thirty-seven percent of respondents said they used video in their marketing, and 35% don’t currently use video but hope to in the near 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.”
These current and future real estate tech topics will be front and center at NAR’s iOi Summit, taking place August 17-18 in Dallas, Texas. Over 500 real estate practitioners, technologists and investors will convene to share insights and unveil cutting-edge real estate products and ideas.
“iOi is all about innovation,” Goldberg said. “This event brings together proptech leaders and thinkers whose products, services and solutions will help shape the real estate industry and drive it forward.”
Event organizers are providing MetroTex Members with a discount of $100 off registration. To learn more and register at the discounted rate, visit nar.realtor/events/ioi and use the promo code: IOI100.