Real Estate sector views drones and cyber security as the most impactful emerging technologies to their business, a new report examined current tech usage and attitudes about the future of real estate technology. In addition to drones (37%) and cyber security (34%), the sector believes that 5G (31%) and virtual reality (30%) will also have a significant impact on their business in the next 24 months.
The pandemic has confirmed to all of us in the industry that technology will continue to transform real estate.
The survey also examined the current use of technology by real estate members, finding that the most valuable tools used in the past 12 months were eSignature (78%), local apps/technology (54%), social media (53%), and video conferencing (39%).
Many brokerages are providing these technologies to their agents. Thirty-seven percent of respondents agreed that their brokerage provides them with all the technology tools they need to be successful, and 27% strongly agreed. The top tools provided by brokerages were eSignature (57%), personal websites (54%), customer relationship management (54%) and transaction management (50%). Roughly one out of three Realtors – 36% – said that their broker does not charge any technology fees, and 50% said that the price their broker charged was reasonable.
Our report found that Realtors are willing to pay for this technology, even if their brokerages do not.
When asked about desired technology tools that are not currently provided by their broker, cyber security topped the list at 19%, followed by lead generation (16%), eNotary (11%), CRM (10%) and personal websites (10%).
According to the survey, Realtors are using social media now more than ever in their businesses. The top social network is Facebook, used by 90% of Realtors, followed by Instagram (52%), LinkedIn (48%), YouTube (24%) and Twitter (19%). Video has also played an ever-increasing role in the marketing of properties on social media. Thirty-seven percent use video in their marketing and 35% do not 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.
The pandemic has caused more of the realtors to use social media and video to creatively market themselves and their properties.
The top reasons Realtors cited for using social media in their business included that they are expected to have a presence on social media (54%), it helps build and maintain relations with existing clients (49%) and they use it to promote listings (49%). Additionally, 36% of Realtors use social media to find new prospects and 33% say it helps them network with other real estate pros. Social media also topped the list when it comes to lead generation. The top three tech tools that have given respondents or their agents the highest number of quality leads in the last 12 months were social media (52%), CRM (31%) and their personal website (28%).