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REALTORS® believe cybersecurity, 5G and drones are the areas of technology that will have the most impact on the real estate business in the next two years, according to the National Association of REALTORS®’ 2022 Technology Survey. Nearly half of REALTORS® also believe the metaverse will have ramifications for real estate. Thirty-five percent say blockchain technology will “definitely” or “probably” have an impact.
The three tools REALTORS® say they currently use most in their business are e-signatures (79%), lockboxes (67%) and MLS apps and technology (67%), the survey shows. REALTORS® also say social media delivers the highest number of quality leads—even more than their CRM systems, digital ad campaigns or the MLS.
“It’s clear that technology plays a key role in our members’ lives and businesses,” says NAR CEO Bob Goldberg, noting the association’s efforts to keep REALTORS® on the cutting edge of real estate innovation. This year, NAR’s Innovation, Opportunity & Investment (iOi) Summit, for example, addressed how real estate pros can help tech developers improve their products. NAR also supports up-and-coming innovations in the real estate space through its REACH tech accelerator program. “NAR has its eyes on the future,” Goldberg says. “By partnering with innovation leaders and empowering REALTORS® with the latest technology, we’re driving the future of real estate and helping our members build staying power.”
How Much Do REALTORS® Spend on Tech?
With technology an essential part of real estate pros’ toolbox, many are spending more money to purchase and use solutions. About one in three REALTORS® say they spend between $50 to $250 per month in costs related to technology, while 19% say they spend more than $500 per month, according to the survey. The majority of those expenditures are for lead generation tools. The following chart shows how much REALTORS® are spending monthly on lead generation:
Survey respondents say that of the tech tools their brokerage provides, e-signatures, lockbox and showing technology, and transaction management systems are the most valuable. Some brokerages may charge a fee for this technology; 47% of respondents say their broker charges a “reasonable” fee while 38% say their broker does not charge a fee, according to the survey.
“NAR continues to research, vet and champion the most promising new tech to ensure members remain at the forefront of new innovations and ideas,” Goldberg says. “At the heart of everything we do is an insatiable drive to empower our members by providing them with innovations that will impact their businesses for the better.”