Real estate professionals are rapidly adopting technology for closing transactions or for marketing. Most home buyers start their hunt online so agents are casting a wide net.
Forty-one percent of more than 6,000 executives and senior management at real estate firms surveyed say one of their biggest challenges over the next two years is keeping up with technology, according to the 2021 Real Estate in a Digital Age report produced by the National Association of REALTORS® that looks at how technology is being used in real estate.
Real estate professionals are wanting more technology. The most desired tech tool cited that is not currently offered by their brokerages is cyber security, followed by lead generation and electronic notary services, according to the survey.
What They’re Using
In the survey, the software tools that real estate firms—both residential and commercial—most often provide or encourage their agents to use are e-signatures, comparative market analysis, electronic contracts and forms, and multiple listing systems, according to the report.
Sixty-three percent of real estate professionals use multiple listing software daily, and 39% use electronic contract and forms software daily.
Social Media for Outreach
Social media is commonly used for marketing. Nearly three-fifths of real estate firms say they have some social media guidelines for their real estate professionals. About one-third have guidelines that apply to both personal and professional accounts. Read more: Protect Your Business With a Social Media Policy
REALTORS® surveyed said that one of the top tech tools for getting quality leads is social media. The top social media networks they use professionally are Facebook (used by 90%), followed by Instagram (52%), LinkedIn (48%), YouTube (24%), and Twitter (19%).
The main reasons for using social media are an expectation to have a presence on social media; help build and maintain relationships with existing clients; use it to promote new listings, and use it to find new prospects, according to the report.