Categories: Industry NewsReal Estate Technology

Real Estate Technology Update: Agents Still Waiting On Miracles

A property view via drone

According to a new survey from the National Association of REALTORS® (NAR), Cybersecurity, drones, 5G, and virtual reality will be the hottest technological trends for real estate technology in the next couple of years. Deeper into the survey a sad truth is revealed about how industry professionals really view technology.

A property view via drone

The NAR survey says 36% of agents already spend between $50 and $250 per month on tech, and that a whopping 23% spend more than $500. The survey, which polled 3,104 online subjects in June, found that almost one-third of those surveyed think that 5G will have the biggest impact in the coming months. Virtual reality also ranked high.

The survey respondents also said the five most valuable real estate technology tools used in their business were eSignature (78%), local MLS apps/technology (54%), social media (53%), lockboxes (48%), and video conferencing (39%).

Interestingly, 90% of those surveyed said they use Facebook in their real estate business, with 52 percent using Instagram, 48 percent are on LinkedIn, and 24 percent use YouTube. Over half of the professionals surveyed said the only reason for using social media was because they are expected to have a presence on social media. Which explains why so many agents have really failed social media channels.

Sadly, only about 22% of those surveyed said real estate technology helps them with lead generation, and digital marketing platforms only impressed about 15% of respondents. Predictive analytics and more complex technological solutions ranked very low on the NAR members’ lists. 54% of those who responded said their brokers provided their websites. Over half of those surveyed spend too little on conversions, according to the data 67% spent $500 or less trying to get leads via any form of technology. Finally, most of those surveyed said they relied on brokerages to provide technological tools.

From a technology expert point of view, I have to wonder if any of these agents ever heard the adage “You get back what you put in?” I think this was from Ralph Waldo Emerson, but whoever coined it, many real estate agents seem oblivious.

Readers can see the rest of the results of the NAR survey here.

Phil Butler

Phil Butler is a former engineer, contractor, and telecommunications professional who is editor of several influential online media outlets including part owner of Pamil Visions with wife Mihaela. Phil began his digital ramblings via several of the world’s most noted tech blogs, at the advent of blogging as a form of journalistic license. Phil is currently top interviewer, and journalist at Realty Biz News.