A National Association of Realtors’ (NAR) survey asked its members about its current technology usage and attitudes about the future of real estate technology. Respondents to the survey identified eSignature (79 percent), lockbox (67 percent), and local MLS apps and technology (67 percent) as impactful tools used in their business during 2022.
“It’s clear that technology plays a key role in our members’ lives and businesses,” NAR CEO Bob Goldberg said. “From our annual iOi Summit to our REACH tech accelerator program, NAR has its eyes on the future. 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.”
The survey also asked members to predict what emerging technology tools “will be very impactful” over the next two years. Responses included cybersecurity (31 percent), 5G (30 percent), and drones (27 percent).
Members also were asked to share the total amounts they spent on tech tools in 2022. Those who paid between $50-$250 a month accounted for 34 percent of Realtors, 19 percent answered they spent more than $500, and 20 percent said they spent less than $50 during the same timeframe.
When asked if their brokerage provides them with all the tech tools they need to be successful, 61 percent agreed or strongly agreed with the statement, while 23 percent neither agreed nor disagreed and 15 percent disagreed or strongly disagreed.
The report showed the most valuable technology tools provided by brokerages were eSignature (67 percent), lockbox/showing tech (53 percent), and transaction management (45 percent). Forty-seven percent said their broker charged them a reasonable technology fee, while 38 percent said their broker did not charge a fee, up 2 percent since last year.
“To ensure that NAR members remain at the forefront of new technologies and ideas, our Strategic Business, Innovation and Technology group continues to research, vet and champion the most promising tech ideas and companies,” Goldberg said. “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.”
Realtors also shared their social media network use. Respondents identified Facebook as the one most used for real estate business (89 percent), followed by Instagram (59 percent). The main reason for using social media was to promote listings, said 63 percent this year, up from 49 percent the year before.
This year’s report had a new question about the impact of specific emerging technologies on the real estate industry, NAR stated. Members responded with 35 percent stating blockchain technology will definitely or probably have an impact on the industry; 48 percent stated big data and artificial intelligence, and 46 percent stated the metaverse.
About 24 percent said the metaverse will begin having an impact in one to two years, 27 percent said three to five, and 11 percent said six to 10 years. Another 10 percent stated they believe the metaverse is making an impact on today’s industry.