The Truth: Real Estate vs. Technology

by | Oct 19, 2022 | Careers, Knowledge Base

The TRUTH is real estate technology is not what generates our business.

Technology provides us with the tools we need to get through transactions. E-signing, Turning in paperwork, communications. 

The real numbers from NAR:

  • The software tools most often provided or encouraged by firms are e-signature (83%), comparative market analysis (82%), electronic contracts/forms (80%), and multiple listing (79%).
  • 96% of REALTORS® reported using a smartphone nearly every day.
  • 95% of REALTORS® use e mail daily, and 57% use social media apps daily.
  • REALTORS® most often communicate with clients via text messaging (94%), telephone (92%), and email (90%).
  • For professional use, REALTORS® were typically most active on Facebook, LinkedIn, and Instagram
  • Firms typically generated 30% of their sales volume from past client referrals, 30% from repeat business from past clients, 10% from their website, and 10% through social media.
  • While the expertise of REALTORS® remains vital to the home buying and selling process, the internet serves as a tool for all generations of home buyers; 97% of all homebuyers used the internet in their home search.
  • 76% of homebuyers used a mobile or tablet search device in their home search; millennials used mobile devices nearly twice as often as the silent generation.
  • While inventory and affordability have come front stage this past year, keeping up with technology is seen as a challenge to 41% of firms.

What does all this tell us?

If you noticed above only 10% came from a web lead. Most of the technology we actually need and use to get our jobs done we either already have or get through ABOR, TXR and NAR.

While these tools are very important to a transaction, there is no strong correlation between tech and building your book of business. With referrals and repeat business being the majority of reported sales that is where your focus should be. 

Information deemed reliable but not guaranteed.

Sources:

Highlights from the NAR member profile.(2022, July 10). Retrieved September 21, 2022, from nar.realtor/research-and-statistics/research-reports/highlights-from-the-nar-member-profile#activity
Profile of real estate firms (2019, March 6). Retrieved September 21, 2022, from nar.realtor/research-and-statistics/research-reports/profile-of-real-estate-firms
Real estate in a Digital age. (2021, August 3). Retrieved September 21, 2022, from nar.realtor/research-and-statistics/research-reports/real-estate-in-a-digital-age