NAR’s new 2022 technology report also found that cybersecurity, 5G and drones will likely have the biggest impact on real estate over the next two years.
WASHINGTON – What technology has the highest impact on the day-to-day life of a Realtor®? According to the National Association of Realtors®’ (NAR) just-released 2022 Realtor Technology Survey, it’s eSignature, lockbox, and apps and technology from their local multiple listing service (MLS).
The survey examined NAR members’ current tech usage and attitudes about the future of real estate technology. Respondents labeled eSignature (79%), lockbox (67%) and local MLS apps and technology (67%) as very impactful tools used in their businesses during the past 12 months.
When asked to predict which emerging technology tools will be very impactful over the next two years, cyber security (31%), 5G (30%) and drones (27%) topped the list.
“It’s clear that technology plays a key role in our members’ lives and businesses,” says NAR CEO Bob Goldberg. “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.”
Other survey findings
- Technology costs: About one in three Realtors (34%) paid between $50-$250 per month, and 19% spent more than $500 each month on their real estate businesses; 20% spent less than $50 per month.
- Technology source: 61% agreed or strongly agreed that their brokerage provides them with all the technology tools they need to be successful; 23% neither agreed nor disagreed, and 15% disagreed or strongly disagreed with the statement.
- Top tools: Realtors listed eSignature (67%), lockbox/showing tech (53%) and transaction management (45%) at the top. When asked about tech fees paid to their broker, 47% said that the price was reasonable, and 38% said their broker does not charge a technology fee, a slight increase from last year’s 36%.
- Social media: Facebook remains the top social media network among Realtors, with 89% using it in their real estate business. Instagram is used by 59%,up from 52% in 2021 and 39% in 2018. Two out of three Realtors (63%) said the main reason for using social media in their business was to promote listings, up from 49% in 2021.
For the first time this year, the survey asked about specific emerging technologies’ possible impact on the real estate industry, and 35% said blockchain technology will definitely or probably have an impact. As for big data and AI (artificial intelligence) 48% think it will definitely or probably have an impact. The metaverse scored a similar result – 46% said it will definitely or probably have impact the industry.
When asked about the timing of metaverse impacts, 24% of Realtors predict one to two years, 27% said three to five years, and 11% said six to 10 years. However, 10% Ten percent believe the metaverse currently already impacts the real estate industry.
The 2022 Technology Survey is based on data collected in August 2022. The survey was emailed to NAR members, including Realtor® brokers, managers and agents, and generated 2,419 usable responses.
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