NAR report finds most effective tools for Fintech apps on real estate agents’ business – DSNews

When it comes to real estate technology, Realtors said eSignature, lockbox and apps and technology from their local multi-listing service were the most impactful tools for their businesses in the past year.

These findings appear in the 2022 Technology Survey from the National Association of Realtors. The survey examined NAR members’ current technology use and attitudes toward the future of real estate technology. Respondents said that in the past 12 months, eSignature (79%), lockbox (67%), and local MLS apps and technology (67%) were highly effective tools used in their businesses.

The main findings:

• eSignature, lockbox and MLS apps and technology were the most impactful tech tools used by real estate agents over the past 12 months.
• Cyber ​​security, 5G and drones are expected to have the biggest impact on real estate in the next two years.
• Almost half of real estate agents believe that the metaverse will have an impact on real estate.

When asked to predict which new technology tools will have a big impact over the next two years, members said they believe cybersecurity (31%), 5G (30%) and drones (27%) will have it greatest impact.

“It’s clear that technology plays a key role in our members’ lives and businesses,” said NAR CEO Bob Goldberg. “From our annual iOi Summit to our REACH Technology Accelerator Program, NAR has its eyes on the future. By partnering with innovation leaders and empowering real estate professionals with the latest technology, we’re driving the future of real estate and helping our members build resilience. .

The survey also examined the total amounts spent on technology tools in the past year. About one in three real estate agents – 34% – paid between $50-$250, and 19% spent more than $500 each month on their real estate business. 20 percent spent less than $50 per month.

61 percent agreed or strongly agreed that their brokerage provides them with all the technological tools they need to succeed in their job. 23 percent neither agreed nor disagreed and 15 percent disagreed or completely disagreed with the statement.

Among the most valuable technology tools provided by brokerages were eSignature (67%), lockbox/showing tech (53%) and transaction management (45%). When asked about technology fees paid to their broker, 47% said the price their broker charges is reasonable. About 38% said the broker does not charge a technology fee, up slightly from 36% last year.

Facebook remains the top social media network among real estate agents, with 89% using it in the real estate industry. Instagram is used by 59% of real estate agents – up from 52% in 2021 and 39% in 2018. About 63% of respondents 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 the impact of specific emerging technologies on the real estate industry. Thirty-five percent of real estate agents said blockchain technology will definitely or likely have an impact on real estate. For big data and artificial intelligence, 48% believe it will definitely or probably have an impact. Metaverse got a similar result – 46% said it will definitely or probably have an impact on the industry.

When asked about the timing of these impacts, nearly one in four real estate agents – 24% – predict the metaverse will impact real estate within one to two years. About 27% said it would take three to five years and 11% said the impact would occur in six to 10 years. Ten percent of those surveyed believe that the metaverse is currently having an impact on the industry.

“To ensure 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 technology 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.”

To read the full report, including more data and methodology, click here.