2021 technology survey - cdn.nar.realtor

Technology SurveyNational Association of REALTORS® Research Group

2021

©2021 National Association of REALTORS®

All Rights Reserved. May not be reprinted in whole or in part without permission of the National Association of REALTORS®. For reprint information, contact [email protected].

NAR Research Staff:

Lawrence Yun, Ph.D.Chief Economist and Senior Vice President

Jessica Lautz, Dr.RealEst.Vice President, Demographics and Behavioral Insights

Brandi SnowdenDirector, Member and Consumer Survey Research

Meredith DunnResearch Manager

2021 Technology Survey

Executive SummaryHighlights:

• Thinking back on the last 12 months, respondents found that the five most valuable technology tools used in their business were eSignature (78 percent), local MLS apps/technology (54 percent), social media (53 percent), lockboxes (48 percent), and video conferencing (39 percent).

• In the next 12 months, respondents believe that the five technology tools they will use in their business will be eSignature (73 percent), social media (53 percent), local MLS apps/technology (47 percent), customer relationship management (44 percent), and lockboxes (43 percent).

• In the next 24 months, respondents believed that the most impactful emerging technologies to their businesses will be drones (37 percent), cyber security (34 percent), 5G (31 percent), and virtual reality (30 percent).

• Thirty-seven percent of respondents agree that their Brokerage provides them with all the technology tools they need to be successful in their job, and 27 percent strongly agree.

• Sixty-two percent of respondents said that their Brokerage does provide agents with websites, and 33 percent said their Brokerage does not provide agent websites.

• Not including listing search, the single most valuable technology tool provided by their MLS was comps/CMAs at 29 percent. Respondents also found automated emails to clients/prospects (17 percent), and property data and history (12 percent) to be valuable.

• Ninety percent of respondents use Facebook in their real estate business, 52 percent use Instagram, 48 percent use LinkedIn, and 24 percent use YouTube.

• Fifty-four percent of respondents said the main reason for social media use in their real estate business was because they are expected to have a presence on social media.

• The top three tech tools that have given respondents (or their agents) the highest number of quality leads in the last 12 months were: social media (52 percent), customer relationship management (CRM) (31 percent), and their MLS site (28 percent).


Most Valuable Technology Tools Used in Business

1%1%2%3%

3%4%

9%12%15%16%

22%23%24%26%30%

37%39%

48%53%54%

78%

0% 20% 40% 60% 80%

Augmented Reality

Virtual Reality

Voice Assistant

Rich Media

Predictive Analytics

eNotary

Cyber Security

Personal Safety

Digital Marketing Platform

Virtual Tours

Lead Generation

Cloud Storage

Personal Website

Showing/Open House software

Transaction Management

Customer Relationship Management

Video Conference

Lockbox

Social Media

Local MLS Apps/Technology

eSignature

Most Valuable Technology Tools Used in Business

• Thinking back on the last 12 months, respondents found that the five most valuable technology tools used in their business were eSignature (78 percent), local MLS apps/technology (54 percent), social media (53 percent), lockboxes (48 percent), and video conferencing (39 percent).


Predicted Use of Technology Tools in the Next 12 Months

1%3%4%7%

7%9%

10%15%20%21%22%27%27%

33%34%

43%44%47%

53%73%

0% 20% 40% 60% 80%

Augmented Reality

Virtual Reality

Rich Media

eNotary

Predictive Analytics

Personal Safety

Cyber Security

Virtual Tours

Digital Marketing Platform

Cloud Storage

Video Conference

Lead Generation

Showing/Open House software

Personal Website


Lockbox

Customer Relationship Management


Social Media

eSignature

Predicted Use of Technology Tools in the Next 12 Months

• Thinking about the next 12 months, respondents believe that the five technology tools they will use in their business will be eSignature (73 percent), social media (53 percent), local MLS apps/technology (47 percent), customer relationship management (44 percent), and lockboxes (43 percent).


Emerging Technology in the Next 24 Months

2%

6%

27%

5%

7%

13%

16%

27%

30%

31%

34%

37%

0% 20% 40%

Other

None of these

Don't know

Autonomous Vehicles

Blockchain

IoT (smart home/smartcity)

Augmented Reality

Artificial Intelligence

Virtual Reality

5G

Cyber Security

Drones

Emerging Technology in the Next 24 Months

• In the next 24 months, respondents believed that the mostimpactful emerging technologies to their businesses will bedrones (37 percent), cyber security (34 percent), 5G (31 percent),and virtual reality (30 percent).


How Website is Paid For

54%

24%18% 17%

13%7%

3%0%

20%

40%

60%

Brokerprovides

agentwebsites

Agentspay for

their ownwebsite

Dedicatedpage onBroker

website

Use freebio pageon third

party site

Don'thave a

website

Other Don’t know

Web Presence

• Fifty-four percent of respondents said their Broker providesagent websites, 24 percent said that agents pay for theirown website, and 18 percent had a dedicated page on theirBroker’s website.

• Seventeen percent of respondents use a free bio page on athird-party site, and 13 percent don’t have a website.


Average Monthly Spending Over Past 12 Months

on Technology Tools

17%

36%

18%

23%

6%

0%

20%

40%

Less than $50 $50 - $250 $251 - $500 More than$500

NotApplicable

Average Monthly Spending on Technology Tools

• Over the past 12 months, respondents spent on averagebetween $50-$250 (36 percent) monthly on technologyto use in their individual real estate business.

• Twenty-three percent of respondents spend more than$500 on technology monthly to use in their business.


Average Monthly Spending Over Last 12 Months

on Lead Generation

29%

24%

14%17% 16%

0%

20%

40%

Less than $50 $50 - $250 $251 - $500 More than$500

NotApplicable

Average Monthly Spending on Lead Generation

Over the last 12 months, respondents spent on averageless than $50 (29 percent) monthly on lead generation.

Twenty-four percent of respondents spend between$50-$250 monthly on lead generation.


Use of a VPN to Protect Desktop or Laptop

12% 12%

61%

16%

0%

20%

40%

60%

80%

Yes, use a freeVPN service

Yes, pay for a VPNservice

No, do not use aVPN service

Don't know

Use of a VPN

• Sixty-one percent of respondents said they do not use aVPN service (virtual private network) to protect theirdesktop or laptop.

• Twelve percent said that they use a free VPN service, and 12percent also said they pay for a VPN service.


Use of an Antivirus Software to Protect Desktop or Laptop

35%

46%

15%

4%0%

20%

40%

60%

Yes, use a freeantivirussoftware

Yes, pay for anantivirussoftware

No, do not use anantivirussoftware

Don't know

Use of an Antivirus Software

• Forty-six percent of respondents said they pay for anantivirus software to protect their desktop or laptop.

• Thirty-five percent said that they use a free antivirussoftware, and 15 percent said they do not use an antivirussoftware.


Coverage by Cyber-Security Insurance

Covered by cyber-security insurance,

17%

Not covered by cyber-security insurance, 21%

Don’t know, 63%

Coverage by Cyber-Security Insurance

• Seventeen percent of respondents said that either they or theirBrokerage are covered by cyber-security insurance, and 21 percentsaid neither they nor their Brokerage are covered.

• Sixty-three percent reported that they don’t know if they or theirBrokerage are covered by cyber-security insurance.


Technology Tools Provided by Brokerage

9%2%1%1%2%3%4%

6%9%11%14%

22%25%26%29%29%29%31%32%

50%54%54%57%

0% 20% 40% 60%

None of theseOther

Augmented RealityVoice Assistant

Virtual RealityRich Media

eNotaryPredictive Analytics

Personal SafetyVirtual Tours

Cyber SecurityCloud Storage

Showing/Open House softwareLocal MLS Apps/Technology

Social MediaVideo Conference

LockboxLead Generation

Digital Marketing PlatformTransaction Management

Customer Relationship Management…Personal Website

eSignature

Technology Tools Provided by Brokerage

• Respondents said that the technology tools provided by theirBroker included: eSignature (57 percent), personal websites (54percent), customer relationship management (CRM) (54 percent),and transaction management (50 percent).


Technology Tools Most Satisfied With, That Are

Provided by Broker• When asked to rank the technology tools currently provided

by their Broker that they were most satisfied with,respondents said those tools were: eSignature, transactionmanagement, customer relationship management (CRM),personal websites, and local MLS apps/technology.

eSigature


Customer Relationship Management (CRM)

Personal Websites



Technology Tools Least Satisfied With, That Are

Provided by Broker• When asked to rank the technology tools currently provided

by their Broker that they were least satisfied with,respondents said those tools were: personal websites,customer relationship management (CRM), showing/openhouse software, cyber security, and transactionmanagement.

Personal Websites

Customer Relationship Management (CRM)

Showing/Open House Software

Cyber Security



Brokerage Provides Technology Tools Needed to

be Successful

Strongly agree, 27%

Agree, 37%

Neither agree nor disagree,

23%

Disagree, 9%

Strongly disagree, 4%

Brokerage Provides Technology Tools Needed to be Successful

• Thirty-seven percent of respondents agree that theirBrokerage provides them with all the technology toolsthey need to be successful in their job, and 27 percentstrongly agree.

• Twenty-three percent of respondents neither agree nordisagree.


Technology Fees Charged by Broker

50%

36%

11%4%0%

20%

40%

60%

The price Brokercharges isreasonable

Broker does notcharge

The price paid isnot worth the

value

Broker couldcharge more

Technology Fees Charged by Broker

• Fifty percent of respondents said that the price their Brokercharges for technology fees is reasonable, and 36 percent saidtheir Broker does not charge them a technology fee.

• Eleven percent said that the price they pay is not worth thevalue.


Technology Tools Currently Not Provided by Brokerage

That They Should

28%4%

2%3%3%4%4%

5%5%5%6%6%6%6%6%7%8%8%10%10%11%

16%19%

0% 20% 40%

None of theseOther

Video ConferenceLocal MLS Apps/Technology

Voice AssistantAugmented Reality

eSignatureSocial Media

Rich MediaCloud Storage

LockboxVirtual Reality

Personal SafetyTransaction Management

Digital Marketing PlatformShowing/Open House software

Virtual ToursPredictive Analytics

Personal WebsiteCustomer Relationship Management

eNotaryLead Generation

Cyber Security

Technology Tools Currently Not Provided by Brokerage

• Respondents said that the technology tools currently not provided by their Broker, but that they think should included are cyber security (19 percent), lead generation (16 percent), eNotary (11 percent), customer relationship management (CRM)(10 percent), and personal websites (10 percent).


Brokerage Provides Agent Websites

Brokerage does provide agent websites, 62%

Brokerage does not

provide agent websites, 33%

Don’t know, 6%

Brokerage Provides Agent Websites

• Sixty-two percent of respondents said that their Brokeragedoes provide agents with websites, and 33 percent said theirBrokerage does not provide agent websites.


Satisfaction with Technology Provided by

MLS

29%

43%

15%8% 3% 2%

0%

20%

40%

60%

Extremely satisfied

with MLS’s tech

offerings

Somewhat satisfied

with MLS’s tech

offerings

Neithersatisfied nordissatisfiedwith MLS's

techofferings

Somewhat dissatisfied with MLS’s

tech offerings

Extremely dissatisfied with MLS’s

tech offerings

Do not useany of the

technologytools or

services thatMLS offers

Satisfaction with Technology Provided by MLS

• Forty-three percent of respondents stated that they are somewhat satisfied with their MLS’s technology offerings.

• Twenty-nine percent of respondents were extremely satisfied with their MLS’s technology offerings, and 15 percent were neither satisfied nor dissatisfied.


Most Valuable Technology Tool Provided by MLS

2%*

*1%2%2%

2%

3%4%4%4%4%5%6%

12%17%

29%

0% 20% 40%

Other

eNotary

Virtual tours

IDX/VOW feeds

Tech education

Tax information

Transaction management

Sales statistics

Forms

Showing/Open house software

Listing syndication

Lockbox

eSignature

Public records search

Property data and history

Automated emails to clients/prospects

Comps/CMAs

Most Valuable Technology Tool Provided by MLS

• Not including listing search, the single most valuabletechnology tool provided by their MLS was comps/CMAs at 29percent.

• Respondents also found automated emails to clients/prospects(17 percent), and property data and history (12 percent) to bevaluable.


*- Less than 1%

Social Media Networks Used in Real Estate

Business

6%

*

1%

3%

5%

5%

8%

19%

24%

48%

52%

90%

0% 20% 40% 60% 80% 100%

Other

RESAAS

Active Rain

Clubhouse

Snapchat

TikTok

Pinterest

Twitter

YouTube

LinkedIn

Instagram

Facebook

Social Media Networks Used in Real Estate Business

• Ninety percent of respondents use Facebook in their real estatebusiness, 52 percent use Instagram, 48 percent use LinkedIn,and 24 percent use YouTube.


*- Less than 1%

Main Reason for Social Media Use in Real Estate

Business

6%

11%

18%

25%

33%

36%

49%

49%

54%

0% 20% 40% 60%

Other

See a good return oninvestment/get leads from it

Enjoy it

It helps stay current on real estatenews and business trends

It helps network with other realestate pros

Use it to find new prospects

Use it to promote listings

It helps build/maintainrelationships with existing clients

It’s expected to have a presence on social media

Main Reason for Social Media Use in Real Estate Business

• Fifty-four percent of respondents said the main reason for social media use in their real estate business was because they are expected to have a presence on social media.

• Forty-nine percent said social media helps them build/maintain relationships with existing clients, and 49 percent also said they use social media to promote listings.


Tech Tools That Have Given the Highest Number of Quality

Leads in the Last 12 Months

16%

19%

21%

21%

28%

31%

52%

0% 20% 40% 60%

Personal blog or business website/Brokerage’s

website

Digital ad campaign

Listing aggregator site

Email marketing tool

MLS site

Customer RelationshipManagement (CRM)

Social media

Tech Tools That Have Given the Highest Number of Quality Leads

• The top three tech tools that have given respondents (or their agents) the highest number of quality leads in the last 12 months were: social media (52 percent), customer relationship management (CRM) (31 percent), and their MLS site (28 percent).


Use of Video in Marketing

37%

29%

35%

*0%

20%

40%

Yes, use video inmarketing

No, do not use videoin marketing

No, but hope to inthe near future

Don't know

Use of Video in Marketing

• Thirty-seven percent of respondents said they use video in their marketing, while 29 percent do not use video in their marketing.

• Thirty-five percent said while they do not use video in their marketing currently, they hope to in the near future.


*- Less than 1%

In June 2021, NAR invited a random sample of 49,081 active REALTORS® to fill out an online survey. A total of 3,104 useable responses were received for an overall response rate of 6.3 percent. At the 95 percent confidence level, the margin of error is plus-or-minus 1.76 percent.

Methodology

©2021 National Association of REALTORS®

All Rights Reserved. May not be reprinted in whole or in part without permission of the National Association of REALTORS®. For reprint information, contact [email protected].


NATIONAL ASSOCIATION OF REALTORS®The National Association of REALTORS® is America’s largest trade association, representing more than 1.4 million members, including NAR’s institutes, societies and councils, involved in all aspects of the real estate industry. NAR membership includes brokers, salespeople, property managers, appraisers, counselors and others engaged in both residential and commercial real estate.

The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

Working for America’s property owners, the National Association provides a facility for professional development, research and exchange of information among its members and to the public and government for the purpose of preserving the free enterprise system and the right to own real property.

RESEARCH GROUPThe Mission of the NATIONAL ASSOCIATION OF REALTORS® Research Group is to produce timely, data-driven market analysis and authoritative business intelligence to serve members, and inform consumers, policymakers, and the media in a professional and accessible manner. To find out about other products from NAR’s Research Group, visit www.nar.realtor/research-and-statistics.

NATIONAL ASSOCIATION OF REALTORS®Research Group500 New Jersey Avenue, NWWashington, DC [email protected]

©2021 National Association of REALTORS® All Rights Reserved. May not be reprinted in whole or in part without permission of the National Association of REALTORS®. For reprint information, contact [email protected]


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