Techno REALTOR®

Highlights from the 2004 NAR Technology Impact Survey Report

Less than a decade ago, there were many who predicted that advances in technology would reduce or even eliminate the traditional role of the REALTOR® in the property transaction. In fact, the opposite happened. Technology savvy buyers and sellers actually now are more likely than their counterparts to enlist the services of REALTORS® Why?  Because agents have become Techno REALTORS®! The typical REALTOR® expects to spend more on technology in 2004 than on marketing according to a survey released this spring by the National Association of REALTORS®. The REALTORS® & Technology: 2004 National Association of REALTORS® Technology Impact Survey Report shows that the typical NAR member is looking to spend more than $1,300 on technology products, services and training in 2004, a 52 percent increase from a median of $900 in 2000 and 2002. In 2004, REALTORS® expect to spend $856 on technology products, $254 on technology services and $256 on technology training. By comparison, the typical NAR member’s promotion and marketing expenses were $1,200 during the same period.

95 percent of REALTORS® use a mobile phone 77 percent use a digital camera 41 percent have a DSL connection 40 percent use PDAs 7  percent of REALTORS® are using GPS location software

e-Mail

The survey shows that virtually all members—96 percent—use e-mail. About half conduct at least 25 percent of their communications with clients by e-mail and spend 4.6 hours per week checking and sending work-related e-mail. One in four uses an e-mail account through their firm, and 62 percent pay for their own account.

In addition, 95 percent work for a firm with a Web site and 94 percent of those sites feature real estate listings.

REALTORS® use technology products offered by their Multiple Listing Service (MLS), such as e-mail to buyers alerting them to new listings. The most frequently used MLS services are sales statistics, online data entry and Comparable Market Analysis software, which is used to assist in pricing homes.
REALTOR® Web pages

In 1997, only 26 percent of our members had Internet access; now about half of all REALTORS® have their own Web page.  Fifty percent of REALTORS® have their own Web page, up from 43 percent in 2001; another 21 percent of members plan to have a Web page in the future.

Almost all real estate listings are now available on the Internet.  So it’s not surprising that seven out of 10 buyers are now using the Web as a tool to search for a home. 

GPS

There’s another technology that early adopters have already demonstrated has applications for real estate: the global positioning system (GPS). When combined with mapping software, GPS hardware pinpoints your location to provide accurate directions. And although it’s primarily a navigation aid today, it has the potential uses for approximating boundaries or estimating acreage.

Recommendations

If you’re in the market for a mobile handheld solution this year, the wise choice may be to purchase some form of multifunction device, possibly even a smartphone, which typically include built-in cameras, multimedia messaging [MMS], and have PDA operating systems, such as Palm and PocketPC.

Look for equipment that allows you to do more while carrying less. Most PDA owners carry their handhelds for basic functions: storing contact records (cited by 96 percent); maintaining a calendar or schedule (82 percent); and recording notes (55 percent). These are now core features of any multifunction phone or PDA communicator.

If you expect to purchase a new computer, consider a laptop. With a notebook, you’ll enjoy greater mobility than a desktop and convenient access to the Web, wherever Wi-Fi is available. The notebook’s large screen size also makes it easy for practitioners to view Web pages from the field.

Survey background

Most of the survey respondents, 63 percent, were sales agents while 36 percent held a broker or associate broker license. They had been in the business for a median of eight years and typically work 42 hours per week. They were responsible for 14 transaction sides in 2003—equivalent to seven full sales—with a sales volume of $2.1 million.

The survey is the largest ever conducted by NAR. It was sent by e-mail to 270,000 members in December 2003 and generated 11,800 usable responses.

The REALTORS® & Technology: 2004 National Association of REALTORS® Technology Impact Survey Report can be ordered by calling 800/874-6500. The cost is $35 for members and $75 for non-members.