TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1407257
M R EP O RT | 9 MDWELL T he most valuable tools used by real estate agents in the past 12 months included eSignatures, local MLS apps/technology, social media, lockboxes, and video conferencing, while drones, cy- bersecurity, and 5G are the most impactful emerging technologies, a survey by National Association of Realtors (NAR) showed. "The pandemic has confirmed to all of us in the industry that technology will continue to trans- form real estate," said NAR CEO Bob Goldberg. Thirty-seven percent said their brokerage provides all the technol- ogy tools needed for their success. Thirty-six percent say their broker does not charge technology fees, and 50% reported reasonable fees. Others not provided with those options are willing to pay—36% spend an average $50-$250 per month on work-related technol- ogy. Eighteen percent spend between $251-$500, and 23% spend more than $500 monthly. Respondents say social media is more prevalent now than ever in their profession, with Facebook used by 90%, Instagram (52%), LinkedIn (48%), YouTube (24%), and Twitter (19%). The role of video in marketing endeavors has risen, with 37% utilizing the tech- nology, and 35% not using video but planning to implement it. "There is no denying that social media has become an integral tool to promote a listing," Goldberg said. "The pandemic has caused more of our members to use social media and video to creatively market themselves and their properties." Emerging Technology in Real Estate In an era of social distancing, electronic signatures, video, industry-specific apps, and other innovations are more important than ever in mortgage. 10 Most Valuable Tech Tools Used in Real Estate Business SOURCE: NAR eSignature Local MLS Apps Social Media Lockbox Video Conference Customer Relationship Management Transaction Management Showing/Open House Software Personal Website Cloud Storage Lead Generation Virtual Tours Digital Marketing Platform Personal Safety Cybersecurity eNotary Predictive Analytics Rich Media Voice Assistance Virtual Reality