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Real Estate Industry Technology

The Real Estate industry has become increasingly dependent on technology, according to a new survey.

The National Association of Realtors reports that 50 percent of brokers, sales agents, associate brothers, and managers spent more than $1,000 on technology in 2006. Of that, 25 percent reported spending at least $2,000.

“Realtors have invested a lot of time and millions of dollars in building and improving real estate technology, and the demand for additional technology is high,” said Mark Lesswing, NAR senior vice president and chief technology officer.

“While 8 in 10 Realtors think the current technology supplied by their broker is valuable, two-thirds would like their broker to expand the amount of technology offered. Eighty-four percent of those surveyed were also interested in augmenting the technology and services offered by their Multiple Listing Service,” he added.

Technology employed in the real estate industry includes:

Digital cameras
Cell phones
Desktop computers
Smart Phones
PDAs
Automated forms
Transaction management software
Electronic newsletters

“By integrating and adopting innovative systems and processes, Realtors continue to advance real estate technology, improving communication with home buyers and sellers and streamlining transactions,” said NAR President Pat V. Combs. “However, real estate is still a high-touch business. Building strong, personal relationships with home buyers and sellers and understanding their unique needs, is essential to helping them find the home of their dreams.”

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