By Mark Blazek, President
Greater Chattanooga Association of REALTORS®
More buyers than ever are taking advantage of the latest technology and online tools to search for a place to call home. As a result, REALTORS® are leveraging new technologies to better assist their more tech savvy clients. A 10-year history of the National Association of REALTORS® annual Member Profile shows REALTORS®’ evolving use of technology, the Internet and social media and the essential role that technology plays in the real estate transaction.
There are noticeable differences between the 2003 and 2013 member surveys; one difference is that smartphones didn’t exist as a technology tool on the member survey a decade ago. Smartphones are so widely used today that it’s hard to imagine life without them; but in 2003, mobile devices were a fairly new technology that hadn’t yet gained widespread use among REALTOR® members. Ten years later, nearly nine in 10 REALTORS® reported that they use smartphones daily or nearly every day, and they rank among the most frequently used communication and technology tools used by REALTORS® after e-mail and desktop or laptop computers.
While technology has transformed the way in which everyone, including REALTORS®, do business, technology has not eliminated relationships from the real estate transaction. Real estate very much remains a relationship business, as the success of REALTORS® is tied to reputation. Yet, technology enables REALTORS® to better serve clients by providing information and resources quickly and efficiently.
The use of GPS technology has also grown in the past decade, helping REALTORS® save their clients time as they navigate through neighborhoods; in 2013, nearly 40 percent reported they use GPS daily or nearly every day.
Blogs, social media and professional networking websites were nearly nonexistent in 2003; back then real estate business websites were a growing trend for REALTORS®. Eighty-seven percent of REALTORS® in 2003 reported that their firm had a website; only 46 percent of REALTORS® had a personal website for their real estate business. Fast forward to 2013 and 64 percent of REALTORS® have a personal business website, 12 percent have a blog and 56 percent use social media.
Despite all the advancements in technology, only 41 percent of recent buyers believe technology skills were very important in selecting a real estate agent. More than four out of five home buyers considered their agent’s honesty, integrity, knowledge of the purchase process, responsiveness, knowledge of the real estate market, and communication skills to be more important characteristics.
What we have seen as a result of technology in the last ten years is phenomenal. And the real estate world is an exciting, ever changing environment. Who would have thought transactions would now be paperless and we would close deals via electronic signatures? Are REALTORS® and consumers ready for wrist phones social media and compact information centers? What about searching for and mapping directions to property listings with Google glasses? Time will tell how we react to and embrace (or not) the changes that technology brings to real estate. But don't worry - our grandchildren will teach us how to use it. After all, we taught our grandparents how to use the microwave.