Do You Spend Too Much or Too Little on Technology?

September 18, 2018

Technology, with its ability to help real estate professionals reach more potential clients and court more referrals, is a line item on most practitioners’ annual business budgets. But are you spending more or less on new gadgetry than the average agent? In the last 12 months, real estate pros typically spent between $251 and $1,000 on technology to use in their individual businesses, according to the National Association of REALTORS®’ 2018 Technology Survey, which was released Tuesday.

Businesswoman using digital tablet in office

© Luis Alvarez - DigitalVision/Getty Images

So what are the most important tools pros consider for their business? The three most cited, excluding email and cellphones, are local MLS websites and apps, lockbox or smart-key devices, and social media platforms, according to NAR’s survey.

Agents and brokers are increasingly leveraging social media to capture leads, promote listings, and build or maintain relationships with clients. Survey respondents say the highest number of quality leads they’ve received in the last 12 months were from social media (47 percent), a local MLS website (32 percent), a brokerage site (29 percent), and listing aggregator sites (29 percent). Facebook remains the most-used social media network, at 97 percent, followed by LinkedIn (59 percent), Instagram (39 percent), and Twitter (33 percent).

For the most part, real estate professionals are satisfied with the amount of technology offerings their brokerage provides. Thirty-five percent of respondents say they are “somewhat satisfied,” while 29 percent are “completely satisfied” with the level of technology provided by their broker, according to the survey.

Agents often have to pay for the tech provided by their brokerages, though. Thirty-nine percent of respondents say they are charged a monthly technology fee by their broker, while 18 percent say a percentage of their commission split goes toward technology products and services.

Tech spending for business

© National Association of REALTORS®

Paying tech fees

© National Association of REALTORS®

Source: 
2018 Technology Survey,” National Association of REALTORS®