Virtually all home transactions involve the internet, and agents are leaning into existing and emerging technologies to meet clients where they are.
That’s according to a new survey of Realtors released on Thursday by the National Association of Realtors.
The survey found that nearly two-thirds of Realtors are using emerging technologies as a part of their business, primarily as a way to save time.
The findings also specifically revealed that many Realtors — or, 58 percent of survey respondents — have used ChatGPT, the chatbot developed and released by the company OpenAI. Overall, 20 percent of respondents reported using some artificial intelligence daily, 22 percent use it weekly, and 27 percent use it a few times per month.
Moreover, 46 percent of Realtor respondents said AI had a neutral or no noticeable impact on their businesses. Another 4 percent said AI had a moderately negative or significantly negative impact on their businesses. And 50 percent said it had either a moderate or significantly positive impact.
Two-thirds of respondents agreed or strongly agreed that they were satisfied with the technology tools provided by their brokerages. Twenty-two percent neither agreed nor disagreed.
“These results show a profession that is adapting quickly to technological change while prioritizing client satisfaction,” Jessica Lautz, NAR’s deputy chief economist, said in a statement. “Technology continues to be a powerful force in real estate, driving efficiency and marketing innovation. But at the heart of it all remains the trusted relationship between the agent and client.”
The online survey took place in July and included a random sample of over 49,000 active Realtors, which yielded 1,241 usable responses.
The most common use of technology:
- eSignature: 79 percent
- Social media: 75 percent
- Drone photography/video: 52 percent
The biggest proportion of agents — 34 percent — spend between $50 and $250 per month on technology tools. The next biggest group — 24 percent — reported spending more than $500 per month on tech tools.
Two out of three agents reported that they embrace new technologies as a way to save time, while 64 percent said their motivation for adopting new tech was to provide a better experience for their clients.
One other reason agents reported leaning into technology — and specifically social media? It was the largest single source of lead generation among respondents, according to NAR. Thirty-nine percent said social media provided the highest number of quality leads. Other popular lead sources among Realtors include their customer relationship manager (23 percent), local MLS (17 percent) and brokerage website (13 percent).
Agents are also interested in cryptocurrency, with one in four respondents saying they have invested or plan to invest in cryptocurrency. Still, the survey found that just 9 percent of clients had asked about using cryptocurrency in a real estate transaction.
Just 2 percent of respondents said they had facilitated a transaction that included the use of cryptocurrency.
