If real estate agents were to choose which tech tools they’d want their brokers to have for their use, 36% would ask for a predictive analytics tool, 35% would ask for customer management software, and 25% would want transaction management software.
Here are some of the reasons agents want these tools:
- Predictive Analytics are statistical techniques used to make predictions based on available data.
- Predictive Analytics leverages information it gathers on demographics, locations, homes, buyers, sellers, etc, so the agent can generate better leads that eventually can lead to more sales.
- Predictive Analytics can predict which prospective sellers/buyers actually buy/sell.
- CRM or Customer Management Software helps agents organize customer/prospect contacts and interactions.
- CRM can help agents keep track of marketing efforts (social median, email, phone calls, newsletters, etc.)…what worked for how many people,
- CRM replaces hand written notes, scratch paper with pertinent contact and “wish list” information that somehow disappears, forgotten emails or phone calls, and/or market information by gathering, compiling and registering all information in ONE place so the agent can leverage it ALL.
- Transaction Management Software makes the entire transaction process more efficient, simpler and facile for ALL parties.
- Transaction Management Software enables ALL parties involved with the entire transaction to SHARE important information, documents, signatures, etc.
- Tools such as Docusign, DotLoop and BackAgent have transformed the entire process by enabling, for example, all parties to sign a sales agreement or contract online in anywhere throughout the world and in any time zone.
Before you begin buying up and/or updating to the latest tech tools specific to real estate, reflect on the fact that tech tools are just that…tools…tools that a person may/may not choose to use. Also reflect for a moment on data from the National Association of REALTORS® (NAR) concerning the methods of selling and buying houses.
Comparing How Homes Are Sold Over the Years:
Among ALL sellers, 92% worked with a real estate agent/broker.
Method 2001 2010 2018
With an AGENT 79% 88% 91%
For Sale By Owner 13% 9% 7%
Sold to Home
Buying Co. 1% 1% 1%
Other 7% 3% 1%
(Remember that Opendoor, ZillowOffers and other home buying companies didn’t exist until 2014 and beyond.)
Comparing How Buyers of Different Ages Buy Homes
Among ALL buyers of ALL ages, 87% worked with a real estate agent/broker.
Buyers working with AGENTS by specific ages:
28 years and younger 92%
29 – 38 years 87
39 – 53 years 88%
54 – 63 years 87%
64 – 72 years 84%
73 – And Up 93%
Clearly, a vast majority of all sellers/ buyers rely on the expertise of real estate agents to help them sell/buy a home DESPITE the vast amount of information that is available to all of them online.
Thanks to InmanNews for source data.