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.

Also read: https://timandjulieharris.com/2019/09/23/essentials-for-success-in-luxury-markets.html