Technology is essential in our lives today and it’s no different in real estate. Here’s a summary of how real estate consumers and professionals use technology to buy and sell homes.
Most Recent NAR Homebuying Survey Points to Technology
The National Association of REALTORS (NAR) Homebuying Survey underlines the role of technology for both consumers and professionals involved with the world of real estate.
- All ages of consumers used tech in their home search efforts although the Silent Generation relied heavily on their real estate agent for help in finding a home.
- A minimum of 95% of realtors use smartphones, email and internet capabilities on a daily basis, according to NAR. Nearly 70% of realtors have websites and nearly 60% of realtors use social media on a daily basis.
- In terms of tech trends, realtors are most interested in using social media, customer relationship management tools and multiple listing sites, 52%, 31% and 28% respectively.
- Looking down the road a year from now, realtors believe they will be using eSignature the most, social media and local MLS tech, 73%, 53% and 47%, respectively.
Part 1 of this two-part series focuses specifically on home searches via tech.
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Home Search Specifics
According to this September 2021 Home Buying Report from NAR, the age of home buyers looked like this:
- Gen Zers (18-22) – 5%
- Younger Gen-Y/Millennials (23-31) – 14%
- Older Gen Y/Millennials (32-41) – 18%
- Gen Xers )42-56) – (42-56) – 24%
- Younger Boomers (57-66) – 23%
- Older Boomers (67-75) – 14%
- Silent Generation (76-96) – 2%
Use of Internet in Home Search
- All Buyers – 97%
- Younger Millennials – 99%
- Older Millennials – 99%
- Gen Xers – 98%
- Younger Boomers – 97%
- Older Boomers – 95%
- Silent Generation – 87%
43% of ALL buyers looked online for properties for sale.
Real estate agents, know that 87% of all buyers relied on agents as their primary information source.
Desktop/laptop computers and mobile devices tied at 50-50 in terms of user preferences to look at photos of the properties. Consumers, after looking at photos to get visual images of the properties, then went to detailed written information about the properties. Next, consumers went to floor plans and then agent contact information and profiles. Interestingly, for all the hype we’ve been getting about how essential virtual tours are, consumers looked at virtual property tours after they looked at everything else.
Thanks to the National Association of REALTORS®.
