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.
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.
- 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.
Fontaine Family – The Real Estate Leader is a highly skilled real estate team of licensed professionals dedicated to focusing on the client. Fontaine was awarded 2019 Maine Family Business of the Year, voted Best Real Estate Company in the Greater Lewiston/Auburn Area and Greater Portland Area, recognized by Real Trends as a 2019 America’s Top 250 Real Estate Team and published in the Wall Street Journal in the Top 250 Real Estate Professionals ranking in the top ½ of 1% of Realtors outperforming 99.9% of the nation’s Realtors.
The Fontaine Family Team serves 8 counties – Androscoggin, Cumberland, York, Sagadahoc, Oxford, Kennebec, Franklin and Somerset – in two locations, 336 Center Street in Auburn and 432 US Route One in Scarborough. For more information visit BrendaFontaine.com or call (207)784-3800 or (207)289-3830.