2008 Report ® Technology Survey REALTOR
2008 REALTOR® Technology Report
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Table of Contents
Methodology Terminology T i l Executive Summary Survey Respondent Profile y p Technology Sourcing Social Networking Lead Generation 3 4 5-8 9-17 18-33 34-38 39-47 Relationship Building Mapping M i Forms & Contract Software Transaction Management g Security Contact Information 48 – 56 57 – 61 62 – 65 66 – 69 70 – 72 73
2008 REALTOR® Technology Report
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Methodology
At the end of July 2008, The Center for REALTOR® Technology (CRT) extended a survey invitation to 40,000 random REALTORS® via email. This report summarizes national findings among associate brokers, sales agents, broker-owners (no selling), brokerowners (some selling), managers (no selling), and managers (some selling). These groups account for 942 completed surveys. This number is large enough for overall responses to be considered statistically valid. At the 95% level of confidence, the margin of error is +/-3.16%. Herein, this group is referred to as “respondents” or “survey participants.” Some questions are also analyzed by the following segments: Broker-Owner & Manager respondents (n = 202) Sales Agent & Associate Broker respondents (n = 740) The purpose of this survey is to better understand technology trends among members and their use of technology. Social networking, technology sourcing, lead generation, relationship building, mapping, forms & contract software, transaction management, and security are key topics of the study. Through this report CRT hopes to gain a better understanding of NAR members opinions and needs as well as to help the general public understand the members’ opinions and needs of NAR members. A brief synopsis of findings is given in the Executive Summary followed by details for each key section. A breakdown of state and regional data is available. If you are interested in this information, please contact us. available information us
2008 REALTOR® Technology Report
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Terminology
The confidence interval, or margin of error, is the plus-or-minus figure usually reported in survey results. For example, if you have a confidence interval of 4.00 and 47% percent of your sample picks an answer, it is highly likely th t lik l that if you had asked the question of the entire relevant population, between 43% (47%-4.00) and 51% h d k d th ti f th ti l t l ti b t (47% 4 00) d (47%+4.00) would have picked that answer. The confidence level provides a percentage of likelihood that the entire relevant population will respond within the percent range of the confidence interval. The 95% confidence level means y can be 95% sure. p g you
2008 REALTOR® Technology Report
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Executive Summary
The purpose of this survey is to better understand REALTOR® technology trends and usage. Social networking, technology sourcing, lead generation, relationship building with clients, mapping, forms & contract software, transaction management, and security are key topics of the study. Through this report CRT hopes to gain a better understanding of NAR members’ opinions and needs as well as to help the general public understand the opinions and needs of NAR members. i i d d ll t h l th l bli d t d th i i d d f b Technology Sourcing The following are the top three sources that participants turn to when looking to learn about new technology for real estate: • NAR (52%) • Real estate news web sites (46%) • Colleagues (46%) Over half use the following devices for business: • Digital camera (87%) • Desktop PC (64%) • Notebook (55%) • Cell phone (no email, no internet – 55%) 58% of broker-owners & managers spent over $1,000 on technology for real estate purposes in 2007. 65% of sales agents & associate brokers spent $251 - $2,000 on technology for real estate purposes in 2007. Over half (56%) of participating sales agents & associate brokers find the technology supplied by their broker to be valuable or extremely valuable.
2008 REALTOR® Technology Report
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Executive Summary
Social Networking (new survey section) 33% of respondents participate in social networking sites or blogs for real estate business purposes. Those that participate in blogs or social networking sites, were asked about their participation on a number of sites. On a daily basis, respondents are likely to participate in: • Facebook (10%) • ActiveRain (8%) • Self-hosted blog (7%) On a weekly basis the following is likely to be accessed: LinkedIn (18%) Through social networking sites, survey participants are interested in reaching out to consumers (62%) and other REALTORS® (48%). 60% indicate that they are not sure if their company or REALTOR® associations have a social networking or blog presence. presence Lead Generation Repeat business (88%), referrals (87%), and the internet (53%) are very important in generating leads. 80% of broker-owners & managers indicate that their business has a real estate web site. broker owners Of these, 29% created and operated their web site for the first time prior to 2000, while another 29% created and operated their sites on or after 2006. 56% of sales agents & broker associates have their own real estate web site. Of these, 45% created and operated their web site for the first time on or after 2006.
2008 REALTOR® Technology Report
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Executive Summary
Relationship Building Efforts to stay in touch with past clients are likely to occur on a quarterly basis among 35%, while another 27% reach out monthly. The top three tools used to keep in touch with past clients are Email (34%), a phone call(32%), and regular postal mail(22%). The top three tools used to keep in touch with active clients are a phone call (50%), Email (43%), and a meeting (51%) Mapping Of the 69% who use maps on their listing website: • 71% have map based search • 63% integrate additional information on their listing search such as businesses, school data etc businesses data, etc. • 15% feel that map-based search creates a more effective search utility Respondents, whose MLS offers mapping, find driving directions (54%) and aerial/satellite photos (36%) useful.
2008 REALTOR® Technology Report
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Executive Summary
Forms & Contract Software 68% use automated forms or management software such as WINForms®, Instaforms, or ZipForm®. • Of these, 47% load MLS and contact data manually into their forms/contract management software. Transaction Management 26% of respondents use a transaction management system. Agents were cited as being the ones that enter and manage the transaction information most often (49%). Security Respondents are affiliated with a company that: • has a written security policy for staff (42%) • has a written privacy policy for their clients/consumers (45%) • checks for and/or install antivirus software for their computer regularly (52%)
Survey Respondent Profile What i Y Wh t is Your Role R l
Associate Broker 16% Broker‐Owner (no selling) 1%
9
Broker‐Owner (some selling) 15% Sales agent 63%
Participants were asked to describe their role. The majority, 63%, describe themselves as sales agents. Sixteen percent (16%) were brokerbroker owners.
Manager ( no selling) 1% Manager (some selling) 4%
Survey Respondent Profile Hours W k d Per W k H Worked P Week
61 or more hours h 7% 10 or less hours 6% 11‐20 hours 8% 51‐60 hours 16%
10
Forty-eight percent (48%) work over 40 hours per week. week
21‐30 hours 30 18%
41‐50 hours 25% 31‐40 hours 20%
Survey Respondent Profile Respondent Age R d tA
25 years or less 1% 66 years old or more 8% 61‐65 years old 13% 31‐35 years old 6% 36‐40 years old 8% 26‐30 years old 4%
11
19% of respondents are under 41 years old. 28% are between 41-50 years old. 53% are over 50 years old.
56‐60 years old 15%
41‐45 years old 14%
46‐50 years old 14% 51‐55 years old 17%
Survey Respondent Profile Years i R l Estate Y in Real E t t
Less than one year 5%
L es s than one year 5%
12
1‐2 years 11%
1‐2 years 11%
Thirty-eight percent (38%) have been in real estate over 10 years. years
More thanthan 10 years More 10 years 38% 38%
3‐5 years 25%
3‐5 years 25%
6‐10 years 21%
6‐10 years 21%
Survey Respondent Profile Real E t t S i lt R l Estate Specialty
Mixed, mostly commercial 2% Mixed practice other 4%
13
Fifty-nine percent (59%) indicate that their real estate specialty is exclusively residential.
Mixed, Mixed mostly residential 34% Resideintial, exclusively 59%
Commercial, exclusively 1%
Survey Respondent Profile 2007 T Transaction Sides Completed ti Sid C l t d
"31‐40 4% "41‐50 2% 51 or more 1% zero 11%
14
48% of respondents completed 1-10 transaction sides in 2007. 2007
"21‐30 11%
"11‐20 23%
"1‐10 48%
Survey Respondent Profile Agents i Y A t in Your Office Offi
B roker‐Owners /Managers A gents /B roker A s s ociates 44% Overall
15
44% of broker-owners & managers participating in this study work in an office with 1-5 agents.
10% of broker-owners & managers indicate that there are zero agents in their office. This could be a one person shop where the broker-owner broker owner wears “many hats.”
19% 15% 13% 12% 11% 17% 16% 13%
20% 18%
20% 17% 13% 11%
7% 5% 3% 1% zero "1‐5 "6‐10 "11‐25 "26‐50 "51‐100 "101‐250 3% 2% 1% 1% 1% "501 ‐1,000 1% 1% 1% "1,001 or more
40% of agents & broker b k associates work i t k in an office with 26-100 agents.
"251 ‐ 500
Survey Respondent Profile Describe the Firm Where You Work D ib th Fi Wh Y W k
S ubs idiary of national b d f l or reg ional c orp, franc his e 15% Independent, non franc his e 50%
16
Half belong to an independent, nonfranchised firm (50%).
S ubs idiary of national or reg ional c orp, non‐ franc his e 7%
Independent, franc his e 28%
Survey Respondent Profile
States included in each region:
16%
17
Primary State Where Business is Conducted Pi St t Wh B i i C d t d
Region 1 (CT, MA, ME, NH, RI, VT) Region 2 (NJ, NY, PA) Region 3 (DE, DC, MD, VA, WV) Region 4 (KY, NC, SC, TN) Region 5 (AL, FL, GA, MS, VI, PR) Region 6 (MI, OH) Region 7 (IL, IN, WI) Region 8 (IA, MN, NE, ND, SD) Region 9 (AR, KS, MO, OK) Region 10 (LA, TX) g ( , ) Region 11 (AZ, CO, NV, NM, UT, WY) Region 12 (AK, ID, MT, OR, WA) Region 13 (CA HI, Guam) (CA, HI
10% 9% 8% 7% 6% 5% 5% 5% 4% 7% 8% 9%
Region 1 Region 2 Region 3 Region 4 Region 5 Region 6 Region 7 Region 8 Region 9 Region 10 Region 11 Region 12 Region 13
Technology Sourcing
52% 46% 42% 36% 33% 36% 46%
18
Learning about New Technology for Real Estate L i b tN T h l f R lE t t
The following are the top three sources that participants h i i turn to when looking to learn about new technology for real estate: t t NAR (52%) Real estate news web sites (46%) ( ) Colleagues (46%) “Other” sources of information include i f ti i l d classes, e-mail, magazine articles, general blogs, and/or sales meetings. l ti
26% 20% 16% 10% 8%
26%
Technology Sourcing Devices U d f B i D i Used for Business
87%
19
64% 55% 55%
42% 34%
Over half use the following devices for business: Digital camera (87%) Desktop PC (64%) Notebook (55%) Cell phone ( p (no email, no internet – 55%)
20% 9% 11%
8%
Tablet PC
PDA (no Cellular phone modem card capability)
Video Camera
Global Smartphone Cell phone Positioning with wireless (no email, no email System with email, internet) navigation internet (e.g. capabilities Treo, Blackberry, iPhone, etc)
Notebook
Desktop PC
Digital Camera
Technology Sourcing
Devices Used f B i D i U d for Business - C Comparison i
2006
*
20
2007 92% 87% 79% 72% 63% 55% 42% 55% 64%
34% 28% 19% 8% 9% 9% 11% 20% 12%
5%
Since last year s year’s REALTOR® Technology Survey, there has been a: 22% increase in use of GPS 14% increase in Smartphone usage. This Thi may explain the l i h decline in using PDA’s and cell phones (with no email or internet il i t t capabilities.)
Tablet PC
PDA (no Cellular phone modem card capability)
Video Camera
Global Smartphone Cell phone Notebook Desktop PC Digital Camera Positioning with wireless (no email, no internet) email, System with navigation internet (e.g. Treo, capabilities Blackberry, Video Camera was not an option in last iPhone, etc) year's survey.
Technology Sourcing
Purchasing R l i D i P h i or Replacing Devices Used for Business U df B i
37%
21
In the next year, year 37% plan to purchase or replace a Smartphone (e.g. Treo, Blackberry, Treo Blackberry iPhone, etc.)
17% 15% 12% 9% 7% 9% 12%
18%
1%
P D A (no phone h capability) Tablet P C C ellular modem card d d V ideo C amera C ell phone D es ktop P C G lobal (no ( email, no il P os itioning iti i internet) S ys tem with navigation capabilities D igital C amera Notebook S martphone with wireles s ith i l email, internet (e.g. Treo, B lackberry, iP hone, etc)
Technology Sourcing
Not Likely to Engage in These Activities on a Daily Basis
A few times during the year Monthly Weekly Daily
19% I upload or view photos on sites usch as Flickr and Snapfish 8% 2% 18% 12% 8% 2% 15% 5% 6% 3% 6% 5% 7% 2% 1% 1% 1% 2% 2% 1% 13%
22
Respondents are not likely to engage in any of the listed activities on this slide on a daily basis. basis
I download and listen to podcasts
p g I post comments on blogs
I post to my own blog
I use Twitter
Percents not shown on the slide selected “never.”
I create podcasts
Technology Sourcing
Not Likely to Engage in These Activities on a Daily Basis ik l i h i ii il i
A few times during the year Monthly Weekly Daily
23
I use cell phone texting
12% 10% 17% 35% 14%
On a daily basis the basis, only activity that 35% of respondents engage in is texting via cell phone. phone Respondents that engage in any of these activities do it for both, personal & business, reasons.
I use instant messaging (AOL, GoogleTalk, etc)
6% 13% 17% 24%
I read blogs 9%
12% 11%
I update to my own personal website 16% 5%
25% 20%
I shop online 23% 4% 23% I watch or upload videos to YouTube, Google video, or similar 4% 15% 16%
41% 26%
Percents not shown on the slide selected “never.”
Technology Sourcing
Operating System O ti S t
73%
24
Windows XP is the most commonly used operating system among the majority of respondents (73%).
19%
4%
5%
MAC OS X
Windows 2000
Windows Vista
Windows XP
Technology Sourcing
Most U d d Preferred W b B M t Used and P f d Web Browser
USE 83% 75% PREFER
25
Internet Explorer is used by 83% and preferred by 75% of respondents. It remains th most i the t used and preferred web browser.
14% 9% 6% 6% 2% AOL Internet Explorer Mozilla Firefox Safari 4%
Technology Sourcing
Most U d d Preferred E il Client M t Used and P f d Email Cli t
USE most PREFER most 36%
26
26% use Outlook Outlook, followed closely by another 23% who use Outlook Express.
23%23%
26%
36% prefer Outlook, while another 23% prefer Outlook Express.
12%12%
8%
9% 7% 3% 1% 2% 2%
10% 6% 6%
1% 1%
2% 2%
Technology Sourcing
Expenses on Real Estate-Related Technology E R lE t t R l t dT h l
Overall (2006) (2006)* Overall (2007)
27
29%
23%
24% 22%
Overall, almost half , (46%), spent between $501 - $2,000 on technology for real estate purposes in p p 2007.
17%
16%
12%
12%
8% 6% 3%
8% 5% 6% 4% 4%
Less than $100
$100‐$250
$251‐$500
$501‐$1,000
$1,001‐$2,000
$2,001‐$3,000
$3,001‐$5,000
More than $5,000
* 2007 REALTOR® Technology Survey
Technology Sourcing
Expenses on Real Estate-Related Technology E R lE t t R l t dT h l
Overall (2007) Broker‐Owner/Manager Sales Agent/Associate Broker
28
24% 21%
25% 22% 20% 23%
17%
17%
16%
13%
12%
58% of broker owners broker-owners & managers spent over $1,000 on technology for real estate purposes in 2007. Those that indicate spending more than $5,000 $5 000 report a t mean or average expense of $17,045.
11% 11% 11%
6%
7%
8%
8% 6% 4% 5%
4%
2%
3%
65% of sales agents & associate brokers spent $251-$2,000.
Less than $100
$100‐$250
$251‐$500
$501‐$1,000
$1,001‐$2,000
$2,001‐$3,000
$3,001‐$5,000
More than $5,000
Technology Sourcing
Value f B k S V l of Broker-Supplied Technology li d T h l
35%
29
25%
Over half (56%) of participating sales agents & associate brokers find the technology supplied by their broker to be valuable or extremely valuable. 12% belong to an office where the broker does not provide technology.
21%
12%
7%
Not at all valuable
S omewhat valuable
V aluable
E xtremely valuable
My broker does not provide technolog y
Technology Sourcing Technology Fee Paid to Broker T h l F P id t B k
57%
30
Sales agents & broker associates that belong to an office where the broker provides technology were asked about the fee they pay. 57% indicate that they do not pay a monthly technology fee to their broker.
14%
7%
8% 4% 5% 2% 2% 3%
No fee
L es s than $20
$21‐$40
$41‐$60
$61‐$80
$81‐$100
$101‐$150
$151‐$200
More than $200
Technology Sourcing More T h l M Technology from the Broker? f th B k ?
31
Y es 46% No 54%
46% of sales agents & associate brokers would like lik to see their broker h i b k expand the amount of technology offered. Some ideas include technology training, one-on-one t h t i i tech assistance, lead generation, e-documents, and/or e-signatures. This is a 19% decrease in comparison to last year’s 65% that wanted more technology from their broker.
Technology Sourcing Value f th V l of the MLS
Not at all Valuable 3%
32
Survey respondents find value in their MLS for the price paid. 41% find the MLS to be valuable, while another 38% find it to be extremely valuable.
Somewhat Valuable 19% Extremely Valuable 38%
Valuable 40%
Technology Sourcing
More T h l M Technology & Services from the MLS? S i f th
33
No 33%
The majority (67%) would like to see their MLS expand the d h technology & services offered. IDX feeds, enhanced maps, easy download t GPS d l d to GPS, better interaction with mobile tools (GPS & Smartphone), and tech support are suggested t t d by survey participants. There’s a decline of 20% from last year’s 87% who wanted to see their MLS expand their technology and gy services.
Y es 67%
Social Networking
Not S ure 7%
34
Participation i S i l Networking Sites or Blogs P ti i ti in Social N t ki Sit Bl
33% of respondents participate in social networking sites or blogs for real estate business purposes. purposes
Y es 33%
No 60%
Social Networking
Frequency of P ti i ti on Specific Sites F f Participation S ifi Sit
A few times during the year
ActiveRain
8%
35
Monthly
9%
Weekly
12%
Daily
14% 11% 10% 14%
Those participating in blogs or social networking sites, were asked about th i k d b t their participation on a number of sites.
Facebook
4% 4%
8%
Flickr
1% 2%
3%
Friendster
1% 15%
LinkedIn
4% 2%
17%
18%
On a daily basis, basis respondents are likely to participate in: Facebook (10%) ActiveRain (8%) Self-hosted blog (7%) On a weekly basis the following is likely to be accessed: LinkedIn (18%)
LiveJournal
1% 11% 11%
MySpace
6% 6% 6%
9%
RealTown
3%
5% 5%
Self‐hosted blog
3% 3%
4% 7%
9%
Twitter
1%
5%
Social Networking
Very Satisfied ‐4 ActiveRain
2% 13% 17%
36
Satisfaction ith S i l N t S ti f ti with Social Networking Sites or Blogs ki Sit Bl
Satisfied ‐ 3
26%
Dissatisfied ‐2
Very Dissatisfied ‐1
59%
Facebook
2%
16% 30% 57%
64%
Flickr
13% 17%
Friendster
14%
25%
58%
Those that participate in the social networking sites listed on the survey indicate that they are satisfied with their experiences on these sites.
LinkedIn
4%
17% 20% 20% 13%
65%
LiveJournal
60% 69% 23%
MySpace
3%
19%
RealTown
3%
7% 38% 48%
68%
Self‐hosted blog S lf h t d bl
14% 17%
Twitter
3%
26%
54%
Social Networking Interested in Communicating with… I t t di C i ti ith
Consumer Real t t R l estate vendors d
62%
37
Other REALTORS® Others Oth
REALTOR® Organizations Politician P liti i
51% 48%
38%
35% 36%
26% 23% 20% 18% 16% 12% 9% 12% 10% 6% 4% 2%
Ranked 3 Ranked 4
26%
26%
20%
15% 14%
22% 15%
Respondents indicated, in rank order, whom they are trying to reach h i h through social networking sites: 1. Consumers (62%) 2. Other REALTORS® (48%) 3. REALTOR® Organizations (35%) 4. Real estate vendors (38%) 5. Others (36%) 6. Politicians (51%)
7%
5% 2% 3% 1%
Ranked 2
5%
5% 3% 1%
Ranked 5 Ranked 6
3%
Ranked 1
Social Networking Social N t S i l Networking or Blog Presence ki Bl P
60%
38
60% indicate that they are not sure if their company or REALTOR® associations have a social networking or blog presence.
16% 12% 12% 10%
16%
Me
My loc al R E AL T OR ® A s s oc iation
My real es tate c ompany
My s tate R E AL T OR ® A s s oc iation
T he National A s s oc iation of R E AL T OR S ®
Not s ure
Lead Generation Vehicles U d to G V hi l Used t Generate Leads t L d
Not at all important ‐ 1 Important ‐ 3 S omewhat important ‐ 2 V ery Important ‐4
4% 9% 5% 9% 15% 22% 23% 29% 25% 39% 40% 24% 19% 20% 34% 36% 87% 88% 8% 11% 12% 14%
39
20% 29% 53%
Repeat business (88%), referrals (87%), and the internet (53%) are very important in generating leads.
65%
63% 48% 26% 29% % 41%
30% 28%
28%
15% 17% 8% 5%
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Lead Generation Business from Referrals B i f R f l
28% 26% 23% 20%
40
In 2007, 46% generate 2007 over fifty percent of their business from referral clients. This is a 13% increase compared to 33% in 2006.
3%
Z ero
1‐25%
26‐50%
51‐75%
76‐100%
Lead Generation
On What Web Sites are Listings Displayed?
78% 72%
41
57% 53% 44% 36% 28% 28% 30% 31% 32% 38% 40%
The top sites where listings are displayed: REALTOR.com® (78%) Broker’s site (72%) MLS-controlled web site (57%) My own site (53%)
18%
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Lead Generation Usefulness of Specific Web Sites
Not familiar with this s ite Us eful Not N t us eful f l
42
Respondents were asked to evaluate several sites on their usefulness.
4%
37% 60% 6%
35% 41%
27% 37%
60% are not t familiar with Redfin.com 58% indicate that LendingTree.com is not useful to them. 85% find REALTOR.com® useful.
16% 23%
33% 34%
85%
3% 58% 50% 38% 36% 40% 29% 12%
R edfin.c om L endingT ree.c om Hous evalues .c om R eales tate.c om Zillow.c om T rulia.c om R E AL T O R .c om
Lead Generation
Creation & Operation of Business Web Site
Overall
33% 29% 25% 2 %
43
Over 5 years in real estate
5 years or less in real estate
80% of broker-owners & managers indicate that their business has a real estate web site. This question was analyzed by “years in the business.” Those that have been in the business over 5 years created & operated their business web site in 2002 or earlier (52%). 55% of those that have been in real estate 5 years or less created & operated their business web site in 2006 or thereafter. h f
17% 13% 10% 10% 6% 7% 7% 8% 7% 8% 7% 6%
17% 12% 12% 13% 11% 9% 6% 5%
12% 11%
2000 or before
2001
2002
2003
2004
2005
2006
2007
2008
Lead Generation
Creation & Operation of Agent Web Site
Overall Over 5 years in real estate 5 years or less in real estate
27%
44
56% of sales agents & associate brokers have their own real estate web site. This question was analyzed by “years in the business.”
25%
26%
18% 16% 13% 11% 10% 7% 7% 4% 2% 14% 12% 12% 9% 7% 9% 12%
18%
14%
10%
Those that have been in the business over 5 years created & operated their web site in 2002 or earlier (52%). 67% of those that have been in real estate 5 years or less created & operated their web site in 2006 or thereafter. h f
9% 6%
6%
2000 or before
2001
2002
2003
2004
2005
2006
2007
2008
Lead Generation
Web Sites
Broker‐Owner/Manager Sales Agent/Associate Broker 92% 80%
45
The majority of survey participants include listing search capabilities on their web site:
BrokerOwner/Manager (80%) Sales agent/Associate broker (92%)
37%
22%
25%
22%
Do consumers have to register to access listing information on your web site?
Do you have listing search capabilities on your web site?
Are you satisfied with the amount of Internet leads you receive?
Lead Generation
Expense to Build Real Estate Web Site
A g ents /B roker A s s oc iate t k i t B roker‐O wner/Manag er O verall
26%
46
23% 22% 20% 18% 17% 16% 15% 13% 12% 11% 16% 15% 13% 17%
43% of sales agents & broker g associates spend between $101$1,000 to build their real estate web site. 35% of brokerowners & managers spent $1,001 - $5,000.
8% 7% 6%
8%
5% 3% 2% 2% 1% 1% 2%
There is no dependency between the number of sides & amount of dollars spent on the web site.
Z ero
$1‐$100
$101 ‐ $500
$501‐ $1,000
$1,001 ‐ $2,000
$2,001‐ $5,000
$5,001‐ $10,000
$10,001‐ $20,000
More than $20,000
Lead Generation
A g ents / roker A s s oc iate /B B roker‐O wner/Manag er O verall
31% 29%
47
Annual Expense to Maintain the Web Site
53% of sales agents & broker associates spend between $101$1,000 $1 000 annually on their web site. 47% of brokerowners & managers spent $101 - $1,000 annually on their web site.
6% 4% 3% 2% 2% 0% Z ero $1‐$100 $101 ‐ $500 $501‐$1,000 $1,001 ‐ $2,000 $2,001‐ $5,000 $5,001‐ $10,000 $10,001‐ $20,000 3% 2% 1% 0% More than $20,000 3%
24% 23% 22% 22% 19% 16% 14% 14% 13% 11% 10% 8% 8% 13%
Relationship Building
Frequency of Communication with Past Clients
35%
48
27%
Efforts to stay in touch with past clients are likely to occur on a quarterly basis among 35%, 35% while another 27% reach out monthly.
13% 10%
5% 2% 2%
W eekly
Monthly
Q uarterly
T wic e a year
O nc e a year
L es s than onc e a year
Never
Relationship Building
Tools Used to Stay in Touch with Past Clients
64%
49
34%
32%
33%
The top three tools used to keep in touch with past clients are: Email E il (34%) Phone call (32%) Regular postal mail (22%)
22%
24%
23%
23%
R anked 1‐ E mail
R anked 2 ‐ P hone call
R anked 3 ‐ R egular pos tal mail
R anked 4 ‐ Meeting
R anked 5 ‐ Web s ite
R anked 6 ‐ eNews letter
R anked 7 ‐ F ax
R anked 8 ‐ B log
Relationship Building
Tools Used to Stay in Touch with Past Clients: Ranked 1-4 14
Email Regular postal mail Phone call Meeting
50
34% 31% 28% 26% 24% 22% 21% 17% 32%
17% 13%
16%
10% 6% 6%
10%
Ranked 1
Ranked 2
Ranked 3
Ranked 4
Relationship Building
Tools Used to Stay in Touch with Past Clients: Ranked 5-8 58
E‐Newsletter Web site Blog Fax
64%
51
33%
21%
23%
23% 22% 15% 8% 4% 4% 16%
25% % 19% 20% 15%
2%
Ranked 5
Ranked 6
Ranked 7
Ranked 8
Relationship Building
Satisfaction with Communication Tools
Very Satisfied Dissatisfied Di i fi d Satisfied Very Dissatisfied V Di i fi d
52
14% 20%
9% 15% 27% 41% 48% 50%
51% 49% 56% 60% 61%
When it comes to staying in touch with past clients, the top three tools with the highest satisfaction g ratings are: Email (97%) Phone call (97%) Meeting (94%)
53% 49% 30% 20% 12% 10% 7% Blog 3% Email E‐Newsletter Fax 4% 2% Meeting 3% 1% Phone call Regular postal mail 4% Web site 20% 30% 47%
Relationship Building
Tools Used to Stay in Touch with Active Clients
73%
53
50% 43%
51%
The top three tools used to keep in touch with active clients are: Phone call (50%) Ph ll Email (43%) Meeting (51%)
36% 30% 22% 32%
R anked 1 ‐ P hone call
R anked 2 ‐ E mail
R anked 3 ‐ Meeting
R anked 4 ‐ R egular pos tal mail
R anked 5 ‐F ax
R anked 6‐ eNews letter
R anked 7 ‐Web R anked 8 ‐B log s ite
Relationship Building
Tools Used to Stay in Touch with Active Clients: Ranked 1-4 14
Email Regular postal mail Phone call Meeting
54
50%
51%
43% 39% 37%
30%
16% 14% 11% 9% 7% 4% 4% 6% 3% 2%
Ranked 1
Ranked 2
Ranked 3
Ranked 4
Relationship Building
Tools Used to Stay in Touch with Active Clients: Ranked 5-8 58
E‐Newsletter Web site Blog Fax
73%
55
36% 32% 28% 21% 17% 11% 4% 5% 3% 3% 22% 21% 17% 18% 17%
Ranked 5
Ranked 6
Ranked 7
Ranked 8
Relationship Building
Past Active 73%
56
Comparison: Communication Tools Used
64%
50% 43%
51%
34%
36% 32% 24% 30% 22% 23% 22% 23% 33% 32%
Regula postal mail ar
Regular postal mail
Phone Call e
eNew wsletter
wsletter eNew
Phon Call ne
Web Site
Meet ting
Web Site
Email
ting Meet
Emai il
Ranked 1
Ranked 2
Ranked 3
Ranked 4
Ranked 5
Ranked 6
Ranked 7
Ranked 8
Blog
Fax
Fax
Blog g
Mapping
Frequency of Mapping Application Use
52%
57
93% of respondents use mapping applications. Of these, 52% use mapping applications (such as Google maps, MapQuest, etc.) 1-5 times per week.
18%
7%
8% 5% 2%
7%
Z ero
"1‐5
"6‐10
"11‐15
"16‐20
"21‐25
26 or more
Mapping Primary Map Applications Used
52%
58
MapQuest (52%) and Google Maps (32%) are mapping applications used by respondents most often.
32%
9% 6% 2%
Mic ros oft MapP oint
Y ahoo Maps
G oog le E arth
G oog le Maps
MapQ ues t
Mapping Searches & Data
Y es No D on't know 85%
59
71% 63%
Of the 69% who use maps on their listing website: 71% have map based search 63% integrate additional information on their listing search such as businesses, school data, etc. 15% feel that mapbased search creates a more effective search utility
37%
15%
14%
15%
55% of those that do not include additional information would like to integrate additional information into their listing search but the data is t h d to find. i too hard t fi d
integrate additional information on your lis ting s earch (bus ines s , s chool data, etc)?
have map bas ed s earch?
feel that map‐bas ed s earch creates a more effective s earch utility?
Mapping Additional Data Included in Searches
34%
60
School information is included with the listing search by 34%.
16% 12% 8% 9% 10% 13%
17%
7% 5% 1%
r
nt s
t
ip
st at is t ic s
ne
s
s
es
s ra ph ic m og
m ar ke
or sh
Pa
Fl oo d
si ne
s/ Ro
ta u
th e
es
Bu
e
rim
on
es
w
R
ay
of
Pl ac
C
s
ig h
Ar ea
D
ay
H
de
Sc
w
ho ol s
th e
zo
O
ss
ra
ad
rk
M LS do es no to ffe r m ap pi
2%
Pl ac
6% 4% 5% 9% 12% 13% 21% 22% 19% 20% 18% 16% 16% 16% 17% 25% 36%
Mapping Useful MLS Mapping Elements
ng O th el er em en e of ts W or sh Bu ip Pr s in ic B e es ui pe se ld rs in s g qu sk ar et e ch fe et ‐ m Pa a p rks D on sh 't ad us in e g m D ay ap s pi F on ng L a lood th e nd Zo m U ar ne se ke /Z t‐ m oni ng ap sh H ad ou se in O g ut nu lin m ed be Pl m rs ot ap ou Pl s tli of ot ne ne di s m ig en hb s io or ho n od S c & ho s u o ls M bd ap iv ba is i Ae se on ria d se l/s ar at ch el lit D e riv ph in ot g o di re ct io ns
54%
Respondents, whose MLS offers mapping, find i fi d driving directions (54%) and aerial/satellite photos (36%) useful h t f l among other data information.
61
Forms & Contract Software Number of Required Documents
36% 36%
62
Number of documents required to complete a transaction range i from:
1-10 documents (36%) 11-20 documents (36%) 21 or more documents (28%)
19%
6% 3%
"1‐10
"11‐20
"21‐40
"41‐60
61 or more
Forms & Contract Software
Do MLS & Contact Data Load Automatically into Forms/Contract Software?
47%
63
68% use automated forms or management software such as WINForms®, Instaforms, or ZipForm®. Zi F ® Of these, 47% load MLS and contact data manually into their forms/contract management software.
23%
14% 10% 6%
C ontac t dat only
ML S data only
D on't know
B oth, ML S and C ontac t data
No, they have to be entered manually
Forms & Contract Software
Satisfaction: Forms/Contract Management Software
Very Dissatisfied 2% Dissatisfied 13%
64
Very Satisfied 18%
66% are satisfied with th i ith their forms/contract management software. Another 18% are very satisfied.
Satisfied 67%
Forms & Contract Software
Electronic Document Management System
36%
65
31% use an electronic management system/repository where they can upload customerrelated t l t d transaction ti documents. Respondents p indicate that this document management system is provided by the p y broker (36%) or MLS (23%).
23%
14% 12% 12%
3%
Not s ure
real es tate c ompany
L oc al R E AL T OR ® A s s oc iation
S tate R E AL T OR ® A s s oc iation
ML S
broker
Transaction Management
14%
66
Entering & Managing Transaction Information
26% of respondents use a transaction management system. Agents were cited as being the ones that g enter and manage the transaction information most often (49%). ( )
4% 3% 2% 3%
4%
O ther
offic e manager agent as s is tant
trans ac tion c oordinator
offic e admin
agent
Transaction Management
Interest in Automated Transaction System
Not at all Interested 2%
67
Respondents were asked how interested they are i d h in participating in an automated transaction management system. t t 2% are not at all interested in an automated transaction management system.
Very Interested 30% Somewhat interested 37%
Interested 31%
Transaction Management
Transaction Management System Satisfaction
Very Dissatisfied 3%
68
Very Satisfied 15%
Dissatisfied 11%
Lack of interest in an automated system may be influenced by many factors, one of them being respondents’ satisfaction with their current transaction management system:
71% are satisfied 15% are very y satisfied
Satisfied 71%
Transaction Management
Documenting Real Estate Transactions
79% 72%
69
54%
41% 36%
17%
3% Other
5%
Respondents use one or more technologies to document their real estate transactions. The most common technologies used are: hard copy documents (79%) email records (72%) scanned documents (54%)
Voice to e‐mail Transaction Fax to digital mgmt software documents
Handwritten notebook
Scanned documents
E‐mail records
Hard copy documents
Security Viruses, Spyware Viruses Spyware, and Hackers
Y es No D on't K now 81%
70
68%
The majority of sales agents & broker associates have not been inconvenienced (in the workplace) by a virus, spyware, or a hacker in the last year.
24% 16% 8% 4%
have you been inconvenienced by a virus or s pyware in the las t year in the workplace?
have you been inconvenienced by a hacker in the las t year?
Security Viruses, Spyware Viruses Spyware, and Hackers
Y es No D on't K now
82%
71
66%
The majority of broker-owners & managers’ offices have not been inconvenienced by a virus, spyware, or a hacker in the last year.
30%
11% 7% 4%
have you been inconvenienced by a virus or s pyware in the las t year in the workplace?
have you been inconvenienced by a hacker in the las t year?
Security Company Policies
Y es No Not s ure 77%
72
59% 52% 42% 36% 45%
34% 28% 24% 21% 21% 19% 17%
Respondents are affiliated with a company that: h has a written security policy for staff (42%) has a written privacy p y policy for their clients/consumers (45%) checks for and/or install antivirus software for their computer regularly (52%)
23%
4%
D oes your company have D oes your company have D oes your company check D o you check for and/or ins tall anti‐s pyware for a written s ecurity policy for a written privacy policy for for and/or ins tall antivirus s taff? your clients /cons umers ? s oftware for your computer yoru computer regularly (at leas t monthly)? regularly (at leas t monthly)?
D oes your company provide Internet s ecurity training?
Center for REALTOR® Technology
73
Contacts
The REALTORS® Technology Survey is an annual benchmark study. The Center for REALTOR® Technology develops new survey sections as needed to keep pulse of technology programs, products and services. t h l d t d i Please direct questions or comments about the 2008 REALTORS® Technology Survey Report to: Keith Garner Managing Director, CRT kgarner@realtors.org Ana Schmitz Communications Associate, CRT aschmitz@realtors.org NAR’s Center for REALTOR® Technology was established to provide technology leadership, guidance, and assistance for NAR members. Through its mission of implementation, advocacy and information, CRT delivers informed industry insight, research, and opensource applications applications.