Proptech: Insights from NAR’s 2023 Tech Survey

Real estate is changing with technology. Proptech, or property technology, is making buying, selling, researching, marketing, and managing properties more efficient. These tools not only improve communication but also streamline processes, helping real estate professionals succeed. To keep up with this evolution, real estate pros should understand proptech, stay informed about new technologies and trends, and use technology to grow their business. The NAR Technology Survey is a valuable tool that asked members how they use technology, which tools are most effective, and gauges awareness of emerging technologies that could transform the real estate industry. The insights from the 2023 survey can be used to make predictions about how proptech will shape the future of real estate.

Proptech Working for Real Estate Professionals

In the 2023 Technology Survey, three proptech tools stood out for real estate professionals. E-signature took the lead with 79% finding it very impactful, followed by lockbox/showing technology (66%) and cloud storage (48%), which allows secure remote access to files.

Social media is a big player in the real estate game too. A whopping 92% of survey respondents use Facebook, 68% use Instagram, 52% are on LinkedIn, and 26% utilize YouTube to promote property listings.

When it comes to generating quality leads, real estate pros have found success with social media (54%), customer relationship management systems (CRMs) (36%), and their local MLS (24%).

Up-and-Coming Technologies to Keep an Eye On

Let’s talk about some cool tech stuff and how it might shake up the real estate scene. The 2023 survey looks at how aware people are of new technologies and how they think these tools will play out.

Ever heard of blockchain technology? It’s this tech that can totally change how we deal with records, buying, leasing, payments, and contracts in real estate. Surprisingly, over half of the folks surveyed (52%) haven’t heard much about it, but 32% think it could make a big impact in the next three to five years.

Now, let’s talk about AI. Artificial intelligence (AI) is a versatile technology with capabilities ranging from generating blog content to crafting compelling listing descriptions within the real estate realm. Interestingly, only 54% are somewhat familiar with it, though 44% think AI is already shaking up the real estate game.

How about exploring a property in a virtual world? The Metaverse, augmented reality (AR), and virtual reality (VR) can make that happen! But, here’s the thing—only 27% know much about these cool technologies, though 36% believe they’ll bring some magic to real estate.

Last but not least, sustainability tech is all about making homes energy-efficient and planning eco-friendly neighborhoods. About 41% are somewhat familiar with it, and 32% think this tech is already making waves in real estate.

Anticipating Changes in Real Estate

The rise of new technology often feels like a big change, but what if we see it as a chance to do things better? Real estate folks can get ready to use these cool technologies to their advantage.

The rise of new technology often feels like a big change, but what if we see it as an opportunity? Real estate professionals should get ready for how these game-changing technologies can actually work in their favor.

Looking ahead to 2024 and beyond, AI is going to be a big player. It’ll help with finding comps, creating listings, and setting prices. AI can also handle contract stuff and maybe even do negotiations for buyers and sellers, making everything smoother and more efficient.

But hey, so far, blockchain in real estate hasn’t quite lived up to its promises. We’re still not sure if it’ll have a big impact beyond finance.

At the moment, AR is the star, and VR is a bit pricey. But get this—both are gearing up to make a huge impact on real estate. Imagine using AR/VR to explore homes online or check out features before going to see them in person. It might just become the main way we use the internet for house hunting. Exciting times, right?