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| REALTORS(R) Use Technology to Transform Business and Client Relationships
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Posted: 2008-11-10 19:46:59 |
ORLANDO, FL -- In an ever-changing world, innovative technologies are helping Realtors(R) grow their businesses and foster stronger relationships with consumers and colleagues. Realtors(R) attending today's Business Technology and Information Systems Forum at the 2008 REALTORS(R) Conference & Expo gained insights into how real estate technologies are transforming the industry.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080923/NARLOGO )
According to the 2008 Realtor(R) Technology Survey - an annual survey conducted by NAR's Center for REALTOR(R) Technology - Realtors(R) invest heavily in technology, with almost half of respondents spending between $500 and $2,000 on technology last year. The most popular devices Realtors(R) use in their day-to-day business include digital cameras, desktop and laptop computers and cell phones.
"Realtors(R) are industry innovators and there is no doubt that technology has had an impact on the way we conduct the real estate business," said 2008 NAR President-elect Charles McMillan, who participated in the forum. "In a rapidly changing environment, keeping up with the latest business technology trends is no longer a nice-to-have, it's become an essential tool for success."
McMillan asked Joel Burslem, vice president of content at Inman News, a leading real estate news publication, to share his insights into emerging trends in real estate, changes in the way real estate news is covered, and the importance of technology in facilitating international real estate as markets expand globally.
Gary Kenline, 2008 chair of NAR's Business Technology and Information Systems Forum, headed a panel composed of Alex Chaparro of Century 21 S.G.R. Inc.; Katherine Kaghaz of Shorewood REALTORS(R); and Shannon Williams King of TriBella Realty.
Chaparro employs technology tools in his real estate business for education, office retention and recruiting as well as social networking sites that foster strong relationships with consumers and help him recruit other agents.
According to the Realtor(R) Technology Survey, 33 percent of Realtors(R) participate in social networking sites or blogs for real estate. The most popular sites among Realtors(R) include Facebook (10 percent), ActiveRain (8 percent) and their personal blog (7 percent).
King said technology has enabled her to run a full-service real estate office entirely over the Web. King's virtual real estate office allows her and her tech-savvy agents to productively run their real estate businesses from their homes or on the road.
Kaghazi said her real estate office successfully selected, tested and implemented transaction management software to improve efficiency, manage transaction activities and better connect to home buyers and sellers.
According to the Realtor(R) Technology Survey, use of automated forms and transaction management software continues to rise. Twenty-six percent use a transaction management system, which electronically tracks each step of the real estate process, up from 13 percent in 2005. Another 68 percent of those surveyed use an automated forms management program to help streamline the paperwork involved in a transaction.
"While technology has certainly helped improve the business of real estate, strong personal relationships will always be critical to a Realtor(R)'s success," said McMillan.
In fact, Realtor(R) Technology Survey respondents have consistently cited referrals and repeat business as the top sources for generating the greatest number of leads. Forty-six percent of respondents said that more than half of their business comes from referral clients. The most popular ways to maintain relationships with current clients is through phone calls (50 percent), e-mail (43 percent) and in-person meetings (51 percent).
The 2008 Realtor(R) Technology Survey was based on data from field research conducted in July 2008. CRT e-mailed the survey to 40,000 NAR members, including Realtor(R) brokers and agents, and generated 942 usable responses. Full survey results are available at www.realtor.org/technology.
The National Association of Realtors(R), "The Voice for Real Estate," is America's largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.
Information about NAR is available at www.realtor.org. This and other news releases are posted in the Web site's "News Media" section in the NAR Media Center.
REALTOR(R) is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS(R) and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS(R). All REALTORS(R) are members of NAR.
Photo: Logo: http://www.newscom.com/cgi-bin/prnh/20080923/NARLOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
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| Notes:
Source: National Association of Realtors
CONTACT: Sara Weis, +1-202-383-1013, sweis@realtors.org
Web Site: http://www.realtor.org/
http://www.realtor.org/technology
About This Release
If you have any questions regarding information in this press release, please contact the organization listed in the press release. Issuers of press releases and not TCI are solely responsible for the accuracy of the content.
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