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The Real Estate Web Blog
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A new survey by the National Association of Realtors(R) has identified key areas where Realtors(R) believe technology can play a significant role in improving the real estate transaction process.
The 2005 Realtor(R) Technology Efficiency Survey, conducted jointly by NAR’s Center for REALTOR(R) Technology and FBS Data Systems, found that technology has become more prevalent throughout the real estate transaction life-cycle, allows for Realtors(R) to better serve clients and points out areas of technology that are still emerging.
The survey reveals that Realtors(R) have embraced the Internet and that high-speed Internet access has become the norm, with almost nine out of ten respondents indicating they use high-speed Internet access. Of the Realtors(R) polled, 68 percent indicated they use the Internet to generate leads, but six out of ten of this group only get 10 percent or less of their leads through the Internet. The top sources of Internet leads are company and agent Web sites.
“The Internet is vital to a growing number of Realtors(R)’ success; more than two-thirds of Realtors(R) indicate they have a Web site,” said Mark Lesswing, NAR vice president of CRT. “And while many Realtors(R) have Web sites, only 40 percent of respondents are able to direct maximum traffic to their site.”
The survey indicates that while agents realize the importance of the Internet for generating leads and most are using the Internet in some way to do this, only 12 percent are using any system to qualify leads, Lesswing said. “About three-fourths said they were not satisfied with the number or quality of Internet leads. We see this as indicating areas that are ripe for innovation using technology.”
The survey indicated that referrals and repeat clients are most important for generating leads. More than 40 percent of those surveyed indicated that half or more of their business is based on referral or repeat clients. Even though referral and repeat clients are the most important methods of generating new business, only 22 percent of respondents were “very pleased” with the methods they use for staying in touch with past clients.
The study reveals that only 13 percent of respondents report they use any form of automated transaction management system. Sixty-eight percent, however, expressed interest in using transaction management systems in the future.
“With the increased documentation required by a transaction, it’s understandable why so many Realtors(R) see they’ll need automated transaction systems. It will simplify the homebuying process for both consumers and Realtors(R),” said Vince Malta, a broker with Malta & Co. in San Francisco, who participated in the study. “It smoothes the process and makes important transaction elements like communications, follow-up, disclosure and document storage easier,” said Malta, president-elect of the California Association of Realtors(R).
The survey was based on data from field research conducted earlier this year. The survey respondents included agents (81 percent) and brokers (16 percent). The survey was e-mailed to 50,000 NAR members in April and generated a 5.1 percent response rate with 2,554 usable responses. The 2005 Realtor(R) Technology Efficiency Survey is available at http://www.realtor.org/crtweb.nsf/pages/CRTsurvey?OpenDocument.
CRT is a division of NAR that provides advocacy, implementation and information on technology to the real estate industry. Further information on CRT is available at http://www.realtor.org/CRT.
FBS Data Systems Fargo, N.D., is the creator of the flexmls(TM) system and has served Realtors(R) and MLS systems for more than 25 years.
The National Association of Realtors(R), “The Voice for Real Estate,” is America’s largest trade association, representing more than 1 million members involved in all aspects of the residential and commercial real estate industries.
Information about NAR is available at http://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.
Source : Moneyplans.net Archives
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