2024-technology-survey-report-08-08-2024

2024
Technology Survey
National Association of REALTORS®
Research Group
NAR Research Staff:
Lawrence Yun, Ph.D.

Chief Economist and Senior Vice President
Jessica Lautz, Dr.RealEst.

Deputy Chief Economist and Vice President Research
Brandi Snowden
Director, Member and Consumer Survey Research
Meredith Dunn
Research Manager
Amethyst Marroquin
Research Assistant
©2024 National Association of REALTORS®

All Rights Reserved.
May not be reprinted in whole or in part without
permission of the National Association of
REALTORS®.
For reprint information, contact [email protected].
2024 Technology Survey

Executive Summary
Highlights:
• Thinking back on the last 12 months, respondents found that
these technology tools used in their businesses were very
impactful: eSignature (81 percent), lockbox/showing tech (63
percent), and transaction management (50 percent).
• Thirty-four percent of respondents agree that their
Brokerage provides them with all the technology tools they
need to be successful in their jobs, and 30 percent strongly
agree.
• The top three tech tools that have given respondents (or
their agents) the highest number of quality leads in the last
12 months were social media (52 percent), customer
relationship management (CRM) (32 percent, and their local
MLS (26 percent).
• Eighty-seven percent of respondents use Facebook in their
real estate business, 62 percent use Instagram, 48 percent
use LinkedIn, and 25 percent use YouTube.
• Thirty-five percent of respondents use drones in their real
estate business, and 28 percent use artificial intelligence and
machine learning.
• Fifty-five percent of respondents were somewhat familiar
with AI. Thirty percent of respondents have used AI one to
two times a month.
• Twenty percent reported they were somewhat familiar with
the Metaverse/AR/VR. Twenty percent said they believe that
the Metaverse/AR/VR will probably have an impact on real
estate.
• Fifty-nine percent of respondents were not at all familiar with
Blockchain. Thirty-one percent of respondents believe that
Blockchain technology will have an impact on real estate in
three to five years.

Most Impactful Technology
Tools Used in Business
• Thinking back on the last 12 months, respondents found that
these technology tools used in their businesses were very
impactful: eSignature (81 percent), lockbox/showing tech (63
percent), and transaction management (50 percent).
Most Impactful Technology Tools
eSignature 81% 6% 6% 1%1% 6%
Lockbox/Showing tech 63% 14% 11% 2%2% 9%
Transaction Management 50% 16% 15% 2% 3% 14%
Cloud Storage (e.g. Dropbox, Google

Drive) 49% 20% 13% 3%
3% 13%
Customer Relationship Management

(CRM) 46% 21% 14% 4%4% 12%
Social Media 43% 27% 15% 3%3% 9%
Personal Safety 34% 20% 25% 4%4% 13%
Cyber Security (antivirus, VPN) 34% 17% 27% 4%4% 14%
Virtual Tours (e.g. Matterport) 22% 23% 20% 6% 4% 24%
eNotary 14% 8% 20% 6% 7% 46%
0% 20% 40% 60% 80% 100%
Very impactful Somewhat impactful Neutral Not impactful Not at all impactful Not used

How Technology Tools Were
Provided
• Among a list of tech tools, respondents said lockbox/showing
tech (33 percent) was provided by their MLS/Association,
transaction management (52 percent) through their broker,
social media (60 percent) was purchased by themselves, and
cloud storage (10 percent) was freeware.
How Technology Tools Were Provided

17%
12%
Personal Safety 40%
7%
25%
10% 14%
Virtual Tours (e.g. Matterport) 41%
6%
29%
3%
13%
Social Media 60%
17%
7%
33%
14%
Lockbox / Showing tech 46%
1%
6%
4%
Cloud Storage (e.g. Dropbox, Google 21%
Drive)
54%
10%
11%
6%
19%
eNotary 11%
5% 59%
29%
21% 42%
eSignature
5%
3%
16%
52%
Transaction Management 18%
3%
11%
4%
24%
Cyber Security (antivirus, VPN) 46%
9%
18%
14%
Customer Relationship Management 46%
(CRM)
24%
4%
12%
0% 20% 40% 60% 80%

My MLS/Association My Broker Purchased Themselves
Freeware Not Provided but Desired

Brokerage Provides
Technology Tools Needed to
be Successful
• Thirty-four percent of respondents agree that their
Brokerage provides them with all the technology tools
they need to be successful in their jobs, and 30 percent
strongly agree.
• Twenty-one percent of respondents neither agree nor
disagree.
Brokerage Provides Technology Tools Needed

to be Successful
Strongly
disagree, 5%
Disagree, 10%
Strongly
agree, 30%
Neither
agree nor
disagree,
21%
Agree, 34%

Technology Fees
Charged by Broker
• Forty-four percent of respondents said that the price their

broker charges for technology fees is reasonable, and 37
percent said their broker does not charge them a technology
fee.
• Sixteen percent said that the price they pay is not worth the
value.
Technology Fees Charged by Broker
60%
40%
44%
20%
37%
16%
3%
0%
The price broker Broker does not The price paid is Broker could
charges is charge not worth the charge more
reasonable value

Belief in Correlation Between
Fees Charged and Value
Derived From Technology
• Fifty-four percent of respondents believe there is a
correlation between the fees charged and the value
derived from the technology provided.
Belief in Correlation Between Fees Charged and

Value Derived From Technology
Don't Know,
21%
Yes, 54%
No, 25%

Satisfaction with
Technology Provided by
MLS
• Forty percent of respondents stated that they are somewhat
satisfied with their MLS’s technology offerings.
• Twenty-seven percent of respondents were extremely satisfied
with their MLS’s technology offerings, and 18 percent were
neither satisfied nor dissatisfied.
Satisfaction with Technology Provided by MLS

60%
40%
20% 40%
27%
18%
10% 2%
0%
4%
Extremely Somewhat Neither Somewhat Extremely Do not use
satisfied satisfied satisfied nor dissatisfied dissatisfied any of the
with MLS’s with MLS’s dissatisfied with MLS’s with MLS’s technology
tech tech with MLS's tech tech tools or
offerings offerings tech offerings offerings services that
offerings MLS offers

Average Monthly Spending
Over Past 12 Months
on Technology Tools
• Over the past 12 months, respondents spent on average
between $50-$250 (37 percent) monthly on technology to use
in their individual real estate business.
• Twenty-four percent of respondents spend more than $500 on
technology monthly to use in their business.
Average Monthly Spending on Technology Tools

40%
20%
37%
24%
19%
13%
7%
0%
Less than $50 $50 - $250 $251 - $500 More than Not
$500 Applicable

Seeking Out New Technology
Tools
• Seventy-eight percent of respondents are not looking for

new technology tools, while 22 percent of respondents are
looking for new technology tools to invest in.
Seeking Out New Technology Tools
Yes, 22%
No, 78%

Tech Tools That Have Given the
Highest Number of Quality
Leads in the Last 12 Months
• The top three tech tools that have given respondents (or
their agents) the highest number of quality leads in the last
12 months were social media (52 percent), customer
relationship management (CRM) (32 percent), and their
local MLS (26 percent).
Tech Tools That Have Given the Highest

Number of Quality Leads
Social Media 52%
Customer Relationship Management
(CRM) 32%
Local MLS 26%
Brokerage's Website 20%

Digital ad campaign (ex: Google AdWords,
Facebook Business, display ads) 19%
Email Marketing Tool (Constant Contact,
MailChimp) 19%
Business Website 18%

Listing Syndication/Portal (e.g.
realtor.com®) 14%
Blog 2%
Other 22%
0% 20% 40% 60%

Average Monthly Spending
Over Past 12 Months
on Lead Generation
• Over the past 12 months, 20 percent of respondents
spent less than $50 on lead generation.
• Twenty-seven percent of respondents spent, on
average, between $50-$250 monthly on lead generation.
Average Monthly Spending on Lead Generation

40%
20%
27%
20%
21%
15% 17%
0%
Less than $50 $50 - $250 $251 - $500 More than Not
$500 Applicable

Social Media Networks Used
in Real Estate Business
• Eighty-seven percent of respondents use Facebook in their real
estate business, 62 percent use Instagram, 48 percent use
LinkedIn, and 25 percent use YouTube.
• Fifteen use TikTok in their real estate business, and 10 percent
reported using X (formerly Twitter).
Social Media Networks Used in Real Estate

Business
Facebook 87%
Instagram 62%
LinkedIn 48%
Youtube 25%
TikTok 15%
X (formerly
10%
Twitter)
Other 8%
Pinterest 6%
Snapchat 5%
Threads 3%
0% 20% 40% 60% 80% 100%

Seeking Advice or Training
on Technology Tools
• When asked about seeking advice or training on impactful
technologies for their real estate business, respondents indicated
they were very likely to seek advice or training on AI and machine
learning (30%), drones (22%), and cyber security (18%).
Seeking Advice or Training on Technology Tools
AI and Machine
30% 33% 19% 6% 12%
Learning
Drones 22% 30% 27% 9% 12%
Cybersecurity 18% 28% 31% 9% 14%
Blockchain 13% 16% 36% 14% 22%
VR/AR 13% 21% 37% 12% 17%
loT 11% 13% 43% 13% 21%
Autonomous Vehicles 10% 11% 30% 16% 33%
0% 20% 40% 60% 80% 100%

Very Likely Likely Neutral Unlikely Very Unlikely

Use of Emerging Technology
• Thirty-five percent of respondents use drones in their real estate
business, 28 percent use artificial intelligence and machine
learning, 26 percent use 5G, and 10 percent use cyber security.
Use of Emerging Technology
Drones 35%
Artificial Intellegence and
Machine Learning
28%
5G 26%
Cyber Security (ransomware,
wire fraud)
10%
Augmented Reality (adding
digital elements to a space) 4%
Virtual Reality (full immersion
4%
into a virtual space)
Other 3%
loT (smart home/smart city) 2%
Blockchain 2%
Not Using Any of These Tools 40%
0% 20% 40%
*- Less than 1%

Confidence in the Benefit of
Emerging Technologies
• Twenty-two percent feel confident they are getting the

most benefit using emerging technology tools. Twenty-
nine percent are not sure they feel confident they are
getting the most benefit using emerging technology tools.
Confidence in the Benefit of Emerging

Technologies
Not using any Yes, 22%

of these tools
at this time,
25%
Not sure,
29%
No, 24%

Familiarity with AI
 Fifty-five percent of respondents were somewhat
familiar with AI.
 Fifteen percent reported they were not very familiar
with AI.
Familiarity with AI
60%
40%
55%
20%
15%
10% 11%
8%
0%
Very familiar Somewhat Neither Not very Not at all
familiar familiar nor familiar familiar
unfamiliar

Frequency of AI Use in The
Past 12 Months
• Thirty percent of respondents have used AI one to two
times a month.
• Seventeen percent of respondents have used AI weekly.
AI Use in The Past 12 Months
60%
40%
45%
20%
30%
17%
9%
0%
Daily Weekly 1 - 2 Times Per Have Not Tried AI
Month Yet

AI Tools Used
• Forty-two percent of respondents have used ChatGPT by

Open AI, followed by Gemini by Google and Copilot by
Microsoft (seven percent and six percent, respectively).
AI Use in The Past 12 Months
60%
40%
20% 42%
7% 6% 3%
1%
0%
ChatGPT by Gemini by Copilot by Claude by Other
Open AI Google Microsoft Anthropic

Familiarity with the
Metaverse/AR/VR
 Forty-nine percent of respondents were not at all
familiar with the Metaverse/AR/VR.
 Twenty percent reported they were somewhat familiar
with the Metaverse/AR/VR.
Familiarity with the Metaverse/AR/VR

60%
40%
49%
20%
20% 21%
8%
3%
0%
unfamiliar

Impact of the
Metaverse/AR/VR on
Real Estate
• Fifty-eight percent of respondents said they don’t know
what impact the Metaverse/AR/VR will have on real estate
going forward.
• Twenty percent said they believe that the Metaverse/AR/VR
will probably have an impact on real estate.
Impact of the Metaverse/AR/VR on Real Estate

80%
60%
40%
58%
20%
20%
7% 10% 2%
0% 3%
Definitely Probably Probably Definitely Already Don’t know
will have an will have an will not will not impacts
impact impact have an have an
impact impact
Timing of
Metaverse/AR/VR Impact
on Real Estate
• Thirty-five percent of respondents believe that the
Metaverse/AR/VR will have an impact on real estate in one
to two years, and 33 percent also believe that the
Metaverse/AR/VR will have an impact in three to five years.
• Twenty-five percent of respondents believe that the
Metaverse/AR/VR currently has an impact on real estate.
Timing of Metaverse/AR/VR Impact on Real

Estate
40%
20%
35%
33%
25%
5%
0% 2%
Now 1-2 years 3-5 years 6-10 years Never

Familiarity with Blockchain
 Fifty-nine percent of respondents were not at all familiar
with Blockchain.
 Twelve percent reported they were somewhat familiar
with Blockchain.
Familiarity with Blockchain

60%
40%
59%
20%
19%
12%
7%
3%
0%
unfamiliar

Impact of Blockchain
Technology on Real Estate
• Sixty-two percent of respondents said they don’t know
what impact Blockchain technology will have on real estate
going forward.
• Twenty-two percent said they believe that Blockchain
technology will probably have an impact on real estate.
Impact of Blockchain Technology on Real Estate

80%
60%
40%
62%
20%
22%
7% 1% 3%
5%
0%
Definitely Probably Probably Definitely Already Don’t know
will have an will have an will not will not impacts
impact impact have an have an
impact impact
Timing of Blockchain
Impact on Real Estate
• Thirty-one percent of respondents believe that Blockchain
technology will have an impact on real estate in three to
five years.
• Twenty-four percent of respondents believe that
Blockchain technology currently has an impact on real
estate.
Timing of Blockchain Impact on Real Estate

40%
20%
35%
31%
24%
10%
5%
0%
Now 1-2 years 3-5 years 6-10 years More than 10
years

Own Cryptocurrency
• Fifteen percent of respondents said that they own

cryptocurrency (Bitcoin, Ethereum, etc.).
Own Cryptocurrency
Yes, 15%
No, 85%

Preference In Consuming
Information
• When asked to rank-choice their preference in consuming
information as it pertains to their real estate business,
respondents preferred in-person events, virtual events, and
email.
Preference In Consuming Information

(Ranked Choice)
In Person Events
Virtual Events
Email
Social Media
Blog
White Papers

Topics Most Interested In
Learning More About
• Forty-seven percent of respondents are interested in
learning more about how to improve their use of current
technologies.
• Forty-two percent of respondents are interested in learning
more about Lead Generation.
Topics Most Interested In Learning More About

60%
40%
47%
20% 42%
33%
3%
0%
Improved Use of Emerging Lead Generation Other
Current Technologies
Technologies

Methodology
In May 2024, NAR invited a random sample of 46,625 active
REALTORS® to fill out an online survey. A total of 1,007 usable
responses were received for an overall response rate of 2.2
percent. At the 95 percent confidence level, the margin of
error is plus-or-minus 3.05 percent.

May not be reprinted in whole or in part without permission of the
National Association of REALTORS®.
For reprint information, contact [email protected].

NATIONAL ASSOCIATION OF REALTORS®
The National Association of REALTORS® is America’s largest trade association,
representing more than 1.5 million members, including NAR’s institutes,
societies and councils, involved in all aspects of the real estate industry. NAR
membership includes brokers, salespeople, property managers, appraisers,
counselors and others engaged in both residential and commercial real estate.
The term REALTOR® is a registered collective membership mark that identifies

a real estate professional who is a member of the National Association of
REALTORS® and subscribes to its strict Code of Ethics.
Working for America’s property owners, the National Association provides a

facility for professional development, research and exchange of information
among its members and to the public and government for the purpose of
preserving the free enterprise system and the right to own real property.
RESEARCH GROUP
The Mission of the NATIONAL ASSOCIATION OF REALTORS® Research Group is
to produce timely, data-driven market analysis and authoritative business
intelligence to serve members, and inform consumers, policymakers, and the
media in a professional and accessible manner. To find out about other
products from NAR’s Research Group, visit www.nar.realtor/research-and-
statistics.
NATIONAL ASSOCIATION OF REALTORS®

Research Group
500 New Jersey Avenue, NW
Washington, DC 20001
202-383-1000
[email protected]

May not be reprinted in whole or in part without permission of the National
Association of REALTORS®.
For reprint information, contact [email protected]

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2024

Lawrence Yun, Ph.D.

Jessica Lautz, Dr.RealEst.

©2024 National Association of REALTORS®

2024 Technology Survey

2024 Technology Survey

Most Impactful Technology Tools

eSignature 81% 6% 6% 1%1% 6%

Lockbox/Showing tech 63% 14% 11% 2%2% 9%

Transaction Management 50% 16% 15% 2% 3% 14%

Cloud Storage (e.g. Dropbox, Google

Customer Relationship Management

Social Media 43% 27% 15% 3%3% 9%

Personal Safety 34% 20% 25% 4%4% 13%

Cyber Security (antivirus, VPN) 34% 17% 27% 4%4% 14%

Virtual Tours (e.g. Matterport) 22% 23% 20% 6% 4% 24%

eNotary 14% 8% 20% 6% 7% 46%

0% 20% 40% 60% 80% 100%

2024 Technology Survey

How Technology Tools Were Provided

0% 20% 40% 60% 80%

2024 Technology Survey

Brokerage Provides Technology Tools Needed

2024 Technology Survey

• Forty-four percent of respondents said that the price their

Technology Fees Charged by Broker

2024 Technology Survey

Belief in Correlation Between Fees Charged and

2024 Technology Survey

Satisfaction with Technology Provided by MLS

2024 Technology Survey

Average Monthly Spending on Technology Tools

2024 Technology Survey

• Seventy-eight percent of respondents are not looking for

Seeking Out New Technology Tools

2024 Technology Survey

Tech Tools That Have Given the Highest

Local MLS 26%

Brokerage's Website 20%

Business Website 18%

0% 20% 40% 60%

2024 Technology Survey

Average Monthly Spending on Lead Generation

2024 Technology Survey

Social Media Networks Used in Real Estate

0% 20% 40% 60% 80% 100%

2024 Technology Survey

Seeking Advice or Training on Technology Tools

Drones 22% 30% 27% 9% 12%

Cybersecurity 18% 28% 31% 9% 14%

Blockchain 13% 16% 36% 14% 22%

VR/AR 13% 21% 37% 12% 17%

loT 11% 13% 43% 13% 21%

Autonomous Vehicles 10% 11% 30% 16% 33%

0% 20% 40% 60% 80% 100%

2024 Technology Survey

Use of Emerging Technology

loT (smart home/smart city) 2%

Not Using Any of These Tools 40%

2024 Technology Survey