BrokerPulse

RealTrends Q32021 BrokerPulse sees brokers still optimistic about the market, wary of competition and wondering when inventory will rise.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

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BrokerageTechnologyTrends

Brokers are doing a decent job providing tech agents want

With so many issues getting agents to adopt the technology that brokerages offer, it’s heartening to know that, based on a National Association of Realtors Technology Study, brokerages are hitting the mark.

When asked if the brokerage provides technology tools needed to be successful, 27% of respondents said they strong agree, another 37% said they agree. Interestingly, about 23% weren’t sure as they said they neither agree or disagree, which may mean that brokers offer some tools they need but are lacking others. In addition, 50% said that the price the broker charges for technology is reasonable. Another 36% said that their broker does not charge a technology fee, and 4% said they felt the broker could charge more.

When asked which technology tools respondents, some 3,104 Realtors who filled out the survey, which tools they find most valuable in their business, respondents mentioned eSignature (78%), local MLS apps/tech (54%), social media (53%), lockboxes (48%) and video conferencing (39%).

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A mere 54% of respondents said that their broker provides agent websites. Some 24% said that agents pay for their website and 18% had a dedicated page on their broker’s website.

According to the study, brokerages provided eSignature (57%), personal websites (54%), CRM (customer relationship management) (54%) and transaction management (50%).

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What does this mean for brokerages?

First, you’re doing a great job giving sales associates the basics in terms of CRM, transaction management, eSignature and even digital marketing. It’s unclear why only 39% of brokerages provide video conferencing to its agents, especially in a time when meeting in person isn’t always preferred. It could be that agents are using free services or have their own Zoom or Webex accounts.

Here’s the rub. When asked what brokerage-offered technology tools agents were least satisfied with, it was several of the same tools that you are providing including CRM, personal websites and transaction management. They also weren’t satisfied with showing/open house software and cyber security.

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Source: 2021 NAR Technology Survey

Where do you go from here? It might be useful to do a technology audit and ask your agents if they’re getting what they need from you. In addition, take a look at the tools you’re offering to ensure you aren’t paying for tools that agents don’t need or are redundant.

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