Brokers and technology: How does your office fit in?

Technology, an ever-growing field, is impacting the real estate industry daily.

How do you stay on top of trends? According to a recent survey from RISMedia’s and DocuSign, 80 percent stay on top of technology trends by reading industry publications, while 63 percent rely on local, state and national associations or organizations. Nearly two-thirds research online, and 52 percent look for suggestions from brokers in different brokerages.

In offices, 97 percent of the time, the broker/owner is involved in technology decisions, while agents are involved 31 percent of the time. Most brokers (63 percent) do not charge agents for technology expenses, but of those that do charge, 20 percent ask for a monthly fee, while 18 percent request part of a commission split.

In the majority of offices, technology tools are provided, but agents are allowed to use whichever tools they please, however, in 17 percent of offices, agents are expected to use the technology features supplied. Ten percent expect agents to supply their own technology, and 5 percent do not provide or expect agents to use technology tools.

To some agents, a digital transaction management system to handle deals is a necessity, and 76 percent of respondents reported using one. Sixty-six percent said when choosing one, the ease of use for agents is most important, followed by the system’s stability and security, the ease of use and the ability to connect to other technology being used. Of those that don’t, they believe the cost is too high, it’s not a priority, and there isn’t an acceptable solution for their office.

Spending on technology across brokerages ranged from $500 to $90,000 yearly.