Commercial real estate brokers are not only currently using CRETech, but they are also planning to make additional technology investments in the next two to three years, according to a recent survey by Ten-X Comercial.
The new annual “State of CRETech” survey found that 73% brokers rated technology investment as important to them, with imaging/VR and transactions being the top two technology investment areas.
Conducted in conjunction with theBrokerList, the survey examined CRE brokers’ attitudes towards technology, technology use and investment. The survey found that though brokers are optimistic about CRETech overall, sentiment is mixed across factors such as customization, complexity, cost, and job security. Saving time, increasing productivity and generating more business were identified as the most significant benefits of CRETech, according to the results of the survey.
When asked about implementing CRETech for one specific area of business, the top two choices were marketing (45%) and transactions (20%). Additionally, 28% of brokers currently use four technology solutions for key business activities such as listings, data and analytics, CRM, and financial analysis.
“We are excited to share our inaugural ‘State of CRETech” survey data and I was especially pleased to see that the results highlight the continued adoption of CRETech,” said Maureen Waters, president of Ten-X. “Brokers’ plans to invest in new solutions in the next few years point to increased adoption in the industry. The survey results also underscore an opportunity for the Ten-X platform since brokers identified marketing and lead management as areas where they’d like to implement additional CRETech solutions. Our platform not only offers transaction capabilities, but also includes intelligent marketing, real-time data insights, and lead management.”
According to CREtech.com’s 2019 mid-year report, venture-backed real estate technology companies raised $14 billion in the first half of 2019, a 309% increase year-over-year. The average deal size also increased by 50% to an average of $6.3 million per deal.
“The survey allows us to better understand the pain points for brokers – including marketing, transactions, data analysis, and lead management – and how they’re looking to technology to make these areas more seamless and productive,” said Linda Day Harrison, founder of the theBrokerList. “The survey demonstrates how much brokers rely on technology, and how its evolution is continuing to reshape their day-to-day work life.”
Additional survey findings include:
-86% of brokers do not feel that CRETech would make them or their job obsolete.
-73% of brokers rated technology investment as important to them. In addition, 67% maintained that it is also important to their firm.
-45% of brokers would like to use CRETech for marketing purposes.
-85% of brokers currently use listing sites, 63% use data and analytics, 50% use financial analysis, 49% use CRM and 44% use a transaction platform.
-84% of brokers do not think CRETech solutions will create too many data security issues.