Young agents driving industry technology adoption

August 4, 2017

Many real estate professionals have probably heard about all the latest and greatest technology that has become available to help them boost sales in recent years. To that end, a new study found  the vast majority of young agents are extremely comfortable with new technology. The question many may have is, "How does that change the business?" and the answer could come as a surprise.

Today, 80 percent of young real estate pros (those 45 or younger) say they regularly use new technology and are comfortable doing so, compared with 58 percent of older agents, according to a recent survey from Coldwell Banker. This comes despite the fact that the vast majority of respondents in both age groups say this kind of familiarity is vital to succeeding within the industry. Indeed, 84 percent of those surveyed said they believe staying connected when out of the office is a must.

Where's the disconnect?
When asked about specific types of technological implementation, fewer than half of older workers in the industry say things like growing use of cloud-based software and cybersecurity will impact real estate in particular any time soon, whereas more than half of younger workers said the opposite. Moreover, older workers were less concerned about increased use of mobile devices, and the overall impact of the industry's workforce becoming generally more tech-savvy.

However, nearly 2 in 3 young respondents said they actually want to see more tech adoption in the real estate industry as a whole, versus fewer than 1 in 4 older workers who felt the same way.

Staying in front of the trends
With these issues in mind, it's apparent that agents - particularly those who have been in the business for decades - may have a little more work to do when it comes to keeping up with emerging trends on the tech side of real estate, according to Inman. With this in mind, it's important for agents or brokers to carefully evaluate the options now becoming available to them and how ready they may be to adopt it.

For instance, the growing proliferation of paperless platforms in offices of all types may represent a big opportunity for growth behind the scenes, but how that technology might be put to its best use can vary. What is clear, however, is any time new technology is ready for use, agents and brokers need to ensure that everyone who will use it is properly trained, so everything to do with implementation goes as smoothly as possible.

While adopting just about any new types of technology may come with some growing pains - regardless of the age of the agents in question - the general idea of "keeping up with the Joneses," so to speak, is a good one for any real estate professional. Being constantly on the lookout for new ways to boost real estate sales will typically lead to more business simply because this is a great way to boost visibility and connect with more prospective clients.