Did you know that the National Association of Realtors^® has created a separate department tracking how real estate agents use technology and its development? The ongoing study was updated in June. The national survey asked realtors specifically about the technology they use and how important it is to their business.

We bring this up as our team feels that technology is important to the real estate industry, especially those investing in it. This information gathered will help you look at your own business and let it be effective for you. Or if you are just getting started flipping homes you will learn how and why incorporating technology is important and can put this information to good use towards improving your own real estate investing business.

The Most Valued Technology

It is no surprise that the Smart phone is the most valued technology. Second to that is internet access to sites and applications like Trulia app, Zillow app, WordPress, Goomzee, PDF Expert, Ziforms, HouseLogic, Dropbox, eEdge, and of course mortgage calculators. Whether you hate or love these sites, consumers are asking for the info so realtors are accessing them.

The technologies most planned for purchase or replacement during the coming year are Smartphones 38%, iPads 29%, digital cameras 17%, and laptops 16%. The most used Smartphones are the Android 35%, iPhone 28%, and Blackberry 18%. Looks like there are a few realtors out there using their “crack Berries.”

Social networking as we might have guessed continues to grow in its importance with real estate professionals and how they grow their business. We highly recommend it!  Over 60% reported that they are comfortable or extremely comfortable with social networking technology. Seems to be a few folks living out in the middle of nowhere that are not using technology at all.  Who are these 7%? No surprise that realtors are using Facebook the most (79%) but LinkedIn is becoming hugely popular with its professional setting. Next on the list was Blogging (46%),  Twitter 34%, and YouTube 31%.

Marketing Technology

How do realtors get their news? Real estate news websites came in first with 55%, with  47% from the NAR website, and interestingly 41% from friends. How do they list and market properties for sale and rent? Of course they are using their own sites (63%). But look at Facebook’s number….48%. It beats out old tired and true MLS at  47%, which is tied to Craigslist 47%. Yahoo Real Estate is also in the game at 41%, and though it is a dying bread some still use local newspapers 21%, and magazines 12%. When asked about internet marketing and the importance to their marketing efforts a  full 85% feel it  is important or very important. Referrals stay paramount as the most important marketing tool (95%). More than half of those surveyed felt that social networking sites are important or very important to their marketing.

But how much do you need to spend on technology? About a quarter of realtors are spending $100 to $500 annually on their website. On the high end, 16% spend up to 5k. Each business is different for sure and you have to make sure this fits your company’s size and volume. Other technology expenses; 19% spending up to $250, 19% up to $500, 29% up to $1,000, 21% up to $2,000, and 7% up to $3,000.

Why are real estate professional spending more and more money on technology? Staying mobile was one of the top reason. The other two top reasons go right along with our mission–to help you as a real estate investor save time and increase productivity.

For more info from NAR  statistics visit http://www.realtor.org/field-guides/field-guide-to-quick-real-estate-statistics

To learn more about Part-Time REI visit us at http://part-timerei.com/

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What type of investing do you do?

If the answer is, “I don’t invest,” you need to find a new agent.  To be successful, you need someone who understands the real estate investor mindset, someone who can look past the current condition of a property and see its potential and someone who has a rough idea of what it takes to get from that current condition to retail-ready and then to closing.  The average agent thinks a 5-10% discount is good and has no idea what a rehab costs.  You must avoid these agents at all costs if you want to be successful.

How many other investors do you work with?

The best answer to this question depends on the size of the market and what each investor is trying to accomplish.  Ideally, you will be the exclusive client for the area/property type you are looking for.  However, this is not a requirement if you believe the agent can find you the deals you are looking for.

You also want to be comfortable with which deals the agent selects for himself.  Since you are working with an active investor, you are also working with a competitor.  Unless you live somewhere like Hoot Owl, Georgia (pop4), there are plenty of deals to go around.  Do clients get the first opportunity?  Does he take 1 per month?  Whatever the method, make sure you are comfortable working under those guidelines.

Can you explain my real estate investing goals to me?

Obviously, you know the answer to this question.  The important part is that your agent be able to reiterate your goals to you.  If he doesn’t understand what you are trying to accomplish, the relationship is going to work poorly.  The goals should include how many properties you want to buy in a given time frame, purchase and sale price ranges, and a degree of difficulty for the rehab.

Your agent can be someone who helps you build your fortune or someone who wipes out your profit before you even start.  By screening agents with these 3 questions, you can try to eliminate people from the latter group.