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Technology and Real Estate Agent Workload

Posted on: July 1, 2016 by Newmark Insurance

Modern technology and the internet have revolutionized the way we do business- and the real estate industry is no exception. With the wealth of information at consumer’s fingertips, agents have faced some new hurdles in their businesses. As we take a closer look at the new workload that they are facing, ensure your firm is secured with a custom tailored Real Estate E&O policy.

The overload of information and the details that one can find online about a house are overwhelming. While many believed this would lead to consumers crossing those houses off the list, the opposite is true. Instead, consumers want to see more and more houses. According to the National Association of Realtors, buyers who search properties online actually visit more homes and search for much longer than people who don’t look for homes on the Web.

On average, homebuyers who use the internet to scout potential homes visit approximately 10 homes in 10 weeks, whereas those who don’t use the internet only visit about 4 homes in 4 weeks, says an Inman study.

However, 88 percent of homebuyers still enlisted the help of a real estate agent, despite the information that could be found online. This means that real estate agents are showing more homes and having to manage more clients and listings than ever before. Therefore, this industry needs to prepare for the additional workload they are going to face as a result of online home-finding resources such as Zillow and Trulia. However, real estate agent’s expertise of the market, the local area, and the surrounding amenities are unparalleled- which is why the majority of buyers still seek their professional opinion.

While the internet has transformed the real estate industry over the last decade, NewMark Insurance Services provides real estate agents and their firms with all-inclusive and modern coverage. Our customizable plans are written to specifically protect against perils associated with the real estate industry. To learn more about our services, contact us today at (855) 777-6549.

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Posted in: blog Real Estate E&O