Uses of information technology in the real estate brokerage industry.

It is now possible for someone working at their computer to tour a property and its surrounding neighborhood and/or get approved for a loan without using a real estate broker or banker directly. With this kind of service available on the Information Superhighway a commonly asked question has become, "Who needs real estate agents if anyone can access property information online?’’ A group clearly interested in the answer is the residential and commercial real estate brokerage industry. Indeed, the dramatic increase in technology in the last 15 years has been geometric in scope and real estate professionals who ignore these megatrends do so at their own peril.
The purpose of this study was two-fold. First, the study involved determining what types of technology are currently being used in the real estate brokerage industry. Identifying and summarizing how the real estate brokerage industry currently uses and plans to use technology in its businesses is a matter of interest not only to the industry, but their trade groups, and to government agencies related to the real estate brokerage industry as well. Second, previous research has suggested that there may exist a "size effect" in the real estate brokerage industry, although the results are mixed. This study will determine if there exists a size effect as it relates to the current and future use of technology.