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For Immediate Release: NEW JERSEY REAL ESTATE FIRMS KEEP UP WITH CHANGING MARKETPLACEStudy provides better understanding of how industry is evolving to meet client demandsEdison, N.J. - A growing number of New Jersey real estate firms are expanding their business activities and enhancing their use of technology in order to keep up with the ever-changing demands of consumers across the state, according to a survey conducted by the NATIONAL ASSOCIATION OF REALTORS® (NAR) on behalf of the New Jersey Association of REALTORS® (NJAR®). The study, which was conducted to provide a clearer understanding of how the real estate industry is evolving to meet increasing client demands, surveyed a sample of real estate firms throughout New Jersey on business characteristics, activities, training programs and technology usage. The results are expected to help New Jersey REALTORS® plan for the future. "With the real estate industry always changing, it's important for REALTORS® to be responsive to the needs of clients," said NJAR® President Bonnie Fitzgerald. "The Internet can be a great way to communicate with buyers and sellers and can make the process more efficient for everyone." According to the survey, more New Jersey real estate firms are expanding business activities and services such as property management, appraisal, homeowner's insurance, as well as home inspections and home warranty services. The study shows that fifty-two percent of firms indicated commercial brokerage as a secondary business; forty-two percent property management; and twenty-five percent relocation services. Additionally, almost half of all firms offer both home warranty and mortgage lending services through their relationships with other firms. Firms are also enhancing their technological capabilities and training employees in order to become more efficient and improve the client experience. Today, eighty-four percent of New Jersey real estate firms have a website through which a median of nine leads were generated in 2005; sixty-nine percent increased their technology spending in 2005 compared to 2004; eighty-three percent indicated that technology spending resulted in more effective use of technology, and seventy-eight percent reported an increase in sales volume and an improvement in their ability to acquire listings. The data in the 2006 New Jersey Profile of Real Estate Firms: An Industry Overview is based on the responses of 147 real estate firms in New Jersey. A copy of the report is available at http://www.njar.com/2006NewJerseyProfileofRealEstateFirms.pdf. The New Jersey Association of REALTORS® is a non-profit organization serving the professional needs of approximately 57,000 REALTOR® and REALTOR-ASSOCIATE® members in the state. REALTOR® is a registered collective membership mark which may be used only by real estate professionals who subscribe to the REALTOR® organization's strict Code of Ethics and are members of the National, State and Local REALTOR® organizations. For more information, please visit www.njar.com or contact Danielle Wyckoff at (732) 494-4730 or dwyckoff@njar.com. ###
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