In today’s fast-paced real estate market, technology has become a crucial component of broker success. WAV Group’s 2023 Broker Technology Study captured broker technology usage patterns and their perceived impact on business and agent success.  

Technology plays a significant role in the success of brokers and MLSs in today’s real estate market. While brokers are generally supportive of their technology stacks, they do believe that technology is not being leveraged to its fullest extent. There is room to better promote why and how agents will benefit if they fully embrace technology offered by their brokerage. 

To read the full study click HERE

The WAV Group 2023 Brokerage Technology Study identifies several areas for improvement, including seamless integration of technologies, increased innovation and upgrades, and more effective training methods to improve technology engagement. By addressing these areas, brokers and MLSs can stay ahead of the competition and thrive in the ever-evolving real estate industry.

Brokers are looking for better ways to seamlessly integrate technologies to simplify workflows and minimize redundant and sometimes inaccurate data input. Nearly two-thirds of respondents believe that listing, transaction, and customer data does not easily/seamlessly pass from one technology to another. To address this issue, brokers are looking for solutions that allow them to put a listing into one system and then populate it in multiple systems to avoid duplicate entry.

The study identified transaction management, electronic signatures, CRM, social media promotion, and agent websites are the most popular tools offered by brokerages. However, the study also found that there is no clear preference for brokerages to purchase a suite of individual tools versus an all-in-one solution.

Broker respondents believe they are not fully utilizing the full MLS tool suite. Many are not aware of technologies available beyond the core MLS system. They do not recognize in this era of cost-cutting, that MLSs can play a more critical role than ever in agent success. MLSs have an opportunity to teach brokerages how to leverage the full MLS tool suite, especially in today’s uncertain economic era.  

To read the full study, click HERE