Congratulations to Dave Howe on his appointment as the Chief Executive Officer of MetroList MLS. Dave has been instrumental in enhancing the customer experience at MetroList for many years. He and his team have also established a strong business partnership with brokers in their market, delivering thousands of leads that comply with the Fair Display Guidelines, further strengthening their business generation partnership and brand value for subscribers.
Trends are a numbers game. The bigger the data set, the better the answers. That is exactly what the WAV Group Customer Experience Index (CXI) is producing — great answers. WAV Group has fielded hundreds of surveys over the last two plus decades. As consultants, we have been able to, over the years, garner insights from previous surveys that help inform current clients. However, what the industry was missing was the ability to stack results side-by-side and understand true areas of strength and opportunity, not just in local markets, but for MLS organizations nationally. But data is only as good [...]
CHICAGO (December 6, 2022) – Second Century Ventures, the strategic investment arm of the National Association of Realtors®, opened applications today for the 2023 U.S. REACH and REACH Commercial technology growth programs. SCV, the most active global venture fund in real estate technology, operates the award-winning REACH program across North and South America, Europe, Australia and Asia-Pacific.
The Council of MLS has come so far in the past few years under the leadership of Denee Evans. Congrats to our MLS friends and colleagues who dedicate themselves to work hard to create more progressive action and cohesiveness in the MLS industry. I look forward to the leadership of Jim Yockel as Chair. Jim cares deeply about the MLS industry. His dedication to helping MLS learn how to continually improve the relevance of the service they provide to their brokerages is unparalleled. I am certain that Jim, along with Dionna, Nicole, John and Matt will continue to lead CMLS into a direction that will drive home the value of the MLS, even in the softer market we are entering.
What is the most important technology, outside the MLS listing database, that you offer to your customers? The answer is — it depends. What is important to your customers is having the right technology solution to solve the challenge they are facing right now, and that changes.
The Toronto Regional Real Estate Board (TRREB) signed Restb.ai as its partner for AI powered computer vision technology and data. We love to see MLSs pushing the envelope to continue to reduce friction in the listing set-up process, all the while helping their members deliver more robust online marketing to their prospects and clients.
In the WAV Group Customer Experience Index survey launched this year, we measure subscriber perceptions of where the organization is headed. While most participating MLSs are perceived to be moving more in the right direction than the wrong, there is room to drive home a more clear-cut understanding of the key priorities of the MLS. We find two overall culprits for subscribers who don’t believe their MLS is moving in the right direction. So let’s take a look at the two main hurdles I have seen MLSs struggle with over the years.
One encouraging finding from the study was the high percentage of overall buyer satisfaction with the value provided by their agent. 88% of respondents thought that their agent earned the commission that they received on the home purchase. This is good news for an industry that has seen many “industry disruptors” enter the marketplace over the last several decades.
WAV Group’s new Buyer Agent Commission Study reveals many insights from buyers about their awareness, understanding and appreciation of how commissions work when buying a home.
California Legislature Approved 4 New Bills to Support Building Millions of Units of Affordable Housing in Commercial Corridors
California, like many states, suffers from a lack of affordable housing. According to the California Department of Finance, the median price of a single-family home in May 2022 in California was $898,980, up a significant 1.6% over the previous month and an increase of nearly 10% over the same time last year. AB 2097, amounts to a statewide boost to residential and commercial development near public transit. The bill prohibits local municipalities from imposing any minimum car parking requirements for projects located within a half mile of metro, bus, or other transportation centers. AB 2221, incentivizes ADU(Accessible Dwelling Unit) construction by clarifying rules around “granny flats”. Under existing law, developers are allowed to add the units only to existing multifamily buildings. AB 2221 extends that allowance to proposed projects. It also clarifies local agencies’ timelines for approving ADU, or accessory dwelling units, projects and raises certain height limits, and other changes.
There is a saying that goes, “The squeaky wheel gets the oil.” From a repair perspective, that is a good rule to follow, but far too often organizations let the “squeaky wheel” drive important strategic decisions that affect the future direction of the MLS or association. I have seen this happen many times first-hand while creating hundreds of strategic plans for organizations over the years and as an advisor for the Louisiana's broker-owned MLS, Greater Southern MLS. While customer feedback and interviews play an important role in understanding your challenges, as leaders on the board of directors, or in the executive offices, it is crucial that you temper what you hear with real numbers. WAV Group’s Customer Experience Index (CXI) is the first industry wide standard collecting and comparing numbers for MLSs across markets.
From WAV Group’s over 20 years of fielding MLS and association customer satisfaction surveys, and from the launch of our new program the WAV Group Customer Experience Index, we have learned a lot about how to use survey results to turn a disgruntled subscriber into a raving fan. Here is a time-tested process that sometimes takes your worst critic and turns them into your most loyal supporter.