Today the National Association of Realtors released its annual Technology survey of members, one of my favorite yearly research studies. With over 2,400 responses, it provides excellent insight into how tech innovations are impacting the real estate business now and in the future. Not many surprises, but this new research confirms the acceleration of tech adoption as one positive factor fueled by the pandemic. Here are some quick highlights: -eSigning rules: Looking back at the last 12 months, respondents ranked eSignatures as the most impactful tech tool (79%), with lockboxes (67%) and local MLS apps/technology (67%) tied for second place. [...]
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.
Are you following any of the Buyer Commission lawsuits? MLSs that require a listing broker to provide a blanket, unilateral offer of compensation to buyer brokers in order to submit a listing to the MLS is likely to be rendered obsolete. Imagining a future of the MLS without the offer of compensation, should be the top issue discussed in MLS board rooms today.
Money may or may not buy happiness, but you for sure need it to buy a house. For most people that means getting a mortgage. Thirty-five percent of frustrated homebuyers in the WAV Group Homebuyer Frustration report pointed to the mortgage process being a source of their frustration. One respondent in the study suggested, “There needs to be more workers in the mortgage field to make it run faster.”
The WAV Group’s recent study on homebuyer frustration reveals many pain points that homebuyers have been experiencing in the recent seller’s market. While some of the frustration is unique to the market conditions of 2020 and 202, like multiple bid situations, there are still many insights that can help agents prepare their clients for the process regardless of market conditions.
It is often said that for most people buying a home is the single largest purchase of their lives. A decision of that magnitude should be made with time and careful consideration, but recent buyers have been rushing from one house to the next, making offers as quickly as they can. It should be no surprise then that the chief complaint revealed in the WAV Group Homebuyer Frustration Report was feeling rushed to make an offer on the house, with 49% of frustrated buyers pointing to this issue.
In describing the selection of the Color of the Year 2022, Pantone notes, “We are living in transformative times.” Like the hue of the newest color of the year – Very Peri, a muted purple tone – that may be an understatement! For those needing the Pantone number for their next printing project (wait, does anyone print much anymore?), it is Pantone 17-3938 on your Color Guide. Don't have your formula guide? You can get this special edition "Color of the Year" one at B&H in New York City for just $188 plus shipping. Back to the newest color of [...]
The hybrid workplace is likely here to stay: Common hurdles and best practices for MLSs and associations
As an essential job throughout the pandemic in most states, real estate agents continued to help people find the American dream of homeownership. The MLS organizations that supported them did what was necessary to support the local market as they always have, just in new ways.
As the vaccines are making it possible to return to the office, many of the MLS and association clients that WAV Group has met with have begun weighing the pros and cons of reopening their offices. Our new study explores this issue with insights from over 100 MLSs and associations nationwide.
This summer, the Broker Resource Network (BRN) asked us if we would be interested in writing a report about an alarming trend related to days on market. They are inviting an industry to have a conversation about this issue. As an industry, it is important for agents to gain access to information and training about the value of the MLS.
The 2021 WAV Group Transaction Management Interoperability Study revealed brokers have strong interest in the ability for Digital Transaction Management systems to pass data seamlessly for the brokerages representing two sides of a transaction. Today, brokers have to enter data in as many as 9 or 10 systems, creating inefficiency, added cost and increased chances of inaccurate data.