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.
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.
WAV Group, Inc. released a detailed report for real estate brokers in need of a modern and robust back office solution. WAV Group’s report Smart Backoffice Integrations Saves Brokers Time & Money describes how Loft47’s integrations with industry standard transaction management platforms and accounting systems are SMART and create a highly flexible technology stack that can accommodate the complexity of any individual brokerage.
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.
The real estate industry worked hard to define the Clear Cooperation policy. We have learned through conversations that the number of Office Exclusives has changed significantly since the policy was implemented - but a new culprit has emerged to get around the Clear Cooperation policy. Namely, Temporarily Off Market status in the MLS.
Brokers – please take this survey. MLSs and an AORs – we ask you to send this survey link to your brokers. Thank you for your support with this mission-critical research on the marketplace. The survey results will be available for download here on WAV Group this fall.
The purpose of the WAV Group Coming Soon Policy Study is to help MLSs reflect the perspectives of brokers and agents in shaping Coming Soon policies.
The member leadership of the National Association of REALTORS® will be considering a policy change related to MLS designed to eliminate pocket listings. The policy is 8.0 - called the Clear Cooperation policy. Please download this white paper to review the considerations.
In this paper WAV Group provides an overview of the five key tools available today to enable MLSs to provide Data Distribution Services much more efficiently than older methods.