WAV Group Releases 2024 Brokerage Technology Roadmap (4-part series)

As the real estate industry continues to evolve at a rapid pace, brokerages face the challenge of staying competitive in a landscape dominated by well-funded search portals and technology-driven firms. To help navigate this complex terrain, the WAV Group is releasing its 2024 Brokerage Technology Roadmap, offering invaluable insights for brokerages and their technology partners. In the inaugural report of this four-part series, we delve into the crucial realm of website technology – a cornerstone of modern real estate operations. Here, we identify four essential components that are instrumental in equipping brokerages to thrive amidst fierce competition:

The Shifting Dynamics of Buyer-Agent Relationships in Real Estate

In the ever-evolving realm of real estate, the age-old question of whether to hire a buyer's agent is gaining renewed prominence, fueled by recent lawsuits that seek to shift compensation structures. As aspiring homeowners embark on their journey to property ownership, the necessity of engaging an agent is coming under increased scrutiny. Our latest research report, titled "How buyers feel about working with agents" delves into the services homebuyers value most and the imperative for agents to articulate the value they bring to the table in today's dynamic market.

Navigating Multiple Bids and Fair Housing: Insights From WAV Group’s Latest Survey

Recently, WAV Group conducted a survey targeting individuals who embarked on the journey to purchase a home. This survey aimed to explore their experiences in the context of Fair Housing. Here are some preliminary findings from the study, with the complete results are available in the Fair Housing Survey Report now avaialable.

By |2023-09-19T13:06:23-07:00September 13th, 2023|Research, Suveys and Research, WAV Group Research|0 Comments

WAV Group Consumer Migration Study: Consumers who moved during the Pandemic are staying put.

The COVID-19 pandemic brought about significant changes to our lives, reshaping the way we work, socialize, and even where we call home. As remote work became the new norm, many individuals seized the opportunity to reassess their living situations and make a move. In this study, we aimed to explore migration patterns during the pandemic and understand the factors influencing relocation decisions. The Boomerang Effect: Relocating Back to Pre-Pandemic Homes? In our initial hypothesis, we postulated the existence of a boomerang effect, suggesting that individuals who had moved during the pandemic might eventually change their minds and desire to return [...]

Secrets of MLS Customer Satisfaction

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 [...]

What is the most valuable service buyer agents provide?

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.

Minimize Buyer Frustration with Effective Financing Education and Preparation

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.” 

Minimize Buyer Frustration with Adequate Education Upfront

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.

72% of Recent Homebuyers Report Feeling Some Level of Frustration with Their Home Purchase.

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.

Brokers Use Loft47 to Automate their Real Estate Commissions

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.

New WAV Group Study reveals changing workplace for MLSs and Associations.

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.

Clear Cooperation and Temporarily Off Market

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.

By |2021-08-05T13:09:04-07:00August 9th, 2021|MLS, Suveys and Research, WAV Group Research|0 Comments