I think we can all agree at this point that keeping up with technological advancements is no longer a choice but a necessity for success. However, amid the excitement of embracing new technologies, the practical application often gets overlooked. This oversight can hinder agents from leveraging technology to its full potential, especially when it comes to optimizing the sales process.
Real estate agents and brokers are no strangers to the challenges posed by multiple listing service (MLS) systems operating across different regions. This was highlighted in recent results from the WAV Group Customer Experience Index survey, which revealed agents’ and brokers’ desire for consistency in rules and regulations across all MLS systems statewide.
For decades, Multiple Listing Services (MLS) have been perceived as monopolizing specific geographic areas and agent networks. They've been seen as an exclusive resource for accessing comprehensive property listings and facilitating transactions. However, recent insights from the WAV Group Customer Experience Index have shed light on a surprising statistic: 29% of agents belong to more than one MLS. This revelation challenges the notion of MLS as monopolistic entities and emphasizes the importance of reevaluating their value proposition and fostering collaboration among organizations to better serve the real estate community.
Organizational success is heavily reliant on the satisfaction of its customers. The local Multiple Listing Service (MLS) plays a pivotal role in creating a business-friendly environment that enables agents and brokers to maximize the potential of their businesses. However, the effectiveness of the MLS's efforts to address customer needs is dependent on the clarity of its organizational goals and its ability to communicate them effectively.
The real estate industry is challenging and agents today need all the support they can get to keep their businesses successful. That's why it's important to take advantage of tools and resources that can help improve the MLS experience for your subscribers. The WAV Group Customer Experience Index (CXI) Report is one such tool that provides comprehensive insights into customer satisfaction, and it's something that every MLS organization can benefit from.
As real estate professionals, your customers understand the value of building brand awareness and communicating their value proposition. As a multiple listing service, you should never take for granted that your customers know you and truly understand all you can offer them. One of the insights the WAV Group Customer Experience Index revealed is that sometimes REALTOR associations that also run an MLS could improve customer satisfaction by more clearly communicating the MLS’s brand and value proposition, separate from the association.
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 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.
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.
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.
When we launched the WAV Group Customer Experience Index for MLS late last year, we were excited by all the insights and trends we knew this valuable program would uncover. We have learned that participation in training has a major impact on overall subscriber satisfaction. Analysis revealed that those that attend MLS training registered higher satisfaction across the board.
