The world is looking up in real estate. Cautious optimism abounds. So now the real question is…how many REALTORS® are back in the game for real? How many have captured the hearts of sellers? How many have sold properties in the past 6 months? We believe the information that we have just gathered is encouraging. It looks like the wealth is being spread around to more REALTORS® than expected. We thought the numbers would reflect the 80/20 rule – In reality, it looks like the 60/40 rule is running the day. Just under 60% of REALTORS have had a transaction in the past 6 months according to the 2014 WAV Group REALTOR® Productivity Survey. Interestingly just about the same number of REALTORS® log into their MLS system daily. So what does this all mean for MLSs and Brokerages? Other than creating optimism that membership and revenues will continue to increase, the actual number of productive agents in the market today can also alter the way an MLS, Brokerage or other technology provider calculates the actual adoption level of technologies. If you assume that 100% of your audience is ripe for technology adoption, you may want to think again. If only 60% of your target audience is actively logging into the MLS system every day, the likelihood they are going to be seeking out and adopting new technologies beyond the MLS is pretty slim. Check out the WAV Group Productivity Study to learn more about how to calculate the TRUE adoption of technologies in your MLS and brokerage today
As you may or may not know, RE Technology was founded by the WAV Group partners to support the role of MLSs and Associations in delivering a wide array of information and education about real estate technology. On May 5th, the company turns three years old! Since 2011, we have been able to deliver over 100,000 pages of valuable information that helps practitioners learn about technology and the companies that provide technology services to power their business. Each week, RE Technology sends a report to more than 4500 executives and staff of the nations MLSs and Associations of REALTORS® offering the most read articles. It keeps them sharp on the currency of information that is most relevant to the 250,000 weekly readers that pour over our editorial. You will find those top 5 articles below. If you do not have an RE Technology account. Reach out to Victor Lund. You will need a username and password to access the site if you are not affiliated with one of the 87 MLS and 260 Associations of REALTORS® that provide this service as a member benefit. My brief take away from this weeks’ top articles. DocuSign as emerged from an ingredient brand to a leading brand in the industry and they are parlaying dominance and brand into transaction management. The acquisition of CARTAVI brought them an agent transaction management solution and a talented team of developers and project managers who have an intense passion for the category. Everyone is keeping a sharp eye on them and this webinar will be the first look that many will have on their enterprise Transaction Management Solution for brokers. The article about Jump starting your listing inventory was contributed to RE Technology by the Point2 division of Yardi. Point2 does a great job of edutizing – providing valuable content to agents and brokers that warms up their brand. It is a smart marketing strategy and keeps them sharp on what REALTORS® are interested in – which is more listings. The Listhub article about listing presentations helps agents get the value they need by understanding listing syndication more fully, and learning how to articulate the strategy to sellers. Mike Audet’s article about a top producing agent who used CRM to take his business to another level is a great read. CRM solution are underutilized by sales people in real estate. Those who do adopt CRM tend to […]
Which Real Estate CRM Should I Use? Are you looking for a real estate CRM? There are so many systems on the market these days that weeding through them is often difficult and time-consuming. We feel your pain! That’s why we want to make it as easy as possible for you to understand what to look for in a real estate CRM.Beyond Residential: Commercial Agents Can Use RPR, Too! Making the transition to commercial real estate can be challenging for agents who come from a residential background. We recently spoke with Sydney Machat, CCIM, CRE, a veteran small town commercial broker and consultant in Maryland. He shared how RPR helps his real estate practice thrive. A Guide to Paid Online Marketing, Part I A lot of real estate search websites offer opportunities to enhance your listings, or advertise, to attract more buyers. With all of those options how do you decide the best place to enhance your listings? In this two-part article, we’ve put together some questions to consider when exploring online advertising opportunities. 4 Tips to Keep You Safe During REALTOR® Safety Month (and Beyond!) For 10 years, the NATIONAL ASSOCIATION OF REALTORS® has provided information and tools to promote REALTOR® Safety during the month of September and throughout the year. Take the time this month to consider how safe – or unsafe – you are as a real estate practitioner during the course of a typical day. A Look at WebsiteBox’s New Lead Capture App Imagine knowing exactly what your clients are searching for on your website–what types of properties, neighborhoods, and in what price range. With access to data like this, agents could greatly streamline their buyers’ home search process by recommending the properties that best match their needs. WebsiteBox recently released a new add-on that gives agents access to this very information.
Dale Ross, head of RPR published a very interesting article today that I thought would share with you about the company’s efforts to have a positive impact on the mortgage industry. One of the key goals of RPR is to help improve the accuracy of the valuations of properties by providing more comprehensive, accurate and up to date information. Here it is: Today, RPR is available to the majority of NAR’s REALTOR® members. In 2011, RPR began to place greater focus on the communications and relationships needed to engage the entities responsible for mortgage liquidity. With the support of NAR’s Washington D.C. based Legislative Staff, RPR has been participating in numerous meetings with various governmental agencies and financial institutions. The purpose is to provide them with advanced analytics and valuation tools created by RPR to reinforce confidence in property valuations. This has the potential to bring stability to the market and thereby provide more capitol to the housing industry. Response to our plan has been overwhelmingly positive. To highlight the level of interest and dialogue between the federal government and the NAR regarding RPR’s potential value, I would like to share some recent testimony by one of our NAR members. On June 28, 2012, Frank Gregoire a REALTOR® from Naples Florida, and 2011 Chair of NAR’s Appraisal Committee provided testimony before the United States House of Representatives Committee on Financial Services Subcommittee on Insurance, Housing and Community Opportunity. This hearing was specifically on Appraisal Oversight regarding The Regulatory Impact on Consumers and Businesses Regarding RPR and the Realtor Valuation Model® (RVM®), Frank testified: “The unique value of RPR’s AVM is that it incorporates real-time market information from more than 400 Multiple Listing Services (MLS) nationwide, comprising approximately two-thirds of NAR’s membership. Much of this MLS data contains more than 10 years history on most properties. RPR’s AVM, known as the Realtors Valuation Model (RVM), is more accurate than most other AVMs when tested on both the national and local levels. Incorporation of MLS data combined with accuracy allows the RVM to offer the strongest value proposition in today’s market.” He also stated: “Through RPR, REALTORS® have access to comprehensive tools to improve comparable property selection to determine the tradeoff between days on market and price. This also allows for improved disposition of distressed properties based on local trends and connections to REALTORS® equipped to sell these unique properties. RPR is an investment in […]
WAV Group provides consulting services to MLSs and Associations to develop strategies and plans for business success. In working with MLSs and Associations we have learned how difficult it is to help agents and brokers understand the value of new technologies in their daily business. Today, WAV Group is introducing the second in a series of Case Studies developed for NAR’s REALTOR® Property Resource or RPR®. These Case Studies are designed to help REALTORS® understand the unique benefits of using RPR in their daily business to help position them as THE local expert. WAV Group developed these best practices by evaluating RPR “power users” and “power promoters” of the software. Download the Agent Case Study here. WAV Group has followed the introduction and rollout of REALTOR® Property Resource (RPR) closely since it was officially introduced and then launched in September 2010. In previous papers, WAV Group outlined the factors needed to make an informed decision about whether RPR and other data-related products were appropriate for individual MLSs and Associations. These case studies are NOT intended to help an organization make a decision about participation in RPR. Those decisions are best left to individual MLSs, Associations and Brokerages. The purpose of this case study is to help agents who are have access to RPR understand how they can the tool effectively in their daily business for reviewing COMPS, building CMA’s and providing invaluable market level data and information to their clients and potential new clients. The case study also clearly articulates how RPR is incremental to the tools available in MLS systems. WAV Group has watched with interest as more and more MLSs and Associations have signed up for this service. From its early beginnings, the product has continued to evolve with more and more tools for REALTOR® members. As of May 6, 2012, 384 MLSs and Associations have signed agreements with RPR, representing 618,914 REALTORS®. 244 have RPR installed and operational for their 503,444 members with more in the review process. While these numbers are impressive, REALTOR® usage and adoption of these products is the ultimate goal. The purpose of this case study is to help agents understand just how easy it is to get up and running with RPR quickly. It’s also intended to help agents understand how the reports and CMA’s in RPR can be used to project a professional image and provide more in-depth information that non-REALTORS® can. […]
In real estate technology this week, there were two announcements that caught our attention regarding Automated Valuations (AVM). Trulia launched Trulia Estimates, their version of property valuations for consumers that competes with public website rival, Zillow and Zestimates. Along the same lines, CoreLogic announced this week that they have licensed more than 1 million active property listings from MLSs through their Partner InfoNet program (PIN) powering their institutional AVM products. CoreLogic is in a race with NAR’s initiative called Realtors Property Resource or RPR. Lender Processing Service (LPS) licenses active listing data from RPR to power their commercial AVM product. Stepping back for a moment, to the naked eye it looks to me like both Zillow and Trulia have more active listing data powering their AVMs than the institutional products offered by RPR (LPS Partner) or CoreLogic. Trulia and Zillow each claim a number somewhere around 3 or 4 Million active listings. I know that there is a third party rating system that measures the accuracy of AVMs that both LPS and Corelogic subscribe to. Not sure if Zillow does, and it is too early in the game for Trulia, who is only in beta in the San Francisco Bay Area. In the long run, one wonders why Trulia and Zillow are not selling their AVM to the institutional markets like LPS or CoreLogic (or perhaps they are planning to and we don’t know it). One barrier is the ongoing litigation of CoreLogic vs. everyone with an AVM that may infringe on their patents.