Survey

CRM Impact on Recruiting and Retaining Agents

by Victor Lund on June 27, 2016

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WAV Group has deep experience supporting real estate brokers on the selection and adoption of Customer Relationship Management (CRM) for their agents. Sometimes the best business strategy is a simple one. All research points out that successful real estate agents have 500 or more legitimate prospects in their CRM and they actively communicate with those prospects with a customer for life philosophy. Bearing this in mind, a broker or manager can better understand customer value of agent recruiting and retention. If you have been in the industry a long time, you may know the story of Intero Real Estate in Silicon Valley. They worked with a company to build a CRM that became the cornerstone of their business. They used it to recruit like crazy from Alain Pinel and Coldwell Banker and became one of the largest brokerage firms in America under the leadership of Gino Belfari. Granted, having an agent CRM is a requirement for brokerages today, and Mr. Belfari and his partners built the business on far more than a piece of technology. But this is an iconic story that shows the representational value of implementing CRM successfully in a brokerage and the resulting value of how agents using CRM leads to customer development, customer retention, and long term success.   Agent Experience Demographics Recently, we have begun to create three categories of agents: New Colonists, Old Colonists, and Native Loyalists. The New Colonists – Those who have been in real estate less than six years and at the brokerage less than six years. The Old Colonists – Those who have been in real estate more than six years, but who are relatively new to the brokerage. The Native Loyalists – Those who are well experienced in real estate with over seven years of experience and who have also been at the brokerage more than six years. Interestingly enough, we have begun to use this methodology with all of our enterprise software adoption research. As it turns out, year six seems to have a material breakpoint in terms of behavior. At year six, the agent is experienced and routine in their behavior. Changing behavior for people who have been in real estate for less than six years is very different than changing behavior for professionals who have been working in the industry for more than six years. More importantly, it is vital to communicate differently to these groups. […]

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WAV Group Partnering With MLSs On Zillow Survey

by Victor Lund on October 27, 2015

WAV Group is recruiting MLS and broker participants for a study to get an understanding of what these groups of people think about their relationship with Zillow. This study is funded internally at WAV Group. What do home buyers think of the service? What do home sellers think of the service? What do renters think of the service? What do Property Managers think of the Service What do Premier Agents think of the service? What does Premier Mortgage think of the service? What do real estate brokers of all sizes think of the service? By participating in the study, you will send our survey link to the audience(s) that you have access to. Primarily, we are inviting MLSs to survey agents and brokers. You will get a free copy of your survey results and a free copy of the National results. Why are we doing this? Zillow is in the process of doing a similar study right now. I was asked by a Zillow executive – Why is WAV Group doing this? WAV Group has clients all over the spectrum with Zillow. Some of our clients are raving fans and others are staunchly against the company. We find that businesses that strategically integrate Zillow services into their business can find success in the strategy. We also find that companies that strategically delist themselves from Zillow also find success. Brokerage leaders are good operators and have the ability to thrive regardless of their strategic direction. Zillow is about to release an historic price increase in January. They are going to Zip Code based pricing. For some of our broker customers, that would take their Zillow advertising from $5000 per month to $25,000 per month. In the purest form of lead capture, incubation, and conversion – the investment in advertising does not work. Zillow advertising does more than generate buyers for homes. It is a listing tool, a recruiting tool, a retention tool, and may support other business lines of full service brokerages like mortgage, title, insurance, property management, commercial, etc. If you would like to support WAV Group with this research project, please reach out to Victor Lund.

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Can You Predict Housing Trends Better than NAR?

by Victor Lund on September 30, 2015

The Council of Multiple Listing Services has long discussed the idea of being the source of homes sales data, but has never acted on this. So, ahead of the CMLS2015 conference, we’re conducting an experiment to see how successful we might be if we gather that information direct from agents, brokers, and MLSs. How to Participate Many of you are already compiling this housing data. If you could copy us when you send your local data to NAR, that would be helpful. Alternatively, we’ve created a brief survey that asks about pricing, closings, and market conditions in your local area. Please take just five minutes to fill it out and submit it. We will publish the results of the poll next week and have it available for discussion at CMLS. Let’s see if we can predict the numbers of the NAR report–before the NAR report comes out. Then, following the release of NAR’s data, we’ll compare your answers to the official report. Ready to participate? Take the housing trends poll now!

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As real estate agents and brokers strive to develop process to improve every area of their trade, technology supports them. However, with so many solutions, it is difficult to understand what solutions count the most and to whom. Think of the long list of solutions – website, lead management, CRM, drip marketing, email marketing, CMA, email, transaction management, document management, online advertising, SEO, listing syndication, tax systems, mobile solutions for everything, scheduling software, accounting systems, market stats, digital signatures, forms software, recruiting tools. It is quite a list. The goal of the Broker Technology Adoption Survey is to understand who uses which tools and their satisfaction level with them. Who buys them? The agent? The broker? The Franchise? The Association? The MLS? All of them? Some of them? None of them? Understanding these tendencies will provide the industry with a better grasp of the role that technology plays in real estate, along with who we look toward to finding the solutions practitioners need to be successful in real estate today. Please share this link (http://www.cvent.com/d/w4q07r) in your organization. We will run the survey for a few weeks and compile the results of the data into a report that will be provided to you with our compliments by email. If you have any questions about the survey, please contact jenna@wavgroup.com.    

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Business Intelligence

WAV Group has always been passionate about research and helping our industry obtain data that assists professionals in making the right decisions for their organizations.  We conduct numerous studies every year to that end and this September we will be fielding one of the most important studies we do, the annual WAV Group 2012 MLS Technology Survey.  We started this survey in 2011 meaning 2012 will be the first year we are able to see how this critical data is trending and to see how our vendors are moving up or down in various rating areas. We would like every MLS to take part and to benefit from the free reports that are provided to all participants. How To Participate To be included in the WAV Group 2012 MLS Technology Survey please send an email to sean@wavgroup.com or call us at 716-839-4628. The objective of the annual the WAV Group MLS Technology Survey is to provide a high level comparative satisfaction rating of the MLS technology used in our industry as well as to provide you trending information from year to year in regards to this technology.  The more MLSs that participate the more valuable that information will be for all of us. When your MLS participates in the MLS Technology Survey you will receive the following reports FREE of charge: Executive Summary Report – An overview of the full survey results for all systems for all users. Your MLS System Report – Summary report for all users nationally for your specific MLS system. MLS Means Rating Chart – See clearly how your system’s ratings compared to other system’s ratings in categories such as User Interface, Speed, Dependability and specific user features like Search and CMA. In 2011, over 70 MLSs participated amounting to almost 12,000 agents and staff taking part.  In 2012 we expect to have even more participants.  Unlike other surveys that only measure staff responses, which are certainly important, our survey also reaches out to the brokers, agents and other members that use the MLS system every day.   This is critical to get a true understanding of user satisfaction. The following chart on overall satisfaction from last year’s Executive Summary, which you receive free for participating, shows the differences in user and staff ratings in the 2011 survey.  Participation in the 2012 survey means you will be able to see how these same systems are being rated this […]

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