wav group research

Raising MLS User Intelligence with MLS Drip Training

by Victor Lund on October 15, 2014

All MLS systems are pretty easy to use. Without any training, even a new real estate professional should be able to access the MLS and use its core features like search and add/edit listings. Watching a new agent log into the MLS is a great way to measure the ease of use. Try it sometime. Raising MLS user intelligence is a goal of every MLS organization. When WAV Group performs MLS user satisfaction surveys we learn that a large problem is that MLSs provide services and features that many users don’t know about. We did a survey last year for an MLS where we asked an open ended question about what feature is most needed to enhance the MLS system. The number 1 answer was MOBILE! Funny thing is that the MLS system itself is mobile browser compliant and they offer not one, but two mobile apps! Clearly there is an education problem. There are many MLS organizations that have resulted to what WAV Group calls “MLS Drip Training.” It is a call to action that appears in the notifications page when each user logs into the MLS. This feature is common to most MLS systems, in this example we are highlighting the NorthstarMLS and the great work of their staff at executing MLS Drip Training. Below is an image that illustrates the call to action on the login page. Here is a link to the video – http://youtu.be/VPG0R8_l6jA

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The Case for Measuring Customer Satisfaction Regularly MLSs are monopolies right?  They OWN their territory so they don’t have to worry about customer satisfaction.  Few in the industry would ever agree to this statement but in reality, many act as though they are a monopoly – not paying close attention to what their customers are asking for.  Can you honestly say you know what your MLSs strengths and weaknesses are?  Do you know what frustrates your customers or how you might hinders them from selling real estate as effectively as they could?   Do you occasionally get a board member that wants to re-invent everything because they have heard from one member who is not happy? If you are an MLS that can relate to any of these questions above, then you might want to read on. If you haven’t asked your customers how they’re feeling about your organization, then you are you undoubtedly missing opportunities to build a stronger relationship with those that give you your livelihood.  It can be scary to ask your customers think of you, but it’s more scary to think about what might happen if they become really unhappy. What are the upsides of customer satisfaction though?  Companies that monitor satisfaction regularly can manage their board’s expectations because they have an on-going measure of technology adoption, satisfaction and suggestions from their members.  It is much easier to set goals when you have quantitative, indisputable measures to use instead of perception and innuendo which can enter into the MLS boardroom in the absence of hard facts. We have the honor and pleasure of working with MLSs across the country on their customer satisfaction surveys. Many conduct annual surveys. Some, like MRIS, actually conduct quarterly surveys. They measure satisfaction on every facet of their business. Every department head in the company is responsible for digesting the survey and identifying methods for improving customer satisfaction. In fact, their annual bonuses are based in part of helping the organization to consistently improve customer satisfaction.  The company has shown consistent and dramatic improvement in customer satisfaction since it began its program nearly 10 years ago.  Could there be a correlation between monitoring and responding to customer requests and the accomplishment of becoming one of the largest and most successful MLSs in the country?  We definitely think so. The MLSs we work with have learned a lot about the trigger points for […]

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WAV Group 2014 Road Map to Listing Syndication

by Victor Lund on July 22, 2014

 Listing syndication to online portals is in the throws of a revolution in real estate today. Listing syndication has followed a philosophical pattern first envisioned by the German philosopher G.W.F. Hagel in his triadic process – thesis, antithesis, and then synthesis. This paper will walk though the first two phases of the process, discussing the evolution of the original thesis of listing syndication followed by the new roots of today’s chaotic antithesis. The industry is developing a plethora of new models to transmit listings for online advertising at a pace that is eroding the effectiveness of the process in a significant way. However, out of this chaos of antithesis we are beginning to see a glimmer of new publishers who seek to be the best possible partners to brokers. A new synthesis is on the horizon. View the full report here

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Increase Home Listings By 27 Percent

by Victor Lund on May 30, 2014

How would you like to increase your business garnered from your website by 27%? That’s right, 27%. I had to say it again because people often do not believe in testing or research to determine what works best for their business. In fact, many companies today “take the high road” and completely ignore trends and tactics that can improve their business because they get stuck with their fondness for what they have and stop moving ahead. Here is the example of how research and testing can drive improvements in company online effectiveness. Thankfully, the company the largest broker in the Neatherlands, so we can avoid domestic conflict.   The company did A – B testing on their website. For some visitors, they added a java script popup window that asked a question – “We are so pleased that you are considering using us as your broker. Could you tell us why you would choose our services?” The rest of the consumers saw the site with out the java script popup. Interestingly enough, if you spend much time on Zillow or Trulia – you will find that they are constantly A-B testing their site features by diverting some of their traffic over to test sites. The results of adding the popup were overwhelming.  The popup window increased home listings by 26.6%! The popup loaded 90 seconds after the visitor landed on the website. The coolest part is that they did not use it to drive traffic to a lead conversion form. They simply asked the consumer to make a self-commitment to the broker – also called a ‘self-generated” persuasion effect. It sets the consumer in more of a conversion-oriented mindset. Ok – on your marks, get set, go. Implementing this exact tactic is super easy. Java Script light boxes that pop up are cross browser compliant and mobile friendly. You can even get the code for free by doing a search for Java Light Boxes – I think the first result is Fancybox – which we have used and it is super easy. You simply design your box and paste the code into your site like adding a youtube video. It is that easy. If you use an open source website platform like Joomla or WordPress, you can find lots of plugins that do the same thing. This single idea can boost your online effectiveness by 26.6% if your results are […]

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Brokers harvesting business from their data

by Victor Lund on February 25, 2013

WAV Group White Paper - Broker Data

Real estate brokerages are way behind in the curve of excellence in lead management. This report is not about best practices of routing leads to agents, it is focused on measuring lead quality, and appending lead information with business intelligence that will convert more leads to drive more revenue. WAV Group’s brokerage business is focused on enterprise brokers, 500 agents or more – and usually a brokerage that also has some type of relationship with a mortgage or an insurance company. We use the term “home services” or “ancillary services” to refer to a brokerage that provides a full suite of residential, mortgage, and insurance services to the consumer through its enterprise business units. These companies also frequently have a complement of settlement services and home warranty services that may also be offered. Only brokerages that have significant size and offer a suite of home services will have enough data to profit from the harvesting practices outlined in this report. This report illustrates the best data analytic and business intelligences practices by the nation’s largest banks and mortgage companies. Using these examples, we explain how large real estate brokerages with home services offerings can become more competitive and more profitable from adopting these best practices. To access this report, please click this link.

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