Agent Survey Reflects Continued Optimism Ahead of Anticipated Industry Changes
The Real Brokerage Inc. announced results from its March 2024 Agent Survey, offering insights into housing market trends and real estate agent expectations across the United States and Canada. The survey reveals continued optimism among agents about future market conditions in both the United States and Canada, despite expectations of a continued year-over-year decline in industry transactions in March. The survey also highlights agent expectations for improved transparency and readiness as the industry prepares to implement practice changes associated with the National Association of Realtors (NAR) recently announced settlement agreement. "We are grateful for the perspectives of our growing agent base, which has now surpassed the 17,000 milestone," said Tamir Poleg, Chairman and CEO of Real. "Their opinions and insights are essential in guiding our approach, ensuring we remain thoughtful and agile as we navigate industry shifts together." "Embracing change and fostering transparency are cornerstones of our culture," remarked Sharran Srivatsaa, President of Real. "Our agents' continued resilience and adaptability are critical as we position the company to capitalize on evolving industry dynamics and emerge even stronger." Key Findings Agents Remain Positive About Forward Outlook, Although Optimism Index Ticks Down Sequentially from February Level Real asked agents at the end of March 2024, "Compared to one month ago, are you more optimistic or pessimistic about the outlook for your primary market over the next 12 months?" Among the agents surveyed, 45% felt more optimistic and an additional 15% felt significantly more optimistic about the next 12 months, outweighing the 13% who felt more pessimistic and 7% who felt significantly more so. The average response among survey participants resulted in a weighted index reading of 63.3 on a 0-100 scale, with scores above 50 reflecting a positive outlook and those below 50, a negative one, thus signaling an expectation for improving year-over-year growth trends in the year ahead. March's index level showed a slight decline from February's 69.2, indicating lower optimism compared to the end of February, primarily due to a decline among U.S. agents, which offset improved optimism among agents surveyed in Canada. Balance of Power Shifts Further Towards Sellers When asked "Would you consider your primary market to be a buyer's market, seller's market, or balanced market?" 61% percent of agents noted sellers have the upper hand, an increase of 4 percentage points from February, while only 13% of agents believe buyers have the upper hand in their markets. Total North American Home Sale Industry Transactions Expected to Decline Year over Year in March Real asked agents, "In your primary market, how would you describe the number of transactions closed in March 2024 compared to March 2023?" The average response among survey participants resulted in a weighted index reading of 48.6 on a 0-100 scale, with scores above 50 indicating growth and below 50, a decline. The results suggest a modest decline in total industry transactions across the U.S. and Canada during March 2024 compared to March 2023, with a decline in the U.S. home sales market, while the Canadian market is expected to grow. March's index reading of 48.6 was slightly below February's 48.7 level. More Pronounced Decline Expected in the U.S. in March - The total number of U.S. home sale transactions is expected to decline in March 2024 compared to March 2023. Agent responses indicate a more pronounced pace of decline in March relative to February, with the average response among survey participants resulting in a March weighted index reading of 47.3, below the 48.5 level reached in February. Canada Market Growth Accelerates - Agents surveyed in Canada signaled accelerating year-over-year growth compared to February, with the average response among survey participants resulting in the overall Canadian weighted index rising to 62.9 in March from 51.8 in February. Affordability and Low Inventory Remain the Biggest Challenges Challenges for prospective home buyers include affordability/interest rates (47%) and inventory shortages (40%), with economic uncertainty and buyer competition tying for a distant third (each at 5%). Over One Third of Agents Expect Practice Changes to Improve Commission Rate Transparency Agents were asked whether they believe (i) a new rule prohibiting offers of buyer broker co-op compensation on the MLS and (ii) a requirement that MLS participants working with buyers enter into written agreements with their buyers, would improve transparency regarding commission rates in real estate transactions. Thirty-seven percent of agents surveyed believe these industry practice changes would improve transparency, compared to 29% who believed the changes would be neutral, and an additional 29% who believed the changes would not improve transparency. Agents See Buyer Agency Agreements as an Opportunity to Communicate the Value Agents Bring to a Transaction Forty-five percent of agents surveyed believe securing written buyer agent agreements will be relatively easy, contrasting with 27% who foresee potential difficulties. Meanwhile, 23% of agents are neutral on the issue, believing the ease of securing a written agreement will depend on each client's understanding of industry practices. Approximately Half of Agents Anticipate a Decline in Buy-Side Commission Rates Due to the Proposed Practice Changes Thirty-nine percent of agents surveyed expect buy-side commission rates to decline slightly as a result of the proposed practice changes, while an additional 12% expect buy-side commission rates to decrease significantly. This compares to 35% of agents who expect buy-side commission rates to remain about the same, and 9% who see an opportunity for buy-side commission rates to increase as a result of the proposed changes.

WAV Group Releases 2024 Brokerage Technology Roadmap
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, public search portals and national, technology-driven brokerages. 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: 1. Parcel-Centric Approach In today's data-driven world, consumers crave comprehensive information about properties beyond just active listings. A parcel-centric database, encompassing all properties in the area, provides invaluable insights to potential buyers and sellers. Moreover, empowering homeowners to estimate their property's value prior to listing enhances engagement and can open the door to securing a listing presentation. 2. MLS VOW Data Aggregation and Publishing Speed The ability to aggregate and publish MLS VOW data swiftly is paramount in attracting and retaining clients. Seamless integration of MLS data across diverse markets remains a challenge because of a lack of data standardization. Brokerages must seek technology partners capable of handling this integration at an enterprise level, to ensure a competitive edge in lead generation. 3. Elasticsearch for Enhanced Property Search Leveraging advanced search technologies such as Elasticsearch enhances the user experience by expediting property searches for the consumer. With features like autocomplete functionality, Elasticsearch not only streamlines the search process but also guides users swiftly to the desired information. By prioritizing user convenience, brokerages can differentiate themselves in a crowded market. 4. Website Topology Strategy Adopting a hub-and-spoke model for website connectivity offers numerous advantages for brokerages. The broker website serves as the central hub, providing a cohesive brand identity and centralized control. Meanwhile, co-branded agent websites act as spokes, extending the brokerage's reach while maintaining consistency in branding and messaging. Download Free with Promo Code For a limited time only, brokerages can download part one of the 2024 Brokerage Technology Roadmap using code "roadmap" during checkout. Register to Receive the Entire Guide Be the first to receive a download opportunity for each segment of this four-part series. Register here. To view the original article, visit the WAV Group blog.

Location, Location...Price? New Survey Rewrites Real Estate's Oldest Advice
Price (56%) is more important than location (50%) to surveyed consumers when choosing a home, according to the latest nationwide survey from Coldwell Banker Real Estate. It also finds that women value price more than men – 60% to 48%, respectively. This bucks the real estate industry's oldest advice, setting new stakes for this year's market. The data further reveal that the dream of home ownership is still alive and well: Of consumers who purchased a home last year, 31% did so because they found their dream home. Additionally, of homeowners who plan to sell their homes in the future, 66% say they plan to move to either a different city, state or country.  "While many consumers made their dream home purchase last year, the data show that some desire to seek new horizons," said Jason Waugh, president of Coldwell Banker Affiliates. "For those still looking for their dream home – no matter their price range, whether nearby or afar – I encourage them to contact a real estate agent for local advice and context." Additional key points emerge from the data, in terms of market sentiment, social media, ideal home preferences and financial dynamics, revealing the dreams and desires shaping the U.S. real estate landscape. Market Sentiment A majority of consumers surveyed (56%) believe that the real estate landscape will either improve or remain the same in 2024 compared to the previous year. Additionally, the data indicates: Consumers who plan to sell their home in the future would be more likely to move to a different city after they sell their home now (39%) than in 2022 (19%). Keeping up with the Joneses Forty-three percent of consumers surveyed have been somewhat influenced or highly influenced by social media in their desire to purchase a particular type of home. Compare this to the findings from luxury consumers, with 73% of them saying the same. Other social insights include: Social media significantly influences home preferences for 64% of consumers aged 18-24, compared to a mere 16% of those aged 55 and above. Consumers surveyed who have been influenced by social media in their desire to purchase a particular type of home aged 18-24 are most likely to have been influenced by TikTok (68%) in their decision to purchase the preference in the type of home they desire, while consumers aged 55 and above are most likely to have been influenced by Facebook (54%). This suggests a substantial role that platforms like TikTok, Instagram or other social media channels play in shaping homebuyers' desires. This signals the need for a strong online presence and strategy. Ideal Home Preferences Across the nation, respondents each have their own version of the ideal home location, design and size, with no one-size-fits-all formula arising from the data. Almost a third of respondents (32%) said their ideal home is located in the South, while a quarter said it's in the Northeast (24%). Almost half (49%) of consumers surveyed said their dream home size is mid-sized: 3-4 bedrooms and 2-3 bathrooms. While Ranch comes out on top (13%) for dream home design style with Modern Contemporary (11%) right behind, more respondents said they preferred "no style in particular" (16%). Financial Dynamics Shift Parental contributions to their children's home purchases differ among generational and racial groups. Over a quarter (26%) of surveyed consumers have not provided or do not plan to provide financial support for their child(ren)'s first home. Younger respondents (aged 25-34) are more likely (49%) to consider providing such support compared to those aged 55 and above (23%). Black Americans (46%) and American Indian or Alaska Natives surveyed (49%) exhibit a higher willingness to financially support their children's home purchases. 58% of consumers agree with the statement "I consider my home as an asset that I would pass along to my child(ren)." Navigating the Future In a landscape shaped by optimism, generational differences and evolving preferences, real estate agents emerge as the backbone, providing expertise and guidance. The future of American real estate is dynamic to say the least.

Real Estate Leaders See Housing, Economy Improving in 2024
Real estate brokerage leaders are once again bullish on housing and the economy in 2024, according to the newest Delta Real Estate Leadership Survey of more than 130 brokerage leaders representing firms collectively responsible for more than 65 percent of all home sales last year. Two in three (66%) leaders expect housing demand to improve this year, compared to last year when only third of leaders surveyed expected improvement in 2023. Moreover, a little more than half (53%) of leaders said the US economy will improve or improve significantly in the next 12 months. It's about-face for real estate leaders as last year 51% expected the US economy to deteriorate in the next 12 months (2023). "The Delta survey once again reveals real estate leaders' confidence in the economy increases the closer it is to home," explained Michael Minard, CEO and owner of Delta Media Group. "They are much more confident about their local economy than their state, US or global economy," he added. When real estate brokerage leaders were asked to rank their confidence in their local, state, US and global economies today versus a year ago, local economies reaped the highest overall confidence (42%), followed by state (33%) and US (29%) "Leaders have little confidence in the global economy," Minard said. "Only 3% were more confident of the global economy today versus a year ago, with 57% being less confident. Forty percent said their confidence remained unchanged," he added. Still, one in five real estate leaders believe the US economy (20%) will deteriorate or deteriorate significantly in 2024. About the survey The independent research, conducted in December 2023 by Delta Media Group, one of America's largest technology solutions providers for real estate brokerages, collected responses from more than 130 broker-owners and top brokerage executives representing firms that were responsible for more than 65 percent of US residential real estate transactions last year. More than one in four (28%) of the leaders responding manage brokerages with more than $1.5 billion to over $10 billion in projected 2023 transactions; nearly one third (31%) manage brokerages with over $500 million to $1.5 billion; 31% manage brokerages with over $100 million to $500 million, and 10% manage brokerages with less than $100 million in total transactions. Delta survey participants included leaders from all sizes of brokerages, with 14% managing brokerage with more than 1,000 agents; 12% managing brokerages with over 500 to 1,000 agents; 38% managing brokerages with more than 100 to 500 agents; 16% managing brokerages with over 50 to 100 agents; 6% managing brokerages with 50 agents or fewer. Forty-four percent of the respondents are 60 years or older; 32% are 50 to 59 years old; 14% are 40-49 years old; and 8% are 31 to 39 years old and 1% are 18-30 years old. In addition, 74% surveyed are male, and 26 percent are female – up from 21% female last year.

Unlocking Inventory: Why Retirees Could Be a Good Resource for Listing Leads
Home inventory has been lower than is ideal for many years now. During the era of low interest rates, when there were plenty of qualified buyers, low inventory was a pain point, but the big wheel of real estate transactions kept turning because demand still outpaced the supply. Today, brokers are facing a different challenge. Inventory is still low, which makes it difficult to meet buyers' needs. And because mortgage interest rates are so high, there are fewer qualified buyers interested in purchasing a home, which means that potential sellers are reluctant to list now; they want to wait until there are more buyers for their home. It's a circular conundrum that can be most easily solved by unlocking inventory and finding more homes to list (at least, until brokers are put in charge of mortgage interest rates). But where are those homes? And how can brokers get their foot in the door (so to speak) of a soon-to-be listing before the competition realizes that the homeowner might be willing to become a seller? The latest Profile of Home Buyers and Sellers from the National Association of REALTORS® (NAR) offers a suggestion: Focus on retirees. Why Retirement Presents a Big Opportunity for Brokerages To put together the profile, NAR asks people who have bought or sold a house (or who have done both) in the past year to answer questions about their experience, including their reasons for engaging in the transaction. According to the most recent report, 8% of sellers decided to move due to retirement, and an additional 23% said they wanted to move to be closer to friends and family. This proportion became significantly larger when results were parsed by the distance of the move. Of the sellers who moved 501 miles or more, 18% moved because they had retired, and 35% moved because they wanted to be closer to friends and family. How to Harness Soon-to-Retire Homeowners Not every retiree is going to be ready to move as soon as they stop working, of course. But for many of them, retirement is the perfect opportunity to start fresh somewhere new. If they are moving away from the area, you can potentially introduce them to a brokerage or an individual agent in their new neighborhood and collect a referral fee on that transaction. And if they're moving in-town, you can offer to help yourself! Start by combing through your own brokerage-level database of clients. To find possible homeowners who might be close to retiring, you can search by their tenure of homeownership (the longer they've been in the house, the more likely they are to want to move sooner than later), their year of birth, their job title, or other variables in your brokerage CRM. Next, after you have a list of possible clients in your sphere who might be close to retiring, it's time to reestablish contact with those people. Reach out and ask them if they would like a free CMA or other resources to help them understand the value of their homes. If they haven't already signed up for a "homeowners under management" platform, encourage them to do so in order to keep track of home maintenance and upkeep. When the conversation has started, it's time to start gently asking about their future plans. Where and when would they like to retire? Do they have plans yet for their residence? A second home in a vacation area where they plan to move? By being smart about where your past clients are in their current homeownership (and career) journeys, you can unlock more inventory for your agents and generate more revenue for your brokerage.

3 Tips for Increasing Agent Productivity Through Your CRM
Any real estate brokerage is only as profitable as its agents are productive. When agents are struggling to find inventory and close transactions, that means that brokerages are also facing revenue challenges. The key is to help agents increase their production levels and the number of deals that they close without spending money on additional products and services that they don't need. A new WAV Group analysis of data around how agents are using their CRMs can shed some light on ways brokerages can make this happen. Here's what the analysis showed and how you can start using the learnings in your own business. 1. Provide a CRM for All Agents to Use The majority of top-producing agents who responded to the survey are using some kind of CRM to help them communicate with their spheres of influence. One interesting finding from the survey was that it does not seem to matter whether top-producing agents choose and pay for their own CRM, or whether they use a CRM that's provided by their brokerage or by their MLS. In the study, a wide majority of agents who had completed between 31 and 50 transactions in the past year said they were using a CRM provided by their brokerage. More than three-quarters (87.5%) of these top-producing agents used some kind of brokerage-provided CRM. 2. Make Training Easy to Access and Complete Providing a CRM is an important first step, but as brokers already know, agents aren't going to use tools that they don't understand. The research indicates that top-producing agents have typically been using their current CRMs for more than a year, and also that they spend a significant amount of time learning how to use the tool so that they can leverage it to its full advantage in their market. The type of training provided matters. Top agents are more likely to say that they took in-person or live online training around their CRMs, as opposed to on-demand videos that can be watched at any time. They take the time and effort to learn about new features and options in their CRM, deploy them, and iterate to maximize their value. If you don't already have a CRM expert or evangelist at your firm, it may be time to uncover or create one. Talk to your CRM vendor about available trainings and see if it's possible to organize some live training sessions at your brokerage. If the CRM vendor can't help you, perhaps your in-house expert can offer some regular (monthly or bimonthly) training sessions for any agent who wants them. 3. The Best CRM Is One You'll Use It's an adage worth repeating because it's true! The agents who close the most sales are more likely to use their CRM multiple times every day. And they say that in markets when inventory is tight and qualified buyers are hard to find, they use their CRM more frequently to work their spheres, instead of less. The ways in which top producers are using their CRM is also significant, especially compared to lower-production agents. The top producers in the survey do use CRM tools such as email newsletter management and other features, but they are more intensely focused on one-to-one communications with specific high-value potential and current clients, instead of using the CRM as a sort of "blasting" tool. In other words, the agents closing the most deals today are prioritizing using their CRM to make direct phone calls and text messages to clients; those messages are focused on explaining where the market is, answering those client questions, and offering to help them make important real estate decisions in an uncertain environment. It's no secret that this real estate market is a tough one. But brokers who can help their agents understand the intricacies of CRM use can help create more top producers within their brokerage, elevating the entire industry.

The Truth About Sexual Harassment in Real Estate Brokerages
Working as a real estate agent can be risky. Most of that risk is attributed to the nuance of an agent's job facilitating home transactions: Agents are in and out of private homes all day, often by themselves, and frequently when meeting with either buyers or sellers they don't know very well. While those are significant risks that agents face, there's another much more insidious threat to agents that might not be on many brokers' radars. Sexual harassment in the workplace is more widespread than most industry experts think, and it's taking place right underneath the nose of the brokers who are tasked with supervising their agents. A recent WAV Group study examined agent safety in the workplace and asked questions about what sorts of crimes agents find themselves experiencing. Open houses and private home showings were two big risks that agents say they face, but sexual harassment either from managing brokers, fellow agents, or someone else involved in real estate are more prevalent than most industry experts would guess. Here's what the survey found. Sexual harassment and female agents The survey was conducted with real estate agents, both team members and individual agents, who shared information about their own career experiences, including whether they had ever been the victim of a crime at work. WAV Group broke the survey responses out by gender in order to assess whether there were any patterns unique to male agents or female agents. Survey results indicated that more than one in twenty female agents (6.7%) have experienced sexual harassment at work, and more than one in ten (10.8%) have experienced harassment. Among the female agents who said they have been the victim of some kind of crime at work, more than one in ten (10.5%) said that the perpetrator was either their managing broker or an agent they work with. When WAV Group asked respondents where the crime took place, more than one in ten female agents (11.3%) said that the crime took place at their real estate office of employment. What should brokers do? The most important step to solving any problem is to acknowledge that it exists. For real estate brokers who believe that sexual harassment is an issue that other industries must tackle (but not real estate), this data should serve as a wake-up call. After acknowledging that sexual harassment exists and could be happening to agents in their own brokerages, it's critical to take steps that will define clearly what is and is not acceptable behavior from agents, how to report unacceptable behavior, and how that behavior will be handled after reporting. There are a number of free educational tools that businesses can use to educate their employees about the legalities of sexual harassment in your state. Make sexual harassment training a regular component of your ongoing learning and education, and mandate that agents take courses and pass tests that examine topics such as sexual harassment and hostile work environments. Reporting policies should be transparent and easy to understand and follow, as well as consistent. They should accommodate the rights of both the accuser and the accused, and brokers should take every precaution to document their actions and consult with a legal expert if they are unsure about how to proceed. By that same token, it's important to take sexual harassment allegations seriously and to implement a no-tolerance standard in your brokerage for sexual harassment. Stay tuned to hear more results from the survey and learn when you can read the full report on WAV Group.

Not All Consumers Believe Commissions Are a Mystery
Reading the disturbing news about yet another class action lawsuit facing our industry is upsetting to all of us, needless to say. For those that are losing sleep over the implications of the potential outcomes of these lawsuits to their bottom line, I thought you might want to read a bit of reassuring news, directly from consumers. WAV Group fielded a survey to real estate consumers asking about their understanding of commissions. While the lawsuits make it sound like every consumer is completely in the dark about commissions, the results of our consumer study dispute that claim. Nearly 50% of respondents say they understand how commissions work. Eighty-one percent of consumers know that real estate agents are commission-only salespeople. And even better news: 88% believe that their agent earned their commission. Moreover, the commission offering from the MLS is only an initial offer of compensation. These commissions are constantly negotiated on every deal in full view of the homebuyer. When you compare the offer of compensation in the MLS with the commission net sheet, you are able to see that the offer of compensation is very different from the actual compensation. This quantitative study paints a very different picture about how consumers feel about agents that helped them buy their home. As a give back to the industry, we are waiving our $50 fee for the study for the next few days so that you can get access to another perspective on this game changing topic. You can download it FREE before April 3rd with promo code COMMISSION at checkout. To view the original article, visit the WAV Group blog.

Coldwell Banker Global Luxury's 'The Report' Identifies the 2023 Trends and Opportunity Markets Impacting Global Luxury Real Estate
The Coldwell Banker Global Luxury program released "The Report: 2023 Global Luxury Market Insights," an in-depth analysis of worldwide luxury real estate market trends. The Report reveals the most advantageous areas in the United States prime for purchasing luxury real estate, the most popular cities for secondary luxury home ownership, luxury agent perspectives on pricing trends, the influence of the global community on U.S. real estate and the trends driving luxury consumers, both domestically and internationally. "The Report sheds light on the micro-level factors that are currently impacting the state of the luxury real estate market. As we've seen over the past three years, the core definition of luxury has swiftly changed; ultra-high-net-worth individuals are a driving influence in the market, with this demographic leading the way in luxury home buying. With their well-diversified investment portfolios and assets, this ultra-wealthy consumer will have staying power in the real estate market today and in the years to come," said Liz Gehringer, president of Coldwell Banker Affiliate Business and chief operating officer, Coldwell Banker Real Estate LLC. Key findings featured in The Report: The Opportunity Index The Opportunity Index evaluates and ranks 125 U.S. markets based on buyer and seller opportunities. The Index uncovers the locations that could present the most exciting buying and selling possibilities this spring by looking at supply, demand, inventory levels and pricing, and how each of these areas favors the buyer or the seller. The markets most likely to be the friendliest for buyers: Marco Island, Fla. Palm Beach, Fla. Summit County, Colo. Miami, Fla. Lake Tahoe, Nev. The markets most likely to be the friendliest for sellers: St. Louis, Mo. Hamilton County, Ind. Richmond, Va. Johnson County, Kan. Raleigh-Durham, N.C. Global Luxury Agent Market Perspective Coldwell Banker Global Luxury Property Specialists polled in a special Agent Vision Survey remain upbeat about the current luxury outlook as wealthy consumers continue to flex their spending power, prioritizing financial stability, long-term wealth growth, family, health and wellness. More than half of the Global Luxury Property Specialists surveyed expect 2023 luxury home prices to remain flat or up slightly from 2022. Over half anticipate demand to remain consistent throughout 2023, while nearly 30% believe demand could be stronger by the end of the year. Global Luxury Property Specialists transact in the top 10% of their respective markets. Multiple Homes Are Mainstays for Americans in the U.S. and Abroad The percentage of U.S.-based individuals with a net worth of $5 million or more who own two or more properties grew from 70% in 2021 to 79% in 2022, per Wealth-X. Data from Coldwell Banker's fall 2022 Trend Report backs this claim: 72% of wealthy buyers noted that their future home purchase would be a second residence, vacation home or rental property. Gen-X and millennials are leading the way with their desire to own multiple homes, seeking out hybrid properties as part-time getaways and rentals as part of their wealth building strategy. The top five U.S. metropolitan areas driving secondary-home ownership among individuals with a net worth of $5 million or more, per Wealth-X are: New York City Silicon Valley San Francisco Los Angeles Chicago Wealthy U.S. individuals are not just looking domestically for properties either; the propensity to own a home abroad is on the rise thanks to the strength of the U.S. dollar and rising costs of U.S. living. According to Wealth-X, more than 64,000 overseas properties in 2022 were owned by U.S. consumers with $5 million or more in net worth, up 20% from 2021 and 115% over 2020. In Coldwell Banker's new international survey, conducted by Censuswide, 91% of affluent Americans said they are most likely to own a home overseas. Europe is a big draw for Americans, but emerging markets like Central America and Asia, particularly with younger affluent individuals, are increasingly popular locations. Global Real Estate Influence According to Credit Suisse, the number of global millionaires is at its highest point in history. By 2026, it is estimated that the number of millionaires worldwide will surge by 40%, and one in seven adults will have a net worth of at least $1 million. Major U.S. markets and traditional centers of wealth, like New York and Los Angeles, continue to be a major draw globally for affluent international buyers. Findings from the Coldwell Banker international survey also found that affluent buyers desire to live in locations that are architecturally and culturally diverse, like Chicago, and luxurious resort towns like Aspen. New York is still the number one city globally for high-net-worth primary residents and secondary homeowners. Cities in Asia regained position in the top global cities with primary and secondary homeowners as borders reopened, with Singapore, Beijing and Guangzhou ranking in the top 10, according to Wealth-X. Increased desire for travel, investment opportunities, growing popularity for dual citizenship / "Golden Visas," and favorable tax laws are major factors that are driving the global affluent population to look abroad for their next home purchase. "The List" – What Trends Are Driving the Luxury U.S. Consumer? Property location, home condition and amenities are the highest priorities for the affluent when looking to purchase primary and secondary residences, according to Coldwell Banker Global Luxury Property Specialists. Global Luxury Property Specialists also find that a home with breathtaking views, quality of construction materials and privacy are the top three qualities that their clients look for when defining their dream home. A have-it-all mentality could become a larger consideration in the high-end residential market this year as buyers flex their leverage and become more selective. Home design and style trends are also influencing factors; Global Luxury Property Specialists noted that open floor plans, bespoke architectural elements and neutral color palettes will have staying power among wealthy individuals. Tech-friendly homes are also top-of-mind for affluent buyers, with home automation systems, energy efficient appliances and electric vehicle charging stations ranking as the top three most valuable tech amenities.

WAV Group Releases Homeowners Under Management White Paper
Was it Mark Twain or F. Scott Fitzgerald who originally wrote, At first you go bankrupt slowly, then all at once? I'm not sure, but I often share that quote to illustrate how change happens in culture or in an industry. Today, I believe that we are on the precipice of an all-at-once moment that will have a profound impact on real estate portals. We see the emergence of homeownership portals happening now. We anticipate that homeownership portals will replace or transform property search portals and real estate CRMs. The move in this direction has happened slowly, but this year, we believe that it is happening all at once. We see enterprise brokers, franchise brands, state associations, and large MLSs implementing these tools today. It's a big shift. There are a number of signals in the market that express context that supports the development and adoption of homeownership portals. The first and longest running streak trend among consumer portals is becoming parcel-centric. If you look at the success of Zillow, Trulia, Realtor.com, Redfin and Movoto, the differentiating factor that drives consumers to those sites is that they have data on every property, ergo every parcel. It shocks me that real estate brokers have not woken up to the reality that their IDX website or VOW website will never compete with a portal that has all the listings. Consumers want to know what their home (and their neighbor's home) is worth, when it last sold and for how much. These are table stakes today. The next signal is that consumers do not want to be "leads." This has been a trend for a long time that was epically characterized by 1000watt in their video about becoming a lead. I could not find the video, but Marc Davidson did write a nice piece about the broken experience of being a lead – it simply sucks. When a consumer wants to get information, they desire to look it up. When they have a question, they want to talk to someone that they know or trust. Portals that sell leads to real estate agents are going to die. The consumer experience is unsatisfactory and the real estate agent is overwhelmed from lead fatigue – leads that close 1 out of 100 – or a warm lead that closes 5 out of 100. The next signal is related to concierge services. Like it or not, Compass crushed the competition with their concierge service that allows consumers to get home repairs done before the sale (and proceeds from the sale pay for them). Same is true of moving concierge. Consumers do not want the hassle of moving, so Updater, MooveGuru and MoveEasy have delivered solutions. RESPA crushed the idea of integrated services that consumers want for combining a real estate transaction with a mortgage, title, and insurance transaction. I totally understand the need to dispel the bribe-like revenue sharing between these business services, but geez – haven't we gone too far? The consumer wants these service providers to deliver an integrated service. When you take these signals and you mix them together, you recognize that real estate has emerged beyond search. However, two major problems exist. The first is that there is no one-stop shopping portal where all of my service providers collaborate. The second is that nobody is providing consumers with a portal to help with homeownership. Perhaps the only portal that sees the confluence of services coming together is Zillow. They announced the Super App, but outside of the idea they shared, we do not recognize it as having been executed yet. There are a number of companies that are developing super apps for brokers. There is a race happening right now to get the most consumers on a super app. Only a few contenders are in the race. The finish line is to give consumers an app that supports their entire lifecycle of homeownership – search, transact, move, own, sell. Once a consumer adopts a homeownership portal for their home, it's game over for today's one-dimensional search portals. Much in the same way that we have a portal for managing our health, our car, our education, there will be one app for managing your home. In this white paper, we explore the key steps to breaking away from the transactional cycle and maximizing the lifetime value of each client you work with. Whether you're an individual agent or part of a brokerage, the strategies outlined in this paper will help you establish long-lasting, meaningful connections with your clients. Please download this whitepaper to learn more about homeowners under management. To view the original article, visit the WAV Group blog.

New zavvie Report Reveals a Surge in Consumer Demand for New Ways to Buy and Sell
Even while the overall U.S. housing market faced uphill challenges in 2022, more Americans are seeking alternative ways to buy and sell real estate as innovative solutions increase nationwide availability. That's what a new report from PropTech software marketplace provider zavvie found. Power Buyers, offering "Cash Offers" and "Buy Before You Sell" bridge solutions for home buyers, grew 33 percent during an overall U.S. market decline of 38 percent. In addition, Listing Concierge presale renovation companies, which help sellers maximize the value of their home, rose by nearly 5x — 490 percent. And while iBuyers began the year strong, purchasing 53 percent more homes in Q1 than in the record-setting previous year, the pace of growth slowed dramatically throughout the year. By Q4, iBuyer purchases had tapered to a near standstill. Nevertheless, despite the slowdown in this sector, zavvie's new Modern Marketplace Index, an indicator of the overall market share of these new solutions, increased modestly over the past two years, from 2.59 percent in 2022 to 2.67 percent by the beginning of 2023. The first-of-its-kind report that closely tracks a range of innovative buying and selling solutions, the new zavvie "Modern Marketplace Report: 2022 Year in Review" details the explosive growth of these businesses. The latest report examines the changes in these new solutions and the impact on the U.S. real estate landscape last year, focusing on the consumer experience, from offer strength and acceptance rates to costs and customer satisfaction. "It's clear that the popularity of these new solutions for home sellers and buyers continues to grow," noted Stefan Peterson, zavvie Chief Data Officer and Co-Founder. "Real estate brokers and agents know that in today's market, to win over the customer, they must have these vital tools in their kit — or they will lose out to a competitor who does." "With these new buyer and seller solutions, agents can help customers get unstuck, creating new inventory by having conversations about how these innovations work and the benefits they offer," he added. Among the new study's additional findings for 2022: Power Buyers' strong growth of 33 percent is attributable to higher demand for the "buy before you sell" and "sale-leaseback" products used by consumers who are buying and selling. Power Buyer purchase prices peaked in Q1 2022 at $683K, far higher than the national average home price of $348K. Then, Power Buyer prices came back to earth at around $500K at year-end. Consumers are willing to pay Power Buyer fees, ranging from between 0% and 3% of the home's list price, for the advantages of buying before selling and making an offer without a loan contingency. Power Buyer offer acceptances remained in the 35% to 40% range for the first two quarters, declining with the overall market for the rest of 2022. Listing Concierge — presale renovation and repair services — has spread like wildfire across the country in the past three years, as with these new solutions, sellers won't pay for the renovations until after their house sells. The average project investment by Listing Concierge firms was $47,000. Listing Concierge firms overall provided an average return on investment (ROI) of 100 percent. By the end of the year, only two iBuyers were standing: Opendoor and Offerpad. Institutional buyers, including Amherst, Invitation Homes, Tricon and First Key (among many others), who are focused on wholesale purchases of single-family homes for rentals, bought about 3x as many homes as iBuyers. Like retail iBuyers, institutional buyers also sharply curtailed their acquisitions in the second half of 2022. A silver lining for iBuyers: offer acceptance rates continued downward in the first half of the year, bottoming at 3.1%. Then, in contrast to all the other trendlines in the zavvie report, offer acceptance took off through the 8% range. Apparently, for an increasing percentage of sellers, iBuyer offers were more attractive, given the market conditions. As an indicator of consumer demand, throughout 2022, zavvie continued to process more requests for Instant Sale solutions than any other Modern Marketplace solution: 40% of all requests were for instant cash offers. Rent-to-own or Homeownership Accelerator solutions, which help consumers choose a house they want to live in, then rent it with an option to buy in the future, are now available in 36 states. Homeownership Accelerator Divvy Homes, for example, reports that 50 percent of their customers have exercised the option to purchase their homes. Homeowner Accelerator firms Divvy, HALO, and Landis have raised more than $1.8 billion collectively. Home Partners of America, the well-established category leader among Homeowners Accelerator firms with its "lease with the right to purchase" program, was acquired by Blackstone Group in June 2021 for $6 billion, placing it among the largest residential real estate firms of any type. One of the most significant trends emerging from the zavvie report is the continued expansion of the Modern Marketplace, particularly among Power Buyers and Listing Concierge companies. EasyKnock grew its revenues 89% compared with 2021 while completing Power Buyer transactions in 47 different states. UpEquity quadrupled its Buy Before You Sell business. The Listing Concierge service Curbio raised $90M in funding and completed more than 1,700 projects, an increase of 125% over 2021. Revive, which offers pre-sale renovations as well as an innovative instant sale product, experienced 75% growth each quarter. Peterson notes that the common thread among all the Modern Marketplace choices is high customer satisfaction. "Ultimately, the consumer will determine if a business is delivering good value," he said. "The vast majority of consumers who have used one of the Modern Marketplace solutions are glad they did and would do it again."

The Broker Business Intelligence Gap
Here at WAV Group, we invest a lot in business intelligence. Business intelligence is a broad term that can mean a lot of things. We define it as a 360-degree review that combines the collection of information from a variety of sources, then benchmarked against peer groups. Our business intelligence across the real estate industry has identified a pretty frightening broker experience gap. What we have learned is that brokers rarely collect enough facts to make important business decisions. The result is failed efforts and underwhelming results. Example: Brokerage Technology Satisfaction A great source of business intelligence that is made available to brokers every year is delivered as a member benefit from the National Association of REALTORS®. If you have not checked out this summary article from WAV Group partner, Kevin Hawkins, about the release of the new 2022 Realtor Tech Survey, you should read it now — but I will pull some highlights to further develop this understanding of the broker-business intelligence gap. According to the NAR study, the most important tools that an agent values are eSignatures, lockboxes, MLS, followed by a three-way tie between transaction management, CRMs, and video conferencing. The best practice would be to compare and contrast this research with research from your real estate agents. When agents answer a NAR survey, they are biased around the service offered by the association. That is not an intention of the survey, but survey bias does happen. WAV Group often combines surveys from associations, MLSs, and the brokerage to mitigate survey bias – let me explain why. You cannot overcome survey bias completely, although using a third-party firm to survey agent satisfaction helps a lot. The less concern that a person has about being identified in a survey, the more truthful they are in answering the questions. Agents do not have any concern about being identified when they are answering an association or MLS survey; there is no concern about being identified for their point of view. With brokerage surveys, a little concern exists within. We have run surveys through associations, MLSs, and brokerages with the exact same questions in the exact same markets and gotten three similar, but different, answers from the same agents. When agents are surveyed about technology by the association, they think of forms, lockboxes, RPR, etc. When the technology survey is the MLS, they think about the MLS system, tax record system, etc. When they are surveyed about broker technology, they think about websites, CRM, CMA, etc. If the brokerage is a franchise that offers technology, there are different answers there as well. The truth is that agents have the association, MLS, franchise, brokerage, and technology companies all marketing to them at the same time, while simultaneously trying to drive adoption of their tools. It is wickedly confusing for agents. Therefore, the collection of data by a third-party, and the collection of data from multiple sources, is so critical to gaining the right level of business intelligence to make informed decisions. Creating the Right Technology Mix WAV Group is fortunate to work with a lot of the top 100 brokerages in the United States, supporting them with their business intelligence systems. When brokers do satisfaction research, their insights allow for business decisions that are well-informed. For example, large firms operating in multiple MLS market areas across many associations did an agent satisfaction study to understand the opinions that agents have for the tools from their associations and MLSs. The richness of comparative data is outstanding. Those firms know which associations have the best tools. Often, you see consistency across forms solutions and lockbox solutions. For example, they know the difference in agent satisfaction between zipForm, TransactionDesk, and dotloop. They can also see the differences in how the association delivers member benefits. Multiple associations offering the same product, score differently. It allows the broker to understand that the association's training and support is better in some places than in others. The same is true for MLS technology. You would not believe the amount of wasted technology spent by brokers who are purchasing inferior products that duplicate better products that are offered through the association or MLS. Simply stated, if the MLS offers a better tool that agents enjoy more, don't be bothered, just cut that tool from your product mix and work with the MLS to tighten up integration with your other products and services through API integration. Innovation vs. Consistency You absolutely must consider real estate personas in business intelligence. There are two different personas that probably matter more than any others, and they are at the extremes of the spectrum. An agent doing fewer than two transactions is a very important cohort – so are top producers. Generally, we find that low-producing agents find the technology to be too complicated. That makes sense. For an agent only using tools a few times a year, it's impossible to keep up. This is where innovation really hurts a brokerage. If agents need to relearn a software for the few times in a year that they use it, then it is too complex and time-consuming. Low-producing agents are the biggest opportunity for profit growth in a brokerage since commission splits favor the broker more than the agent. Do the math across your firm – forecast your EBIDA if your low-producing agents do one deal a year. How does that impact your profit? Consistency is important to low producers. They want certainty that when they go to use a product or service, it has not changed so much that they need to contact support to get their work done. By not innovating tools for low producers, this typically leads to improved margins. Static technology is typically priced better than the flashy, complicated, feature-rich, new stuff and requires lower levels of training and support. Do you really need transaction management if you only have one deal a year? The opposite side of the spectrum is top producers (which includes teams). Generally speaking, top producers rarely use the technology of the brokerage because it lacks the features that allow them to manage an enterprise-sized sales and transaction funnel. This cohort requires a lot of study, and typically the study of top producers needs to be looked at in two ways. You parse their answers to surveys and follow up with in-person calls or meetings. These agents want to know that you value them enough to engage with them personally. Top producers need efficiency, so they typically go outside of the brokerage to purchase solutions that meet their needs. This is horrible for the brokerage and leads to breakage. Should Brokerages Charge for Technology? The NAR study provides an interesting piece of data about brokerage technology fees. Forty-seven percent of Realtors said that their brokerage charges for technology and that it is a reasonable fee. Do you charge today? Do you know if your fee is reasonable? Thirty-eight percent say that their brokerage does not charge a technology fee. Even when technology is not charged for, it has value. Do you understand this value for your company? Twelve percent of agents say that the price they pay for broker-provided tech is not worth it. Yikes! You do not want to be in that group as a brokerage. When you have benchmark data like this, you need to contrast it with data you collect on your own agents. Moreover, you need to collect this data on key competitors. Consider this scenario – your brokerage charges for technology and your agents are highly satisfied for the value they receive, whereas a key competitor does not charge for technology, and their agents believe that the tech offered by that competing firm has low value. If you have a low-performing agent that you are recruiting from that competitor, your narrative is that they will sell more real estate using your technology and that they should have confidence in the technology fee – which will be a new business expense for them. The competitor's top producing agents may be overspending on technology to compensate for their current broker's lackluster tech offerings. The narrative for joining your brokerage is that it can save them money and likely improve their performance. The very same narrative is useful in agent retention conversations. Using Business Intelligence to Make Better Decisions As you can imagine, when you drill down into details like this and offer data that backs up your statements, you are making better decisions. If your business intelligence points to areas of dissatisfaction, or areas where a competitor has a leg-up, then you can make decisions that close the gap. The battle for winning market share is local and requires hand-to-hand combat. You need to win hearts and minds. Every good decision you make solidifies the confidence that your agents have in your firm. Every poor one encourages them to answer a recruiting call. Today's real estate market is savage. If you sit idle and wait for the market to recover in two or three years, it may be too late for your firm to remain competitive. Right now, you need to be 100% obsessed with market share, not volume. The market is down for everyone, but if your competitor's business is dropping faster than yours, you are picking up market share. Let's win this together. If you would like WAV Group to perform a business intelligence study on your company, please contact [email protected]. To view the original article, visit the WAV Group blog.

Luxury Real Estate Is the Safest Investment One Can Make, Says New Report
A recent report indicates that real estate remains in a strong position for the remainder of 2022 and heading into 2023 as more affluent consumers are turning to real estate to diversify their portfolios and as a long-term investment strategy. In fact, 80% of U.S.-based high-net-worth consumers agree that real estate is a safe investment, and over one-third agree that it is the safest investment one can make when compared to stocks, bonds, cryptocurrency and pensions, according to "The Trend Report," released Monday by Coldwell Banker Real Estate and the Coldwell Banker Global Luxury program. Additionally, consumers are over three times more likely to think that 2023 will be a better time to invest in real estate compared to 2022 – rising a whopping 42% from only 11% a year ago. The Trend Report, paired with a survey conducted by Censuswide of over 2,000 U.S.-based high-net-worth consumers, insight from Coldwell Banker Global Luxury Property Specialists and data collected by the Institute for Luxury Home Marketing and Wealth-X, provides an in-depth analysis of what's driving real estate investment, emerging worldwide luxury real estate market trends, market growth opportunities and global wealth. The top trends shaping the 2022 luxury real estate market: An Unconventional Buyer's Market Smaller Square Footage Reconsidering Relocations Searching for Stability Moving Beyond Borders Creative Financing A consistent theme throughout The Trend Report, as found through the survey findings, is that investment is continuously top-of-mind for the wealthy, no matter the market environment. Affluent consumers consider real estate a prime asset for building, maintaining and growing wealth. Key survey findings featured in The Trend Report include: Property investment is a priority Traditionally seen as a hedge against inflation, real estate has the ability to provide financial, emotional and psychological stability in the face of rising uncertainty. Over time, most home values typically appreciate, underscoring how much affluent consumers play the long game when it comes to financial and lifestyle investments today. The top reasons respondents purchased real estate as an investment: Diversify their portfolio (46.7%) Long-term investment (46.1%) Financial gain from rental income (45.9%) Inheritance for their children (45.3%) The top five types of homes respondents own as an investment property: Multifamily Home (39%) Single-family home (34%) Apartment/Condominium (34%) Townhome/Duplex (33%) Fractional ownership (28%) 77% of U.S. luxury consumers surveyed for the report own an investment property. Of those, nearly two-thirds own two or more properties. More opportunities for buyers on the horizon The luxury real estate market has shown resilience, leaving buyers with plenty of purchasing power to still acquire the home they desire. Affluent buyers remain bullish as most continue to see the value of property investment. 75% of respondents noted that current market conditions have changed their mind about buying a home or investment property in the future as luxury consumers remain optimistic about the market. The top three reasons? More inventory (42%) Rising rents (38%) Stock volatility makes real estate a better hedge against inflation (38%) Secondary homeownership trumps purchasing a primary residence With their primary residences accounted for, luxury buyers are turning their attention to building generational wealth by investing in multiple, often lesser-priced, secondary-plus properties. 40% of respondents who are planning on purchasing a home in the future anticipate doing so in the next 1 – 3 years. Of those planning to purchase a home in the future, 72% stated that their new home would either be a second residence, rental property or vacation home. Affluent buyers get creative with financing Rising interest rates are inspiring a new generation of high-net-worth buyers to get creative with their real estate financing. Over half of luxury consumers plan to finance their next home purchase via cash offers (51%) or with a private wealth mortgage (48.1%). Buyers are also using nontraditional bank loans, seller carryback financing and rate buy-downs. "While the luxury property market is now trending towards balance, there is still insatiable demand from wealthy buyers looking to diversifying their portfolios and build long-term wealth through investing in real estate. This strategy powered by the wealthy is the driving force that we see throughout The Trends Report and really underscores the power they still have when it comes to purchasing the properties that they desire," said Michael Altneu, Vice President, Coldwell Banker Global Luxury.

Whitepaper Release: Ocusell New Listing Management Tool for MLSs and Brokers
Today, the primary listing management solution used by brokers is the stock solution that is provided by the MLS system vendor. From there, listings are returned back to the brokerage. Some MLSs have separated listing management – the process of entering or editing a listing – from the core MLS system. Examples include Bright MLS, NorthstarMLS, and the team of FMLS and Georgia MLS in Atlanta. Moreover, brokerages have listing management solutions that are part of their accounting system or broker website back-office solutions as well. This whitepaper discusses the business toils of listing management that creates the demand for having a stand-alone listing management solution. Please enjoy your free download and learn more about Ocusell. Download white paper here Use code: Ocusell To view the original article, visit the WAV Group blog.

zavvie Launches Expanded Report Covering How Innovative Buying and Selling Services Are Changing Landscape of Real Estate
The way Americans buy and sell real estate is changing forever as new, innovative solutions are now available nationwide. iBuyers provide sellers with instant offers. Power Buyers employ "cash offers" and "buy before you sell" bridge solutions for home buyers. Rent-to-own programs create new buyers and expand the marketplace. Presale renovation services help sellers maximize their profits. All these new problem-solvers are finding growing consumer demand and high acceptance. In a first-of-its-kind report, zavvie explores the new "Modern Marketplace" for real estate fully, detailing the explosive growth of these businesses. The zavvie Modern Marketplace Report examines the changes in the real estate landscape throughout the U.S. during the first quarter of 2022. A software technology company that provides real estate brokerages with a marketplace for buying and selling solutions via white-labeled platforms, zavvie is replacing its highly popular Seller Preferences Report with this new study, expanding the company's already deep insight into these innovative services. "Not too long ago, options for home sellers and buyers were scarce," noted Stefan Peterson, zavvie Chief Data Officer and co-founder. "Sellers had one option: list on the open market. Buyers had two: pay cash or get a traditional mortgage loan. Today, the landscape has been modernized and is radically different," he added. Among the new study's findings in Q1 2022: Power Buyers, now operating nationwide, are fundamentally changing how real estate works as they dramatically increase the consumer's power as a homebuyer and are poised to make the "cash offer" and "buy before you sell" modern bridge the norm in real estate. From Q1 to Q3 2021, Power Buyer transactions grew 3X, then stabilized in the seasonally slower Q4 2021 and Q1 2022. The average sales price for Power Buyer purchases jumped between Q4 2021 and Q1 2022, as more high-priced "buy before you sell" transactions took place. Power Buyer offer acceptances remained in the 35% to 40% range, with fees ranging between 0%-3%. iBuyers managed to thrive despite headwinds of the strongest seller's market on record. In Q1, iBuyer purchases were nearly 2x what they were in Q1 last year. iBuyers Opendoor and Offerpad accounted for 120,000 transactions last year, approximately 1.3% of the U.S. market. Institutional buyers such as Amherst, Invitation Homes, Tricon and First Key collectively purchased about 1 in 20 homes in the U.S. last year — 4X as many as iBuyers. The average iBuyer purchase price tapered during Q1, partly attributed to Zillow Offers winding down. Average offer amounts also dropped during Q1. Offer strength for iBuyers peaked at 104.1% of market value in Q2 2021 and was at 98.7% in Q1 2022. iBuyer service fees at Offerpad and Opendoor are 5% for Q1, comparable to real estate commissions, typically 5% to 6%. Seller concessions — the amount iBuyers charge sellers for "prep and repairs" — dropped to 2.9% in Q1 from 3.5% in Q4 2021. iBuyer offer acceptance rates continue to decline, down to 3.2% for Q1 from 5.7% in the first half of 2021. Listing Concierge – presale renovation services – activity skyrocketed. Enabling home sellers to pay for repairs at closing, their approach maximizes proceeds. The average renovation project is $42,000, as many cap projects; some Listing Concierge firms are completing renovations of $200,000 or more. Rent-to-Own or Homeowner Accelerator firms, which help consumers choose a house they want to live in, then rent it with an option to buy in the future, are setting new records for sales — and capital investment. Homeowner Accelerator Divvy Homes, for example, reported closing more homes last year than in the first four years since its founding in 2017. Homeowner Accelerator firms Divvy, HALO, and Landis have raised over $1.8 billion. Home Partners of America, the well-established category leader among Homeowners Accelerator firms with its "lease with the right to purchase" program, was acquired by Blackstone Group in June 2021 for $6 billion, placing it among the largest residential real estate firms of any type. One of the most significant trends emerging from the zavvie report is the continued expansion of the Modern Marketplace, particularly among Power Buyers. Knock reported its transaction volume was up 307%. UpEquity saw year-over-year revenue growth surge to 500%. EasyKnock increased its customer base by 200% last year, and Homeward reported 375% growth in homes under contract. Peterson notes that the common thread among all the Modern Marketplace choices is high customer satisfaction. "Ultimately, the consumer will determine if a business is delivering good value," he said. "The vast majority of consumers who have used one of the Modern Marketplace solutions are glad they did and would do it again." About the report The zavvie Modern Marketplace Report is the first review of its kind, covering every selling and buying solution, including iBuyer, Power Buyers, Listing Concierge, and Homeowner Accelerators, available to homeowners and buyers throughout the U.S. It examines offer strength, offer acceptance rates, service fees, market availability, buy boxes, average concessions, and more. The complete zavvie Modern Marketplace Report is free at zavvie.com/modern-marketplace-report.

Dreaming of Home: Many Gen Z and Millennial Homeowners Plan to Sell in the Next 12 Months
2022 is shaping up to host another hot real estate market with more than two in five (44%) of Gen Z homeowners (age 18-25) and over a third (35%) of Millennial homeowners (age 26-41) saying they plan to sell their homes within the next 12 months, according to the latest survey commissioned by Coldwell Banker Real Estate, and conducted online by The Harris Poll among over 2,000 U.S. adults. With so many young American homeowners planning to sell in the next year, they need tools and guidance to navigate the tight housing market. Meeting Consumers Where They Are The survey found that 59% of Gen Zers and 65% of Millennials say they expect good real estate agents to use social media (e.g., Facebook, TikTok, Instagram) for marketing purposes (e.g., to sell themselves as an agent, to post their home listings). Coldwell Banker commissioned the survey to understand how much they value a real estate agent's social media presence. Findings include: Older Americans Value Social Media, Too: 58% of Gen Xers (age 42-57) and 60% of Baby Boomers (age 58-76) strongly or somewhat agree that they expect good real estate agents to use social media for marketing purposes. A Majority of Americans Agree: 61% of all Americans would expect good real estate agents to use social media for marketing purposes. The Social Generation: Nearly two thirds of Millennials (65%), and nearly half of Americans overall (48%), would think more highly of a real estate agent if they had a strong professional social media (e.g., Facebook, TikTok, Instagram) presence. "With more than two in five Gen Z and over a third of Millennial homeowners planning to sell their homes in the next 12 months, reaching these generations is key to unlocking inventory in 2022," said M. Ryan Gorman, CEO of Coldwell Banker Real Estate.

Coldwell Banker Releases 'The Report,' an Extensive Outlook on the 2022 Global Luxury Real Estate Market
Coldwell Banker Real Estate and the Coldwell Banker Global Luxury program released "The Report: 2022 Global Luxury Market Insights," an in-depth analysis of emerging worldwide luxury real estate market trends, market growth opportunities and global wealth. Based on data from Wealth-X commissioned by Coldwell Banker Real Estate, the world's affluent population – those with a net worth of $5 million and up – grew 19.8% in 2021, adding 597,550 individuals to bring the total population to 3,612,730 individuals worldwide. Their combined wealth rose 20.4% to over $75 trillion – a significant jump from 2020, which only saw a 2.1% year over year increase. Meanwhile, U.S. wealth growth rates were even higher in 2021, rising 24.8% in both total population and wealth during the same period, up from 8.1% in 2020. This massive wealth growth and population jump of affluent individuals, combined with new living patterns and changing property preferences, led to a historic luxury real estate market expansion. In 2021, sales of luxury single-family homes, defined as the top 10% of any given market, rose 14.5% while prices increased 20.3% from 2020. Sales of attached luxury homes saw a more dramatic uptick of 29.6% year over year and a 16.6% increase in prices. This year, The Report compiled insight from curated surveys of Coldwell Banker Global Luxury Property Specialists worldwide and data collected by the Institute for Luxury Home Marketing and Wealth-X to better understand the trends reshaping the luxury market domestically and abroad. Key findings featured in The Report include: The Return of the International Buyer International interest in the U.S. real estate market may reignite as foreign investors take advantage of loosened travel restrictions and high returns. Approximately 83% of Coldwell Banker Global Luxury Property Specialists surveyed anticipate the return of international buyers to the U.S. market. Like American consumers, many continue to seek out turnkey properties with additional space and privacy and have also expressed interest owning in secondary or suburban areas. According to The Report, the U.S. states that attracted the greatest number of foreign homebuyers from April 2020 to March 2021 were California, Arizona, Texas, Florida and New Jersey. Sustainable Living New definitions of sustainability are taking the luxury market by storm. Millennial buyers are flocking to homes that incorporate personal and environmental wellness into the design. Homes with these features can command price premiums of 10% to 25%, sometimes higher. Concerns about natural disasters and extreme temperatures have filtered into buyer consciousness as more consumers recognize the threat of global warming. Green cities, like Portland, San Francisco and St. Paul, are attracting interest from those seeking out more eco-friendly locales. For this group, luxury is defined by functionality, environmental harmony and ease of use. Luxury is Everywhere Thirty-eight percent of Coldwell Banker Global Luxury Property Specialists surveyed say that most buyers came from out-of-state in 2021. As the search for more space continues, secondary cities like Denver, Boise, Sacramento, San Antonio, Raleigh and Salt Lake City fared extremely well. Inventory levels for luxury single-family homes dropped, ranging from 19% to 36% year over year in these six markets, affecting the number of possible sales at the end of 2021. As a result, prices rose annually ranging from 19.9% to 37.5%. Urban cores are also making a comeback; Manhattan alone saw a 101.7% increase in luxury sales during 2021. Work from home opportunities, climate change considerations and accessibility to dream locations means luxury may continue to expand throughout the country as consumers search for the home that best fits their needs and desires. The Opportunity Index The Opportunity Index, introduced for this year's The Report, highlights 120 major U.S. luxury property markets according to their buying potential. These markets may still have room to grow in 2022, like hidden gem towns and undiscovered suburbs next door to affluent hotspots. Using the 2021 national average year-over-year sold price growths for luxury homes as the baseline (24% for single-family properties and 16% for attached properties), each market was awarded a 100-point score. Any market with average prices below the set price baselines was determined to have room for price growth and therefore awarded a point per percentage decrease. This score was then added to the score for the national average inventory level decrease (a 20% drop became the baseline). A 100 point score was awarded to markets at the baseline of -20% and a point added to those with lower percentage scores – as they theoretically had more available inventory and potentially, more opportunity. Coldwell Banker Global Luxury® identified the top five markets for single-family and attached homes based on the highest Opportunity Index scores: Single-family home markets: Staten Island, New York Sussex County Coastal, Delaware Cincinnati, Ohio Charlottesville, Virginia Napa County, California Attached home markets: Cincinnati, Ohio Lake Norman, North Carolina Marin County, California Greater Seattle Coastal Pinellas County, Florida Rising Global Real Estate Footprint Secondary home purchases are on the rise; approximately 70% of individuals with a net worth of $5 million and up now own two or more properties per Wealth-X, as reported in Coldwell Banker Global Luxury's "A Look a Wealth" 2021 study. Coldwell Banker Global Luxury Property Specialists also reported that more affluent buyers were purchasing a getaway home — approximately 32%, up from 23% in 2020. Traditional lines between primary and secondary residences are blurring with many affluent individuals choosing to spend time in their secondary homes or deciding to purchase new properties to add to their growing real estate portfolios. Data provided by Wealth-X in 21 major cities outside of the U.S. shed more light on the cities with the highest populations of wealthy individuals with a net worth of $5 million and up, primary vs. secondary homeowners and residential vs. real estate footprints in these locations. The five cities with the highest population of individuals with a net worth of $5 million and up in 2021 include: Tokyo, Japan Hong Kong, China Paris, France Osaka, Japan London, United Kingdom When looking at real estate footprint, which considers all properties owned by individuals with a net worth of $5 million and up, a different set of cities emerges as these locations attract wealthy individuals who have a propensity to buy both primary and secondary properties: London, United Kingdom Paris, France Singapore Geneva, Switzerland Beijing, China "The Report sheds light on the extraordinary paradigm shift that has occurred within the luxury real estate sector since 2020," said Michael Altneu, Vice President, Coldwell Banker Global Luxury. "Stock market gains, rising home equity, increased savings and the cryptocurrency boom have all contributed to a massive expansion of wealth and the sheer number of affluent individuals across the globe. This – combined with a renewed focus on home for fulfilling a range of needs from security, escape, community, work and wellness – has led to unprecedented demand for bigger and better homes in new locations. As a result, luxury is no longer concentrated in a few major cities; it's everywhere and we'll continue to see the growth of secondary markets for years to come."

BHGRE Emphasizes the Importance of Lifestyle in Buyer Mindset in Latest Industry Report
Better Homes and Gardens Real Estate latest market trends report, "Lifestyle Leads the Way for Today's Buyers," examines how and why lifestyle is leading buyers' decision-making when it comes to purchasing their next home. Better Homes and Gardens® Real Estate affiliated brokerage leaders and agents across the country contributed to the report, providing a first-hand account of what today's buyers are prioritizing in their home search. According to the brokers and agents interviewed for the report, key observations included: Destination lifestyle markets are now more accessible than ever, thanks to the surge of Americans working from home. These markets are a reality for many working professionals, from the beach to the mountains to sought-after planned communities. The pandemic effects and intense market competition have redefined what a "dream home" could be. Buyers are prioritizing a lifestyle market and are willing to compromise on home features to live in their preferred location. Limited inventory has not been a deterrent for buyers' intent to get into the market they desire. Many out-of-market buyers are leveraging equity when selling their home to make their next house their dream home. Many professionals are pushing up their retirement move by a few years due to their ability to work from home until they are ready to retire. People are re-evaluating the function and features of their houses with the increase of time spent at home – both inside and outdoors. Inside the home, kitchens are still king, but there has been more emphasis on outside living areas featuring kitchens as well. With the growing demand for lifestyle locations, agents need to become familiar with larger service areas beyond their core market to help match buyers with homes. Current market conditions are prime for vacation and second home purchases. "We understand that our homes are more than a structure; they are where both the big and small moments in our lives take place," said Sherry Chris, President and CEO, Better Homes and Gardens Real Estate. "Our affiliated network of brokers and real estate professionals have access to propriety tools, robust resources and dynamic lifestyle content to connect with today's home buyers and sellers every day, year after year. As homeowners across the country continue to embrace a new reality made possible by the increased ability to work from home, the importance of lifestyle will continue to be a significant factor in how consumers reimagine where they reside to live their best life." The report is available for download here.

ERA Real Estate Report Examines Impact of COVID-19 Around the World
ERA Real Estate today released a first-of-its-kind report, "The COVID-19 Pandemic's Impact on Real Estate Around the World: An In-Depth Analysis." The impact of the COVID-19 pandemic on the real estate industry has been well documented in the United States. Demand outpaced supply with record-low mortgage rates drawing so many buyers in while others took advantage of remote work to vacate urban centers for more affordable locations. With a presence in 32 countries and territories with more than 2,200 offices around the world, ERA is uniquely positioned as the first real estate franchise to provide insight into global real estate trends. To learn how COVID-19's impact was felt in the housing market in countries around the world, ERA surveyed and conducted in-depth interviews with several ERA international leaders from around the world, including ERA South Africa, ERA Japan and ERA Middle East. The results of the report found that many nations are experiencing real estate trends similar to the U.S.: Low inventory and increasing prices are prevalent around the world. Flight to the suburbs made sense in many countries – but not all. The second home market was invigorated by the pandemic. The desire to own a home is stronger than ever. However, some countries reported different trends, such as: Mortgage interest rates hovering at or below 1%. Some nations have limited suburban and rural living options, making larger and amenity-filled apartments more desired and valuable. Safety can have different meanings depending on a country's political and economic climate. "Few things transcend cultures and countries like the sentiment 'there's no place like home,'" said Sherry Chris, President and CEO of ERA® Real Estate. "As COVID-19 spread worldwide, the entire global community became more intimately acquainted with their homes as we stayed home to slow the spread of the virus by reducing contact with others. This experience motivated many to rethink their housing situation, which in turn had an impact on housing markets around the world. Through ERA Real Estate's expansive global network of real estate professionals, we were able to gather insights to help us better understand how different countries fared over the last year and half. What we learned is that while many industries languished during the pandemic, real estate remained 'open for business,' underscoring that housing is an essential service no matter where you live." "Overall, the housing industry in Europe is sustainable," said Francois Gagnon, Master Franchisor, ERA Europe. "The COVID-19 pandemic has certainly heightened the housing shortage greatly because of the pause in construction, however the only thing that would lead to a slowdown would be a rise in interest rates. For agents, their success was dependent on their mindset about change. Agents who stayed connected to their brokers via Zoom had a very successful year." "People in Singapore are still confident to come into the housing market," said Jack Chua, Master Franchisor, ERA Singapore. "We sold more units in 2000 than in 2019. In the first half of 2021, we have sold more units than this time last year – more than double. The market is still hot, and we think the momentum will carry forward. Mortgage rates are still low, and people still consider real estate a good investment." "In South Africa, we are seeing a lot of movement away from city centers to smaller towns and coastal areas as a result of being able to work from home. We also saw a significant semi-migration of people to the southern region of the Western Cape province," said Berna Daly, CEO, ERA South Africa. "A large influx of first-time buyers came onto the market as well, thanks to extremely low interest rates, which finally made buying smarter financially than renting." To learn more about ERA Real Estate's global presence, visit era.com/global-hq.

Broker Resource Network Releases Zero Days on Market Report
WAV Group is very fortunate to have the opportunity to work with some great brokerage organizations from time to time. This summer, the Broker Resource Network (BRN) asked us if we would be interested in writing a report about an alarming trend related to days on market. Days on market is a calculation between the date and time a listing is marked active in an MLS vs. the date the status changes to sold. When the time on market is less than 24 hours, that is called Zero Days on Market. Another term commonly used is a comp(arison) only listing; these are listings being entered into the MLS so a record of the transaction will be there for statistical purposes – which include reflecting unit volume, dollar volume, and creating a historical price and date of sale. The real estate industry has been working hard to tackle the very difficult issue of pocket listings or off-market listings. On May 1, 2019, the nation's Realtor-affiliated MLSs adopted the Clear Cooperation Policy. The aim of this policy was to eliminate pocket listings by compelling brokers to put all listings in the MLS. This year, firms subscribed to the BRN agreed to collaborate to study the impact of Clear Cooperation. The assumption was that Clear Cooperation should result in fewer listings being entered as comp-only listings. The brokers pulled a year of listing data before Clear Cooperation was implemented and compared it to the year that followed. In market after market, the data demonstrated that the number of listings processed by the MLS with Zero Days on Market went up dramatically. This dramatic increase happened across all 24 markets reviewed. For the first time, the BRN is allowing non-brokers to access their research. They are inviting an industry to have a conversation about this issue. As an industry, it is important for agents to gain access to information and training about the value of the MLS. WAV Group would like to thank the brokers of the BRN for the opportunity to pin their story. If you are interested in reading the paper, "The Quiet Threat of Zero Days on Market," it is downloadable for free on the BRN website. If you find value in this type of research and want to collaborate with other brokers, then the BRN is a network open to all brokers of all sizes and brands. WAV Group encourages brokers to join. To view the original article, visit the WAV Group blog.

RE/MAX Publishes Findings from Survey on the Future of Real Estate
RE/MAX released survey findings on emerging real estate trends, on both the agent and consumer sides of the transaction, and what they mean for the future of home buying and selling. The survey, which was commissioned by RE/MAX in partnership with its agency of record Camp + King and conducted by leading consumer insights agency Canvas8, explores the cultural context and influential trends set to shape the real estate and housing landscape across the United States and Canada. The methodology included expert interviews, third-party desk research and trend analysis, agent and consumer perspectives, and a survey of 5,000 people in the U.S. and Canada who have been involved in the housing market in the past 12 months or are planning to be in the next 24 months. Key findings include: Virtual Tools are Enabling People to Plan for and Manage Their Next Move Before Setting Foot in a Property For both first-time and experienced home buyers, research is mostly conducted online – long before any viewings take place. Whether through video walk-throughs, exploring a neighborhood on Google Maps, or browsing detailed property descriptions, home buyers and sellers are generally well informed before contacting an agent. 94% of North Americans who are searching for properties use online platforms to do so. 64% of Millennial home buyers have been communicating more virtually with real estate agents due to the pandemic, compared to 44% of Gen Xers and 25% of Baby Boomers. According to The National Association of Realtors (NAR), across the U.S., 70% of buyers and 67% of sellers felt comfortable conducting real estate business on a computer, including reviewing and signing documents electronically. On-the-Ground Expertise Cannot Be Replicated Digitally The growing presence of technology in the home buying and selling journey in no way diminishes the essential role agents play in the process. Home buyers and sellers recognize the value of a real estate agent and the benefits real-life interactions add in one of the most complex financial transactions they will ever make. Technology streamlines the overall process, but agents provide essential expertise to their clients – understanding the process, encouraging action, providing financial guidance, and marketing a home. 21% of North Americans who are selling their home want their agents to provide more value by helping them understand the process as a whole. Across all generations, consumers in both the U.S. and Canada rank trust and familiarity with an agent as the most important factor when choosing an agent. Trust, Familiarity, and Ease of Communication are the More Important Traits of Agents to Consumers at the Crucial Stages of the Home Buying and Selling Journey With the scale of such an investment top of mind for most consumers, the personalized support offered by an agent remains fundamental to the key moments in the journey (pricing, negotiating, and closing) as people seek out the extra level of attention and human connection that they can provide. 61% of survey respondents indicated trust and familiarity would increase in importance when choosing an agent in the next two years. 60% cited ease of contact and prompt responses and 59% said online reviews would increase in importance. Regarding preferences for connecting with real estate agents, 71% of survey respondents indicated they'd prefer a phone call, followed by text and email at 62% and 61% respectively. "The big takeaway of this survey is that skilled, experienced real estate agents are the key to consumers achieving their real estate goals," said RE/MAX, LLC President Nick Bailey. "Last year, consumers had plenty of time to compile their list of what they want in their next home, and the most successful agents will be skilled at helping buyers find a home that either checks all of the boxes or can be updated to do so. Whether it's helping sellers price their home strategically or helping buyers win a competitive bidding war, agents – armed with skills and great technology – provide an invaluable service. And consumers clearly recognize and want that expertise in their corner." The entire "Future of Real Estate Report," which explores consumer's sentiments and values toward buying, owning and selling homes can be found here.

Berkshire Hathaway Releases 2021 Luxury Landscape Report
Berkshire Hathaway HomeServices recently released an extensive luxury landscape report: The Berkshire Hathaway HomeServices 2021 Luxury Landscape Report. The report covers the pandemic's impact on consumer behaviors in regards to the automotive, yachting, artwork and private jet markets, as well as real estate. The Luxury Landscape report visits the heated market in Miami, Florida, where domestic buyers have taken the place of international buyers across Miami's high-end market. Destinations that were once second home ski resorts, like Park City, Utah and Sun Valley, Idaho, have now become year-round. The report also covers the growing trend of sustainability, the rise of NFT's, and the future of electric cars. "The luxury real estate market has showed tremendous strength through an ever-changing year despite fears that the challenges brought on by the pandemic would negatively affect the market," said Christy Budnick, CEO of Berkshire Hathaway HomeServices. "With this timely data, our network Luxury Collection Specialists can prepare for what's to come in 2022 and continue to provide the exceptional level of service and knowledge to clients and customers globally." One of the big reveals is the top luxury markets, as luxury home buyers return to bustling cities for the culture they missed during the pandemic. The top luxury markets identified include: London: The pandemic fog that has cast its shadow over has begun to lift with, with sales of high-end homes up during the first quarter of 2021. The luxury market in London includes homes priced from £3 million to £10 million. Private outdoor space is also more in demand than ever in London. New York: New York's real estate market is awakening, and the luxury sector is part of that revitalization. the luxury market appears to be rebounding with a return of international investors and buyers seeking value. Buyers looking for bargains will find the most value now on the Upper East Side. Montecito: With easy access to San Francisco and Los Angeles, buyers are turning their attention to second and third homes in Montecito, California. In 2020, the median sales price was US$2.8 million and in 2021 it has increased to US$5.3 million. The main reason for the jump is the majority of activity in the market has been for big houses that range from 7,000 to 25,000 square feet. Park City: Utah's economy has been growing and the state has attracted more high-end buyers in the last few years. Ultra-luxury homes on several acres are selling in the US$8 million to US$15 million range. Like many markets, Park City has extremely low inventory because of the high demand over the past year. But new construction will expand the options in the area, including a new resort next to Dear Valley Resort, where Extell Development plans to build a resort with condos and single-family homes. Atlanta: Atlanta's luxury market is much more attainable than other major U.S. cities. The market has seen a 32% increase in sales of homes priced above US$1 million year-over-year, lending credence to the term "Hotlanta." Former New York residents are the biggest percentage of relocation buyers, along with buyers from Miami, Chicago and California. Miami: Domestic buyers have taken the place of international buyers across Miami's high-end market. Not only are single-family homes and condos selling quickly, but home values are also rising rapidly as the state is flooded with new residents looking for more space and lower taxes. Toronto: More wealth is being created in Toronto by the tech industry and large corporations moving there. The average sales price in the city was C$1.2 million in May 2021, an increase of 28.4% compared with May 2020. The city expects anticipated continued price appreciation, increased sales and a strong luxury market for the coming year. Marbella: As international buyers return to Marbella, the market for high-end homes is expected to become even more competitive. While Marbella was once known for its buyers from the Middle East, Russia and the U.K., now more buyers come from Scandinavia countries and Eastern Europe. The most resilient part of the market in 2020 and 2021 has been large villas and condos priced around £3 million to £4 million. Boston/Cape Cod: Cape Cod and Massachusetts' South Coast both appeal to those working more from home. The south coast is a bit of a hidden gem. The threshold of luxury homes used to be US$1 million and up, but now the threshold is closer to US$2 million and up. The median price increase for homes priced above US$1 million was 7% between the first quarter of 2020 and the first quarter of 2021. Berkshire Hathaway HomeServices is also hosting an exclusive event with The Wall Street Journal, Mansion Global, following the release of the luxury report. Exploring the Luxury Landscape features Christy Budnick and other industry experts discussing the state of the housing market and wealth trends around the world. The event will take place on September 28 at 1:30 p.m. EST. The event is open to all, and individuals can register here. The virtual event will cover the following topics: The migration toward second homes around the world Areas across the globe offering strong opportunities for investment Trends in art collection, including the rising popularity of NFTs The future for electric vehicles The return to high-end travel, such as yachts and private aviation View the full report here.

NAR Report Finds 4 Out of 5 Real Estate Firms Operated from a Single Office in 2020
The overwhelming majority of real estate firms -- 80% -- operated from a single office and typically with three full-time real estate licensees in 2020, according to a new survey by the National Association of Realtors. Nearly nine out of 10 firms -- 86% -- were independent and non-franchised. As part of National Small Business Week, NAR today released its 2021 Profile of Real Estate Firms, which surveyed Realtor executives and senior managers to learn about firm demographics, composition, benefits offered to staff, business activity and market forecasts. "Most Realtors® are small businesses and work closely with small-business clients in their communities," said NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and the CEO of Prominent Properties Sotheby's International Realty. "The ingenuity, perseverance and tireless efforts of our members are the lifeblood of local economies, and this has been especially evident during the many challenges brought forth by the COVID-19 pandemic." Business Activity of Real Estate Firms In 2020, single-office firms had a median brokerage sales volume of $4.5 million and 19 real estate transaction sides, up from $4.2 million and 18, respectively, in 2018. Firms with four or more offices had a median brokerage sales volume of $146.2 million and 571 transaction sides in 2020, an increase from $100 million and 478 two years ago. The typical firm generated 30% of its sales volume from past client referrals, 30% from repeat business from past clients, 10% from their website and 10% through social media. Benefits Real Estate Firms Provide to Agents and Staff Errors and omissions/liability insurance was cited as the most common benefit – 42% – that firms offered to independent contractors, licensees and agents. Esignature, comparative market analysis, electronic contracts/forms and multiple listing were the most common tools provided or encouraged by firms. A quarter of all firms offered a virtual office space for agents and staff, while 7% offered a virtual assistant. Future Outlook of Real Estate Firms Nearly three out of five firms – 58% – expect profitability or net income from all real estate activities to increase this year. Maintaining sufficient inventory, housing affordability constraints and competition from nontraditional market participants were noted as the biggest challenges firms expect to face over the next two years. When asked about generational effects on the real estate industry in the next two years, the top concerns for firms were young adults' ability to buy a home (58%), young adults' view of homeownership (33%) and baby boomers retiring from real estate (26%). Characteristics of Real Estate Firms More than a third of brokers of record – 34% – were CEOs, COOs, presidents or owners of a multi-office firm. Approximately three out of five – 62% – were managers or owners of a single-office firm. Survey Methodology In July 2021, NAR invited a random sample of Realtors® who were executives and senior management at real estate firms to fill out an online survey. A total of 6,253 responses were received. All information in this report was representative of member characteristics, sales and lease transaction values, and other statistics from the calendar year of 2020. View NAR's 2021 Profile of Real Estate Firms here.

Transaction Management Systems Need to 'Talk to One Another' for More Market Efficiency
Brokerages and agents are suffering with technologies that are incompatible, requiring brokerages to support redundant data input and inefficient processes. Listing and transaction data fuels most processes within brokerages from accounting and commission payments to marketing systems. The 2021 WAV Group Transaction Management Interoperability Report revealed brokers have strong interest in the ability for digital transaction management systems to pass data seamlessly for the brokerages representing two sides of a transaction. Today, brokers have to enter data in as many as nine or 10 systems, creating inefficiency, added cost and increased chances of inaccurate data. According to the study, nearly three-quarters of brokers would like to enter data into one system, either at the MLS or brokerage, and then seamlessly pass the information to other systems. With the shrinking profitability of residential transactions, many brokers have turned to ancillary services to strengthen revenues and profitability. There's strong interest in passing transaction data to these entities as well. While there is still a ton of work to be done to allow data to pass as seamlessly as brokers would like, the nearly ubiquitous adoption of digital transaction management solutions has created a foundation of opportunity. According to the 2021 WAV Group Transaction Management Interoperability Report, 81% of transactions are now processed digitally. The interoperability needed to simplify transaction data management across a brokerage or market can be fueled by standardization outlined by data uniformity outlined by the Real Estate Standards Organization (RESO). RESO has a Cross Platform Interoperability Work Group in place to address these important broker issues. Any member from a company RESO member is welcome to participate in the Work Group. Download your copy of the 2021 WAV Group Transaction Management Interoperability Report here. To view the original article, visit the WAV Group blog.

The Renovation Generation Needs Help Updating Their Homes Before They Sell, According to Coldwell Banker Survey
Raised on a consistent diet of DIY and designer lifestyle television, paired with endless streams of Instagram-worthy home inspiration, today's Renovation Generation of home sellers and buyers have varying wants and expectations when selling and buying a home, and there is a significant disconnect among them. Coldwell Banker Real Estate LLC recently commissioned a survey of over 2,000 U.S. adults, conducted by The Harris Poll, exploring the difficulties of the home selling and buying process as well as the challenges around home renovations during those processes. The survey found that Americans of all generations understand the power of making upgrades to their homes to get more bang for their buck. In fact, 89% who have sold their homes in the past three years reported that they made upgrades before selling. Challenges come into play around where to come up with the money to renovate and where to focus those dollars. Of Americans that have sold their homes in the past three years and made updates before selling, nearly one-third (each) said the whole process was stressful, they struggled to find the money to make updates to their home before it was put on the market, and they had the money to make updates before listing but struggled to understand the best updates to make to get the most ROI. The RealVitalize program, combined with the expertise of Coldwell Banker affiliated agents, provides a powerful advantage for sellers looking to sell their home faster and for a better price. It also removes the stress of finding funding for projects as money is paid back during closing. The program draws from a pool of expert professionals from Angi, the nation's largest network of pre-screened, homeowner-rated service professionals. Clients are connected with top-rated local pros to ensure the job gets done right. Popular projects that home sellers have been enjoying include: painting, curb appeal enhancements, cleaning, renovations, staging and handyman services. Coldwell Banker agents have seen great success for their clients with this program as homes sell both faster and for a better price. Unsurprisingly, moving into a freshly renovated home is desirable for any aged buyer but one demographic stands apart. Over one-third of Golden Millennial homeowners (aged 35-40) surveyed are more likely to want to move to an upgraded home compared to other generations, particularly Boomers. In true Renovation Generation fashion, 91% of the same homeowners are making updates to their home before selling. While the idea of updating before listing is on track, without the expert guidance of a real estate professional, there is often a miss on where to focus dollars and efforts. Forty percent of Golden Millennials respondents found that after making updates to their homes, additional repairs were still needed after the inspection. Although the hot real estate market poses both incentives and challenges for sellers, it's still a sellers' market with one in five homeowners surveyed (21%) saying that they plan to sell their current home in the next 12 months. Coldwell Banker Agents + RealVitalize Take the "Ugh" Out of Upgrading Finding the Money: Among those who sold a home in the past three years, Gen Zers (aged 18-24) and Millennials (aged 25-40) were more likely to say they struggled to find the money to make updates before putting their home on the market (34% and 31%) compared to Gen Xers and Boomers (14% and 4%). Must-dos according to sellers: Just over one-third (34%) of homeowners say updated interior or exterior paint would be must-dos if they were looking to sell their home. Golden Millennial homeowners are more likely than Young Millennial homeowners (age 25-34) and all other generations of homeowners (Gen Zers, Gen Xers, Boomers) to say kitchen upgrades (46%), carpeting cleaning/installation (40%), landscaping (44%), refinished wood floors (41%), updated lighting fixtures (33%) and updated HVAC/electrical/plumbing (37%) would be a must-do update. But what do buyers really want? Disconnect between sellers' must-dos and the must-haves of potential homebuyers exist. Despite a shared desire for kitchen upgrades (46% of home owners and 45% of potential homebuyers), other features that would be must-haves for Americans if they were looking to buy a home include bathroom upgrades (44%) and updated HVAC, plumbing and electrical (43%). Expert Help: Among home buyers, Gen Zers (32%) and Millennials (28%) are more likely than Gen Xers (18%) and Boomers (12%) to say the home buying process is intimidating. Among Golden Millennials who sold a home in the last three years, nearly half (47%) said having a network of home renovation professionals who they felt confident could help them improve their home value was an important factor in choosing a real estate agent to sell their home. Moving Up and Moving Out About one quarter (24%) of respondents say they will be looking to purchase a home within the next 12 months. Not surprisingly, Gen Zers and Millennials are more likely than Gen Xers and Boomers to say they will be looking to buy a home within the next 12 months (41% and 40% vs. 23% and 9%, respectively). Sellers are using this opportunity to make their dreams a reality: Top reasons for selling among those who sold a home in the past three years or are planning to sell include wanting more space (26%), wanting to upgrade a home (23%) and to be closer to friends or family (20%). Young Luxe: Gen Zers (26%) and Millennials (26%) are more likely than Gen Xers (14%) and Boomers (3%) to say they are selling or planning to sell because they want(ed) amenities (e.g., pool, big back yard, etc.). Older Homes = Not Trendy: Among those who sold a home in the past three years or are planning to sell, Gen Zers are more likely than Gen Xers and Boomers to want a newly constructed home (33% vs. 16% and 9%). What's Holding Them Back… and Pushing Them Forward Priced Out: Nearly a quarter (24%) of people in the market for buying a home do not have money for a down payment. Moving Stress: Beyond making updates, the actual process of moving is stressful too. Among those who sold a home in the last three years, over three in five (61%) say when getting their home ready for sale, it is stressful to move and store items. Partnering with a participating Coldwell Banker affiliated agent is a game changer for managing this unnecessary stress, because moving expenses can be covered with RealVitalize. Real estate agents can help sellers better manage the process. When it comes to choosing an agent, home sellers' needs are diverse. Among those who sold their home in the last three years, some of the important factors for choosing a real estate agent to sell their home included: If their agent could help them decide which renovations to make to help sell at or above listing price (28%) If their agent had a network of home renovation professionals who they felt confident could improve the home value (27%) If their agent could educate them on how to get money to renovate their current home, pre-listing (21%)

New Realogy Survey Uncovers Our Nation's Military, Veterans Families' Biggest Relocation Needs
Realogy Holdings Corp. and PCSgrades, a ratings and review platform focused on real estate and relocations for military and veteran families, conducted a new survey that found 93% of active-duty service members and their spouses said the pandemic made a permanent change of station (PCS) even more challenging, with nearly half (46%) expecting to relocate this year. The survey examines some of the biggest hurdles military members face when relocating, as well as the type of support they value most, going into what is expected to be an even busier 2021 PCS season following many moves that were put on hold amid the pandemic last year.

zavvie Launches New Seller Preferences Report
Despite the pandemic, last year set new real estate sales records. But how did iBuyers fare? The unprecedented scarce inventory conditions continuing into this year have heavily favored sellers, a perfect environment to introduce the hottest new method of selling a home -- buy-before-you-sell bridge providers. Has iBuying been overtaken in the race for seller attention? The new zavvie Seller Preferences Report, covering all selling solutions available to homeowners throughout the U.S. from October to December 2020, was released today by zavvie, the first end-to-end real estate brokerage platform encompassing all selling solutions. Last year, "iBuyers were down but definitely not out," said Stefan Peterson, zavvie Chief Data Officer and Co-Founder. "iBuyers continued expanding into new markets and are buying higher-priced homes, meeting seller demand, and delivering high seller satisfaction. But the biggest surprise for sellers in 2020 is the rapid emergence of the bridge buy-before-you-sell providers." The new report provides all the details. The zavvie Seller Preferences Report is the only quarterly review of its kind for every selling solution available to homeowners throughout the U.S. The report looks specifically at activity among iBuyers and the increasing influence of bridge solutions nationwide. It examines offer strength, offer acceptance rates, service fees, average concessions, and time to close for selling solution providers. The zavvie Seller Preferences Report Q4 and 2020 year-end highlights: iBuyer purchases fell 57% last year from 2019. iBuyer and bridge provider "buy boxes" (their targeted purchase price range, age, and other conditions) continued to widen in Q4. iBuyers' offer strength is down 3.1 percent, year-over-year, falling from 98.6 percent of market price in 2019 to 95.1 percent in Q4 Offer acceptance rate for iBuyers continues to rise to 6.1 percent in Q4, a 45 percent increase from 2019. Bridge solutions are hotter than ever: Offers continued to be accepted much more frequently than iBuyer offers as the bridge offer acceptance rate was five times higher than for iBuyer offers in Q4. Bridge programs expanded their buy boxes to include homes up to $2 million and in lower-population-density areas. iBuyer service fees dropped significantly in Q4 and for the full year, down 21 percent from 7.6 percent in 2019 to 6 percent in 2020. iBuyer average concessions, time to close, and seller satisfaction all were higher in Q4. Notably, average seller satisfaction passed 9.0 on a scale of 1-10. "The new zavvie Sellers Preference Report helps empower the modern agent," added Peterson, pointing out that zavvie also recently released its new Verified Buyer Map. This interactive nationwide map shows where leading iBuyer and bridge solution providers operate. "The modern agent brings iBuyer, bridge solutions, and an open market listing — all of the selling options — to the table. Instead of fearing what disruptors are doing, the modern agent co-ops these new selling methods because they are the trusted advisor. The modern agent helps consumers fully understand all their choices, showing the advantages and disadvantages of each." The complete zavvie Seller Preferences Report is available for free at zavvie.com/seller-preferences.

Realogy Releases In-Depth Oral History of COVID-19's Impact on the Real Estate Industry
Realogy Expansion Brands has released a new industry report. "Real Estate in the Time of COVID," the definitive oral history of the pandemic's impact on the industry, examines the initial reaction, the measured response and the resulting reset that is occurring as the industry continues to navigate the evolving real estate landscape. Better Homes and Gardens Real Estate and ERA Real Estate brokerage leaders across the country contributed to the report, providing an "on the ground" account of how the real estate industry is responding to the pandemic.

WAV Group Broker Transaction Management Adoption Study
WAV Group started the first national MLS Technology research back in 2004. At the time, transaction management solutions were in their infancy. The ESIGN ACT was enacted by congress in June of 2000, and by 2003, DocuSign was a startup. The biggest problem in real estate was coordinating the closing of sales. Two decades later, it remains real estate’s most significant challenge. WAV Group has published five or six transaction management studies over the years. They are available for download on the Research page of our website. We saw the giants of FNIS and First American pour millions into software, and also watched as they faded and leaders like Instanet, Skyslope, Form Simplicity, zipLogix, DocuSign, dotloop, and others emerged in their place. Much has changed in real estate transaction management, and we are curious if it is about to change violently again. The 2020 WAV Group Broker Transaction Management Adoption Study is being fielded to understand how the industry is changed and gain some perspective on where it may be going. Are customers changing as a result of Lone Wolf consolidating the two largest transaction management companies in real estate? Will brokers and agents take a different look at dotloop now that they are owned by a competing brokerage like Zillow? If you are an MLS or an AoR, send this survey link to your brokers. If you are a broker, please take the survey. Thank you for your cooperation in the development of this mission critical research on the marketplace. The survey results will be available for download here this fall. To view the original article, visit the WAV Group blog.

Survey Results: Best Practices for CMA
The Comparative Market Analysis (CMA) is the script of the listing presentation. The narrative is developed using listing data. This week, W+R Studios, developers of the Cloud Agent Suite, released research about real estate agent attitudes about the best practices for CMA. The report validates what most believe to be true about the role of the CMA in real estate. We have come a long way from MLS printouts, but it is still all about the data.

Delta Media reports real estate brokerages see big gains in online traffic, lower cost-per-lead despite COVID-19 outbreak
Real estate brokerages of all sizes are seeing significant gains in their online traffic as well as a lower cost-per-lead despite the COVID-19 outbreak, according to research from Delta Media Group, one of America's most established and largest broker technology solutions providers. Delta Media tracked the performance of brokerage websites that it provides to large (250+ agents), mid-size (70 to 250 agents), and smaller (<70 agents) brokerages. The research shows the vast majority of brokerages are outperforming last year based on average organic online traffic and lead generation performance through May 2020, which includes the impact of the COVID-19 pandemic. The biggest surprise: organic leads. Brokerages' cost per organic lead is well below market standards, averaging between $4.56 and $6.69. WAV Group, a leading real estate consulting and research firm, notes many brokerages pay between $35 to $100 or more per online lead. "Despite COVID-19, the pause button was not pressed by consumers," said Michael Minard, CEO and owner of Delta Media. "While traffic growth slowed, particularly in luxury markets, the market never paused. What this means for small, medium and large brokerage websites is they are poised to come out of this strong. Each is deploying fully baked SEO strategies that will help them dominate in organic traffic and lead gen, giving them an advantage over advertising portals as real estate rebounds," he added. Highlights of the Delta Media broker website research includes: Averages for all brokerages year-to-date through May 31, 2020: Overall, brokerage web traffic is up an average of 28% year-over-year. Organic brokerage web traffic is up an average of 36% year-over-year. Lead generation is up by almost 10% — 9.32% higher than 2019. The average cost per organic lead for all brokerage websites was only $5.41. Large brokerages turned in the some of the most robust averages: Overall, brokerage web traffic is up an average of 23% year-over-year. Organic brokerage web traffic is up an average of 56% year-over-year. Lead generation is up by 13% year-over-year. The average cost per organic lead from large brokerage websites was only $4.56. Mid-size brokerages enjoyed website traffic as nearly as strong: Overall, brokerage web traffic is up an average of 24% year-over-year. Organic brokerage web traffic is up an average of 30% year-over-year. Lead generation is up by 13% year-over-year. The average cost per organic lead from mid-size brokerage websites was only $4.98. Even small brokerages, those with 70 or fewer agents, enjoyed similar gains in their brokerage website's organic traffic and lead gen: Overall, brokerage web traffic is up an average of 32% year-over-year. Organic brokerage web traffic is up an average of 22% year-over-year. Lead generation is up by 6% year-over-year. The average cost per organic lead from small brokerage websites was only $6.69. While this is slightly higher than the average cost-per-lead that large and mid-size brokerage clients captured from their Delta-provided websites, it is still substantially below the average cost to purchase online leads. Minard notes that the key for brokerages achieving a lower cost-per-lead is the advanced SEO strategies that backs these websites. "At Delta, we committed to the user experience as part of our SEO strategy about 15 years ago because we believed that combined with great content, it was the right thing to do. These numbers bear out the success of those strategies as these traffic reports demonstrate."

Will Remaining States Abandon Attorney Closings?
A notable portion of real estate industry vets, agents or otherwise, report some form of legal background or experience. This trend appears to hold true across regions despite only some states requiring an attorney's involvement in property transactions. October Research released a report this month endeavoring to provide clarity on which markets operate under such regulations, and what correlation these answers may have to the connection between real estate and the law.

CENTURY 21 Survey Reveals Disconnect Between High Value Placed on Agent's Role and Lack of Time Spent Selecting the Right One for the Job
73% of homesellers agree that their agent was as valuable as a therapist; 64% of homebuyers agree their agent knows them better than their next-door neighbor Today, Century 21 Real Estate released data from its new real estate industry survey that has uncovered significant insights into what the home buying / selling process is like for Americans, as well as trends that the company believes will influence the industry in 2020.

MLS Policy 8.0 Clear Cooperation: Kills Pocket Listings, Creates Legal Concern Over Coming Soon
The member leadership of the National Association of REALTORS will be considering a policy change related to MLS designed to eliminate pocket listings. The policy is 8.0 – called the Clear Cooperation policy. This topic was discussed in great detail at the 2019 Council of MLS meetings and met with widespread industry support. A number of brokers have developed innovative platforms for sellers that fall under a commonly understood policy called Coming Soon that may be wiped out by this new policy change. This has many in the industry concerned about repercussions the 8.0 policy change could have for these coming soon programs. Please download this white paper to review the considerations. To view the original article, visit the WAV Group blog.

Redfin Study on Housing Density, Plus How Nimbyism Hurts Housing
Redfin recently released a study about who supports housing density and who opposes it. The study found that homebuyers and sellers are nearly twice as likely to oppose the building of dense housing in their neighborhood than they are to support it. More than half (53 percent) support zoning policies that limit housing density near where they live. Nearly one in three support policies that enable it. The data hits home with me, literally, because there's a new housing development being finalized that buttresses our neighborhood. About 100 homes have been proposed to be built on a lot that once was slated as a new home for the county jail, until folks protested. It's across the street from a middle school, which is next door to our intermediate school.

Top 10 Issues Impacting the Real Estate Industry: Annual Forecast Reveals
As a data junkie, I love Top 10 lists. So, when The Counselors of Real Estate releases its member survey of current and emerging issues that will have the biggest impact on real estate in 2019 and 2020, I'm all ears – and eyes. The 1,100 member Counselors released its Top Ten list once again at the National Association of Real Estate Editors conference, this year in Austin. The top concern? U.S. infrastructure was identified as the #1 issue impacting real estate.

What's Going On in Today's Real Estate Brokerages? [INFOGRAPHIC]
What do real estate brokerages deal with on a daily basis? Whether they're dealing with growing pains, figuring out what really attracts agents, or sorting out those inefficiencies, there's always something going on in today's brokerages. That's why it's so important to keep our fingers on the pulse of the industry--and what better way than by asking? In our latest market research survey, we asked today's most promising brokerages about the issues they're facing. Where do they run into pesky growing pains? How do they recruit (and retain) agents? And how do they plan for growth? Get the essential information in our infographic below—and don't forget to download the full market report for the comprehensive analysis!

T3 Sixty Releases Their Industry Rankings
In the same week, REAL Trends released their REAL Trends 500 broker rankings, RISMedia released their Power Broker rankings, and T3 Sixty released their Mega 1000 ranking of the largest brokerages, franchisors, and holding companies. In large part, these firms use self-reported dollar sales volume and unit sales volume data from brokerages and franchises to construct the rankings. As we noted in our article about the REAL Trends list, not all firms report. When you are missing data from companies like Weichert and Redfin, it skews the rankings.

The Consumer Journey Is More Like Chutes and Ladders
A tremendous amount of energy and money has been invested into moving consumers from a digital experience into an agent relationship. Consumer research performed by the National Association of REALTORS regularly indicates that consumers start their process of buying or selling online before connecting with a Realtor. I do not think anyone denies it. Journey Example

Contactually's Take on WAV Group's 2019 CRM Effectiveness Study
Technology Drives Agent Success Agents know websites and online leads are necessary to increase the sales funnel, yet it's the CRM that accelerates productivity. Sixty percent of brokers now provide a CRM to their agents for just this reason — and 90 percent of brokers who offer a CRM say their agents understand that CRMs strengthen relationships. Brokers view CRMs as one of the tools that generate the most ROI (along with social media, transaction management, and open house management).

Ron Peltier Tops Annual List of Real Estate's Most Powerful Leaders
The Swanepoel Power 200 (SP200), the definitive ranking of the residential real estate industry's 200 most powerful and influential leaders, has named HomeServices of America Chairman and CEO Ron Peltier real estate's most powerful person in 2019. HomeServices of America has been a Berkshire Hathaway subsidiary since 1999. The annual study was released Tuesday by T3 Sixty.

5 Key Recruiting Insights for Real Estate Brokerages
Not too long ago, Engel & Volkers released its State of Real Estate Recruiting Insight Report with a plethora of interesting information for broker/owners across the continent. The goal of the report? To survey residential real estate agents to see just how satisfied they are with their brokerages, as well as what would make them move. So what did those agents say? Let's have a look at some of the key insights and what they mean for you.

Number of Real Estate Teams is Growing, NAR Survey Finds
Teams are becoming more common in the real estate industry as an increasing number of Realtors consider themselves a member of a real estate team, according to a new survey by NAR. NAR's 2018 Teams Survey found that 26 percent of respondents were members of a real estate team while 73 percent were not a member of a real estate team.

Survey: Is Your CRM Working for You?
Welcome to the 2018 Broker CRM Survey Client Relationship Management software is coming of age in real estate. WAV Group Consulting, a leading research firm in real estate, is fielding a broker survey to better understand the role CRM solutions are playing today in helping brokerages become more successful by helping agents become more productive, focused and effective at building and maintaining client relationships. The survey should take approximately 5 to 7 minutes to complete. Thank you in advance for your participation and candid feedback. We know your time is valuable and we really appreciate your feedback. WIN a $500 Gift Card! Complete the survey and automatically be entered to win one of four $500 Gift Cards! If you have any further questions or comments, feel free to reach out to me at [email protected] or 805-748-9118. Please click here to begin the survey.    

Deadline for Public Comments to the Real Estate Workshop by the FTC/DOJ is Tuesday, July 31
June 5th was an interesting day in Washington, DC for the real estate industry. The Federal Trade Commission and Department of Justice held a workshop to gain insight on the competitive environment in real estate. There are three videos about the workshop that can be viewed as a refresher for: What's New in Real Estate Brokerage Competition

Chicago Brokerage's Digital Ad Pilot Increases Brand Exposure 1000%
RE/MAX does it. Windermere Real Estate does it. Alain Pinel Realtors, HUNT Real Estate ERA, and William Raveis Real Estate all do it—and more brokerages are signing up every day. We're talking about automated digital listing ads. Companies who leverage these ads are seeing up to a 400 percent increase in their digital exposure, more satisfied seller clients, and increased agent loyalty. But before automated listing ads became the marketing tool du jour, it all started with one brokerage—tech-forward, Chicago-based @properties. Their pilot program with Adwerx—an award-winning digital advertising platform—netted impressive results, and influenced the creation of Adwerx's broker-focused product, Adwerx Enterprise. The Beginning In February of 2017, Adwerx and @properties launched a pilot program that automatically generated digital ads from @properties' MLS listing data. Each listing received a single week of advertising, with the option for agents to purchase an extension of the campaign. Ads were created automatically, with no input needed from agents, though agents were able to edit their ads if they wished. In addition to automated ad creation, sellers were also automatically notified when an ad was generated for their home and sent regular reports on the ad's performance. This increased seller satisfaction and highlighted the marketing savvy of the firm and listing agent. The ads were targeted only to likely buyers and sellers, increasing their efficacy and cost-effectiveness. The Results Within eight months, Adwerx's pilot program with @properties had delivered 47 million impressions and 144,000 ad clicks. What's more, a survey of @properties associates found that: 94 percent of seller clients were satisfied 81 percent of agents felt greater brokerage loyalty 94 percent of agents believed they would win more listings 81 percent of agents expected increases in referrals The Adwerx Enterprise pilot program resulted in huge brand exposure for @properties. The firm's agents loved the program so much that many of them were extending their listings campaigns, resulting in a "halo effect" that more than doubled the brokerage's brand impressions—all the result of a sophisticated automated process. For a better idea of the impact that the halo effect can have on your brand's exposure, check out the illustration below. As you can see, automated listing ads can increase your online reach by 400 percent. When agents purchase additional advertising, your brokerage's impressions increase by a whopping 1000 percent. For further details on the success of @properties' pilot program with Adwerx, download this case study. To learn how automated digital ads can benefit your brokerage, visit enterprise.adwerx.com.    

Survey: Industry Leaders Show Record Confidence in 2018 Economy, Housing
An unprecedented 73 percent of top real estate executives say the U.S. economy will improve or improve significantly. That's the highest level of confidence real estate leaders have expressed since Imprev started its annual Thought Leader Economy & Housing Outlook Study in 2012. These numbers are simply stunning. Top real estate executives' confidence in America's economy has more than doubled since October 2016. Then, just 32 percent said the U.S. economy would improve or improve significantly. The 2016 survey was conducted immediately prior to the U.S. presidential election. The highest confidence level prior to the current study was 54 percent in 2012. The biggest surprise in the survey data: for the first time, it broke the "closer to home" trend. Every year, the Imprev Thought Leader Survey asked top real estate leaders about their confidence in the economy, the broke it down: local economy, state economy, U.S. economy and world economy. And every single year, the same results: real estate leaders expressed the most confidence in the local economy, second most confidence in the state economy, third most confidence in the U.S. economy, and the least confidence in the world economy. It made sense: one has more influence and knowledge about one's local economy, so naturally, the closer to home the economy, the greater the confidence. Except when it's not: As in 2018.

WAV Group Issues First HyperLocal Real Estate White Paper
In-depth analysis shows huge "HyperLocal Movement" opportunity for brokerages ARROYO GRANDE, Calif., Jan. 10, 2018 -- A "HyperLocal Movement" in real estate is presenting real estate agents and brokerages with a massive opportunity to build robust businesses that can thrive regardless of "digital disrupters" or even market conditions, and it's being fueled by social media, mobile technology and marketing automation. That's the conclusion of a new White Paper -- HyperLocal Movement in Real Estate – issued today by the WAV Group and sponsored by hot Colorado real estate tech startup zavvie. The 40+ page document, authored by WAV Group's founding partner Victor Lund and Kevin Hawkins, who runs the firm's communications division, includes new results from real estate's first HyperLocal Survey, in partnership with broker technology provider zavvie. The HyperLocal Survey of 340 leading brokers, agents, team leaders, and industry executives shows that the gap between the neighborhood expertise consumers are demanding, and the industry's current activities to deliver that local expertise, is astonishingly wide. "This new White Paper provides context to the survey and casts new light on why HyperLocal is flourishing now, driven by the confluence of social media, mobile tech, and marketing automation," said Stefan Peterson, COO and Co-founder of zavvie, real estate's first HyperLocal marketing platform for brokerages and agents, and the sponsor of the WAV Group study. "All the research points to one major finding," said Lane Hornung, CEO and Co-founder of zavvie. "Becoming a neighborhood expert is the most valued way agents can differentiate themselves." The full-color HyperLocal Movement in Real Estate White Paper, in addition to the HyperLocal survey results, presents HyperLocal research findings from dozens of studies conducted by top marketing, real estate and research firms in the U.S. and abroad. Complete with detailed graphs, charts, and analysis, the document contains hundreds of data points and is the most comprehensive look at Hyperlocalism in real estate today. Also featured in the White Paper is a detailed Case Study by Victor Lund of a brokerage based in Boulder, Colorado, 8z Real Estate, that was built upon a philosophy of HyperLocal marketing. In eight years and with just 150 agents, it did $1 billion in transactions last year and has become one of the Top 10 brokerages in Colorado. "By taking a look under the hood a the firm that spawned the technology that became zavvie," Lund said, "brokers will be able to see how a HyperLocal approach not only works, but works incredibly well and the unique benefits it brings." Among the other Highlights from HyperLocal Movement in Real Estate: HyperLocalism is entrenched in virtually every business sector, from manufacturing to media, finance to health care, retail to real estate, reaching every major consumer segment as it continues to build momentum. It's not a stretch to say that today, anything that can be produced or provided locally, will be. In real estate, HyperLocal is much closer to home. A city or county is not HyperLocal, and neither is a metropolitan area — and certainly not a zip code or a region. Consumers define "local" in real estate as their neighborhood. Many businesses are failing to take advantage of the HyperLocal movement. Research attributes this to their overall failure to leverage the three factors driving this movement. They're missing out on opportunities in mobile device adoption, social media use and marketing technology advances, as HyperLocal communications channels and opportunities are spawning and multiplying at ever-lower costs while accelerating business-building cycles.Internet research guru Mary Meeker of Kleiner Perkins in her 2017 Internet Trend study wrote: "HyperLocal targeting is more effective than any other kinds of advertising in driving engagement." Josh Team, Chief Innovation Officer at Keller Williams Real Estate at Inman Connect SF 2017, describing the "Keller Williams Playbook for Surviving Real Estate Disruption," talked about the value of Hyperlocalism, saying, "Technology can't compete with the agent as a local expert," Team said. "This is something that technology has a really hard time doing. Be the local expert, and you can defend yourself. And brokers like us should be investing back into the agent to make it easier for them to be that expert." Real estate author Bruce Gardner is even more emphatic, saying, "No technology can replace the HyperLocal expertise or the network and relationships of a local real estate expert. Tom Ferry said, 'Farming is the most powerful way to grow and maintain a successful real estate business,'" Gardner added. "Now it is HyperLocal marketing." The White Paper features additional observations about Hyperlocalism from many other top real estate and marketing professionals including, Noelle Bortfeld, CMO of Windermere Real Estate; Eric Stegemann, CEO, TRIBUS; expert blogger and real estate marketing consultant Heather Elias; Neil Cohen, a nationally renowned brand marketing expert; Abbie Tse Higashi, General Counsel and Manager at McGuire Real Estate in the San Francisco area; Jimmy Mackin of Curaytor; and Daniel James Lesniak real estate agent and author of The HyperLocal, HyperFast Real Estate Agent. The new zavvie sponsored White Paper HyperLocal Movement in Real Estate is available at no cost – completely free with registration here. About zavviezavvie is the nation's first HyperLocal marketing platform, the place where savvy, trusted local real estate agents go to tap into the most powerful way for a real estate agent to grow and maintain a successful real estate business. zavvie delivers to brokerages, teams and agents, a complete social media and HyperLocal system for top agents to build their listing business and make – or keep –them the dominant agent in their neighborhood. Discover more at zavvie.com. About WAV GroupWAV Group is a leading real estate consulting firm, offering a depth of experience in technology, strategic planning, research, business development, strategic public relations, sales, product development and marketing in the real estate industry. Clients include some of the largest MLSs in North America, International real estate franchise organizations, technology companies and trade associations. WAV Group partners have been CEO's, executive team members or founders of Fortune 100 and venture-funded corporations and approach each relationship with a clear understanding of the challenges that face each client's businesses today.      

Results From Real Estate's First HyperLocal Survey
WAV Group and other consumer research have consistently shown that buyers want neighborhood expertise above all else. It's more important to consumers than an agent's ability to negotiate or communicate. It's often even more important to consumers than trust. So you would think that the most common agent business model would be designed to exploit that opportunity, right? But you would be wrong. Yet if you ask agents, they will tell you they indeed have deep local expertise – often they see themselves as being the "top" local expert. But if you look at what they do in their day-to-day business, they certainly don't market their business or themselves that way. That's some of the findings of the first-ever Hyperlocal real estate study WAV Group recently conducted for Colorado based technology firm, zavvie. The headline for the survey could very well read: "Agents, teams and brokers say one thing, do another."

Americans Have Confidence in Homeownership, Says 2017 National Housing Pulse Survey
For the past twelve years, the National Association of REALTORS® has conducted a National Housing Pulse Survey to gauge Americans' confidence in homeownership. And the results show that when it comes to safe investments, Americans feel that home buying is where it's at: "The vast majority of Americans believe that buying a home is a solid financial decision, and most believe that homeownership helps create safe, secure, and stable environments." Key Homeownership Findings: 2017 National Housing Pulse Survey