More Brokers Offering More Services
By Victor Lund on the WAV Group blog
Posted by: RET Staff
WAV Group consults primarily with enterprise brokerages who offer full services. We frequently refer to full services as home services, not to be confused with the Berkshire Hathaway company of the same name. Home services refers to the variety of needs that a customer has during a real estate transaction and beyond. In residential real estate, this may take the form of Mortgage Services, Homeowner's Insurance, Title Insurance, Home Warranty. Some residential companies even offer contractor services, maintenance services, and landscaping services. Resort areas have brokers who offer concierge services where they will clean your home before and after your visit, and even do some grocery shopping before you arrive.
Beyond residential real estate, there are a plethora of other product lines offered by brokerages. They include relocation services, commercial sale and leasing services, property management services, etc. All of these full service companies often operate as separate corporations or joint ventures, principally to adhere to RESPA laws. Perhaps the best way to connect these operations together is through data sharing. The more information that you can share with a partner about the needs of a common client, the better level of service that consumer will get.
"An interesting caveat to this trend is that many of the MLSs in the United States and Canada have not expanded their data services to support the broker's need to handle property management data or commercial real estate lease and sales," notes WAV Group partner Marilyn Wilson. There are some who have, but most MLSs buckle under the challenges of supporting business models that are different from the residential format for offers of compensation. WAV Group firmly believes that MLSs should step up and follow paths that other MLSs have made toward offerings for residential and commercial business lines that brokers have today. It is a great way for MLSs to grow in support of their clients.
Marketing technology provider Imprev released an interesting study today that confirms that more brokerages are focusing on full service, which they refer to as "one stop shopping." In a press release issued today, they note the following.