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.

"Check Out Our Comprehensive Home Buyer and Seller Guide!"
For consumers in the market to buy or sell a home, it's crucial to stay informed about recent changes in the process. The landscape has evolved significantly, with new federal regulations mandating initial contracts with agents for buyer representation before home viewings. It's time to engage with your clients actively! A recent article by WAV Group highlights the necessity of updating your website to include seller concessions. However, the real transformation needs to occur in your marketing and communication strategies. Seize this moment to champion transparency and advocate for consumers navigating the evolving real estate market. Today, our industry requires a unified, consumer-centric approach to address the shifts in how real estate transactions are conducted. This message needs to resonate across all platforms: MLS listings, REALTOR® associations, brokerages, teams, agents, and even media outlets. With 131 million U.S. households needing to familiarize themselves with the changing landscape of real estate, the stakes are high. Imagine the perception if a potential client learns about these changes from sources other than their trusted agent — it could cast doubt on your credibility and integrity, potentially leading to misunderstandings about commissions. In fact, you can leverage this as an opportunity for lead generation. Consider creating a comprehensive whitepaper, prominently featured on your website and social media channels. Make it omnipresent in the digital sphere, branded to your agency. Accompany it with a press release and seek coverage in local news outlets, radio shows, and relevant consumer blogs or podcasts. As an industry, we have a collective responsibility to communicate effectively with consumers. This messaging should seamlessly integrate into your marketing efforts. Experts on the team, like Marilyn Wilson, Bondilyn Jolly, Kevin Hawkins, and Victor Lund are already assisting clients in this endeavor, and WAV Group Communications stands ready to help you craft a unique and impactful message tailored to your audience. Shoot the team an email to coordinate a call. Let's embrace this communication challenge together and ensure that consumers are well-informed and confident in navigating the real estate market's evolving landscape. To view the original article, visit the WAV Group blog.

Brokers and Their Web Partners: Anticipating Change
In light of impending alterations stemming from the settlement agreement in the anti-trust litigation, updates to broker and agent websites are inevitable. It is imperative to initiate planning for these modifications immediately. Do not assume that your vendor is already addressing these changes; it is crucial to initiate the conversation proactively. While it may seem like the sky is falling, there is potential for brighter outcomes. "The rumors of my death are greatly exaggerated." – Mark Twain Two decades ago, the emergence of IDX and VOW sparked concerns about the future of real estate and the role of agents. However, the enduring value of real estate agents transcends mere gatekeeping for property searches. Despite fluctuations in commissions, driven by home value inflation (more commission per trade) and escalating referral fees to portals (less commission per trade), the necessity of real estate agents remains robust. Even during crises such as the housing bubble burst in 2008, real estate professionals proved indispensable, safeguarding home sellers through tumultuous times. Facing another pivotal moment, the traditional practice of offering compensation to buyer's agents via the MLS is ending. While apprehension abounds, there are compelling reasons to believe in the enduring value of real estate agents. Consumer satisfaction with real estate services remains high, and alternative models like discount brokers and FSBO have failed to gain traction. The full-service approach continues to resonate with consumers and investors alike. Key Rule Changes Impacting Broker Websites: 1. Publication of Buyer Agent Compensation Listing brokers are the only ones allowed to display seller concessions on their websites, enhancing transparency. Collaborate with your vendor to effectively showcase these concessions, leveraging features to make listings more appealing. This presents an opportunity to drive increased traffic and capitalize on lead generation. 2. Requirement of Buyer Representation Agreements Buyers must sign representation agreements before viewing properties. This mandate can serve as a catalyst for enhanced lead conversion. Brokers should focus on streamlining the process and offer seamless digital solutions for negotiating commissions and signing contracts. Planning Ahead for Success It is evident that proactive planning is essential to navigate these impending changes successfully. With the industry likely to undergo simultaneous transformations, the time to act is now. Collaborate with industry experts like WAV Group and your real estate technology vendors to devise strategies that align with the evolving landscape. Waiting until the changes take effect could put your brokerage at a disadvantage. Strategic planning sessions can provide clarity and direction, ensuring readiness for the forthcoming shifts. In conclusion, while change may be daunting, it also presents opportunities for innovation and growth. Embrace the evolving landscape and position yourself for success by planning ahead, and staying ahead of your competition. What's at Risk? Zillow, Realtor.com, Homes.com, Movoto, and Redfin are all brokers with billions in revenue at risk. They have robust buyer agent networks, but are prohibited from displaying the seller's concession of listing brokers (except Redfin). Only the listing firm can do that. Not sure how their business model changes, but they are planning. P.S. Does the QR code on your yard sign take you to the landing page of the listing that displays the seller concessions? What about your virtual tours, or automated marketing tools for new listings, pendings, solds, etc.? You need to evaluate everything to get ahead of this. It is an enormous project that will take time. Start now. To view the original article, visit the WAV Group blog.

Howard Hanna Joins Forces with Ask the Agent to Revolutionize Client Engagement
Howard Hanna announced a strategic partnership with Ask the Agent, an interactive video and conversational AI technology provider specializing in communication tools for the real estate industry. Ask the Agent brings a wealth of expertise in developing advanced technology solutions tailored specifically for the real estate industry. At the forefront of their offerings are two key products poised to revolutionize client engagement: Interactive Video and Conversational AI. Interactive Video: Ask the Agent's Interactive Video platform empowers Howard Hanna's agents to create and publish with one click immersive, personalized video experiences that captivate audiences while answering client questions on demand 24/7 to drive engagement. Its products, such as Meet the Agent, Property Listing Channel, Agent Broadcast Channel, feature calls to action with reports and unique client insights that elevate the user experience. Conversational AI: Ask the Agent's Conversational AI technology enables Howard Hanna to transform both large scale property listing descriptions and property search with knowledgeable, speaking avatars educated on every property with local area information, delivering unique real-time assistance. Interactions can include answer inquiries, property information, scheduling viewings, and guiding clients through the initial stages of the buying or selling process, enhancing efficiency and convenience for both parties. "Being able to help agents modernize and communicate what their value proposition is in an engaging interactive user experience is what Ask the Agent does best. It's the right product at the right time," said James Beckmann, Ask the Agent's CEO. "We are thrilled to partner with Ask the Agent to offer our agents these innovative technology solutions," said Kevin Patai, senior director of digital strategy, Howard Hanna. "With Interactive Video and Conversational AI, our agents have the opportunity to modernize their marketing strategies and gain a competitive edge in the market, ultimately delivering superior service to our clients." For more information about Howard Hanna, visit howardhanna.com. To learn more about Ask the Agent and its Interactive Video and Conversational AI solutions, visit asktheagent.com.

eXp Realty Names Leo Pareja as CEO to Drive Next Era of Growth and Innovation
eXp Realty announced the appointment of Leo Pareja as its new Chief Executive Officer (CEO), effective immediately. He succeeds Glenn Sanford, who will now fully dedicate his efforts to his position as Founder, Chairman, and CEO of eXp World Holdings. In his previous role as Chief Strategy Officer, Pareja was instrumental in solidifying eXp Realty's standing in the competitive real estate marketplace. His visionary leadership and remarkable track record has greatly enriched the company's value proposition to its agents. For example, the successful launches of strategic initiatives like eXp Exclusives, Revenos and significant enhancements to eXp Solutions. "Leo's innovative and recognized industry leadership has elevated our agent-value proposition by reshaping referrals and lead-generation," said Sanford. "His deep industry experience and influence on our community have been profound, and I trust that under his direction, eXp Realty will further fortify its competitive advantage and deliver unparalleled value to our agents, further cementing our position as a groundbreaking leader in the real estate industry." The announcement comes as eXp Realty is recognized in the top spot in five categories on the coveted RealTrends 500 report: Transaction Sides, 5 Year Top Movers (Sides), 5 Year Top Movers (Volume), Best Brokerages and Public Independent. The company also moved up to No. 3 in two categories: Volume and Billionaires' Club. The company continues to prove its model as it gains market share, welcoming the best agents in the industry. "As we step into this new chapter at eXp Realty, I am honored to lead a company that has always placed innovation and agent success at the forefront of its mission," said Pareja. "Together, we will not only continue to redefine the real estate landscape through technology and unparalleled agent support but also empower every member of our community to achieve their full potential." Having joined eXp Realty in 2022, Pareja brings over two decades of real estate experience, highlighted by numerous accolades including recognition in RealTrends' The Thousand report, topping the National Association of Hispanic Real Estate Professionals' (NAHREP) Top 250 list, and being named a 30 under 30 agent by Realtor® Magazine. His entrepreneurial spirit is evidenced by his co-founding of one of the largest private lending companies on the U.S. East Coast and a rapidly growing MLS technology vendor. He has also played significant roles in the National Association of Hispanic Real Estate Professionals, serving as the founding president of the Metro D.C. chapter and later as the national president.

WAV Group Releases 2024 Brokerage Technology Roadmap, Part 2: The Intranet
The WAV Group's 2024 Brokerage Technology Roadmap is a comprehensive guide designed to empower brokerages in maximizing profitability, streamlining operations, and fostering increased agent productivity and consumer engagement. This four-part series provides invaluable insights into leveraging technology effectively within the real estate industry. Part 2 of the report sheds light on the pivotal role played by the company intranet in driving agent productivity and facilitating product adoption. Building an effective intranet involves careful consideration of various factors, including email integration, single sign-on functionality, and commission payment portals. Email Integration Integrating email services into the intranet is paramount for driving adoption among agents. Given that professionals typically start their day with email, seamless integration ensures that the intranet becomes an indispensable tool in their daily workflow. Single Sign-On Password management can often be a significant barrier to adoption for agents and staff within enterprise real estate brokerages. With numerous applications requiring individual login credentials, streamlined access is crucial. Implementing single sign-on functionality simplifies the login process, allowing users to access multiple applications seamlessly through a centralized dashboard. Commission Payment Portal Agents prioritize access to their income, making it imperative to feature commission-related information prominently within the intranet. Whether displaying past income, pending payments, or 1099 statements, integrating commission management software enables agents to conveniently access and track their earnings. Providing self-service capabilities empowers agents to manage their financial information efficiently. By addressing these key components within the intranet, brokerages can enhance operational efficiency, promote agent productivity, and ultimately drive business success. The WAV Group's 2024 Brokerage Technology Roadmap serves as a guiding resource for navigating the complexities of modern real estate technology and harnessing its full potential. Get all the ingredients for a successful intranet infrastructure when you download the full report. Download Free with 'Roadmap' Code For a limited time only, brokerages can download part two of the 2024 Brokerage Technology Roadmap using code "roadmap" during checkout. WAV Group is publishing a four-part series on brokerage technology for 2024. Find the other articles in this series here: Part 1 – Brokerage Website Technology Part 2 – Brokerage Intranet Register to Receive the Entire Guide Be the first to receive a download opportunity for each segment of this four-part series. Register here (bottom of page). To view the original article, visit the WAV Group blog.

[Podcast] The Benefits and Pitfalls of Agent Coaching with Kathy Schmidt
In this episode of Million Dollar Question, host Billy Ekofo interviews Kathy Schmidt, a seasoned professional with extensive experience in the Edmonton real estate market. Billy and Kathy discuss the significance of mentorship in real estate, the qualities of effective mentors, and the importance of setting healthy boundaries. The discussion also touches on the dynamic nature of the real estate sector, highlighting the need for two-way communication and humility in mentorship relationships. Connect with Kathy: Website: schmidtrealtygroup.com Listen to this podcast on: Spotify Apple Podcasts RadioPublic Visit the episode homepage for show notes and more detail.

Leverage ListTrac to Convince Potential Sellers There is Strong Interest in Their Property
While supply is still limited and approximately one-quarter of homes are still receiving multiple offers, homeowners are still hesitant. They do not believe there is enough demand for their home to warrant selling it. Here's one simple way to counter that belief and demonstrate strong home buyer interest. Using the weekly ListTrac report available through participating MLS markets, it is easy to visually demonstrate where buyer interest is highest by looking at the weekly ListTrac views by price point information. In the attached example, you can see that homes retailing between $200,000 and $400,000 are creating the most online interest. If you have a potential seller that falls into that price point, you can convince them there IS strong buyer interest by sharing the easy-to-read graph shown here. Ask your MLS If they offer ListTrac and how you can take advantage of this FREE tool included in your subscription. This tool is also great to show your seller clients all the ways you are generating listing exposure and lead activity for them. Ask your MLS to show you the automated sellers reports you can easily create with ListTrac, too. To view the original article, visit the WAV Group blog.

The 11 Positive Side Effects of Brokerage M&A Stimulates Financial and Operational Growth
The title of WAV Group's book exemplifies the purpose of brokerage mergers and acquisitions, Acquiring More Profit. Successful mergers stimulate more transaction volume and profit for the firm, but there are many positive side effects that are often under-appreciated. Since publication, WAV Group has had the opportunity to collaborate with many of our clients to discuss the 11 positive side effects of successful M&A. Today, we'll outline how these 11 side effects stimulate financial and operational growth. 1. Intense focus on change There is an enormous amount of preparation that goes into a successful merger or acquisition. The process of discovery researching into the deep operational bowels of another brokerage will often yield new innovative approaches to improving your business. The process of evaluating if an acquisition strategy is right for you will drive an internal exploration of your own competencies, strengths, wants and needs. 2. Process documentation Every brokerage has developed operational processes. In WAV Group's findings, firms with fewer than 350 agents rarely have their processes documented. This can be particularly harmful in a merger because it makes it much more difficult to train managers and agents on how the firm operates. As a result, processes are defined ad hoc by agents who want to do things the way they have always done things, or managers implement processes at the branch level that vary from branch to branch. Proper process documentation by both firms in a merger allows the companies to evolve their processes to blend the best practices of each firm together and improve the overall effectiveness of the combined entity. 3. Improved onboarding and offboarding Firms with more than 100 agents typically have a checklist for onboarding a new agent. In addition to the many documents that need to be signed, there are introductions that need to be made to support staff, and probably about 22 software applications that need to be configured to the new agent. Often, a successful onboarding experience will validate the agent's decision to join you and become a productive long term asset. Most firms do a pretty decent job of onboarding, but fail to have a documented process for offboarding. What are all of the things that need to be shut off when an agent leaves the firm? WAV Group audits brokerages regularly to align software licenses to shut off applications that they are continuing to pay for agents who have left the firm, shut off agent IDX agreements, etc. During a merger, the firm is onboarding a horde of agents. Proper planning and documentation will allow this process to happen smoothly and delight the agents joining the firm with little or no disruption to their selling efforts. 4. Growth There are enormous economies of scale that can happen in a growing real estate company. Many operational expenses are not linear with the number of agents or transactions. Most firms have excess capacity in their fixed expenses which could be spread over many more agents. Often growth will drive down the cost of business and press the efficiency of underutilized company assets like offices and staff. Companies like Homesmart have created technologies that even support remote office staff. For example, the home office has a team of receptionists who pop up on a screen like a Zoom call when anyone enters the office. They greet the guests on video and either page an agent or help the visitor with anything they need. This process allows a receptionist to greet anyone entering any office any time. There are many other examples of this. The ability to maximize the efficiency of the firm's services to a wider net of agents and clients often produces efficacies of scale. Transaction management, commission management, training, and other regular activities of the brokerage are often underutilized, and the growth of the firm can be supported without additional staffing. 5. Value creation Every firm in real estate is competing amid significant disruption and uncertainty. The scale of a firm in a given market will cast a bright light of industry leadership against mounting margin pressures and the determined efforts to realign costs to sustain market share and profitability. Firms who are active in M&A are constantly strengthening their competitive positioning with smart cost decisions to preserve profits and enable further investment in growth through acquisitions. Firms who view their business value in light of the capital value of their company are often the most efficient managers of expenses and capital. 6. Offset taxes through reinvestment Most brokerage firm owners take a minimum salary to optimize the profits of the firm. At the end of the year, the firm either pays profits out to the shareholders as dividends or pays corporate tax to keep the money in the company for operating expenses. Another efficient way to manage the tax implications of profits is to reinvest operating profit into acquisitions. Losses from one company offset profits in another company. As a result of properly adhering to the tax code, firms can reinvest profits into growth and benefit from the tax savings. 7. Reassess management team and function Every good manager has a superpower. Some are great at training, others are great deal-doctors, some outperform their peers at recruiting, and more. Expanding the company provides an opportunity for management realignment that allows the firm to put the best players on the field in the position that they thrive in. There is nothing more beneficial in a merger than picking up additional management that is equal to or better than your existing staff. This is often called an acquihire – merging the words acquisition and hire into one word. 8. A playbook is an asset WAV Group works with many brokerages to create an acquisition playbook. This is a customized document that is based upon the acquisition checklists that are included in the Implementation System to Acquiring More Profit. (BTW, if you purchase the Implementation Guide, be sure to purchase the electronic version where we will deliver the editable Word and Excel docs that comprise the Implementation Guide. This allows you to customize the checklists to align with your organization.) Having a process that is documented and refined with each merger allows a firm to get increasingly better at mergers. The same is true for opening new offices. Having a list of everything that needs to be done and the assignment of tasks to the people who will take on the tasks is a keynote of preparedness that allows companies to consistently have successful merger outcomes. Moreover, if an opportunity arises quickly when a broker comes to you with an immediate merger need, you will be ready. Leading companies like Compass, Howard Hanna, HomeServices of America, United Realty, and many others have made acquisitions a repeatable science in their business. 9. Expand business units If you look in the rear view mirror to determine how companies maximize financial and operational growth through mergers and acquisitions, you find that the greatest amount of success is delivered through the expansion of business units. Real estate brokerages often have a variety of affiliated businesses that also benefit from the merger of brokerages. For example, at Watson Realty they have business units in mortgage, title, insurance, new home, property management, relocation, along with home service companies like plumbing, electric, landscaping, etc. Companies that merge with Watson not only benefit from their operational expertise and brand, but enable additional consumer services that drive additional margin to the company. 10. Grow firm value Whenever WAV Group speaks to brokers about mergers and acquisitions, the top question is what multiple of profit are companies trading at today. Our answer is always a range – 3x to 7x profit. But that is a small part of the answer. Many times, a company can be unprofitable but growing at a remarkable pace. For example, Compass is currently valued at $1.7B but has rarely demonstrated an operating profit. Even if your brokerage is not profitable, it has value. Last year, a client of ours did an acquisition where the seller brought a check to the closing table. The overall observation made by WAV Group over the past decade is that larger firms trade at a higher value than smaller firms. A company that is operating in the top-third in an area's market share is worth more than a small firm operating in the bottom-third. Rolling up a bunch of small firms in a market to create a large firm is a great strategy for using growth to improve the value of a business. 11. Shared services Many real estate companies have staff who are jacks-of-many-trades, masters of none. As firms grow, they are able to dedicate staff members to single roles rather than multiple roles. Rather than have multiple staff members responsible for a variety of operational activities, those staff members can be dedicated to fewer activities across a wider organization. It is vital that these opportunities for shared services are explored before and after a merger to streamline the organization and eliminate duplicate and inconsistent work. As you can appreciate, mergers create many important side effects to improve the performance of a brokerage firm beyond increased market share, transaction volume, and profit. Be sure to purchase a copy of Acquiring More Profit and our Implementation Guide to get started on your M&A journey. If you need a valuation on your company, if you are thinking of selling, or there is a company that you would like to buy, please reach out to us to schedule a confidential discussion. We will immediately schedule a discovery meeting. To view the original article, visit the WAV Group blog.

Survey Reveals Optimistic Agent Outlook, Highlights a Strong Sellers' Market
The Real Brokerage Inc. announced the results of its February 2024 Agent Survey, offering insights into housing market trends and real estate agent expectations across the United States and Canada. The survey reveals a resilient optimism among agents about future market conditions in both the United States and Canada, highlighting a prevailing sellers' market, despite overall industry transactions expected to decline year-over-year in February. "We first launched our agent survey in January as a strategic initiative to directly capture the sentiments and experiences of our rapidly growing network of over 16,000 agents," said Tamir Poleg, Chairman and CEO of Real. "With a presence now covering all 50 states and four Canadian provinces, we're excited to share our agents' valuable insights with the broader public. This effort underscores our commitment to transparency and the immense value we place on our agents' perspectives." Sharran Srivatsaa, President of Real, added, "Our agents are the true experts of their local markets. This survey bridges the gap from their individual market insights to broader industry trends, underscoring the pivotal role our agents play in guiding our strategic direction." Key Findings Agents Remain Optimistic About Forward Outlook Real asked agents at the end of February 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, 53% felt more optimistic and an additional 16% were significantly more optimistic about the next 12 months, outweighing the 7% who felt more pessimistic and 1% significantly more so. The average response among survey participants resulted in a weighted index reading of 69.2 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. There were similar sentiments shared by both U.S. and Canadian agents. However, February's index level of 69.2 showed a slight decline from January's 73.7, indicating a modest softening in optimism compared to the end of January. Sellers Continue to Have the Upper Hand When asked "Would you consider your primary market to be a buyer's market, seller's market, or balanced market?" 57% percent of agents noted sellers have the upper hand, an increase of 11 percentage points from January. Total North American Home Sale Industry Transactions Expected to Decline Year over Year in February Real asked agents, "In your primary market, how would you describe the number of transactions closed in February 2024 compared to February 2023?" The average response among survey participants resulted in a weighted index reading of 48.7 on a 0-100 scale, with scores above 50 indicating growth and below 50, a decline. The results suggest a decline in total industry transactions across the U.S. and Canada during February 2024 compared to February 2023, with a decline in the U.S. home sales market, while the Canadian market is expected to grow. February's index reading of 48.7 showed a modest decline from January's 49.0 level. Pace of Decline in the U.S. Improves in February: The total number of U.S. home sale transactions is expected to decline in February 2024 compared to February 2023. However, agents expect an easing in the pace of decline relative to January, with the average response among survey participants resulting in a February weighted index reading of 48.5, improving from 47.8 in January. Canadian Market Growth Continues at More Moderate Pace: Agents surveyed in Canada signaled continued year-over-year growth, although at a more moderate rate compared to January, with the average response among survey participants resulting in the overall Canada weighted index reading decreasing to 51.8 in February from 55.5 in January. Affordability Remains the Biggest Hurdle for Buyers Challenges for prospective home buyers include affordability/interest rates (45%) and inventory shortages (42%), with economic uncertainty (5%) and buyer competition (4%) being distant third and fourth concerns. Nearly Two-Thirds of Agents See Referrals as Most Effective Lead Source Sixty-three percent of agents cite networking and referrals as the most effective source of leads, followed by social media (12%), online advertising (5%), and home search portals (3%). About the Survey The Real Brokerage February 2024 Agent Survey included responses from over 500 real estate agents across the United States and Canada and was launched in the last week of February 2024. Responses to questions regarding transaction growth and agent optimism were calibrated on a 0-100 point index scale, with readings above 50 indicating an improving trend, whereas readings below 50 indicate a declining trend. Responses are meant to capture industry-level information and are not meant to serve as an indication of Real's company-specific growth trends.

The Big Thaw and the NAR Settlement
Friday certainly did not go as planned. The NAR settlement changed the course of my day and weekend. More on that later. Spring has sprung in Jackson, WY. The Big Thaw from winter to spring has begun. Yesterday was nearly 50 degrees, and we expect high 40-degree weather with sunny blue skies again today. A few great weekends of spring skiing still ahead. Switching to the big thaw in residential real estate: consumers no longer seem to have expectations that interest rates will return to 2022 levels. The stability of 6 percent mortgages is driving consumer confidence and activity. Mortgage buy-downs are becoming more popular. The Goldman Sachs chart below suggests interest rates may fall to 6 percent flat over the next two years. Coming off the lowest unit volume of 2023 in decades, the Realtor.com trend lines for new listings by month are positive compared to 2023. As we near the end of Q1 2024 and enter the traditional spring selling season, it seems that buyers will have more choices. The Realtor.com Active U.S. housing inventory for sale chart below has inventory building beyond levels seen since 2021. Now it's the buyers' turn to take down the inventory. Come and get it! Our markets across the country perform very differently; real estate is local. From my listening posts, Q1 2024 has been busier than any Q1 since 2021, which included record low interest rates and the great COVID migration. We are all thankful for the thaw! Regarding the NAR settlement: it represents an exceptional opportunity for the good to become great. This includes real estate professionals and brokerage firms. Those individuals and/or companies that focus on perfecting the expression of their value proposition will gain market share. It's that simple! If you have deeper questions, please call me. This is Where We Are Now. Mark McLaughlin serves as CEO of McLaughlin Ventures and M&A Advisory at WAV Group. To view the original article, visit the McLaughlin Ventures blog.

Best Way to Build Your Brokerage M&A Strategy
Last week, the WAV Group M&A team hosted a webinar for more than 300 brokers as the final episode of our webinar series for our book, Acquiring More Profit. In our final episode, co-author George Slusser and I reviewed the final stage of a merger – "Evaluating Your Results." We welcomed Nicole Rideout Hartwick of Gibson Sotheby's and Matt Rand of Howard Hanna Rand Realty as panelists. Both firms close numerous acquisitions each year. Immediately after the webinar, a number of brokers who have never executed a transaction before reached out to get advice on how to get started. A lot of this information is in the book, but one item that we did not write about is a self valuation. Are You a Buyer or Seller? The first question that a brokerage should answer for themselves is if they are a buyer or seller. Regardless of size, this is always the most important question to explore. We all know that if someone came along with an unbelievable offer, it would be a no-brainer to sell. However, the regularity of unbelievable offers is extremely limited, especially in a low margin business like real estate brokerage. Similarly, if someone wanted to give you their brokerage because they are tired of running it, most firms would accept. This is also an unlikely scenario. The best way to answer this question is to have a valuation done on your business before you initiate conversation with another firm about a merger or acquisition. WAV Group can perform the valuation for you, or you can use the worksheet offered in our Implementation Guide and do it yourself. Either way, you can start out by looking at your own business. You must evaluate the business as if a "third party" absentee owner was involved. Adjustments are made for what expenses they may need to add, or what expenses they would not need to incur. Be honest about the true profitability of your firm, not just what the financial statements might tell you. Would you buy your brokerage today? Would you sell it for the multiple of EBITA ranging from 3X to 6X? Exploring the question of being a buyer or seller of your company is the best way to understand as to whether you are in fact the buyer, and when you might be the seller. Trade Multiples Today, smaller firms are usually trading for 3X to 4X of the trailing 12 months' Adjusted EBITDA, but larger firms with more than $1 billion in transaction volume are likely to see 5X to 6X. These are general numbers that will simply get you into the ballpark of what brokerage firms are trading for. The terms of the deal can move the needle on the multiple in many ways. Like an AVM, these multiples get you close, but your company is worth the exact amount that you are willing to accept from a buyer – driven by many motivations, synergies, opportunities, and culture. Some firms simply fit together very well, producing higher valuations. At other times, the fit is OK, leading to lower valuations. It's like the perfect house vs. an adequate house. Other Getting Started Basics Data helps. Nearly every broker is looking at marketshare data every month. Most firms can use the knowledge about a competitor's commission plans and the local operating costs to estimate how a brokerage is performing. Use those market share reports and your knowledge of the key agents at a competitive firm to define your prospect list. Meet with potential candidates. George Slusser often likes to use the analogy of "It's Just Lunch" to discuss prospecting for M&A trades. Compatibility and culture are the ingredients that make for great transactions – far more impactful than the price paid. Price is what you pay, value is what you receive. In our webinar, Matt Rand shared a story about a merger that took nine years to happen! The important lesson here is that you need to get out and socialize with your competitors, much in the same way you recruit agents. It's a sales pipeline. Some owners do not like the prospecting part of M&A, which is fine. If you are looking to buy or sell, WAV Group can get you started. You need to be prepared to take the meeting, but we can help you get there. Once you get started, keep going. Rinse and repeat. There are 180,000 operating real estate brokerages in America, according to NAR estimates. Lots of fish in the pond. Start casting! To view the original article, visit the WAV Group blog.

Why You Need to Say 'Yes' to Multifactor Authentication
Purchasing a home is typically the largest and most significant investment of our lives. It's a milestone interwoven with personal dreams, aspirations, and an immense amount of confidential information. Real estate agents, brokers, and their MLSs are more than just facilitators of a home purchase – you are stewards of trust, responsible for managing, protecting, and maintaining the confidentiality, integrity, and security of sensitive information on behalf of buyers and sellers. Trust remains the core reason most people select a real estate agent. According to research from the National Association of Realtors, 97 percent of consumers said honesty and integrity were the most important traits for a real estate agent. Agents, brokers, and MLSs must ensure that their clients' personal details, financial records, and other sensitive data are kept secure and confidential. When clients choose to work with you, they entrust you with the most personal and confidential information they will ever share in a purchase transaction. In our digital era, where anyone can access data from anywhere at any time, you must actively protect personal information. Real estate in the crosshairs Security company Astra reports an average of 2,200 cyberattacks per day in the U.S. across all industries, and real estate is fast becoming a preferred target. According to leading cyber security firm Octiv, bad actors were responsible for 75 real estate industry breaches last year, including well-publicized ransomware incidents that delayed some property closings for weeks, costing the industry more than $50 million. The experts at Octiv recently warned at a CoreLogic conference of MLS executives that real estate is becoming a bigger target for hackers than ever. The problem with passwords Security experts say the challenge for real estate is that the passwords we use to protect access to our systems and the personal information of clients on those systems are not enough. Research by NordPass documents the widespread use of poor passwords in every industry, not just real estate. However, real estate is particularly vulnerable because of the size of these transactions, the wiring of large amounts of funds, and the disclosure of buyers' and sellers' deep financial and personal details. Multifactor authentication offers a solution Despite efforts to strengthen password use, NordPass research shows that these efforts are a massive failure overall in the U.S. The growing solution to our password problems is multifactor authentication. Multifactor authentication (MFA) requires users to provide two or more forms of identification to access an account. These factors can include something you know (like a password), something you have (like a smartphone), or something you are (like a fingerprint or biometric scan). MFA ensures that even if one of your credentials is compromised, unauthorized access to your account is still blocked. By requesting multiple forms of identification, MFA makes it significantly harder for hackers to gain unauthorized access to your accounts. Requiring more than one form of identification provides vastly more robust security protection than using even a complex password. How MFA works Think of MFA as adding a deadbolt lock to your door – even if someone has the key (your password), they still can't get in without the second one, and that additional form of authentication is your added protection. Common steps to an MFA process: Step 1 – You enter your email address or mobile number. Step 2 – You are sent a one-time link to access your account. Step 3 – After you click on the link, you are prompted to enter a one-time numerical code (with a short expiration) sent via your account registered email or mobile number. Step 4 – You enter the code provided and get access to your account. Another MFA approach begins with prompting you for your username and password. Once verified, you are taken to a page requiring you to enter a one-time code, either to your registered email or mobile number associated with your account. The code has a short expiration, so you must enter that code quickly to obtain access to the account. A little pain for a lot of gain While MFAs are quickly becoming standardized in real estate, this has not been without resistance. MLSs and brokerages don't like the idea of "forcing" their users to change. Change is hard, especially when the behavior you are trying to change is among independent private contractors. Overall, many agents don't like the idea that they might have to take extra steps to log in and would rather use a password. Again, the problem tech companies face is that password strength is abysmal overall. In fact, the Nordpass study found that "123456" and "password" are still among the most commonly used passwords in America. Our weak password culture is a ticking time bomb, waiting to be exploited by hackers. Multifactor authentication creates a layer of security that solves the password problem by requiring additional forms of identification, making it exponentially harder for unauthorized users to gain access. MFA is your digital bodyguard Yes, multifactor authentication may occasionally require a little more work to access your accounts, but its extra protection is more than worth it. Consider the potential consequences of a security breach: lost client trust, financial losses, and damage to your professional reputation. Verifying your identity takes only a few extra seconds. Think of it as an investment in the long-term security of your business. Imagine this scenario: A hacker gains access to your email account and starts sending fraudulent messages to your clients, requesting sensitive information or funds. The damage to your reputation and client relationships could be irreparable. Now, consider the same scenario with MFA enabled. Even if the hacker obtains your password, they won't be able to access your account without the second form of authentication, effectively stopping the attack in its tracks. The minor inconvenience of an extra login step – or two – pales in comparison to the potential consequences of a breach. Artificial intelligence is improving MFA One valuable and practical benefit of artificial intelligence is that it is making the MFA process less frequent. Known as "adaptive authentication," it uses built-in AI and machine learning to selectively decide and deploy MFA only when it determines it is required. CoreLogic recently rolled out adaptive authentication as part of its Clareity security offering to deter unauthorized users, bots, and deceptive login attempts in real time. By learning your behavior patterns, it can instantly spot potentially nefarious activity. For example, if you normally log in from Miami but MFA sees you are attempting to log in from Moscow, it will deploy MFA. Otherwise, when it recognizes you accessing your Single Sign-On dashboard from the same place, you will be able to sign in without additional authentication. Better to be safe than sorry Cyber threats are becoming increasingly sophisticated in the real estate industry. Embracing multifactor authentication is no longer a choice but a necessity. Keep in mind that whenever you struggle to use any new technology, Tech Helpline analysts can help. This service is available to over 750,000 Realtors in North America as a member benefit from their MLS or association. Saying "yes" when asked to opt into MFA helps uphold the trust your clients place in you, safeguarding the very foundation of your business – and our industry. Related reads From the Tech Helpline Blog: 4 Ways to Improve Your Cybersecurity 6 Reasons Not To Use Similar Passwords And The Best Alternatives Is Your Computer Protected from All The Newest Cyber Threats? A Quick Checklist Tricia Stamper is Director of Technology at Florida Realtors®, which owns both Tech Helpline and Form Simplicity.

[Podcast] Navigating Realtor Safety: Insights with Shannon Cutler
In this episode of Million Dollar Question, host Billy Ekofo chats with Shannon Cutler, an expert deeply committed to Realtor safety. With seasoned experience and hands-on knowledge, Shannon enlightens us about the importance of ensuring safety in the real estate profession. She delves into practical strategies and simple tips for prioritizing while navigating the intricate realm of real estate dealings. In this episode of Million Dollar Question: What prompted Shannon's transition from police officer to Realtor Property market dynamics on Vancouver Island Tactics for safe real estate practices Misconceptions around safety in the real estate industry Potential pitfalls of hurrying through deals and how to avoid them Connect with Shannon: LinkedIn: Shannon Cutler Website: shannoncutler.com Instagram: @islandshannoncutler Listen to this podcast on: Spotify Apple Podcasts RadioPublic Visit the episode homepage for show notes and more detail.

Redfin Launches AI-Powered Tool to Answer Questions About For-Sale Homes
Redfin announced the beta launch of Ask Redfin, a generative AI-powered virtual assistant that quickly answers homebuyers' questions about for-sale homes. House hunters can now use Ask Redfin to learn about a listing, such as whether there's an upcoming open house, monthly homeowners association fees, what school district the home is in and much more. Anyone searching via the Redfin iPhone app in the U.S. can opt in to the Ask Redfin beta. Redfin created the feature to help homebuyers easily find the information they care about within a home's listing details, local market conditions, nearby schools, touring availability and more. Ask Redfin answers questions about home amenities (does this house have air conditioning?), market conditions (what do homes in this area typically sell for?), and zoning (can I build an ADU?), among other topics. It's integrated with Redfin's support team, so homebuyers can be quickly connected to a licensed real estate agent if their question goes beyond the details of the listing, such as how to make an offer or to get an agent's opinion on the market value of a home. "When you're house-hunting, details about all the homes you're considering start to blur together," said Dallas Redfin Premier Agent Casi Fricks. "Ask Redfin will be an asset to buyers looking for fast answers 24/7. And, if a buyer wants to take next steps, get more expert insights or discuss their options, they're quickly connected to an agent who can help." Ask Redfin uses large language models to tap nearly all of the publicly available information on a home's listing page and beyond to respond to queries. "We include an enormous amount of data on every listing you find on Redfin because homebuyers deserve as much insight into a home as possible," said Ariel Dos Santos, Redfin Senior Vice President of Product and Design. "Ask Redfin makes it easy and effortless for customers to find the information they want to know." People using the latest version of the Redfin iPhone app to search for homes in about a dozen U.S. metros—including Atlanta, Chicago, Dallas and Washington, D.C., among others—will automatically see Ask Redfin when they view a listing. Redfin iPhone app users searching for homes outside of those areas can opt-in to the experience by logging into their account, visiting the My Redfin section of the app and selecting "Try Ask Redfin." This will turn on Ask Redfin for use on any U.S. listing, regardless of where the home is located. Redfin plans to make Ask Redfin visible by default in more markets and available on additional platforms in the future, and the company is encouraging homebuyers to share feedback as they try the beta version.

Brokers: 3 Hacks to Improve Your Transaction Management Experience
The life of a real estate broker-owner is a balancing act. You juggle an endless array of responsibilities daily, from recruiting and retaining top talent to ensuring legal compliance, managing finances, supporting agents, overseeing transactions, and building relationships. As a broker, one of the most effective ways to increase office efficiency is by integrating a digital transaction management solution into your real estate business ecosystem. With the right system in place, you can leverage the power of a robust transaction management solution by utilizing hacks to get the most out of your system. Here are three impactful hacks that can help you get the most out of your transaction management system: Hack #1: The power of agent insight — acting vs. reacting Transaction management systems give brokers real-time visibility into deal workflows. Rather than waiting for agents to raise issues, you can proactively identify bottlenecks and provide support. By tracking agent activity, you gain insight to: The habits of top performers to share their best practices across your team Identify points in the transaction lifecycle where agents commonly get stuck Develop standardized systems and checklists to smooth workflows Spot areas where additional training may be beneficial Checking in with agents at critical milestones For example, if you notice several agents taking over a week to get fully executed contracts to buyers, you can work with them to identify obstacles. Perhaps they struggle with understanding a new form or are simply new to the business. Insight can lead to additional coaching, and you can continue monitoring to see if the situation improves. Armed with this knowledge, you can immediately offer support or resources to help agents get back on track, avoiding delays that could jeopardize their deals. This proactive approach accelerates transaction completion rates and enhances agent satisfaction and client trust. Hack #2: Using clauses to save time Creating and saving clauses within your transaction management system, such as Form Simplicity, can significantly reduce the time spent drafting documents. These clauses consist of creating standard phrases or wording frequently used in transactions and making them available to be inserted into forms as needed. This preparation saves considerable time across numerous transactions, making the process more efficient for everyone involved. Both brokers and agents can build a database of reusable clauses related to transaction language for forms, disclosures, and more. With a robust clause library, brokers and agents can search and insert relevant clauses into documents instead of drafting from scratch each time. Some examples of helpful clauses include: Standard terms for listing agreements Phrases for Seller disclosures Verbiage explaining financing contingencies Language surrounding home inspections Consider your office's cumulative time savings across all transactions. The use of prefilling clauses speeds up the drafting process and ensures consistency and accuracy across all transactions, benefiting both agents and clients. Setting up clause libraries will require a bit of effort upfront but will save significant time down the road. Brokers can choose to build a shared clause library or allow agents to create their own individual collections. Hack #3: Configuring automated notifications and email reminders By setting up automatic notifications, brokers put their transaction management system on autopilot. One of the greatest values of task notifications and email reminders within your transaction management system is you can ensure that nothing falls through the cracks. Automated reminders help keep agents, clients, and third-party vendors informed about upcoming deadlines, necessary documentation, and other critical aspects of the transaction process. Email alerts also remove the need for brokers and agents to log in to check statuses continually. Instead, the system pushes out reminders when attention is required. Some examples of notifications brokers can include: Alerting agents when new forms are uploaded that require review Reminding agents of looming tasks and deadlines Informing brokers when transactions reach key milestones requiring oversight Requesting broker review when agents submit completed documents By fine-tuning notifications for different user groups, brokers ensure the right people receive prompts relevant to their roles. Removing the need for brokers and agents to monitor systems constantly enables everyone to focus on high-value activities, saving crucial time. Streamline management with smarter transaction tools You know from personal experience that running a real estate brokerage comes with no shortage of moving parts to manage. Transaction management systems organize workflows to help brokers act as strategic leaders rather than reactive problem solvers. Monitoring agent dealings, building clause libraries, and configuring system notifications allow you to work smarter, not harder, when overseeing transactions. Implementing these three simple hacks helps brokers ensure transactions flow efficiently so agents can provide exceptional service. When you have structured processes in place, you can help create more capacity for business growth while cultivating a positive office culture of success. Learn more about one of America's leading transaction management solutions, Form Simplicity, at formsimplicity.com. Related reads From the Form Simplicity Blog: Protecting your brokerage: How to audit-proof the transaction side of your business Broker Benefits: 3 Ways Brokers Can Maximize Their Use of a Transaction Management Solution 3 Surprising Advantages of a Digital Transaction Management Program Tricia Stamper is Director of Technology at Florida Realtors®, which owns both Tech Helpline and Form Simplicity.

eXp World Holdings Revolutionizes Real Estate Radio With 'KGCI Real Estate on Air' Partnership
eXp Realty announced a partnership with "KGCI Real Estate on Air," an online streaming radio channel. The platform was created to empower, inspire and foster professional growth for all real estate agents through a dynamic mix of educational, insightful and motivational segments. "KGCI Real Estate on Air is a complete game-changer for our industry," said Bryon Ellington, Chief Learning Officer, eXp Realty. "It's a one-stop-shop for all the knowledge and expertise agents need to thrive in their day-to-day operations. Through this partnership, we envision KGCI Real Estate on Air becoming an indispensable resource for agents everywhere, empowering them to develop their skills and stay at the forefront of an ever-changing industry." KGCI Real Estate on Air features daily broadcasting, and is designed to build community and provide guidance to agents. The channel will also keep agents updated on the latest industry trends and opportunities, ensuring they stay ahead of the curve. According to statistica.com, internet radio's reach in the U.S. has increased sharply in the last decade with 75% of the population having listened to online radio in December 2023, compared to 45% in the previous 10 years. Weekly online radio consumption among U.S. listeners has also increased, growing from 12% in 2007 to 70% in 2023. One of the most exciting aspects of KGCI Real Estate on Air is the inclusion of agent voices from around the globe. eXp Realty agents Knolly Williams, Hollie Kitchens, Ricky Carruth and Carrie Soave are just a few top-producing agents who will be sharing their insights and experiences on the channel. "As an agent, I can tell you KGCI Real Estate on Air is exactly what we need in the real estate industry today," says Monica Weakley, another top-performing agent at eXp Realty and member of eXp World Holdings Board of Directors. "In today's landscape, agents face a constant influx of change. This station seeks to foster an open dialogue that promotes continuous learning and thoughtful discussions, ultimately fueling professional growth. Together, we will embark on a journey to elevate the real estate industry, and I am thrilled to be a part of that." Tune in to KGCI Real Estate on Air daily at realestateonair.fm. "We're excited to see the impact this radio channel will have on our agents and the real estate industry as a whole," said Ellington. "Let's tune in and start this new chapter together!"

Understanding Your ListTrac Report
The image below is a clip from ListTrac Web Insights for an MLS. ListTrac is now reporting metrics from nearly every major IDX vendor, the major portals, and the MLS systems including Black Knight, Matrix, FlexMLS, and Rapattoni – in total, over 100,000 real estate property search sites. This particular report shows listing views. It should be no surprise that Zillow is the leading consumer site for viewing property. In most MLS areas, Zillow has more traffic than all other sites combined (which is true in this market). Here are some interesting observations: The MLS system matters The MLS system is a major point of engagement for consumers who are home shopping. Moreover, consumers viewing property from the MLS system are working close enough with a real estate agent that the agent goes through the trouble of setting up their saved search. Of course, the MLS views will also include the research done by agents when they do searches. It is a hard number to dissect, much in the same way that traffic to Zillow is hard to dissect the intention of consumers on Zillow or other consumer sites. Homes.com? Homes.com was contested by Realtor.com when CoStar CEO, Andy Florence, announced that Homes.com has garnered enough traffic to become the second highest ranking portal in America. Realtor.com CEO, Damian Eales, stated in a podcast that Andy's statement is easy to make "when you are grading your own homework." WAV Group has not seen a ListTrac report that validates the claims of Mr. Florence in any market, but we have no reason to doubt him. If you have evidence, please pass it along. Homesnap? Sadly, Homesnap has also disappeared from these reports. Homesnap was the partner to the Broker Public Portal and was garnering tremendous traffic in many markets. Before the sale to CoStar, I believe that 1.2 million real estate agents were benefiting from their service through their MLS. I still do not understand why CoStar killed that product. As you can see, Zillow has retained Trulia, which is outperforming Homes.com in this market. Who is IDX vendor Cyberitas? A Google search result of the company indicates that they are working with Anywhere brand Century 21. In this market, Century 21.com is slightly ahead of virtual tour vendor Property Panorama in terms of traffic, and slightly behind Homes.com in overall traffic. I found it interesting that Century 21 has more traffic than Coldwell Banker in this market. Typically, it is reversed. The Power of IDX (or powerless IDX) In terms of IDX vendors, Reliance Networks and MoxiWorks were tied, followed by IDX Broker and iHouseWeb. But overall, IDX is dwindling in terms of attracting consumers to search for properties. WAV Group believes that IDX vendors have failed to keep up with the portals in one key area: IDX sites do not display listings of all parcels. They only display the listings for sale or recently sold (in many markets). Consumers love getting the listing information at the parcel level published by Zillow, Realtor.com, Trulia, Homes.com, Movoto, Redfin; and the newly appointed sites by RE/MAX and Compass that have also become parcel centric. If you are a broker, remember to log into ListTrac and look at how your listings are performing in the market. Share that information with your agents so they understand these numbers and remind them that ListTrac has seller reports that show where a client's listing is being viewed. If you are an MLS and would like help interpreting the ListTrac report and communicating that to your brokers, agents, or consumers, reach out to our team. WAV Group Communications can help. Other ListTrac Data Points ListTrac will also show you how many leads were generated off of listings, and which sites generated the most number of leads. They will also show visitor trends. You will be amazed at how much traffic dips in the MLS on weekends. I love the top agent report. As you might expect, the agent with the most listings has the most views of their listings. The geographic traffic report is fascinating. It allows you to look at where the consumer is searching from. This particular market has significant search traffic from the major Texas cities. The national narrative is that everyone is moving to Florida and Texas – but this area is attracting folks from Texas. Last but not least are the most popular price points. Seventy percent of all search traffic in this market was for homes under $500,000. As you can tell, I am a ListTrac fan. If you have it in your market, make a point to review it every month. Be sure to include it in your training and communications. To view the original article, visit the WAV Group blog.

Keller Williams and Coursera Partner on Real Estate Education Certificate
Keller Williams has partnered exclusively with Coursera, a leading online learning platform, to offer the KW Real Estate Agent Professional Certificate. Within two to four months, the foundational program can prepare users with or without a college degree or industry experience for a career in real estate. "Two powerhouses in education – Keller Williams and Coursera – are joining forces to empower individuals to build rewarding careers in real estate," said Meredith Maples, senior director of Keller Williams University. Powered by the new partnership, the KW Real Estate Agent Professional Certificate comprises 124 hours of world-class content, including videos, readings, assessments, and hands-on projects. The KW Real Estate Agent Professional Certificate encompasses five core courses: The Principles of Real Estate Sales Fundamentals Establish Clients for Life with Buyers Establish Clients for Life with Sellers Manage a Real Estate Business "This is one of the most comprehensive foundational real estate education programs available on the market today," said Maples. "The KW Real Estate Agent Professional Certificate caters to aspiring individuals and licensed agents, offering essential foundational training for success in an industry that provides limitless opportunity." Over 142 million registered learners come to Coursera to learn job-relevant skills from 300 leading universities and industry partners. KW's certificate is part of a portfolio of more than 40 entry-level professional certificates designed to help learners become job-ready. One in four completers of these professional certificate programs secured a new job, according to Coursera's 2023 Learner Outcomes Report. "This new partnership enables us to train the next generation of real estate agents and leaders at an unprecedented scale," said Marni Baker Stein, Chief Content Officer of Coursera. "This program provides an accessible entry point for anyone interested in the industry." "Keller Williams' top agents teach you exactly what it's like to be a real estate agent, help you master the skills you need to succeed, and provide a pathway to a fulfilling career," said Stein. To learn more about the KW Real Estate Agent Professional Certificate, visit coursera.org. The new certificate allows aspiring individuals to fully explore a real estate career prior to committing to pre-licensing education and a new career. Upon completion of certification, Keller Successful Career Opportunities in Real Estate (KSCORE) will provide scholarships to eligible individuals in qualifying areas for pre-licensing education. "This certificate will put aspiring real estate agents in a stronger position than ever before as they embark on a new career," said Maples.

[Podcast] Real Estate Rollercoaster: Navigating the Market Madness with Jason Jakus
In this lively episode of It's Closing Time, Michael Lucarelli, CEO of RentSpree, and Jason Jakus, a Florida real estate broker, delve into the real estate market, discussing Jason's insights, educational emphasis, and the emotional aspects of transactions. They tackle the booming Florida real estate scene, spotlighting increased rentals amid population growth and escalating home prices. Jason underscores the ongoing client connection, revealing the triumphs and challenges faced during the tumultuous fourth quarter 2020 to June 2022 market period, emphasizing the vital role of follow-ups and effective communication in client relationships. Listen to the full episode above, or click one of the links below to listen on the podcast service of your choice: ‍Apple Podcasts‍ Spotify‍

RPR's Data Partners: Your Secret Weapon in Commercial Real Estate
RPR (Realtors Property Resource) offers commercial real estate practitioners a wealth of listing and property data, plus access to an array of analytical and ROI-focused tools. With over 800K listings, 57 million off-market property records, site selection tools, consumer demographic research, trade area data, traffic counts, POIs (points of interest) and more, RPR Commercial is basically a one-stop-shop for all things CRE. However, one question we hear over and over is: where does RPR get all of this commercial data and information? As an aggregator of data and resources, RPR is the ultimate commercial hub for REALTORS® to conduct commercial real estate business. In this article, we'll present our impressive list of commercial partners by what category they fall under and how our partnership can help you in your daily commercial duties. RPR Commercial partnerships can help power your business RPR has collabs, partnerships and affiliations with some of the biggest names in commercial real estate. Here's a list, by category: For Sale/For Lease Data Partners Brevitas: Brevitas is a national commercial listing platform that is integrated into RPR. Their real estate marketplace provides REALTORS® a turn-key marketing solution and an instant competitive edge by offering a robust collection of property search and marketing tools. CREXi: CREXi offers a database of commercial listings, including more than 48 million property records. It also provides RPR with daily updated data, which helps commercial real estate professionals quickly manage deals and close them faster. TotalCommercial: TotalCommercial.com has been providing commercial real estate listing information online since 1995. TotalCommercial.com shares its listing information through RPR to offer REALTORS® more listings and more property research resources. Land Broker MLS: LandBrokerMLS.com was formed in 2018 by real estate brokers and agents to assist rural real estate professionals in their ability to view land listings. LandBrokerMLS contributes listing data to RPR's commercial platform. Biproxi: Biproxi's new public marketplace is called Officespace.com and it provides powerful listing capabilities for "for sale" and "for lease" properties. Biproxi's Officespace.com provides listing information for RPR's commercial real estate users. Catylist: Moody's Analytics Catylist offers a commercial property listing and marketing solution to numerous REALTOR® associations and CIEs (Commercial Information Exchanges). It helps RPR receive licensed commercial listing content from many markets across the country. CompStak: CompStak is a nationwide crowdsourced commercial comp database that offers RPR users to receive 500 free credits to search and share commercial comparables. Get started by clicking on the CompStak logo in the Additional Resources section of any RPR commercial property page. Officespace.com: See BiProxi above. ICSC: ICSC, The International Council of Shopping Centers, has a special agreement with RPR to offer retail and commercial real estate data, which contributes significant insight relevant to the shopping center industry and broader commercial sectors. Off-Market Properties Black Knight: Black Knight is the backbone of RPR property data. It provides RPR users with quick access to public records including tax details, zoning, ownership information down to the corporate level, and much more, including Assessment and Recorder datasets. Site Selection Data Esri: Esri is RPR's main source of consumer data. It supplies RPR with economic, demographic, and spending data, as well as tapestry segment profiles. This particular data fuels RPR analytical tools such as Trade Area Reports and Site Selection Analysis. Financial Analysis Valuate: Valuate® is a web-based financial analysis and marketing tool for the purchase and sale of commercial and residential investment properties. From RPR, users can easily access the platform to perform real-time, interactive ROI analyses in a collaborative work environment. Traffic Counts Kalibrate: Kalibrate powers the traffic counts found on RPR's commercial maps. They provide this data quarterly from various sources, including governments, transportation departments, and Kalibrate's own field verifications. Tenant Data SMR Research: SMR works with RPR to provide a proprietary database of 25 million U.S. companies, schools, and other institutions for commercial property insights, and the data is updated quarterly. ClimateRisk Assessment and Mitigation Climate Check: ClimateCheck®, available in the RPR "Additional Resources" section, offers an assessment of a property's climate risk. It will rate a property's future risk of climate change-related hazards and assign a rating from 1 to 100, with 100 representing the highest risk. Risk Factor: Also available in the RPR "Additional Resources," Risk Factor provides climate and environmental risk data for real estate properties, helping REALTORS® understand and communicate potential risks related to climate change. Existing Businesses (POIs – Points of Interest) Data Axle: Known for its robust business databases, Data Axle provides detailed company profiles and other commercial real estate-related data to enhance the commercial offerings on RPR. Esri: Supplies RPR with economic, demographic, and spending data, as well as tapestry segment profiles. RPR: Commercial listings, data and tools–all under one roof As you can see, RPR brings a vast amount of commercial resources and data and puts them all in one place so you can search listings, conduct research and tap into resources that help your clients make data-backed decisions. And if you're a REALTOR®, there's no extra charge to use as part of your membership in The National Association of REALTORS®. However, if our impressive list of commercial partnerships doesn't convince you, listen to what Dave Ferro, Managing Broker and Vice President of Watson Realty Corp in Gainesville, Florida, has to say about RPR Commercial: "I go to RPR Commercial to save time and simplify. That perfectly sums it up for me. I don't have to go to each individual's website for listing info. I can see all my properties and deals in one location. It's such a great place to search, every commercial agent should try it." To view the original article, visit the RPR blog.

New FCC Regulation Deals Blow to Real Estate Lead Generators
New consumer protection regulations from the Federal Communications Commission aims to protect consumers from the scams and spam caused by the "lead generator" robo-calls and texts loophole, and encourages an opt-in approach for delivering email to text messages. The law extends the same do-not-call protections and CAN/SPAM to text messages, making it illegal to send text messages to numbers on the Do-Not-Call registry. Real estate leads are among the most expensive leads generated across all American business, often leading to real estate professionals paying as high as 40% of their commission for a sale generated from a lead. Many leads generated at online shopping websites are sold over and over again, causing consumers to be inundated with spammy text messages and robo-calls that seem to have no end. Now, there must be a clear opt-in by consumers to this form of communication. The FCC wants the consumer to opt in on a one-to-one basis to each company that will receive their contact information. According to the FCC, U.S. consumers receive approximately 4 billion robo-calls per month. In their enforcement efforts, the FCC has issued fines to some companies, like a Texas-based health insurance company whom I am not naming, of $255 million. A Florida-based timeshare operation was fined $120 million. The FCC also adopted new rules to stop illegal robo-calls that originate overseas from entering American phone networks. U.S. Federal Communications Commission moved to make AI-generated voices in robocalls illegal on 8 February. Real Estate Impact Firms should update their agent independent contractor agreements. Real estate agents routinely use robo-call/robo-text services for lead generation and lead incubation. If the firm provides an agent with lead information that is added to a robo-call/robo-text service, there could be significant liability to the firm. Many brokerage firms also share consumer information with their affiliated services companies. For example, a lead generated on a broker's website gets shared with a brokers' mortgage or insurance affiliate who also uses similar robo-call/robo-text systems for lead incubation. Agreements should be updated to prevent violations by these third-parties from blowing back on the real estate firm. Moreover, the consumer will need to opt-in to each service (i.e. checkbox for mortgage, title, insurance, etc.) When you collect consumer information on a lead form or elsewhere, you likely need to update your terms of use to explicitly require a consumer opt-in to text messaging. Examples of opt-in language from portal sites: Figure 1 Realtor.com Figure 2 From Zillow.com From our reading of the FCC rulings, these sites would need to specifically say that they are going to send my information to Agent Name, Firm Name, Mortgage Company, and so on, and the consumer needs to check the box to agree. Most of the portals send consumers to their in-house call center before they send it to an agent, so there may be a loophole where the call center gets permission from the consumer at the point of transfer. Greg Robertson and Rob Hahn did a great podcast on this with Matthew Marx of Evocalize. See below to watch: Not to debate Rob – he is a very strong debater – but his view is: "calling expired listings will not be a problem with this new FCC rule." I would suggest that it could be a problem if the consumer is on the Do-Not-Call list. Rob would likely agree with me. Existing clients of the firm or prior lead gen records may be excluded from the FCC ruling. The FCC is still processing the outline of their policies, so there are many unanswered questions. In the aforementioned "Industry Relations" podcast, they believe that the FCC will go after the lead generators and not the robo-dialers/texters, but there is no certainty there. I guess if you buy leads, you need to CYA to make sure that it does not blow back on you as an FCC violation. To view the original article, visit the WAV Group blog.

Redfin Publishes Air Factor Data from First Street to Show Risk of Poor Air Quality
Redfin is now publishing Air Factor data provided by First Street for nearly every U.S. property listed on Redfin.com and the Redfin iOS app. Redfin is the only brokerage to provide air quality risk data at the property level. "Redfin wants to ensure that every single person searching for a home has the information they need to understand climate risks," said Redfin Senior Vice President of Product and Design Ariel Dos Santos. "Air pollution is an important consideration as poor air quality becomes more frequent due to climate threats such as wildfire smoke." The number of poor air quality days in the Western U.S. surged by as much as 477% between 2000 and 2021, in large part due to wildfire smoke, according to a First Street analysis of data from the Environmental Protection Agency (EPA). A recent Redfin-commissioned survey found that 9% of recent U.S. home sellers cited concern about the impact of climate change as a reason for their move. First Street's Air Factor is a property-level risk model that estimates the likelihood of poor air-quality exposure based on the number of poor air quality days expected today and over the next 30 years. It includes two common pollutants: PM2.5, which often comes from wildfire smoke, and ozone (O3), which occurs when pollutants react with heat/sunlight. "Air Factor takes into account environmental threats to air quality such as wildfire smoke as well as man-made pollutants like emissions from cars to create a full picture of what's causing poor air quality and where," said First Street CEO Matthew Eby. "People searching for their next home on Redfin will now be able to see exactly what they're getting into with poor air quality, which is an important piece of the puzzle when considering climate risks." Redfin published a report today that shows about 1 million more people moved out of than into U.S. metros with high risk from poor air quality in 2021-2022, while low risk metros saw 1 million more people move in than out. The areas facing high risk from poor air quality are concentrated in the American West, which is grappling with intensifying wildfires, and many are in expensive states like California. Redfin found that the median home sale price in metros at high risk for poor air quality was $563,710 as of December 2023, which is 65% higher than the $341,483 median sale price in low risk metros. Transparency around climate risks has the potential to impact which homes people choose to live in. A Redfin study from 2022 found that homebuyers who have access to flood-risk information when browsing home listings online are more likely to view and make offers on homes with lower flood risk than those who don't have access. Poor air quality risk data is now available on the Redfin website and iOS app, and it will be available on Android later this year. Redfin also features First Street climate risk data at the property level for wildfire, flood, wind and extreme heat.

Understanding the 2024 Market: Best Practices
These days, the market is always changing. But no matter what changes, the ever-relevant question remains: How can you stay on top of the market and ahead of your competitors throughout? One thing's for certain. From the bigger picture to the small stuff, you'll need both sides—and everything in between—to understand the state of today's housing market, your place in it, and how to grow from there. The bigger picture To understand where your brokerage is at, context is key. When we talk about housing markets, we talk about all the contextual factors that make it: location, the current state of the economy, and of course, supply and demand. Location, location, location Your location means a lot of things. It's important to consider the housing market in your country as a whole, then your state or province, and finally, your local area(s) of operation. Tax policies, available units, and average household incomes come into play here. Example: The Canadian real estate market has had major changes in the last few years, resulting in higher prices compared to its U.S. counterpart. Meanwhile, the American market has had its own challenges as well. Either way, last year was a tough market for North America overall, and these larger trends trickled down into smaller markets in unique ways. The economy at large When it comes to economic forces, keep an eye on the ongoing rates for employment, housing unit construction, and mortgage lending. These will all affect smaller markets differently depending on their own affordability ratios. Staying updated with ongoing summaries and predictions from reputable sources like Realtor.com® can be helpful here. Seeing the forest for the trees Both of these factors come together to determine the current state of supply versus demand, or in other words, whether it's a buyer's or a seller's market. When you can see the boundaries and overall framework, you can make more informed choices to keep your brokerage on the path to success. The nitty-gritty Much like the overall real estate market, that was a lot. Let's go smaller. We've already talked about the economy as a whole. But it's one thing to see overall trends and another to dig into the numbers and stats of it all. You can gain a better idea of what's going on in your market on national, regional, and metro-market levels with NAR, which publishes ongoing statistics about: Home sales (existing and pending) Housing affordability Housing shortages And more. Again, this goes hand in hand with figuring out what kind of market you're in, as well as tracking trends for the short and long-term. The small stuff Finally, we're at the small stuff—which isn't so small. This part is all about the relevant data that you'll find most useful for your brokerage and agents. In a way, it's the same as the above: Listing numbers, buyer and seller trends, etc., but on a much more specific scale. After understanding the larger market, you can figure out where you stand in it with tools like BrokerMetrics, which track wider trends and provide insightful reports on your own brokerage's progress. This is the time to compare your stats with competitors, manage your agents, and perhaps most importantly, look at your own data year over year and see how you've grown. Staying on top through it all No matter what size scale you're using to view the market, every view—from macro to micro—is crucial to understanding it as a whole. After all, there are tons of moving parts that change every day. Start slow, stay consistent, and make sure not to lose yourself in the sea of it. Real estate is dynamic. There's always so much more to explore. To view the original article, visit the Lone Wolf blog.

[Podcast] Leading the Diversity Charge for Real Estate with Lennox Scott
Recently, national news headlines have brought to light an alarming accusation of race-based real estate value inequity in the appraisal industry: A black family's home value increased by a whopping $300,000, after their first appraisal, by "white-washing" their home and having a white friend answer the door on the day of the appraisal. Unfortunately, this is not the only recent case of real estate value inequity. In this episode of Million Dollar Question, host Jessisa Edgerton is joined by Lennox Scott, chairman and CEO of John L. Scott Real Estate, one of the largest and most successful regional real estate firms in the United States across the Pacific Northwest and into California. Lennox is a tireless advocate for diversity training within the real estate industry. Lennox and Jess emphasize the importance of diversity, equity and inclusion within the industry, now more than ever, in the wake of the racial atrocities that have occurred over the past few years. In this episode of Million Dollar Question: How Lennox became a leader of diversity, equity and inclusion Undoing the long history of racist language in property documents New systems in place to encourage diversity, equity and inclusion What needs to happen moving forward Connect with Lennox: Website: johnlscott.com LinkedIn: Lennox Scott Listen to this podcast on: Spotify Apple Podcasts Google Podcasts RadioPublic Visit the episode homepage for show notes and more detail.

Equity Angels: Paving the Way for Diversity in Real Estate Tech Startups
In a move aimed at fostering diversity and innovation within the real estate technology sector, Equity Angels has emerged as a groundbreaking force. Launched by prominent leaders in the tech and real estate industries, this organization is set to play a pivotal role in accelerating the growth of startups led by entrepreneurs from diverse backgrounds. As the real estate industry grapples with unprecedented challenges, Equity Angels seeks to be a catalyst for change, providing fractional executive solutions and accelerator programs specifically tailored for early-stage fintech and proptech companies. Kenya Burrell-VanWormer, the Founder and Managing Partner of Equity Angels, expressed the urgency of the initiative, noting the perfect storm of low sales volume, high interest rates, and the widespread integration of artificial intelligence. Addressing the broader context, Katherine Winston, another Founder and Managing Partner, emphasized the importance of doubling down on Diversity, Equity, and Inclusion (DEI) initiatives, particularly in the face of headwinds. The real estate industry, like many others, is at a crossroads, and Equity Angels aims to unlock untapped perspectives and innovation from historically underrepresented and underestimated entrepreneurs. Research underscores the significance of diverse leadership in startup success. McKinsey & Company's analysis reveals that founders with diverse gender and ethnic backgrounds tend to deliver higher returns for investors upon exit compared to their peers. Achieving parity for women and minority founders not only holds the potential for increased revenue but also promises to create jobs and stimulate economic growth. The Equity Angels Catalyst Program stands out as a cornerstone initiative, targeting ten startups focused on fintech and proptech solutions. Designed as a "Fundraise-Ready" program running from April to September 2024, this endeavor will provide a platform for selected startups to navigate the challenging fundraising landscape under the guidance of industry experts. Given the evolving market conditions, Equity Angels recognizes the need for rigorous support to ensure these startups can thrive. In addition to the Catalyst Program, Equity Angels is set to offer fractional C-Suite solutions. This unique approach allows startups to collaborate with high-level executives who can contribute to the development and scaling of their businesses at sustainable rates. Ruel Macaraeg, a seasoned technology director and Equity Angels advisor, envisions a redefined future for entrepreneurship through programs like these. The goal is clear: to fuel the next wave of groundbreaking startups with a diverse group of talented innovators. As Equity Angels takes flight, it not only aims to reshape the landscape of real estate technology but also to establish a more inclusive and equitable future for the entire industry. For those looking to learn more about Equity Angels and their transformative initiatives, a visit to their official website at www.equity-angels.com offers a comprehensive overview of their mission and programs. Equity Angels stands as a beacon, signaling a new era in real estate technology where innovation and diversity go hand in hand.

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.

What Can We Learn from the Last Quarter of 2023?
2024 has just begun, and we're already eager to start strategizing. Whether you're the type to set a resolution and stick to it or the sort of person who waits for a sign, we can all agree that, when it comes to predicting the future, a good place to start is with the information and insights we have at the present. It looks like less is more when it comes to the numbers. When comparing the fourth quarter data year over year, we saw some ups and downs—but overall, there was less substantial change than we've been seeing in other quarterly reports. With increases of only 1.6% in listings under contract and 2.5% in new listings, as well as decreases of only 4.7% in inventory and 8.9% in sold listings, we're seeing a bit more consistency when comparing this quarter to the year prior. The outlier is, once again, off-market listings, which saw a 19% increase. While higher than the increase we saw of 7% in 2023 when compared to the previous year's Q3, it's a far less startling increase than Q2's 40.43% increase, Q1's increase of 64%, and especially Q4 of 2022's increase of 102%. There's any number of factors that continue to drive the number of off-market listings up—and you can learn more about them here. How to create your success in your 2024 market While many of the challenges that existed for homebuyers in 2023 will persist into 2024, there's hope: if inventory does continue to rise, it will relieve some of the pressure in the market, giving buyers and sellers more breathing room. With comprehensive reports from BrokerMetrics, you can see how all these numbers—and more—compare, year over year. To view the original article, visit the Lone Wolf blog.

The KPIs and Metrics That Matter for Real Estate Success
The New Year is a great time to set new goals, but you'll also need to get clear on your path to each one. One of the best ways to ensure you're on track to hit your goals? By monitoring your success metrics. There's plenty out there on the metrics real estate pros need to monitor, but we're going to break down the ones that matter, no matter where you are in your real estate career. Why It's Important to Keep an Eye on Your KPIs Before we take a closer look at the crucial key performance indicators, or KPIs, real estate professionals need to track, it's important to understand why tracking these metrics is key. Hint: it's not just for your brag sheet. Tracking your KPIs regularly is crucial for real estate pros, no matter where they are in their career journey. Monitoring your KPIs is crucial to gauging your success and getting clear on areas you can improve. By knowing where you're performing well, you can build upon your success by knowing exactly where to focus and take more impactful, meaningful actions. And keeping an eye on areas to improve helps ensure you're staying on track towards your goals, providing you the opportunity to prevent falling off course completely. Agents For the solo agent, the KPIs you track will be relatively consistent across the board, whether you're a buyer or seller agent. To ensure success, you'll want to track: Your transaction volume: Transaction volume is the total number of properties you've helped buyers purchase or you've helped get successfully sold. Monitoring your transaction volume will help you ensure your lead generation efforts and conversion rate keep you on track for your revenue goals. Your lead generation volume: This is the total number of leads you've generated across all your sources, online and offline. By tracking this KPI, you can see how many potential clients are interested in working with you, so you know which campaigns or outreach efforts are most effective. Your lead conversion rate: Going hand in hand with your lead generation volume is your lead conversion rate. This is the percentage of leads that turned into closed deals. Knowing your lead conversion rate will help you understand your most successful lead generation efforts, and help you keep your finger on the pulse of your sales and negotiation skills. Your Gross Commission Income (GCI): This KPI is the amount of income you earn from your commission on a transaction. It's important to monitor your GCI to keep your finger on the pulse of your finances. GCI can fluctuate for a variety of reasons, so monitoring your own personal trends is key. Your Net Commission Income (NCI): On the flipside, your Net Commission Income, or NCI, is the amount of income you earn but with key expenses subtracted, like brokerage or transaction fees, taxes, other miscellaneous fees, and more. Keep track of your NCI to monitor your annual income and finances. Midsize Teams and Brokerages As we expand to midsize teams and brokerages, the KPIs these real estate pros need to track also level up. If you fall into this category, you'll want to stay on top of the following KPIs in addition to the ones agents typically track above: The team's transaction volume: This goes without saying, but you'll want to keep watch on your team or brokerage's overall transaction volume, as well as drilling down into each individual agent's transaction volume. Keeping close watch on this KPI will allow you to get a good grasp on how you're pacing to your goals, and give you insight into any star players or areas of opportunity to train or improve. Your group's agent retention rate: Your retention rate is made up of the percentage of agents who stay onboard your team or brokerage. This is crucial to understand agent satisfaction, as well as how well you're training, growing, and developing your team. It also provides insights into how well the tools you give your group impacts their performance and willingness to keep working with you. Your marketing return on investment (ROI): Investing in marketing for your brokerage and your agents is a must. So, you can't skip out on tracking your marketing ROI. Monitoring this metric will help you know which channels are the most effective, what campaign types move the needle most for leads, and allow you to better manage your marketing budget overall. Continuing education and training completion: Tracking how much your agents keep up with opportunities for training or continuing education (CE) courses is another great metric to track. This helps you understand what investment they're making in their overall skillset, as well as what courses or sessions are resonating with your agents. It also ties into your agent retention rate. Expansion-Level Brokerages At this level of real estate professional, your brokerage has grown and expanded beyond its initial market to serve a variety of regions and areas. To measure success as an expansion-level brokerage, these real estate pros need to track the agent-level and team-level KPIs listed above, as well as more comprehensive KPIs, such as: Your offices' or branches' performance: Arguably the most important KPI to watch is the performance of each office or branch in your brokerage. Think of this like tracking each of the KPIs listed in the previous sections above. This will give you a laser focus on each offices' strengths, areas to improve, helping you monitor the viability in the market they serve. Agent recruitment and retention rate: We covered the importance of brokerages and teams keeping an eye on their retention rate, and that applies here as a KPI, too. But you'll also want to measure recruitment rates, or how many agents are being brought on to work in each branch or office. This will help you understand your competitive advantage in those markets. Customer satisfaction: Each market will have its own specific characteristics, especially with the clients served. Counting customer satisfaction as a KPI is a must. Whether you source testimonials, conduct customer interviews, or send out surveys, make sure to listen to what customers are saying. This will give you a real-life feel for what it's like working with your agents and their perception of your brokerage and brand. Technology adoption and usage: It's important to invest in powerful tools and software to optimize your brokerages' operations. But it's also important to measure if this tech is actually being learned and used. Make sure to track how much agents are using the tools you provide, attending training sessions, and source their feedback. This will help you ensure your technology investment is proving its ROI. To view the original article, visit the Inside Real Estate blog. Related reading Metrics Are More Than Just Numbers 5 Real Estate Marketing Metrics to Help You Grow Your Business Why the Top Agents Leverage Success Metrics in a Shifting Market

[Podcast] The Agent of Tomorrow: Data driven, Socially Conscious with Kevin Skipworth
In this episode of Million Dollar Question, host Billy Ekofo interviews real estate expert Kevin Skipworth, who shares insights on the evolving role of real estate agents and the impact of global trends on local markets. Kevin highlights the resilience of the Vancouver market and stresses the importance of data-driven decisions, sustainability, and personal connections in the industry. This conversation offers valuable perspectives for understanding the dynamic nature of modern real estate. In this episode of Million Dollar Question: The evolution of the real estate industry and the role of agents Analyzing the resilience and trends of the Vancouver real estate market The importance of data-driven decision-making in real estate Global influences on local real estate dynamics Balancing technology and personal connections in modern real estate practices Connect with Kevin: Website: cathieandkevin.com Instagram: @kevinskipworth Listen to this podcast on: Spotify Apple Podcasts Google Podcasts RadioPublic To view the original article, visit the LeadingRE blog.

Third-Party Cookies Do Crumble With Google Chrome's Privacy Shift
For years, third-party cookies have been the bread and butter of online advertising. The practice allows you, the marketer, to target website visitors with laser precision based on their browsing history. However, the winds of change are blowing through the digital landscape, and Google Chrome, the world's dominant browser, is leading the charge toward a privacy-first future. Its plan? To phase out third-party cookies entirely by the end of 2024. Note: As of October 2023, Google Chrome has the highest browser share in the United States at 51.94%. Safari at 29.29%, Edge at 8.67%, and Opera at 4.4%. So, how exactly is Google accomplishing this cookie crackdown? Buckle up real estate marketers, because it's about to get technical! The Chrome Blockade Anthony Chaves, who is the VP of Privacy Sandbox at Google, announced in his article titled "The next step toward phasing out third-party cookies in Chrome" that, … January 4, we'll begin testing Tracking Protection, a new feature that limits cross-site tracking by restricting website access to third-party cookies by default. We'll roll this out to 1% of Chrome users globally, a key milestone in our Privacy Sandbox initiative to phase out third-party cookies for everyone in the second half of 2024, subject to addressing any remaining competition concerns from the UK's Competition and Markets Authority. Tracking Protection Currently in its testing phase, this feature restricts third-party cookies by default for a small percentage of Chrome users. As the rollout expands, websites' ability to track users across different domains will be severely limited. Privacy Sandbox This umbrella term encompasses Google's alternative solutions for targeted advertising and user measurement without relying on third-party cookies. These solutions are still under development by Google and the broader web community. Some proposed technologies include: Topics API – This assigns users broad interest categories like "sports" or "travel" based on their browsing activity, instead of specific website visits. Federated Learning of Cohorts (FLoC) – Cohorts are groups of users with similar browsing habits, and ads are targeted to these groups without revealing individual data. Trust Tokens – Websites issue encrypted tokens to users as proof of identity, reducing the need for third-party tracking. Key Insights for Real Estate Marketers The blocking of third-party cookies presents both challenges and opportunities for real estate marketing. Here are five crucial insights to navigate the changing landscape: Embrace First-Party Data by cultivating a robust first-party data strategy through website analytics, CRM integrations, and loyalty programs. Leverage this data for personalized marketing campaigns and audience segmentation, all within the bounds of user privacy. Contextual targeting takes center stage through continuous investment into contextual targeting platforms that rely on website content and user behavior signals rather than cookies. This allows you to deliver relevant ads based on the current browsing context. This would be like showcasing luxury listings on real estate search pages. Build trust and direct relationships with potential buyers and sellers. Use email marketing, social media engagement, and targeted content marketing to curate leads and convert them into loyal clients. With mobile dominating real estate searches, it's crucial to optimize your website and marketing efforts for mobile-first. It's surprising to see many people still focusing on desktop view when designing and messaging their advertising assets. Make sure you prioritize mobile to stay ahead in the game. Consider location-based targeting to reach users actively searching for properties in specific areas. Experiment with Privacy Sandbox Solutions by staying informed about the evolving Privacy Sandbox initiatives and experimenting with the available APIs and tools. Early adoption can give you a head start in the new privacy-focused advertising landscape. What are the key differences between third-party cookies and first-party cookies? The key difference between third-party cookies and first-party cookies lies in who creates and uses them. First-party cookies Created by the website you're visiting (the "first party"). Stored on your device by the website's domain. Used by the website to remember your preferences, keep you logged in, track your activity on the site, and personalize your experience. Generally considered less intrusive because they don't share data with other websites. Third-party cookies Created by a domain other than the website you're visiting (the "third party"). Often placed on your device by embedded code from advertising or analytics companies. Can follow you across different websites that use the same third-party code, building a detailed profile of your browsing habits. Used for targeted advertising, retargeting, and cross-site analytics. Raise more privacy concerns because they can track your activity across multiple domains without your explicit knowledge. Summary While Google's third-party cookie phaseout may seem daunting, it also presents an opportunity for real estate marketers to refine their strategies and prioritize user privacy. Embrace first-party data, invest in contextual targeting, and build direct relationships to thrive in the privacy-first future. Remember, the focus is shifting from intrusive tracking to building trust and delivering value. Embrace this change, and unlock the potential of a more sustainable and ethical approach to real estate marketing. This article is designed to be informative and actionable, but it's important to stay updated on the latest developments in Google's Privacy Sandbox and adapt your strategies accordingly. Don't hesitate to seek further resources and guidance from qualified SEO and marketing professionals or contact David Gumpper of the WAV Group. To view the original article, visit the WAV Group blog.

The Future Is Secure: Understanding the Importance of Security by Design
In today's digital age, cybersecurity has finally become a top priority for organizations across all industries — especially in real estate after last year's events. Cyber threats are becoming more sophisticated by the day, and data breaches can have devastating effects on businesses. Despite this, many organizations still take a reactive approach to cybersecurity, only implementing security measures after a breach. However, there is a better way to approach cybersecurity – one that offers greater protection against attacks and reduces the risk of data breaches. This approach is known as Security by Design. A friend of mine who is a chief information security officer for a real estate brokerage was discussing last year's incident and his achievement of SOC-2 compliance. During our conversation, he mentioned how implementing Security by Design was crucial to achieving SOC-2 compliance. We discussed how Security by Design involves incorporating security measures at every part of an organization rather than adding them as an afterthought. He said implementing Security by Design enables organizations to recognize and mitigate potential security risks early on, therefore ensuring compliance with industry standards and SOC-2. That raised another question for me. What is Security by Design? I learned that Security by Design is a proactive approach to cybersecurity that involves integrating security measures into an organization's operations and culture from the ground up. Instead of treating security as an afterthought, Security by Design requires security to be an integral part of an organization's design and development processes. This helps to create a more secure foundation for an organization's digital infrastructure, making it less vulnerable to cyber threats. It's a practice I have been taking for a long time within my own environments. How does Security by Design work? Security by Design involves a range of practices and techniques that help to embed security into an organization's culture. These include things like adopting a risk management approach to security: By integrating security into the software development life cycle Providing regular security training and education to employees Regularly updating and patching systems to address vulnerabilities. By making security a part of an organization's DNA, it becomes much more difficult for cybercriminals to exploit weaknesses in an organization's security measures. Why is Security by Design important? The importance of Security by Design cannot be overstated. Cyber threats are growing in sophistication, and the consequences of a data breach can have a devastating impact on businesses and their customers. The financial cost of a data breach can be significant, and damage to an organization's reputation can is more difficult to recover from. By adopting a Security by Design approach, organizations can significantly reduce the risk of cyber-attacks and mitigate the impact of data breaches if they do occur. How do I Benefit from Security by Design? Adopting a Security by Design approach offers a range of benefits for your organization. It helps to create a more secure floor for an organization's digital infrastructure, reducing the risk of data breaches and cyber-attacks. It can also help to reduce the cost of cybersecurity by preventing breaches before they occur and minimizing the impact of breaches that do occur — it is not a question of if a breach occurs, it is when. In addition, it can improve an organization's brand reputation, product, or services. It is a demonstration of your commitment to security and data protection. How to Implement Security by Design? Implementing Security by Design takes a lot of work to implement and maintain. The whole approach requires a fundamental shift in how organizations approach cybersecurity. There are a range of best practices and techniques that organizations can adopt to embed security into their operations and culture. These include things like: Conducting regular security audits Adopting a risk management approach to security Integrating security into the software development life cycle Providing regular security training and education to employees Regularly updating and patching systems to address vulnerabilities. By implementing these best practices in a strategic and coherent way, organizations can make Security by Design an integral part of their culture. Be Proactive! In today's digital age, cybersecurity should be a top priority for all organizations. According to Verizon's 2023 Data Breach Investigative Report, over 74% of data breaches are cause by human actions. These are either through social engineering or phishing scams that continue to innovate on fooling their victims for access to an organizations data vault. A reactive approach to cybersecurity is no longer enough. Adopting a proactive Security by Design approach is essential to mitigate the risks associated with cyber threats. Leverage an IT Services or Managed Service Providers organization that offers cybersecurity services. They can at least assist in monitoring your digital environment. If you need assistance evaluating any services or having a conversation about Security by Design, call me, David Gumpper. Embedding security into an organization's culture and operations from the ground up creates a more secure foundation for its digital infrastructure and significantly reduces the risk of data breaches and cyber-attacks. Implementing Security by Design requires a fundamental shift in how organizations approach cybersecurity, but the benefits are clear – greater protection against cyber threats, reduced risk of data breaches, and a more secure future for businesses and their customers. To view the original article, visit the WAV Group blog.

The Devastating Effects of Dropping Unilateral Offer of Compensation
It would seem that the plaintiff's victories in the Massachusetts court and Missouri court are on track to eliminate the commission field in the MLS. This field is where the seller's broker presents a unilateral offer of compensation to any buyer broker who submits an accepted home purchase agreement. No doubt as you are painfully aware from the daily media coverage, changing the rules for that field to permit zero instead of $1 as the minimum value does not seem to go far enough to satisfy the long and influential reach of the Department of Justice (DOJ). Last month, NAR Chief Economist Lawrence Yun released some interesting language in a statement regarding the November Housing starts data (I added in the bolded emphasis): As homebuilders ramp up production, more supply will reach the market. In November, single-family home construction rose 18% from the prior month and was up a hefty 42% from one year ago. Homebuilders' sales have been up this year despite high mortgage rates due to the offer of incentives on buying down interest rates and the long-held business model of offering co-op commission to buyer agents. That's the free market way of doing business in a very competitive industry. Even more homebuilding will be needed with the housing shortage persisting in most markets. Home price appreciation can only moderate from drastically improved supply. Another 30% rise in home construction can easily be absorbed in the marketplace, especially in light of recent weeks' plunge in mortgage rates. Yun highlights, for the first time, the long held unilateral offer of compensation to buyer agents – which should read buyer broker instead of agent. Regardless, NAR is microdosing their messaging and communications with support for buyer broker compensation. If the court and the DOJ have their way, I fear that the unilateral offer of compensation might disappear from the multiple listing service data set. This is not to say that the buyer broker agency service will go away, only that it will no longer be the role of the MLS to publish any commission offer to the buyer broker at all. It follows that if the unilateral offer of compensation is removed from the MLS, the rules that govern the offer of unilateral compensation – and the role of the association of REALTORS in providing arbitration services – may also be washed down the drain along with the compensation rules. Emergence of buyer commission chaos I do hope that the DOJ thinks through their decision carefully before cleansing the unilateral offer of compensation from organized real estate. I have written about how the removal of the offer of compensation from the MLS and the removal of all buyer broker commission rules could be easily attained. It is a simple fix which an editor could complete in an hour. Remove the field from the MLS and strike-though all of the MLS and association model rules related to commission and commission arbitration. Following that, the buyer's broker will submit a commission request along with the offer to the seller's broker. The buyer to pay $XX for the home, and the seller to remit $XX in buyer broker compensation at closing. In the new world, price and commission will be negotiated. This scheme seems tidy enough, but I worry about bias and discrimination. Bias and discrimination are unsavory human conditions. From our very first breath, the world teaches us to differentiate one thing from another, one person from another, and the basic logic of "if this, then that." It takes hard work and self-mastery to evolve one's consciousness to overcome bias and discrimination. My fear is that in the absence of MLS and association oversight, buyer broker compensation will be fraught with the evil influence of bias and discrimination. Friends will negotiate better compensation for friends than they will for strangers. The lack of a unilateral rule regarding commission offering will create a foul disease which will overwhelm and undermine the benefits of cooperation among competitors. Hatred and bitterness will be the product of little or no compensation when a buyer's broker and agent work their tail off for a home buyer. The risk of little or no compensation on buyer agency will undoubtedly steer agents away from providing homebuyer services to any consumer who cannot guarantee payment. Let's face it, the wealthy will have a strong advantage over most buyers. The mess that the DOJ seeks to create will create more harm than good I have seen this script play out with professional services my entire life. I have noticed that there is favor given to some people when they hire an attorney, or an investment advisor, buy a car, rent an apartment, or different types of home improvement work; the ability to create certainty around payment drives lower pricing. The cash offer always wins. Imagine the plight of the first-time home buyer, the immigrant who speaks little English, the poor, the handicapped, the single mother, the out of area home buyer. Who among you endeavor to help them when there is uncertainty of getting paid for your time, your experience, your education, your investment in technology and the advancement of the profession? A dark cloud is coming to real estate in America, and it's hitting our shores at the worst possible time. All in all, 2023 was a fragile year that saw commission production drop 35% across America. Our businesses are already on the precipice of financial ruin. Now this storm brings strong winds that will blow most buyer agents out of the industry. Heavy rains will decimate the buy-side revenue for brokers. The storm surge will drive many buyer technology companies into bankruptcy. In fact, should these class action lawsuits with their treble damages hold the REALTOR associations, MLSs, and brokers liable, then everyone will be in bankruptcy court – all 106,000 brokers, all 500-or-so MLSs, and every local, state, and national member of the NATIONAL ASSOCIATION OF REALTORS®. Fare Thee Well, a Stór Silent tears stream down the glenFill the rivers to the shoreSilent echoes on the windYour voice I hear no more — Pádraigín Ní Uallachaín To view the original article, visit the WAV Group blog.

Dan Troup Becomes Broker Public Portal CEO
Broker Public Portal (BPP), a collaborative venture between real estate brokerages and MLSs to create a national consumer home search experience, announced the appointment of Dan Troup as its new Chief Executive Officer (CEO). Troup brings a wealth of experience and a proven track record in the real estate and technology sectors, establishing him as the ideal leader to guide BPP through its next phase of innovation and growth. As the former Director of Data Operations & Strategy at RE/MAX, LLC, Troup has a demonstrated history of driving strategic initiatives, fostering collaboration, and delivering exceptional results. His extensive background in real estate technology and deep understanding of industry dynamics and the business needs of brokers make him ideally suited to steer BPP towards new heights. In his new role as CEO of Broker Public Portal, Dan Troup will be responsible for the organization's strategic vision, partnerships, business model, financials, product development roadmap, and launch. His leadership will play a pivotal role in enhancing the BPP platform, ensuring it continues to provide immense value to real estate professionals, brokers, and consumers alike. Reflecting on his appointment, Troup stated, "I am honored to step into the role of CEO at Broker Public Portal during this pivotal moment in the real estate industry. BPP has already made significant strides in demonstrating the importance of a national MLS consumer-facing property search site. I am eager to amplify these achievements, driving innovation and assembling a dynamic team at BPP. Together, we will not only uphold, but surpass the industry standards, ensuring a property search experience that is both impartial and captivating, guided by the principles of the Fair Display Guidelines." BPP's Vice-Chair of the Board, Rebecca Jensen, expressed confidence in Troup's ability to lead the organization into the future. "The incredible successes Dan has delivered in his career have prepared him to take on the role of driving this important initiative. He has the experience, skills, and relationships to deliver business generation opportunities for brokers and MLSs across the country in a very important time. Dan's strategic vision, leadership acumen, and passion for helping the real estate industry deliver valuable information, education, and support to consumers make him the perfect fit for BPP. We are thrilled to welcome him aboard and are confident that his technical expertise and infectious enthusiasm will drive BPP to next-level success." "Each industry expert that the BPP is composed of, in collaboration with Dan, will lean on their technology expertise and leadership skills to continue to execute on its mission – to deliver a consumer experience provided by people who sell homes, not ads," said Chairman of the Board, Dana Strandmo. For a complete list of board members, visit the BPP Leadership page.

Unveiling Success: The Crucial Role of Annual Reports for Real Estate Brokerages
In the dynamic and competitive world of real estate brokerage, staying ahead requires more than just closing deals. Real estate brokerages play a pivotal role in shaping the housing market, and transparency is key to establishing trust with clients and the community. An annual report serves as a powerful tool to communicate business achievements, market trends, and future strategies. In this article, we'll explore why annual reports are vital for real estate brokerages and the best ways to distribute them to customers and local media. The Importance of Annual Reports for Real Estate Brokerages Transparency and Trust Annual reports provide a transparent overview of a brokerage's performance, showcasing market share, market insights, and any new client tools that make home search easier. This transparency builds trust with clients, investors, and the community, reinforcing the brokerage's credibility. Demonstrating Expertise Real estate is an ever-evolving industry with trends and market dynamics that can change rapidly. An annual report allows brokerages to demonstrate their expertise by analyzing market trends, predicting future developments, and offering valuable insights. This positions the brokerage as a knowledgeable authority in the local real estate landscape. Marketing and Branding An annual report serves as a powerful marketing tool, allowing brokerages to highlight success stories, innovative strategies, and unique selling points. A well-crafted report can enhance the brokerage's brand image, attracting potential clients and differentiating itself from competitors. Strategic Planning Assessing annual performance helps brokerages refine their strategic plans for the future. By analyzing what worked well and identifying areas for improvement, brokerages can adapt and enhance their business strategies to stay competitive and meet the evolving needs of their clients. What did you do last year that was effective and what do you plan to do in 2024 to improve? Compliance and Accountability Annual reports are often required for regulatory compliance by public corporations, but not by private companies. By adhering to reporting standards, brokerages demonstrate accountability and ethical business practices. This commitment to compliance enhances the brokerage's reputation and fosters a sense of responsibility within the organization. What did you do to train agents on compliance? How did you enhance your cyber security? And so on. Best Ways to Distribute Annual Reports Digital Platforms In the age of digital communication, distributing annual reports through the brokerage's website, email newsletters, and social media platforms ensures widespread accessibility. Providing downloadable versions will alow clients and stakeholders to access the report at their convenience. Direct Mail For a more personalized touch, consider sending physical copies of the annual report to key clients, investors, and local community leaders. Direct mail creates a tangible connection and showcases the brokerage's commitment to transparency. If you want to see a great example of a physical copy – check out Chase International – they slay! Press Releases and Media Kits Craft compelling press releases and media kits summarizing key highlights from the annual report. Distribute these materials to local media outlets, leveraging their reach to amplify the brokerage's message and gain exposure in the community. WAV Group's communication department can help you with this – shoot me an email. Client Meetings and Events Incorporate the annual report into client meetings, listing presentations, and industry events. This provides an opportunity to discuss the report's findings directly with clients, fostering engagement and addressing any questions or concerns they may have. If you have a waiting area in your office, keep it stocked with your annual report. Collaborate with Industry Influencers Partner with local influencers or industry experts to share and discuss the annual report on their platforms. Their endorsement can significantly increase the report's visibility and credibility within the community. At a basic level, get your agents to promote it. If you do any media advertising – print, radio, TV – ask their journalists to post it. In the fast-paced and competitive real estate brokerage industry, annual reports play a crucial role in establishing trust, showcasing expertise, and shaping the narrative of a brokerage's success. By adopting a multi-faceted approach to distribution, real estate brokerages can maximize the impact of their annual reports, reaching clients, stakeholders, and the broader community to solidify their position as leaders in the local housing market. To view the original article, visit the WAV Group blog.

[Podcast] The Keys to the Kingdom: Independence, Growth and Excellence with Pat Riley
Pat Riley is the President and CEO of Allen Tate Company, an independent real estate company with headquarters in Charlotte, North Carolina. In addition to his role at Allen Tate, Pat is also a founding member and board member at Leading RE. His approach to leadership is founded on a passion for independence, a tireless pursuit of excellence and a belief in the power of human connection—both local and global. In this episode, Jess and Pat talk about Pat's leadership style, with an emphasis on equity and empathy, how he's been so successful at onboarding new companies and Pat's impression of the current market for buyers and sellers alike. In this episode of Million Dollar Question: Establishing a reputation of integrity Key ways to have successful company onboarding The best piece of advice Pat's ever received Connect with Pat: LinkedIn: Allen Tate Companies Website: allentate.com Listen to this podcast on: Spotify Apple Podcasts Google Podcasts RadioPublic To view the original article, visit the LeadingRE blog.

Real AI: AI in 2024, fast facts, top headlines and Quote of the Week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. AI in 2024 "This is only the beginning." That's what my youngest son said when we talked about AI during a holiday family dinner with three generations this week. He was explaining this to his 83-year-old grandparents how AI's exponential growth will continue. Proud dad here: He is one smart kid (Boise State grad with highest honors in Mechanical Engineering and a minor in Electrical Engineering, now working for Epic Systems in Madison, WI), who sees what we see in terms of AI being a fabric of our lives and not a fast-fading fad. 2024 could make 2023's rocket-speed growth of Generative AI look more like a trot than a sprint. The real estate industry has a jump-start on embracing AI and we see that continuing. The emergence of AI personal assistance is not a future thing, it's a 2024 thing. If you want to validate the continued explosion of all things AI, as my wife's dad told me years ago: follow the money. The Economist got it right: Generative AI will go mainstream in 2024. Data firms are going to continue to be showered with dollars. Ponder this: ChatGPT is only a year old; think what it might do as a two-year old! Yes, there will be bumps in the road. We had to chuckle when the NY Times claimed in its lawsuit against OpenAI that ChatGPT alters The NY Times content and even attributes stories that The Times never wrote. No duh (see "AI lies"). But AI will prevail in 2024. Watch out for greater use of these buzz words, driven by AI advancements: voice activated, content intelligence, smart search and personalized search, omnichannel experiences, AI analytics, immersive experiences, mixed reality, super screeners, and your own personalized bot. And because of real estate love acronyms, because of AI, more of us will be using ML, NLP, and LLM in our daily lexicon, not just tech heads. Ryan Thomson, a sports enthusiast and motivational speaker said, "It's not about how fast you go. It's about how long you go fast," which is likely to be the mantra for AI in our lives in 2024 and beyond. AI Five Fast Facts Generative AI's potential annual impact on the global economy may range from $2.6 trillion to $4.4 trillion, based on the 63 use cases examined by McKinsey. Note: The total GDP of the United Kingdom in 2021 was $3.1 trillion. Goldman Sachs reports that AI could potentially replace 7% of all jobs in the United States, while improving 63% of US jobs, and leaving 30% untouched by AI. Generative AI has the potential to boost marketing productivity, with a value equivalent to 5% to 15% of the entire marketing spending, according to McKinsey. Media firm Insider found 56% of survey participants believe that AI-generated content is biased or inaccurate. A study by Tidio discovered the tasks that people most frequently delegate to ChatGPT are writing code (27%), explaining complex concepts in simple terms (25%), and preparing for job interviews (24%). Source: Various collected by AIMultiple AI Headlines Take 5 Demystifying Responsible AI For Business Leaders | 12/22/23 - Information WeekStriking a balance between ownership, privacy, and accuracy is crucial for using AI successfully. After a big 2023, make no mistake: Artificial intelligence is here to stay | 12/26/23 - Inman NewsAI is no fad, fast becoming an essential part of the real estate industry. New York Times Sues Microsoft and OpenAI, Alleging Copyright Infringement | 12/27/23 - Wall Street JournalWhen content is used to train AI, is it "fair use" or "copyright infringement"? The courts will eventually decide, and the impact could be massive. Trends to Watch: The Impact of AI on Startups Across Industries in 2024 | 12/22/23 - AI BusinessConsolidation of AI platforms, the adoption of fully integrated solutions, and focus on specialized sectors are some of the emerging trends among AI startups. Artificial Intelligence (AI) is revolutionizing the real estate market | 12/26/23 - MediumA practical review of how real-estate related consumer search, marketing, and investing will impact real estate. Quote of the week To view the original article, visit the WAV Group blog.

Buckle Up, 2024 Is Going to Get Weird
Real estate is no stranger to the out-of-the-ordinary, and 2024 looks like it's going to be a doozy. In some ways, we've found a new "normal": shrinking broker margins, rising costs, inflationary pressure, and scarce seller leads. In others, like interest rates, inventory, and pricing, things feel more uncertain than ever. We're heading for uncharted waters. As the captain of your ship, you can take two different tacks. Which will you choose? Tack #1: The Short Course There's no sense sugarcoating it: business is tough right now. We were spoiled during the pandemic, and the next 12 months are looking a little less rosy. When the wind is out of your sails (and sales are down), you might look to lighten your load. That means ditching the dead weight and tossing things overboard to weather the storm: cutting technology budgets, staff, and overhead costs. Tack #2: The Long Course Don't get me wrong, optimizing expenses is always a good idea. But when it comes at the expense of resilience and future growth, it doesn't do you any favors. Skippers who are on a long course don't jettison everything—they batten down the hatches, rebalance the ship, and look to recoup their costs by making strategic investments. Their goal is to increase opportunities, streamline processes, decrease overall expenses, and improve efficiency over the long term. Which course are you taking? How to plan for a weird year My biggest tip: take the long course! Here are three things you can start doing today to chart out your business for the next year and reach your revenue goals. More opportunities Leads are limited right now. Instead of trying to convert more, work to broaden your funnel. How? Tap into your entire brokerage's sphere of influence. This means investing in top-of-funnel solutions, like social media marketing tools and strategy, where a relatively small investment could start paying returns right away. You can also leverage online ad strategies, with the caveat that a robust social media presence can provide similar exposure for a fraction of the cost. New revenue streams Many brokers have found ways to add new lines to their income statements. These include monetizing their websites, developing strategic partnerships with ancillary service providers like mortgage and title, and dipping into the rental market. We know that the only constant is change, so finding new niches where you can thrive is always a winning strategy. A bigger team Lean times are a great time to grow your team. Sounds counterintuitive? It's simple math: if you can provide support to new agents without dramatically increasing your overhead, they will expand your sphere of influence significantly (and usually at a lower commission tier), meaning better reach, more opportunities, and higher commission income. Full speed ahead With uncertainty on the horizon, don't be dramatic, be pragmatic! Optimize your spending, streamline your business, and set yourself up so that when the wind picks up again, you're ready to sail into the sunset. Tom Demos, Director of Enterprise Sales at Constellation1, helps teams identify opportunities by evaluating their current tech stack, customer journey, and business processes to create strategies that drive value at every level of their business. To view the original article, visit the Constellation1 blog.

What Does a Successful Year in Real Estate Look Like?
We're officially into holiday season territory, which means plans, plans, plans—for your well-deserved break, but also for your business in the new year. Another year makes for more experience, more wisdom, and more numbers under your belt. While we've focused on more immediate topics like how to keep your CRM up to date and sell to your nurtured clients when they're ready, now is the time to zoom out and see how those topics and many more fit into the bigger picture of your business. And what better way than to hit two birds with one stone, with a plan for the new year? That's why we're excited to showcase our latest calendar resource. It's a list. It's a calendar. And it's jam-packed with resources, all in one place. But enough talk. Let's get into what makes this checklist shine. A list, for both brokers and agents. First and foremost, this checklist is designed with both brokers' and agents' needs in mind. Whether you need to keep an eye on your brokerage as a whole or you need to focus on keeping track of past and current clients, we've got you covered. A calendar, divided into quarters. Think less about the days of the week, and more about the seasons of the year. And since different selling seasons call for different software, we've split this guide to mirror your goals every quarter. From tax prep at the beginning of the year to riding the waves of the busy season in the summertime and more, every quarter focuses on specific goals based on the ebb and flow of what that time period means in real estate. Plus, we've woven review points for your business strategy throughout, so you know what to check and when to check it, which keeps you on top of your business. A preview of our quarterly themes: Q1: Reflection. Q2: Busy season. Q3: Slowing down. Q4: Quiet season. A hub of resources, to meet your goals. Finally, we couldn't resist making sure that this checklist would be jam-packed with further resources. Whether it's the first quarter and you've just realized that your agent marketing tech stack could use updating, or your brokerage performance is leveling off and it's time to add some new recruits, we've included Lone Wolf solutions that could be just right for filling in the gaps. New year, new plans. No matter what, it always pays off to be prepared. Now that you've gotten a peek at this handy checklist, find it available to you anytime as a printable, interactive resource. To view the original article, visit the Lone Wolf blog.

Redfin Extends New Agent Pay Plan in Southern California Offering Big Splits with Zero Expenses
Redfin announced it is expanding its new agent compensation plan to San Diego and Orange County, California. Under the new plan, rebranded to Redfin Next, agents earn competitive splits as high as 75%, have virtually all business expenses covered, and get technology, support, benefits and customer introductions from Redfin.com. Redfin initially announced the plan in San Francisco and Los Angeles in late October. Since then, it has signed nearly 40 top producing agents to join its San Francisco and Los Angeles teams, and is having conversations with dozens more top producing agents who are interested in joining the company. Collectively, Redfin's new hires sold approximately one billion in real estate in the last two years. Because of this early recruiting success, as well as the positive reception among Redfin's existing agents, the company decided to quickly expand the plan to additional markets in Southern California. "We set out to create a compelling compensation plan that would wow agents from across the industry by offering the best of both worlds: a big traditional split coupled with Redfin.com customers, benefits and support," said Jason Aleem. "We couldn't be happier with the early response in Los Angeles and San Francisco and feel even more confident that this plan will help us retain and recruit top talent and ultimately grow our market share in California next year." The Redfin Next plan includes: Big splits. Zero expenses: Agents earn splits as high as 75% on their own deals. Once you account for the Redfin-borne costs traditionally paid by agents, including benefits, mileage, payroll taxes and listing expenses, the effective split for self-sourced sales will top out at roughly 90%. For customers they meet through Redfin's platform, agents get up to 40% split. Meet over 100 customers a year: By plugging into the Redfin platform and the 50 million people who use Redfin's app and website every month, agents can grow their business rapidly. Business in a box: Redfin's technology and staff handle qualifying new customers, scheduling & hosting tours, and coordinating sales & listings. Agents focus on closing deals for customers. Top-tier benefits: Redfin's benefits package includes medical, dental, and vision insurance; fertility benefits; 401(k) employer match and employee stock purchase program. Define the future of real estate: Redfin puts the customer first, makes the industry more fair and transparent, and uses technology to modernize the real estate experience and make it better. Agents under Redfin Next will work as employees, not independent contractors. Redfin's employee agent model was built to put the customer first by ensuring agents have the support they need to deliver the best service. Redfin uses technology to make real estate more efficient, which is why Redfin has the most productive agents in the industry. Redfin agents close more than twice as many transactions as the average agent every year. Redfin agents in the company's Los Angeles, Orange County, San Diego and San Francisco markets will move to the Redfin Next pay plan on January 1. In all other markets, Redfin agents will continue to operate under Redfin's existing plan, earning a base salary and bonuses for every closed transaction. Nationwide, Redfin agents earn more than double the typical real estate agent and the company's best agents have earned more than $750,000 under the existing plan. Redfin expects top agents to earn even more under the pilot pay plan.

[Podcast] Day in a Canoe: Getting Real About Real Estate with Mark McLaughlin
On the Sunday before Thanksgiving, I was privileged to "spend the day in a canoe" with my friend Nathan Mersereau. This podcast episode, Mark McLaughlin: Getting Real About Real Estate, is the highlight reel of our conversation. We were not literally in a canoe; Nathan is simply friends with people he would enjoy being in a canoe with. Nathan runs a fascinating wealth management business in the U.S. One of the core competencies of Planning Alternatives relates to generational wealth planning and their coaching of all individuals involved. It's a refreshing approach that results in being "part of the heard, not the herd." Enjoy the canoe trip. For show notes and more information, visit the episode homepage. This Is Where We Are Now. Mark McLaughlin serves as CEO of McLaughlin Ventures and M&A Advisory at WAV Group. To view the original article, visit the McLaughlin Ventures blog.

Helping Realtors Navigate the Market: RPR 2023 Product Highlights
RPR (Realtors Property Resource) created a special goal for itself in 2023: to help REALTORS® navigate the current real estate market. Words such as "down," "tricky," "challenging," and "frustrating" have all been used to define the 2023 marketplace. And depending on you, your market and your situation, they might all apply! That's why RPR is so focused on helping agents by arming them with data and tools that they can use to educate and enlighten their prospects and clients. Putting game-changing tools in the hands of REALTORS® was certainly a theme this past year, and while we don't normally like to toot our own horn, we have to say, 2023 was a (use your Larry David voice) a pretty, pretty, pretty good year. Read on for a look at RPR's stellar product highlights from the last year… Empowering REALTORS® with next-level tools and insights Shareable Market Trends In May, RPR unveiled a new version of the Market Trends charts and graphs: Shareable Market Trends! Using insights, REALTORS® can share hyper-local housing market updates to their social media channel(s) of choice, with just a button "click." More Shareable Market Trends highlights: Share, download or copy charts Easy to include in additional marketing touchpoints Provide valuable insights to clients and create new marketing opportunities Use key metrics like Month's Supply of Inventory and List to Sold Price Percentage to improve marketing strategies Haven't tried it out yet? We invite you to take the Shareable Market Trends for a spin! Market Trends ScriptWriter One month later, RPR dropped a game-changing tool: the Generative AI-powered Market Trends ScriptWriter. With it, agents can take Market Trends stats for specific areas, and easily create compelling marketing copy and content in just seconds. Other Shareable Market Trends highlights: Leverage AI to generate video scripts, social media posts and market analysis based on the local trends that month Tailored scripts based on specified tone and audience type Facilitates sharing timely, accurate data about local market trends Don't be afraid of AI! RPR has made it easier than ever for REALTORS® to try it out and apply it to their marketing and prospecting efforts. Try it now: Market Trends ScriptWriter. New Commercial Real Estate Data In July, we added more data sets to RPR Commercial, bolstering the Summary and Financial Details sections. The new data offers a bigger picture and more comprehensive insight into the true value and potential risks each commercial property holds. New commercial real estate data points that RPR added in 2023: New data points include cap rates, building size, zoning and FIPS Parcel Numbers for deeper analysis The addition of Adjusted Property Value, Multi Parcel Loans, MTG Risk Score to assess market value and investment risks The inclusion of property use, contact names, titles and multi-parcel data for comprehensive understanding There's more! Financial Risk Score, Property Use Reliability Score and Local Area Credit Risk Score to help inform strategic decision-making New RPR Mobile™ pricing tools The RPR app can now help calculate purchasing power for buyers and sellers! With the Estimated Equity Calculator and the Mortgage Calculator, it's super easy to educate clients, pique interest and spark conversations when agents are in the field. The Estimated Equity Calculator highlights: Calculate a homeowner's current equity Deliver equity calculations during client interactions Provides a foundation for informed discussions regarding homeowners' financial positions The Mortgage Calculator highlights: Provides a quick estimate of a mortgage payment including taxes, insurance, and HOA fees Helps clients understand what they can afford in real-time Assists in planning and managing buyers' budgets effectively Sit back and coast? No way… RPR's already gearing up for 2024 While 2023 was certainly a highlight reel type of year when it came to new product releases and enhancements, we're not quite done. Look for even more game-changing ideas, tech and tools from your Realtors Property Resource in the coming year. To view the original article, visit the RPR blog.

Keller Williams Deploys AI-Powered Ad Campaign Platform
Keller Williams (KW) announced additional generative AI integrations and a host of powerful feature enhancements to Command, a smart CRM-plus platform and its associated mobile app. "Our new campaign platform paired with AI capabilities will save our agents more time and money, allowing them to focus on what matters most," said Heather Pollard, head of digital and design, KW. Launched in Q3 '23, KW's new Paid Ads experience offers agents better quality leads, more available channels, easy-to-use ad creation, and new AI-powered features for listing ad types, generating more leads at a lower cost. The new Generative AI Ad Copy feature uses AI and machine learning to generate high-performing headlines and body copy primarily for single-listing, single-image ads, single-listing multi-image ads, multi-listing carousel ads, and single-listing multi-channel ads. "We're revolutionizing the approach to ad creation with this groundbreaking feature, setting a new standard for engaging, results-driven content," said Pollard. "Welcome to the future of CRM, where automation meets personalization, and the agents' brand messaging is fully maximized." Through Labs, the innovation hub of KW, the franchise continues to partner with real estate agents and teams to release software integrations and CRM features to increase productivity and eliminate pain points with lead generation, marketing, and real estate team workflow capabilities. "We continue to roll out vast updates that give our agents an unfair competitive advantage in the market," said Chris Cox, chief technology and digital officer, KW. "In partnership with our agents, we're automating more and more functional tasks, saving them time and money." The latest updates to Command include: New Contact Advanced Filtering Capability allows agents to finely dissect their database, supercharging productivity and simplifying the discovery of precise client groupings. With Automated Market Snapshots for social media, agents gain instant access to hyper-local market metrics, eliminating the need for manual data entry or design template manipulation. Transaction Summary Sheets empower all stakeholders to seamlessly access and share comprehensive deal terms in a user-friendly PDF format. Expanded Date and Data Fields within the Opportunity App empower agents to meticulously record and track more transaction-relevant dates and data points, including the loan commitment data, home inspection date, escrow due date, and more. Vendor Tracking in the Opportunity App of Command enables agents to effortlessly monitor all real estate deal-associated vendors and seamlessly export the comprehensive list as part of the transaction summary sheet. Through the Opportunities APIs, third-party vendors on a deal gain access to real-time deal tracking spanning the entire lifecycle, facilitating optimal support for all stakeholders. The newly introduced Onboarding Portal provides new KW agents with an all-in-one, streamlined onboarding experience. It efficiently gathers essential information, introduces KW models, systems, and culture, and seamlessly transitions users into Command, ensuring a smooth and comprehensive onboarding journey. "We are the home of the tech-enabled agent," said Cox. "Our agents highly influence our roadmap through Labs. And our latest innovative and forward-leaning features and benefits of Command reflect our 'By Agents, for Agents' approach to technology R&D." Command mobile app's latest updates include: The Bulk Selection and Action for Contacts empowers agents to efficiently perform multiple actions across numerous contacts simultaneously. From seamlessly transferring contacts between personal and team accounts to adding tags, assigning SmartPlans, and documenting notes and next-step activities—streamlining contact management has never been easier. The new Swipe gestures enable agents to take actions more efficiently and faster than before, such as notification reading and deletion, task editing and archiving, contacts editing, and Opportunities CGI numbers display. With the introduction of Real Estate Team Lead Features, team leaders, or rainmakers, can effortlessly manage lead routing on their teams, whether individual assignments or bulk distribution to a designated agent or the lead pool. "We remain laser-focused on building safe, reliable, and scalable solutions enabling our agents to serve their clients better," said Cox. In February 2019, KW originally released Command, hosted on the Keller Cloud platform, for general agent availability. In December 2021, KW released the first version of the Command app. Command has more than 170,000 quarterly active users as of September 30.

How Market Trends Impact Brokerage Valuation
There are about 106,000 real estate brokers in America. WAV Group Mergers and Acquisitions leader George Slusser insists that in the market today, "every brokerage should be either a buyer or a seller." For the most part, even when the market size is shrinking, companies can demonstrate their strength by gaining market share. In the absence of significant recruiting or acquisition activity, brokers' business volume floats with the market. If transaction volume in your market is down 35% year over year, but your business is only down 20%, then you are outpacing the market by 15%. Those are impressive results that will normally show up in market share reports. Realtor.com just released their 2024 housing market trends that highlights significant areas that are expected to surge next year. If you are thinking of buying or selling in these markets, having some predictive analytics on what will happen in the housing market should temper your opinion of the valuation of a brokerage. Here are the top 10 markets that Realtor.com expects will have the largest growth in 2024. It is also very interesting to look at the markets that will struggle for transaction volume. These are the major markets that are expected to continue to lag in transaction volume – but pay very close attention to the change in median home price! Metro 2024 Existing Home Sale Counts Year-over-Year 2024 Existing Home Sale Counts vs 2017-2019 Average 2024 Existing Home Median Sale Price Year-over-Year 2024 Existing Home Median Sale Price vs 2017-2019 Average Combined 2024 Existing Home Sales and Price Growth Atlanta-Sandy Springs-Alpharetta, GA -15.80% -41.00% 0.40% 63.30% -15.40% Nashville-Davidson–Murfreesboro–Franklin, TN -11.40% -35.00% -4.80% 51.30% -16.20% Ogden-Clearfield, UT -15.10% -53.10% -3.80% 57.20% -18.90% San Antonio-New Braunfels, TX -10.10% -28.90% -9.40% 27.30% -19.50% Denver-Aurora-Lakewood, CO -15.30% -41.80% -5.10% 35.40% -20.40% Dallas-Fort Worth-Arlington, TX -12.90% -35.30% -8.40% 31.40% -21.40% Charlotte-Concord-Gastonia, NC-SC -22.40% -45.60% -0.90% 58.00% -23.30% Austin-Round Rock-Georgetown, TX -11.70% -39.70% -12.20% 29.10% -23.90% Baton Rouge, LA -20.40% -38.60% -5.60% 17.80% -25.90% Portland-Vancouver-Hillsboro, OR-WA -25.60% -61.30% -7.40% 23.70% -33.00% If you are setting your 2024 goals to expand or sell your brokerage, WAV Group would love to discuss how we can help. Please reach out to any one of us leading this area of expertise: Victor Lund, George Slusser, Finley Hair, or Mark McLaughlin. To view the original article, visit the WAV Group blog.

[Podcast] The Fundamentals of a Lasting Brokerage with Christan Bosley
In this insightful episode of Million Dollar Question, host Billy Ekofo is joined by real estate maven Christan Bosley. Christan shares her unique journey from sales agent to president of a brokerage, highlighting the significance of personal connections and the value of transparency in leadership. She delves into the intricacies of the Toronto real estate market and underscores the importance of viewing real estate as a business venture. This episode offers a blend of Christan's seasoned perspectives on innovation in long-standing companies and key strategies for agents aiming to thrive in the ever-evolving real estate landscape. In this episode of Million Dollar Question: The evolution and stability of long-standing real estate companies Leadership and human-centric approaches in real estate Common pitfalls and best practices for real estate agents The role of brokerages in agent development and education The dynamics of the Toronto real estate market Connect with Christan Bosley: LinkedIn: Christan Bosley Website Instagram: @bosleyrealestate Listen to this podcast on: Spotify Apple Podcasts Google Podcasts RadioPublic Visit the episode homepage for show notes and more detail.

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.

Adding Value: How Resale Will Survive a Changing Market
This month, I had the pleasure of attending the John Burns Real Estate Consulting 2023 Housing Market Outlook (JBREC) in New York City, and as a follow-up I enjoyed this conversation with Dean Wehrli, Principal, at JBREC. We discussed the resale housing market, interest rates, and some of the current noise in the industry. Enjoy the listen. New Home Insights Podcast · Episode 86: Value Adding—How Resale Will Survive a Changing Market Description: The real estate broker is the conduit between most people and the biggest purchase of their life—a home. Mark McLaughlin led Pacific Union International, one of the best upmarket brokerages in California, and now is the Chief Real Estate Strategist for Compass, one of the best and biggest brokerages in the nation. He is not just a broker. As the title implies, he is a strategic and visionary thinker who views the brokerage world from far above. On the latest episode of the New Home Insights podcast, Mark takes us through some key questions facing the brokerage community now and in the future. For show notes and more information, visit the episode homepage. This Is Where We Are Now. Mark McLaughlin serves as CEO of McLaughlin Ventures and M&A Advisory at WAV Group. To view the original article, visit the McLaughlin Ventures blog.

Coldwell Banker Publishes 'The International Buyer's Guide to Purchasing U.S. Property' for 2023
Coldwell Banker released the latest The International Buyer's Guide to Purchasing U.S. Property. The guide offers international buyers a wealth of tips and best practices to purchase property in the United States. Serving as a resource for Coldwell Banker affiliated agents, The International Buyer's Guide also acts as a marketing tool, facilitating global referral business. Key features in The International Buyer's Guide include: The Current Real Estate Landscape After years of record home sales and price appreciation, the U.S. housing market has experienced unit contraction and a deceleration of appreciation. Higher interest rates coupled with historically low housing inventory and resilient home prices has impacted domestic buyer activity. The median existing-home sales price grew 2.8% from one year ago to $394,300, marking the third consecutive month of year-over-year price increases, according to NAR. International buyer activity has also experienced a contraction. Between April 2022 and March 2023, the number of existing homes purchased by international buyers fell to its lowest level since tracking for foreign buyer purchases began in 2009 – a 14% decline from the prior period, according to NAR. Additionally, the dollar volume of international buyer purchases decreased modestly to $53.3 billion. Home Purchases: International buyers accounted for 84,600 of existing home purchases. Cash Offers: 42% of international buyers paid all-cash for a U.S. property, compared to 26% among all existing home buyers. Real Estate Investment: 50% of international buyers purchased property for use as a vacation home, rental or both in the United States. Top Destinations Florida, California, Texas, Arizona and North Carolina are this year's top five U.S. states attracting the greatest number of international home buyers. Major cities such as New York and Los Angeles have historically drawn international investment, however affordable secondary cities, suburbs and inland housing markets now present enticing, "hidden gem" opportunities. "Homebuying can be a stressful and complex process, and even more so for the international buyer. This year, we're elated to provide a refreshed instructional guide that demystifies the process of acquiring real estate in the U.S. The 'International Buyer's Guide to Purchasing U.S. Property' provides an expansive catalog of best practices, tips and recommendations for buyers when thinking about their next purchase," said Jason Waugh, President of Coldwell Banker Affiliates.

DocuSign Launches WhatsApp Delivery for eSignature
WhatsApp Delivery is now available for DocuSign eSignature — allowing users to complete agreements faster by using the world's most popular messaging platform. The DocuSign eSignature integration of WhatsApp sends users real-time notifications that link directly to agreements and enable quick, secure signing. Consumers worldwide increasingly rely on their mobile devices for both personal and business communication. As consumer habits shift, speed and convenience is more important than ever before. To meet customers where they are, you and your business have to invest in modern, flexible solutions that expedite transactions and give signers choice in how they receive information and sign contracts. WhatsApp Delivery offers you and your customers a host of benefits: Faster transaction speeds: Deliver real-time notifications to your signer's mobile devices with a direct link to complete a document. In comparative analysis, agreements delivered via WhatsApp are signed nearly 7x faster than those sent via email. Expanded reach: With 2 billion users in more than 180 countries, the addition of WhatsApp broadens your reach — allowing you to use DocuSign to connect with nearly any signer using the mobile messaging platform. Enhanced user experience: By offering another mobile-friendly method to process agreements, we're giving users more choice and flexibility. Embedding alerts natively into the messaging application makes the signing process more convenient than ever. Prioritized privacy: DocuSign protects highly confidential information by encrypting and making every document tamper-evident. WhatsApp's leading privacy features provide additional reliability, ensuring notifications are always delivered securely. Do business faster by meeting signers where they are With the ability to choose agreement delivery via WhatsApp, SMS or email, DocuSign lets you tailor your offerings to suit the preferences of your customers across a variety of agreement types. To learn more about how you can use WhatsApp, see our support page. To view the original article, visit the DocuSign blog.

Keller Williams Names Mark Willis as CEO
Keller Williams announced that Mark Willis has been named CEO, effective immediately. "We are excited to announce that Mark Willis has joined our leadership team as CEO," said Gary Keller, co-founder and executive chairman of KW. "With a deep knowledge of our company and our culture, Mark is well-suited to lead us through our next growth phase." "With so much uncertainty surrounding the real estate industry today, it's never been more important to have a leader who thoroughly knows us and understands business at the highest level," said Keller. "That's Mark Willis." As CEO, KW will leverage Willis' vast knowledge and expertise to continue to help its agents and market center owners grow their businesses. "I'm excited to remain partnered with our KW agents, leaders, owners, and Gary Keller, a once-in-a-generation business leader," said Willis. "Only together can we drive our vision to be the real estate company of choice for agents and customers." Willis, a former KW CEO, a current franchisee, and a long-standing member of the KW ecosystem, initially rejoined the executive team as a strategic consultant in July 2023. "Keller Williams has the best success models for agents and brokerages to thrive no matter the economic, industry, or business challenges," said Willis. Since 1991, Willis has served in various leadership roles within KW, including regional director, operating principal, team leader, and as a KW market center and region investor. "We face headwinds and change, and that's nothing new," said Willis. "As an innovative force since 1983, we remain optimistically forward-thinking and focused on serving our agents and brokerage partners as they provide powerful customer and business experiences." Willis served as president of KW from 2002 to 2005 and as CEO of KW from 2005 to 2015.