Local real estate associations play a crucial role in supporting agents and brokers, providing services that range from professional development to community engagement. But how do members perceive the value of these services? WAV Group’s recent Post-Settlement Sentiment Survey of real estate agents and brokers reveals valuable insights into which offerings resonate most and where associations might refine their focus to better serve their members.
More information on the official press release for the WAV Group Post-Settlement Sentiment Survey can be found at the end of this article.
Top Valued Services: Professional Development and Education Lead the Way
When asked to rate their satisfaction with various services provided by their local associations, respondents pointed to professional development, Code of Ethics enforcement, and continuing education (CE) as the most valuable offerings. With that said, less than 60% of respondents rated them with a satisfied or very satisfied. That suggests that more than 40% of respondents are neutral or dissatisfied. These ratings are significantly lower than satisfaction scores for MLS services like technology, support and even compliance, historically the lowest satisfaction category in the widely used WAV Group MLS Customer Experience Index survey.
- 58% of respondents are satisfied/very satisfied with Education/Continuing Education (CE): The focus on CE reflects the industry’s ongoing commitment to learning and staying updated on new regulations and market trends, yet 42% are neutral or dissatisfied with these services. Attention needs to be paid to define topics and training content that is meaningful and relevant to today’s real estate market dynamics.
- 55% of respondents are satisfied/very satisfied with Professional Development/Code of Ethics Enforcement: Members value opportunities to enhance their skills and maintain high ethical standards. Many express concerns, however they observe unethical and incompetent behaviors that need to be addressed. Others express concern that there is not teeth to professional standards, because few, if any, REALTORS(R) are expelled because of inappropriate behaviors.
While many would argue that Advocacy is one of the most important deliverables of a real estate association, 55% of respondents are neutral or dissatisfied with their local association’s ability to delivery effective advocacy.
Just 28% of respondents are satisfied with Productivity Awards and 30% are satisfied with Economic Development Efforts. Associations may want to consider dialing up their efforts on delivering meaningful education and driving home the tangible, practical value of their advocacy efforts while de-emphasizing awards programs that benefit just a few.
Opportunities for Associations: Focus on What Matters Most
Given these insights, local associations have a significant need opportunity to dial up the level of appreciation of the services they deliver since there are now brokerages representing over 600,000 agents that cannot require NAR membership any longer. Associations are going to have to earn their way by driving up awareness, engagement and appreciation of the services they offer. To drive up Association engagement and loyalty, Associations need to evaluate every one of their services and identify specific ways to more effectively communicate the valuable services they deliver. Here are some suggested ideas to dial up perceived value of core Association services.
- Prioritize Education and CE:
Expand CE offerings to include more diverse topics, emerging market trends, and practical, hands-on training can further engage members. The more topics tie to real estate and financial success, the higher the engagement. Programs like “Secrets of Top Selling Agents” and Economic updates are perennial favorites.
- Broker Education Focus
The most successful associations take the process of preparing brokers to provide the oversight and ongoing training to their agents. Think about regular programming for brokers to keep them up to speed on the best ways to ensure sales success with ethical behavior. Offer a mentorship program for new brokers to ensure they truly understand what providing oversight truly means. Wherever possible tie the conversation to the ways brokers can leverage Association and MLS technologies to help their agents generate leads, curate relationships and deliver value throughout the homeownership life cycle.
- Put more teeth into Professional Standards
Many associations say they focus on professional standards, yet do little to nothing to highlight or punish unprofessional or unethical behaviors. If REALTORS(R) want to be distinguished from licensees, the Associations owe it to consumers to single out those that are not living up to the standards articulated in the Code of Ethics and remove those that refuse to comply.
- Rethink Focus of Events and Program Offerings
As a development organization, the focus needs to be mainly on events tried to business success and professionalism. While Chili Cook-offs or Golf tournaments can be good fundraisers, the main focus should be on programs that help deliver tangible results to members. Newer, younger members see those types of non-professional networking events as outdated and not a good use of their time. Changing the focus to national speakers, sales success training, economic trends and broker/team master minds, Associations have a chance to become more of a part of the fabric of success and be taken more seriously.
- Significantly improve communication of Advocacy Successes
While advocacy is arguably the most important job of Associations, many do not communicate their successes and define the tangible impact effectively. Simplifying the message and making it relatable can help members understand the tangible benefits of advocacy. Second, Associations need to find ways to make it easy for their members to take credit for the ways they participate in an organization that protects the best interests of real estate consumers.
- Diversify Engagement with Listening Tour
When asked why some members do not engage in taskforces, events or committees, they say that nobody ever asked them. Many Associations have only a small subset of engaged members. Those that engage understand the value of the Association, but more do not participate at all. Association Executives need to get out to broker offices and engage directly. Ask what programs are meaningful and which ones are not interesting. Listen intently about the challenges agents and brokers are facing and build programming to help them address those challenges. Personalized outreach can demonstrate the association’s commitment to delivering real value, fostering stronger relationships, leading to programming that matters and that will create engagement.
- Member Engagement Survey and Focus Groups
Many Associations rarely, if ever, conduct member engagement and satisfaction surveys. They have no idea how their members feel about them and do not use their members’ voice to development and prioritize their service offerings. If you don’t ask you have no way of knowing how to improve the relevance of your organization. WAV Group regularly fields member satisfaction surveys that identify the key strengths and opportunities for improvement with actionable ideas.
A Path Forward for Associations
Our survey findings underscore the importance of aligning association services with member needs. By identifying ways to engage every member segment from the brand new agent to the highly experienced, with relevant education, events, calls for advocacy engagement and finding brand new ways to serve, associations can deliver greater value to their members. Embracing these opportunities will not only help associations meet the current needs of their members but also ensure the long-term success and relevance of buyers’ agency in a rapidly evolving real estate market.
Local associations that listen to their members and adapt to their changing needs will be well-positioned to thrive in the years ahead, fostering a stronger, more resilient real estate community.
Press release follows.
WAV Group Survey Reveals REALTORS® Concerns About the Future Value of MLS and Associations Post-Settlement
278 Agents and Brokers Respond to Survey on the State of the MLS and Local Associations
SAN LUIS OBISPO, Calif. — Oct. 8, 2024 — A new survey conducted by WAV Group in August 2024 reveals the sentiment of real estate professionals regarding the future value of their MLS and local REALTOR® associations. The WAV Group Post-Settlement Sentiment Survey was conducted shortly before the recent NAR settlement changes were set to take effect.
Among the key findings, 55% of respondents indicated that they believe their MLS will be much less or somewhat less valuable once the offer of compensation is removed. This highlights significant concerns about the evolving role of MLSs as the industry adapts to new regulations and practices.
“The results of this survey underscore the uncertainty REALTORS® are feeling as we approach this new approach to selling and the need for Associations and MLSs to more clearly define and drive home their value proposition,” said Marilyn Wilson, CEO of WAV Group. “It is not okay anymore to simply assume Association members and MLS Subscribers truly understand the depth of value offered by both types of organizations. The marketing power of the MLS community of participants, along with the success technologies and training offered, coupled with the most accurate, comprehensive and timely information needs to be reinforced. ”
The WAV Group Post-Settlement Sentiment Survey also explored perceived value of local REALTOR® association services. Compared to MLS technology training, Association education is not as well appreciated. There is a lot of competition for the educational services Associations offer. The best Boards have recognized that and are proactively building relevant and engaging programming.
“While advocacy is arguably one of the most important services delivered by local Associations, they are not as well-appreciated. Those Associations with higher than average satisfaction, are finding ways to drive home the tangible benefits of successful advocacy efforts taking credit for preventing harmful legislation and celebrating the legislative wins that benefit real estate consumers, says Wilson.”
To gain deeper insights from this study and learn more about how the industry is adjusting to these changes, sign up for the WAV Group Newsletter and follow our blog for regular updates at wavgroup.com/newsletter.
For more information on the WAV Group Post-Settlement Sentiment Survey findings or to learn how your organization can adapt to these upcoming changes, please contact Marilyn Wilson at marilyn@wavgroup.com.
About WAV Group
WAV Group is the residential real estate industry’s preeminent strategy, research, technology, consulting, and communications firm, helping to generate significant success for many of the industry’s largest and most successful businesses, including real estate brokerages, technology companies, and local, state and national real estate associations and multiple listing services. The firm’s diverse industry experience allows it to cross-fertilize ideas and bring best-of-breed thought leadership and proven solutions to its clients globally.
More information is available at www.wavgroup.com.
