A new study shows REALTORS® are largely optimistic about their local markets, still struggle with low inventory challenges, and 60 percent of them are doing 100 percent of the business.
According to a new REALTOR® Productivity Study of Multiple Listing Service activity released by leading consulting firm WAV Group and sponsored by Realtors Property Resource® (RPR®), 29 percent of Realtors say they are “very optimistic” about their local markets and 71 percent say they are “cautiously optimistic”; none say they are “not at all optimistic” about their local markets.
The WAV Group study, which surveyed about 150 multiple listing services representing nearly 335,000 Realtors, also found that more than 80 percent of Realtors categorize their local inventory as “somewhat” or “very” limited, with fewer than one-in-five saying that their local inventory is “not limited.”
The study also found that 40 percent of REALTORS® did not close a single transaction in the first six months of this year.
“We thought the numbers would reflect the 80/20 rule,” said Marilyn Wilson, WAV Group founding partner who oversaw the study for RPR®. “In reality, it looks like a new 60 percent rule is the true standard for real estate,” she added.
Wilson also pointed out that the same number — 60 percent – is about the same percentage of Realtors logging into their MLS system daily.
That’s a significant factor MLS, brokerages and technology providers need to consider when creating a benchmark for new measuring adoption of new technology, says Wilson.
“If you assume that 100 percent of your audience is ripe for technology adoption, you may want to think again,” she said.
“If only 60 percent of your target audience is actively logging into the MLS system every day, the likelihood they are going to be seeking out and adopting new technologies beyond the MLS is pretty slim, so why should they be counted? You need to based your benchmark on the 60 percent of your audience that is actually doing business,” Wilson said.
About Realtors Property Resource®
Realtors Property Resource® (RPR®), a wholly owned subsidiary of the National Association of REALTORS®, is an exclusive online real estate database providing REALTORS® with the analytical power to help their clients make better informed decisions while increasing efficiency in the marketplace. For more information about RPR, visit: http://blog.narrpr.com.
About WAV Group
WAV Group is a leading consulting firm for the real estate industry, serving many of the largest and most successful Multiple Listing Services (MLS), REALTOR® Associations, real estate brokerages, and real estate technology firms for more than 15 years. With an unsurpassed depth of experience in research, technology, strategic planning, business development, sales, product development, marketing and communications in the real estate industry, WAV Group serves as a virtual executive, and helping clients meet the objectives of their business or association, more quickly, more effectively and more affordably. The firm’s diverse collection of global industry experience allows it to cross-fertilize ideas and bring best of breed solutions to its clients. More information is available at http://www.wavgroup.com.