Key Details:
- WAV Group’s Post-Settlement Sentiment Survey reveals key insights into how real estate agents and brokers perceive the value of services provided by local associations and MLSs.
- The survey highlights the need for improvements in professional development, advocacy, and member engagement, with less than 60% satisfaction in key areas like continuing education (CE) and ethics enforcement.
- Associations must adapt by refining and expanding their service offerings and better communicating their impact, particularly in the area of advocacy.
According to a Post-Settlement Sentiment Survey conducted by WAV Group in August 2024, 42% of agents believe it’s “not fair” that they’re required to join the National Association of Realtors® (NAR) if their broker is a member.
Agent perception of the value of Realtor associations and MLSs has changed since the NAR settlement changes meant offers of buyer agent compensation could no longer be shared on the MLS. The purpose of the WAV Group survey was to gauge agent sentiment on the services provided by their local boards as well as what improvements agents would like to see.
Among the survey’s key findings, more than half (55%) of respondents believe their MLS will be “much less” or “somewhat less” valuable with the offer of compensation removed.
A slightly larger percentage (57%) say they’re likely or “extremely likely” to maintain their NAR membership in 2025 and beyond, with just over a quarter saying they’re “somewhat likely” and 17% “not likely.”
WAV Group conducted the survey shortly before August 17th, 2024, when the NAR settlement changes were set to take effect.
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. 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.
Read on for more of the biggest takeaways from the survey.
Member Satisfaction and Key Services
When it comes to Continuing Education (CE) services, 58% of the survey respondents say they’re satisfied/very satisfied, while 42% are neutral or dissatisfied, indicating there’s room for improvement in defining and offering relevant training content.
One way associations can improve in this area is by expanding their CE offerings to include diverse topics such as market trends and practical, hands-on training (like daily role playing exercises).
Economic updates and programs like “Secrets of Top Selling Agents” are popular among real estate professionals and should be emphasized to drive member engagement.
More than half (55%) are satisfied/very satisfied with Professional Development and Code of Ethics enforcement, but a significant share of agents have concerns about the lack of strict enforcement and their boards’ failure to discipline or expel unethical agents.
Only 28% of respondents are satisfied with Productivity Awards, while just 30% are satisfied with Economic Development efforts, suggesting these programs may lack broad appeal.
In other opportunities for Realtor boards, 55% of respondents are either neutral or dissatisfied with their association’s Advocacy efforts, signaling a need for clearer communication on the value and impact of these efforts—or a need to step up and do more.
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.
Enhancing Professional Standards and Communication
As mentioned above, some agents expressed dissatisfaction with their board’s enforcement of ethical behavior and would like to see a stricter application of professional standards, namely with the expulsion of Realtors who consistently flout the Code of Ethics.
Advocacy efforts likewise need better communication showing clearly and simply exactly what the association is doing to support and advocate for its members.
Associations can improve member perception of their value by rethinking the focus of their events, using them as an opportunity to provide professional success programs such as—
- National speakers
- Sales training
- Broker masterminds
Increasing Member Engagement
Many Realtor associations do not actively survey their members to assess their satisfaction or to identify issues that warrant their attention.
By implementing regular Member Engagement Surveys and conducting regular focus groups, board leaders could help associations better align their services with what members need.
A “Listening Tour” could also help improve member engagement by directly asking agents and brokers for feedback on what programs and services matter most to them—allowing for more personalized outreach and better service alignment.
