Rising insurance premiums and coverage changes are putting flood risk in the spotlight. Flood damage often isn’t covered by standard homeowners insurance, which makes consumer awareness even more critical. Buyers are increasingly asking not just if a property is in a flood zone, but what that means for their long-term costs and protection.

Our 2025 WAV Group Natural Disaster Homeowner Sentiment Survey makes it clear that the expectation falls squarely on agents. When homeowners were asked who should disclose flood risk, real estate agents came out on top—well ahead of inspectors, appraisers, or local governments. 

The challenge is that agents can’t meet this expectation without the right tools and support. MLSs and brokers can help by integrating flood risk data into listings, offering training on interpreting FEMA maps, and providing clear disclosure templates that agents can use with confidence.

It’s not just about checking a box. Helping agents meet this expectation strengthens credibility, reduces risk, and shows clients you’re on top of what matters most.

Get the full report

The 2025 WAV Group Natural Disaster Homeowner Sentiment Survey is packed with actionable insights for MLSs, brokers, and agents.

CLICK HERE TO DOWNLOAD YOUR COPY!

The post Real Estate Agent’s Need to Lead the Natural Disaster Risk Education Process appeared first on WAV Group Consulting.

Is my website really pulling its weight?

To help answer that question, we’re launching a nationwide survey to get honest, data-backed insights from brokers of all sizes—from small independents to regional powerhouses and national franchises. And we want to hear from you.

This 3-minute survey is designed to uncover what brokers are really thinking when it comes to their web platforms:

• Are broker websites still worth the ongoing investment?
• What criteria are brokers using today to select their website provider?
• How are brokers measuring success from brand visibility to consumer engagement to agent satisfaction?
• What features are must-haves, and what’s just fluff?
• Which vendors are actually delivering real value?

We’ll also be identifying which website providers are earning the highest satisfaction scores—and what factors are driving broker loyalty and results.

There’s no one-size-fits-all answer, and that’s exactly why your input is so important. Whether you’re running a boutique office in a single market or overseeing multiple locations across state lines, your experiences matter.

This research will help website developers understand what brokers truly need today—and where there’s room to improve. By participating, you’ll be helping to shape future enhancements, features, and pricing strategies that work for you, not just the tech team.

Why Participate?

• You’ll receive a $10 gift card as a thank you
• Your 3-minute feedback will directly influence the future of broker website technology

We believe every broker deserves a website that works as hard as they do. Whether your site is a recruiting magnet, a lead engine, or just a digital business card, this study will help clarify what success looks like—and how to get there.

Take the survey now

Thanks in advance for your candid feedback. Let’s raise the standard together so brokers everywhere can benefit from smarter, more effective digital tools and compete effectively. 

The post Are Broker Websites Still Worth the Investment? We Want Your Perspective appeared first on WAV Group Consulting.

REAL AI is a human-created weekly roundup of all things related to artificial intelligence in real estate and emerging AI innovations in other sectors likely to impact our industry. Note: This content will soon only be available via our free newsletter, delivered every Monday. Please subscribe here!

Delta AI Survey: Real estate is an AI leader

Real estate has been a notorious tech lagger for decades. Despite millions in VC funds pumped into the category, widespread adoption of new tech by real estate agents has always been elusive. In fact, tech agent adoption rates above 30% are considered exceptional. AI is proving to be the ultimate exception to that rule.

Last year, real estate brokerage leaders reported that a stunning 80% of their agents were using AI in their business. This year, that number is approaching 90%. At 87%, that’s a 7% jump in just 12 months – that kind of rapid adoption of new tech is practically unheard of in any industry.

Remember: even though ChatGPT reports some 300 million weekly active users worldwide, just 6.7% of the US population uses ChatGPT daily. In real estate, our usage is off the chart!

What’s driving this? The latest 2025 Delta Real Estate Leadership AI Survey sheds light on the growing role of AI in brokerage operations, the evolution of agent adoption, and why AI is moving from a marketing tool to table stakes technology.

From content to operations: AI’s evolving role

Real estate has long been slow to embrace change, but our industry leans in hard when something works. AI’s real estate takeover started with content creation: listing descriptions, blogs, social media, and emails. But the new Delta AI survey shows brokerages are expanding AI use into deeper operational functions:

• Client services and support
• Data analysis and reporting
• Administrative task automation
• Back office support

The numbers are smaller but growing, indicating a more mature, strategic approach to AI adoption. What started as a go-to marketing tool is beginning to transform brokerage operations, unlocking data and insights that could help increase the efficiency of brokerage operations.

At a time when broker margins are paper thin, leveraging AI to help leaders improve efficiency, scale processes, and better identify and navigate productivity issues and market challenges could be a game-changer.

One other shift to note: Moving from AI skepticism to confidence

The Delta Media survey also shows AI fears are fading. While risk and liability concerns remain, the survey shows a noticeable decline in high-level AI worries.

Last year, 50.4% of brokerage leaders expressed major concerns about AI’s risks. This year, that number dropped to 42.2%, suggesting a growing comfort level with AI’s role in business.

This means brokerages are not hesitating about using AI but looking for the best ways to use it.

According to the survey, the biggest AI adopters are medium to large brokerages with 101-500 agents and transaction volumes between $101M-$500M. These firms have the resources and scale to implement AI effectively with all the right gates and guardrails to ensure responsible AI.

But on the flip side, smaller brokerages (under 20 agents, <$50M in transactions) are adoption laggers. The biggest barrier? Limited resources, not skepticism. AI is becoming more accessible, but cost and implementation hurdles still slow adoption for smaller firms. The risk of using public AI tools like ChatGPT without gates and guardrails increases liability and privacy issues.

If there’s one thing the Delta AI survey makes clear: AI is here and is here to stay. (-Kevin)

What’s Next for AI in Real Estate?

One AI highlight for me at Inman Connect that’s worth sharing some highlights from was a panel moderated by Jonathan Klein, featuring Drew Fabrikant, Founder of Scout, Amy Gromowski, VP and Head of Data Science at CoreLogic, Gaétan Rougevin-Baville, CEO of ProperShot, Mikus Opelts, CEO of Giraffe360.

Drew has a great opening salvo: That AI has the ability to answer real estate’s toughest marketing questions: Who to target? What to say? When to say it? He notes that AI-powered outreach is helping real estate professionals personalize messaging at scale, reaching the right buyers and sellers at the right time.

However, Drew also stressed that transparency is critical: agents must be upfront about AI’s role in their communications and ensure they comply with evolving regulations around data usage.

At risk? Trust: the foundation of real estate. Drew noted that clear disclosure and accountability will set the best agents apart as AI becomes more embedded in marketing.

Amy at CoreLogic highlighted AI’s ability to remove the administrative burdens that slow agents down. Instead of manually researching comps or risk factors, AI can instantly generate hyper-specific market insights and will dramatically alter search.

AI search can get rid of the checked boxes and the pull-down filters as home search will instead use natural language queries:

“Show me homes in Chicago priced between $500K-$600K, with a low flood risk and a roof in great condition.”

To do this, Amy notes, AI must analyze spatial data, property valuations, climate risks, and even image-extracted details like roof quality, all in real time. Generative AI is helping to make these processes seamless, allowing agents to spend more time building relationships instead of manually inputting data.

Mikus of Giraffe360 sees AI driving the cost of producing visual content – floor plans, videos, virtual tours, and 3D model rendering – to nearly zero.

He’s talked about going well beyond the Matterport 3D “dollhouse” tours, with the next wave of AI-driven creating a more immersive experience, replacing the plethora of static images. He said buyers will be able to fully interact with digital property models, virtually planning renovations (see Revive Vision), rearranging spaces, and customizing homes before they buy.

The most significant impact of this more immersive and accessible tech, Mikus said, would be faster transactions, predicting days on market will drop by as much as 20% in the next two years.

Finally, Gaétan of ProperShot talked about how AI staging is changing the game for real estate professionals, noting agents will be able to generate multiple AI-powered staging variations instantly, helping buyers envision a property’s full potential.

One looming caution among all the speakers: as AI adoption skyrockets, the industry must tackle critical questions about data quality, gates, guardrails, and privacy. Amy pointed to CoreLogic’s AI Governance Council, which brings together legal, compliance, and data science leaders to address issues like data privacy, ethical AI use, and collaborating with organizations to establish AI best practices. (-Kevin)

AI Facts and Stats

1. 87% of brokerage leaders said that their agents use AI for their business – Delta Media
2. Listing descriptions are the number one use of AI by real estate agents – 26% – Delta Media
3. 75% of brokerage leaders said their agents use AI for content creation – Delta Media
4. 52% of brokerage leaders admit they plan to expand or adapt their use of AI in social media management for 2025 – Delta Media
5. Only 16% of brokerage leaders said that their agents utilize AI for data analysis and reporting – Delta Media

Source: 2025 Delta Real Estate AI Survey (-Korey)

AI Headlines

Why AI succeeds where previous real estate ‘Disruptors’ failed | 1/30/25 Elite Agent
AI is enhancing rather than replacing the human touch in real estate.

Deepfake Deception: How AI Is Fueling Sophisticated Real Estate Scams | 1/30/25 Candy’s Dirt
Bad actors are upping their game using AI for real estate scams – here’s a list of red flags.

Is nuclear energy the answer to AI data centers’ power consumption? | 1/23/25 Goldman Sachs
Nuclear power has a big role to play in meeting the needs of AI data centers.

How AI in Real Estate is Catalyzing a Paradigm Shift – 16 Applications and Real-World Examples | 1/30/25 Appinventiv
Another look at how AI is influencing and transforming real estate.

CoreLogic adds aerial imagery partner for post-disaster AI analysis | 1/24/25 HousingWire
In the wake of the LA fires, data-king CoreLogic leverages a vast image library covering 90% of where the US population lives. (-Korey)

AI Quote of the Week

The post REAL AI: Real estate is an AI leader, What’s next, AI facts, headlines and AI quote of the week appeared first on WAV Group Consulting.

The WAV Group Post-Settlement Sentiment survey conducted in August 2024 reveals a strong resistance to private ownership of MLS organizations. 82% of respondents would be somewhat or very concerned if their MLS was sold to a private company or investment firm. This was a topic of much debate and chatter after the recent sale of REColorado to a private owner*. 

While the MLS has evolved into a technology company over the last several decades, the leadership and governance structures of these independent entities have lingered in their REALTOR association roots. 

Based on the insights from the open ended responses in the survey, the underlying fear stems from a potential loss of control over local decision-making. Real estate professionals worry that external entities—who may not fully understand the nuances of the real estate industry—could make decisions that conflict with the best interests of local agents and brokers. For many, an MLS managed by outside investors or technology firms could prioritize profitability over service to the industry, resulting in decisions that disconnect from the needs of real estate practitioners and their clients. Without clarity on how much private entities may change business models, pricing or strategic priorities, it is difficult for practitioners to embrace the idea of outside ownership. 

An almost equal number of respondents were uncomfortable or somewhat uncomfortable with the idea of an MLS being managed by a paid Board of Directors with business skills (e.g., finance, marketing), rather than a board made up exclusively of real estate agents and brokers.

As with the MLS ownership issue, the reasons behind this discomfort are clear. Real estate professionals fear that a management board lacking industry experience could make decisions that harm the local market. Many believe that outsiders—no matter their business acumen—might not understand the day-to-day realities of agents and brokers, leading to poor decisions. Additionally, there’s a concern that paid boards might prioritize financial gain over the best interests of the MLS and its customers. 

Real Estate Professionals Focused On Their Own Businesses

Much of this concern over potential changes in the MLS ownership and leadership could be a general lack of awareness about the current MLS challenges. Only 24% of respondents had ever served on an MLS Board of Directors and a full 1 in 3 did not even know the current ownership structure of their MLS.  Without firsthand experience or insight into the challenges faced by MLS boards, many real estate professionals may be unaware of the benefits of integrating diverse expertise, such as business professionals with skills in technology, finance, or marketing. This gap in awareness and experience reinforces hesitation toward leadership changes, despite the potential downsides of relying solely on practitioners for MLS governance. Continuing with the current leadership structures without introducing new perspectives may limit the MLS’s ability to evolve and address technology trends effectively.

While the survey reveals strong resistance to non-practitioner leadership, we believe it also highlights the challenge for agents and brokers to fully understand the diversity of expertise, technology acumen and customer service and training excellence needed to run an MLS like a  technology company and not like an Association. Board of Directors leadership in Technology companies outside of real estate provide oversight and counsel, but do not attempt to make the level of tactical decisions MLS boards play today. 

At WAV Group, we believe that a well-rounded Board of Directors, combining the practical insights of agents and brokers with the strategic skills of business professionals, can provide more comprehensive and forward-thinking MLS governance and decision-making.  Business professionals with expertise in finance, technology, marketing, security and data strategies can contribute invaluable insights in areas where agents may not have specialized knowledge. A balanced approach can help MLS organizations navigate complex challenges more effectively, ensuring they remain competitive and innovative in a rapidly changing industry.

*The article has been corrected from an earlier version that misstated that REcolorado to a private equity firm.

The post 82% Concerned if MLS was Sold to Private Company or Investment Firm appeared first on WAV Group Consulting.

WAV Group’s Post Settlement Sentiment Survey revealed strong interest in statewide lockbox access. More than ⅔ of respondents are interested in statewide lockbox access without having to join multiple associations/MLS or pay for one day codes. The results highlight a significant tension between maintaining local control and embracing broader access. Many of the remaining ⅓ that were not interested in statewide lockbox access felt no need because they operate only in one local market. 

“How interested are you in gaining access to lockboxes for listings throughout the state without having to join every Association/MLS or pay for one-day codes?” 

• 31% – Extremely interested
• 12% – Very interested
• 22% – Somewhat interested
• 35% – Not interested

Mixed Interest in Licensee Access to Lockboxes

DOJ’s last proposed settlement required lockbox access to all licensees, yet Nearly ½ of respondents do not believe non-REALTOR® licensees should have access to lockboxes. Some believe that agents will operate in markets they are not qualified/knowledgeable enough to operate in. Other believe that non-REALTORS® will not be as ethical or would not be held accountable for their behaviors, even though Licensee-Brokers are just as responsible for their agent’s behaviors and practices under State Law as REALTOR®-Brokers. 

“How much do you agree with the following statement: ‘All real estate licensees in my state should have access to lockboxes even if they are not members of the local REALTOR® Association?'”

• 29% – Completely agree
• 20% – Somewhat agree
• 45% – Do not agree
• 6% – Not sure

While a majority of REALTORS® expressed interest in reciprocal lockbox access, many were still protective of their local market, hesitant to grant access to so-called “outsiders.” These findings align with data from the WAV Group Customer Experience Index, where approximately 250,000 agents and brokers were surveyed. That compilation showed that 72% of respondents showed interest in reciprocal lockbox access within their state.

Re-evaluating Restrictions in Light of Antitrust Scrutiny

Given the recent antitrust lawsuits and the increased scrutiny from the Department of Justice, now is a crucial time to re-examine any rules or practices that could be viewed as restrictive to free trade. Real estate decisions will always be deeply local and personal, yet the industry as a whole is influenced by broader, even global market dynamics. State law dictates the ability to sell real estate, not real estate associations. Policies need to recognize this reality and be adjusted accordingly. 

The post WAV Group Post-Settlement Survey Reveals restrictive Lockbox Policies Needs to be Reconsidered appeared first on WAV Group Consulting.

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.

The post Ambivalence Expressed about Association Services in WAV Group Post-Settlement Sentiment Survey appeared first on WAV Group Consulting.

At the heart of effective data management lies the foundation of a meticulously crafted data collection policy and strategy. This strategy is not merely about gathering data, but about doing so in a manner that enhances operations, improves decision-making, and ensures compliance with legal standards such as GDPR and CCPA.

Effective data management hinges on a multifaceted approach that encompasses diverse methods of data collection, ensuring both accuracy and efficiency. By employing direct submissions, observations, and leveraging third-party sources, brokerages can construct a comprehensive dataset that forms the bedrock of informed decision-making.

Furthermore, privacy and transparency are paramount to building a trusting relationship with stakeholders. Ensuring that consumers, agents, and employees are fully informed and consenting to data practices fosters an environment of cooperation and trust. This commitment to transparency extends to aligning privacy and security measures with international standards like GDPR and CCPA, safeguarding data through encryption and strict access controls to mitigate the risk of breaches.

Regular audits play a crucial role in maintaining the integrity of data security measures. By conducting routine evaluations and updates to policies, brokerages can proactively identify and address emerging threats, demonstrating a commitment to upholding the highest standards of data protection. Additionally, meticulous oversight in negotiating data licensing agreements ensures that brokerages strike a balance between protecting their legal and financial interests while accommodating future needs through flexibility and scalability. Architectural frameworks must be designed with scalability and flexibility in mind, leveraging cloud services to handle increasing data volumes and complexities while ensuring uninterrupted access to critical information.

Part 3 of the WAV Group’s 2024 Brokerage Technology Roadmap sheds light on the complexities surrounding data collection policies, storage solutions, API management, data visualization, and reporting procedures tailored to real estate brokerage management teams.

Download the full report here

The post WAV Group Releases 2024 Brokerage Technology Roadmap Part 3: Data Management appeared first on WAV Group Consulting.

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, posting a new edition every Friday.

The magic of the prompt

There’s a secret to maximizing the effectiveness of generative AI that every real estate practitioner who uses AI must know above all else: the key to unlocking the best AI has to offer is in your prompts.

This is a universal AI truth. It does not matter if you are using ChatGPT, Claude, or any other AI language model. The magic of maximizing AI effectiveness can be found by perfecting your prompts.

The principle of “garbage in, garbage out,” or GIGO, still applies. If your prompt is poor, you are going to get a poor-quality result.

Many real estate professionals, when first using ChatGPT, often provide generic or general prompts that delivers generic answers and content. When crafting your prompts, consider these five Ps:

1. Preparation: Before submitting your prompt, take time to carefully think through what you are trying to achieve. Draft your request in a separate document where you can revise and refine it. Provide the context and provide as much detail as possible. Also, share the goal of your inquiry.
2. Precision: Be specific and clear in your instructions. ChatGPT does its best when given highly detailed, clear prompts. Avoid general queries by specifying the type of information you are seeking as well as the format you need it in.
3. Patience: One of the first rules you will learn to improving your use of ChatGPT is to never accept the first output. Understand that getting your desired response is highly likely to require some back-and-forth interaction. This is one of the best ways to learn how rephrasing or expanding on your initial prompt will unlock more effective results.
4. Probing: Don’t hesitate to ask follow-up questions or request elaboration on certain points. If you ask ChatGPT to assist with an 850-word blog post, do a word count: it’s likely to be off, often falling significantly short. Push back and ask for a more expansive draft. Don’t be afraid to ask it for examples, or request clarification on a specific part of the response.
5. Persistence: If the response you receive isn’t what you expected or if it lacks certain details, be persistent. AI also can hallucinate and provide you with a completely inaccurate response. If it does, and the error is obvious, point it out to ChatGPT and ask for a better result. Don’t be afraid to start over and rework your prompt, incorporating feedback or additional information from previous interactions where you had better success. Reiterate your request with adjusted wording or additional context, and that can help move ChatGPT closer to delivering the response you need.

The bottom line: Well-prepared prompts lead to much better and more original results.

AI dominates Inman Connect NY

Returning from Inman Connect NY last year was a bit of a bummer. ChatGPT had exploded on the scene two months earlier and our expectation was a slew of AI panels. Or the very least, a hands-on ChatGPT track. Instead, Connect NY was nearly ChatGPT free.

What a difference a year makes! AI was everywhere at Connect NY 2024. If it wasn’t in the title of a keynote or panel, it was mentioned in nearly every discussion.

Sitting in on many of the major AI sessions yielded a mix of the magnificent and mediocre. We’ll pass on the mediocre and share a gold nugget that was a magnificent find: a giveaway from Phil Stringer after his deep dive into perfecting prompts.

I did not know about Phil and never heard him speak before Connect. As I told him afterwards, I was fully prepared to be seriously disappointed. I’ve written about how so many real estate conference AI speakers have been complete duds. They all have been spectators, not doers.

The title, “Your Custom 2024 AI-Powered Content Plan” made me suspect Phil was a poser. I was wrong, very wrong, thankfully.

A former COO of a North Carolina real estate brokerage, Phil created the “The AI Agent Academy,” becoming an AI coach and speaker.

For his Connect talk, he polled the crowd to vote on one of five presentations – he only had time for one – that included using his highly creating one year’s worth of a newsletter campaign, a year of blog posts (100), a year of Tik Toks or Insta Reels, a year of YouTube videos or a year of ads. The year of ads won.

Phil went through his process, providing detailed prompts for ChatGPT to first understand your business and goals, create highly detailed client personas with a list of pain points, create the targeted ads, and then provide the “hooks” needed to make the ads work.

Here’s the kicker: at the end of his talk, he gave away all his well-crafted, highly detailed prompts for all five marketing programs, not just the ad one he covered at Connect. As long as this link remains alive, you can get your PDF of all five program prompts here.

The only big disappointment in Connect NY this time around? No Rabbit R1 giveaways. Next Connect, please.

AI Five Fast Facts

1. AI is expected to automate up to 800 million jobs by 2030 and create 97 million new AI-related roles – McKinsey
2. More than one-third (37%) of business leaders said that AI will replace workers in 2024 – CNBC
3. 85.1% of AI users utilize AI-powered CRM (Customer Relationship Management) for content creation and article writing – Authorityhacker
4. Almost half (49%) of employers expect AI to have a positive impact on job growth – Weforum
5. More than one-fourth (26%) of business organizations use AI for marketing and sales – IBM

Sources: Various collected by AIMultiple

AI Headlines Take 5

AI far too expensive to replace humans in most jobs, MIT study finds | 1/22/24 Fortune

The cost-effectiveness of AI should be considered in job replacement.

Bracing against a rising tide of real estate fraud | 1/22/24 HousingWire

Scammers are weaponizing AI to commit fraud.

AI Everywhere: The Unmissable Highlights From Davos 2024 | 1/22/24 Forbes

AI takes center stage at this year’s World Economic Forum.

The generative AI future will not be free | 1/19/24 Business Insider

Consumers should be ready to start paying for new AI models.

When Might AI Outsmart Us? It Depends Who You Ask | 1/19/24 TIME

Experts debate if “human-level” AI will be able to surpass the human mind.

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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, posting a new edition every Friday.

AI survey reveals real estate’s heavy use, wide adoption

A brand new study from real estate tech leader Delta Media shows the popularity and use of artificial intelligence (AI) in real estate has become nearly ubiquitous among America’s leading real estate brokerages.

Today, 75% of America’s real estate brokerages already use AI technology, and almost 80% report that their agents have adopted AI tools.

The responses, compiled from more than 130 leaders of real estate brokerages representing firms responsible for 65% of all real estate transactions nationally last year, also uncover worries about risks related to unchecked AI usage.

Among the most striking findings come from gender differences:

• Female leaders recognize AI’s importance more, especially in mid-sized brokerages with substantial transaction volumes.
• A greater percentage of female leaders (85.3%) utilize AI in their businesses than male leaders (70.4%).
• Female-led brokerages, particularly those with medium to large agent teams and high transaction volumes, are the most likely to use AI.
• The youngest and oldest male leaders, overseeing smaller brokerages, are less inclined to integrate AI.

What’s the profile of the “typical” brokerage leader using AI today?

He (predominantly male) is an experienced senior executive helming a mid-sized brokerage. This contrasts with the characteristics of brokerages most actively using AI, often led by women aged between 31-39 or 50-59 years, managing a considerable number of agents and overseeing substantial transaction volumes.

Among the other top findings:

• More than half of the top brokerage execs said they are “worried or very worried” that AI “does not have the appropriate guardrails” to limit their risk or liability around it.
• Real estate agents employ AI in their day-to-day business, primarily leveraging this technology to craft property descriptions (82%), followed by generating blog posts, emails, and letters (67%), social media content (60%), website content (44%), and writing personal bios (43%).
• AI is not just present but growing, with executives rating its current importance to the industry at 5 out of 10, which surges by 40% when asked about AI’s importance in the “near future.”
• Leaders note they plan to leverage AI in the future; digital marketing (73%) and social media (72%) are the leading anticipated uses.
• While some experts predict 2024 will be the year of AI personal assistants, only 23% of brokerage leaders see AI used for front-office or admin support this year. Remarkably, one in ten (11%) have “No plans to use AI” this year.

AI fears

But rapid AI adoption in residential real estate isn’t without some misgivings: More than half of the top brokerage execs responding said they are “worried or very worried” that AI “does not have the appropriate guardrails” to limit their risk or liability, with female leaders slightly more concerned than their male counterparts.

The highest level of worry is among brokerage leaders aged 60 or older, especially those managing smaller teams and lower transaction volumes. Conversely, middle-aged leaders of large brokerages with massive transaction volumes exhibit the least concern.

Michael Minard, owner and CEO of Delta Media and an AI thought leader, notes, “As AI reliance grows, brokerages need assurance that their tech partners providing these tools have sufficient safeguards to protect them from the potential downsides. Managing risks remains an imperative even as competitive pressures make adoption table stakes.”

AI Fast Facts

1. Nine in 10 global organizations believe AI will give them a competitive edge over their rivals – MIT Sloan Management
2. Nearly 40% of large companies plan to use AI, according to Adobe, but among real estate brokerages, usage is nearly double that (75%), according to Delta Media.
3. Studies show that almost 100 million people will be working in the AI industry by 2025 – We Forum
4. Nearly 4 in 10 marketers believe that AI email marketing improves market revenue – Statista
5. AI and Machine Learning are expected to replace about 1 in 6 US jobs in less than half a decade – Forrester

Sources: Various collected by Exploding Topics

AI Headlines: Take 5

What AI Can Do for Real Estate Professionals, and What It Won’t | 1/17/24 RISMedia
AI can be your personal assistant, but AI can’t replace real estate agents.

Big Thinkers: Meet the AI Leaders Changing the Future of 3 Important Industries | 1/13/24 Success Magazine
Glenn Sanford of eXp Realty is identified as helping to pave the way for AI in real estate.

Davos 2024: 5 business leaders on adopting AI and managing associated risks | 1/15/24 World Economic Forum
Despite significant “job re-organization,” AI will lead to the emergence of new job roles.

How CTOs can make the case that AI investments create value | 1/12/24 Fortune
Concrete examples of how AI is being used to create value at firms like Papa John, Canva, and Cushman & Wakefield.

2023 Was About Using AI. 2024 Is About Using It Better: Mosaik CEO | 1/16/24 Inman News
Mosaik founder and CEO Sheila Reddy discusses AI’s future ahead of Inman Connect. 

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The Question of Agent Necessity

With recent developments surrounding buyer’s agent compensation, prospective homeowners are contemplating the traditional practice of enlisting an agent’s services. However, the findings underscore that buyers do appreciate the services provided, emphasizing the enduring role these professionals play in the real estate journey.

Unveiling Clarity: Documentation and Paperwork

One key revelation from our research is the substantial opportunity for agents to create more clarity surrounding disclosures and paperwork. The intricacies of documentation required to purchase a home often serve as a labyrinth of confusion for buyers. Agents can enhance buyer satisfaction by taking an active role in demystifying this process. Walking buyers through the required paperwork not only streamlines the transaction but also fosters a sense of confidence and understanding, mitigating the stress associated with this significant aspect of home buying.

Time Investment Transparency: Bridging the Gap

Another noteworthy finding pertains to the lack of clear understanding among buyers regarding the time and effort invested by their agents. The report sheds light on the importance of agents articulating and showcasing the behind-the-scenes work they undertake to support their clients’ home purchase endeavors. By transparently communicating the dedication and expertise required to navigate the complexities of real estate transactions, agents can bridge the gap and foster a stronger sense of collaboration and trust with their clients.

Download the Report Now

The Top Three Valued Services Provided by Agents

Our research unveils the top three most valued services provided by agents, as ranked by buyers:

1. Negotiating with the Seller: Buyers consistently highlighted the immense value agents bring to the negotiation table. Skilled negotiators can secure favorable terms and pricing on behalf of their clients, a critical aspect that greatly influences the overall satisfaction of buyers.
2. Providing a List of Homes for Sale: The curated selection of potential homes tailored to a buyer’s preferences is a service highly appreciated by those navigating the real estate market. Agents who understand their clients’ needs and present suitable options significantly contribute to a smoother home-buying experience.
3. Deciding on a Fair Bid Price: The delicate art of determining a fair and competitive bid price is a skill that places agents in a pivotal role. Buyers recognize the expertise required to strike the right balance, ensuring they secure the desired property without overextending their budget.

Adapting for Success in a Changing Landscape

In a real estate landscape poised for change, the ability of agents to adapt and effectively communicate their value proposition becomes paramount. The findings of our research offer valuable insights for agents looking to navigate the evolving buyer-agent relationship successfully. In an environment where transparency and communication are key, agents who can address buyer concerns and showcase their expertise are positioned for success in the future real estate market.

As the real estate narrative continues to unfold, our research serves as a compass, guiding both agents and buyers through the complexities of change and reinforcing the enduring value of a collaborative and informed buyer-agent partnership. Download the full report to see all the details. 

The post The Shifting Dynamics of Buyer-Agent Relationships in Real Estate appeared first on WAV Group Consulting.

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, posting a new edition every Friday.

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

1. 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.
2. 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.
3. 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.
4. Media firm Insider found 56% of survey participants believe that AI-generated content is biased or inaccurate.
5. 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 Week
Striking 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 News
AI 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 Journal
When 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 Business
Consolidation 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 Medium
A practical review of how real-estate related consumer search, marketing, and investing will impact real estate.

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The post Real AI: AI in 2024, fast facts, top headlines and Quote of the Week appeared first on WAV Group Consulting.

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, posting a new edition every Friday.

About Evil AI…

WAV Group founding partner Victor Lund just published a provocative post called “Evil AI.”

It’s a vital topic to keep at the forefront of AI development. The underlying current is frightening. Evil AI demonstrates the enormous downside that has some of the most brilliant minds of our times warning us about the dark side of AI’s future.

Victor’s piece pulls from a real-world example of how researchers flipped the script when using AI to develop ways to avoid the dangerous side effects of a drug. What if they used AI to generate toxic molecules, e.g., chemical weapons? The result was 40,000 substances, including VX, a notorious nerve gas, and other chemical weapons, including, according to the Scientific American piece Victor sources, “many completely new potentially toxic substances.”

That’s terrifying.

However, we’ve been down this road before.

Whenever a new technology lurches into our culture, there is an immediate reaction to change, often fearmongering. Look it up: when bicycles began to become popular in the late 1890s, some people claimed it was causing a rise in insanity cases, especially among women! People feared the telephone because they thought it could talk to the dead and violated the will of God. Passenger trains? Protesters said our bodies could not handle speeds of 50 mph and that “uteruses would fly out” of female bodies.

And we are living it now with the Dark Web. Imagine if the internet was never allowed to happen because it would give birth to one of the darkest sides of humanity.

We know AI is different; very different. But it is also very different in the most extraordinarily good ways.

We cite our Quote of the Week from Victor: “While most people will use AI to do good, others will use AI to do evil” (emphasis ours).

For us, that’s the bottom line: We still have faith in humanity that it will find a way to do mostly good and, as never before, have the guardrails in place to prevent evil from winning. Call it naïve, but we believe we will live up to the Spiderman credo: “With great power comes great responsibility.”

Our future headline: AI good triumphs over AI evil.

Holy Gemini!

Kudos to Greg Robertson at Vendor Alley to be among the first to post a link to Google’s somewhat staged demo on Gemini from Google, the newest AI contender challenging OpenAI.

Gemini, Google’s “multimodal AI,” has features that all AI is moving toward: verbal instead of written prompts (let’s have a real “chat” with AI, as we have been writing will happen) and leveraging the power of computer vision.

The skills you will see in this video confirm why Restb.ai is so wildly successful in carving out its leadership in this part of the AI real estate landscape.

Gemini is next level (at least for a while).

Just watch this: https://www.youtube.com/watch?v=UIZAiXYceBI.

An excellent way for agents to use AI

A real estate agent friend (and client) asked me if AI could help with a data challenge he had relegated to his assistant. The assistant found the task too time-consuming and overwhelming.

He had 2.5 years of traffic data in his newsletter and was using a mail service that did not give him the summary data – over time – that he wanted. He had CSV files for each month of open rates and click activity. Over time, he simply wanted to identify his most engaged readers.

Were they clients or future clients?

Enter Claude.ai and ChatGPT-4. We tested both. We cut and pasted the data into Claude.ai (it can’t read a CSV or Excel file). For ChatGPT, we converted the CSV data into an Excel file.

And because ChatGPT can read Excel files, it won the tasks assigned to crunch the data and provide the Top 50 clients for opens, clicks, and total engagement, as well as tell us what the most popular URLs were – all over the 2.5 years. ChatGPT took the data-crunching assignment in less than a minute and solved this agent’s problem.

Yes, he will switch to a mail system that integrates with his CRM. But how many data tasks like this could an agent today benefit from by using AI instead of spending hours fussing with spreadsheets?

This is a great way agents can use AI to sift through a lot of data to help them plan better for 2024.

AI Five Fast Facts

1. The Global AI market is expected to reach $1.81 trillion by 2030.
2. IBM reported that 64% of companies believe that AI will help improve customer relations and increase productivity.
3. In a report by MIT Sloan, 9 out of 10 organizations say they are adapting AI to gain an edge over their competitors.
4. How many jobs will be impacted by AI automation: A study estimates about 38% of jobs in the US, 35% in Germany, 30% in the UK, and 21% in Japan.
5. 95% of hiring managers surveyed said AI can help tremendously in shortlisting candidates and reducing screening time.

Sources: Demandsage

AI Headlines Take 5

1. How scammers are using AI to commit new fraud in real estate | HousingWire 12/7/23
   Interview with CertifID cofounder about the latest real estate scams and bad actor activity.
2. AI in real estate: disruptive force or mere transformation? | The Financial Mirror 12/11/23
   Exciting ways AI tech can positively impact real estate.
3. AI Enhancing the Borrower Experience | MReport 12/11/23
   Sofia Rossato of Floify remains skeptical about AI fully automating loan origination.
4. AI dominates cybersecurity megatrends for 2024: Report | CSO Online 12/13/23
   Trust in AI, ethical application of AI, and AI cybersecurity of AI are the hottest AI topics.
5. 20 Important Tips For Leveraging AI In Content Marketing | Forbes 12/8/23
   Practicing these basics is vital to all content creation and content marketing.

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The post Real AI: Evil AI, Holy Gemini, a great way for agents to use AI, fast facts, top headlines and Quote of the Week appeared first on WAV Group Consulting.