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Sign into your accountBrokers Need to Revisit VOW Websites
March 26 2021
From 2009 to 2013, WAV Group spent a significant portion of our brokerage consulting on explaining what a Virtual Office Website (VOW) is and how it is different from an Internet Data Exchange (IDX) website. Now VOW websites are being discussed again in brokerage meetings and for good reason. Digital paper only brokers have been able to build spectacularly successful businesses that leverage IDX to develop referrals that take a 30% bite out of agent commissions. Brokers who care about the income of their agents should review this carefully.
Our recent analysis of brokerage P&L reports from 2020 demonstrates a remarkable increase in the referral commissions paid out to digital paper only brokers – some growing by more than 2000%. WAV Group is forecasting that agent commissions will dip over 10% in 2021 as a result of payouts on referrals by digital paper only brokers. If brokers do not react to this sea change, we believe that agents could see a 17% dip in commissions by 2023.