FVREB survey reveals membership trends

The Fraser Valley Real Estate Board is grateful to the 817 members who shared their time and thoughts to participate in the 2017 Member Survey sent out in October. Overall, members had good things to say about their Board and the majority said they were proud to be members. Helpful, good, supportive, professional, progressive, efficient, great, informative, innovative, excellent were just some of the ways the Board was described.

But of course that’s only one small part of the story. Drilling down into the results, a number of trends were revealed.

Technology and innovation

Members have become more and more adept at using technological tools to run their business. The percentage of ‘early adopters’ of new technology increased by about 33% over the last five years, according to the survey respondents. And although many members find the constantly evolving technology and systems a source of fatigue, many said they are committed to keeping updated because they need it to run their business competitively.

While over half of members responding said they prefer to wait for others to test new technology and innovations, they whole-heartedly (86%) support the Board’s investment in innovation.

2012 probably feels like only yesterday to many of us. But in tech years, it’s a very long time ago. That explains why the number of members who preferred the ‘old -fashioned’ telephone for Helpdesk support from five years earlier has now dropped by a whopping 72%, in favour of email and online chat communication.

That follows the trend for a paperless and increasingly mobile office environment preferred by our members as well. Over half indicated they need more social media and mobile tech training to keep up with an ever-changing digital environment.

But members are not quite ready to launch into outer space. They overwhelmingly prefer in-person classroom training experiences to remote learning, likely due to the chance to connect with peers. Still, they will gladly make use of the alternatives of online or self-study models if necessary for time convenience.

Challenges

Asked what they consider their most pressing challenges, respondents most frequently cited: drumming up business, shoddy professionalism among Realtors, lack of time and the elusive work/life balance.

Time

About 90% of survey respondents self-identify as full time. Most (38%) are working 45+ hours on average each week, and another 31% work between 35-44 hours per week. For many, this involves between 10%-50% of their time spent “working on the road.” Comparing back to 2012, workload has decreased slightly, which is a positive trend for those seeking greater life/work balance. However, it’s clear that members are still very busy people.

Marketing and advertising

Another sign of the times is the way that our members promote themselves in the market.

For the most part, members have shifted away from traditional print ads and flyers to using social media and website channels as a form of promotion.

Member segments

In 2012 and again in 2017, the member survey focused on identifying different types of needs for different types of members.  These membership segments are largely defined by where a member is positioned in their career path which helps the Board determine their greatest needs.

One interesting observation is that the combined effect of new members coming on stream and older ones retiring, has lowered the average age a couple of percentage points over five years time. Now a larger percentage (51%) indicate they are under the age of 50.

Values

The FVREB membership is very diverse, yet our survey affirmed two beliefs which almost every member shares.

Firstly, that the FVREB is a highly valued organization of which our members should and do feel proud to belong.

Second, members expect the Board to continually strive to help them meet their goals, needs and aspirations in what is a challenging and competitive industry.

When members were asked what they believe are the most important values of the Board, and of themselves, there was harmony between the two sets of values.  The 10 that top the list are accountability, ethics, work-life balance, caring, family, trust, integrity, competence, commitment and respect.

Thanks to all who responded

As mentioned, we had over 800 members complete this survey, providing the Board with critical information to inform strategies going forward. We appreciate the time and thought invested by you.