Agent ratings: good and bad is better
The Wheel Estate Cam: Episode 16
By Frank Borges LLosa, Friday, March 19, 2010.
Episode 16: Can consumers trust real estate agent reviews? In this episode of The Wheel Estate Cam, broker Frank LLosa of Frankly Realty discusses two implementations of agent reviews: one by the Houston Association of Realtors and another by brokerage company Redfin. Consumers find the ratings to be more authentic and useful when they know they can view both good and bad ratings, LLosa says.
"Positive and negative feedback is more realistic, and that's what consumers want," he says.
Watch past episodes of the Wheel Estate Cam.
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Submitted by Larry Douglas McGee on March 19, 2010 - 4:49pm.
The Colorado Association of REALTORS has contracted with Quality Service Certified (QSC.org)to provide a rating and review system for it's 22,000 members. QSC is an independent rating agency that focuses on real estate professionals and mortgage lenders in an effort to increase the professional service level offered by both industries.
The system is simple but very accountable. After training and certification, the practitioner offers a guarantee of service to all of their client consumers. After closing, the practitioner submits the client information to QSC. QSC then sends every client a quality of service survey, and upon return, the score results are posted to the practitioners QSC web page along with client comments.
The system offers a service guarantee and independent accountability, with public posting of results. The practitioner is forced to improve or be removed from the system as incompetent. The system has certain safeguards to prevent manipulation by consumers and practitioners, and has the benefit of both improving service levels leading to increases in repeat business and addressing risk management issues for management.
Larry D. McGee, CRB,CRS
theberkshiregroup.com
The Berkshire Group, Realtors
Submitted by Tyler Webb on March 19, 2010 - 5:34pm.
Frank,
I think agent ratings are a great idea. And I wholeheartedly agree with your thought that showing all ratings . . . good and bad . . . is critical to creditability of the rating system.
The only negative that comes to mind is m recent experience at my auto dealer. On the way out the door I was briefed on the rating system that would be mailed out and the need to respond with all "10" scores. I find that very unprofessional.
I am not a Redfin fan. I appreciate their rating system, but am not fond of companies that buy clients by demeaning the competition and giving money away.
All in all, I am considering implementing a rating system beyond the silly "positive" letters some agents hand out or post on their websites. I would like to stay plugged in on this topic.
Tyler Webb
Associate Broker
Champion Realty
Annapolis, MD
www.recrab.com
@recrab
Submitted by Barrett Powell on March 22, 2010 - 6:29am.
As there is now "formal" rating system for my area, I joined a number of rating and review sites such as Angie's list. My hope was that these sites could be an interim solution until a more formal one for my area appears. So far, the results have been disappointing. There are no other Realtors in the systems and no reviews being offered.
So until then, I will have to rely on providing my clients and prospects with referral letters from past clients. Obviously this is one sided; only giving the good. But I feel a bad agent is not likely to have legitimate referrals. A perspective client will likely see through this and move on.
Barrett Powell, Owner/Broker/Consultant
Southern Advantage Companies
RSA Software & Consulting
288 East Street, PO Box 1427
Pittsboro, North Carolina 27312
http://www.REMAXChatham.com
http://wbarrettpowell.wordpress.com
barrett.powell - Skype
wbarrettpowell@gmail.com
Submitted by Frank LLosa on April 8, 2010 - 7:43pm.
Larry, That is really great. I wish our association would do that!
Frank
Submitted by Frank LLosa on April 8, 2010 - 7:45pm.
Hey Tyler,
Yeah Redfin found a way to deal with the "give me a 10" effect at the auto dealers. Heck, that would make me more inclined to NOT give them a 10. Sorry just me.
I should give a 3 to the car dealer last week that kept touching my arm. Sales Technique 101.
But you are being too tough on Redfin. You should sit down and have coffee with them. They have lightened up on their "us vs them" that they started out with. I think it is a maturity thing. Zillow kinda had that for a bit, and grew out of it.
Thanks for commenting.
Frank
Submitted by Frank LLosa on April 8, 2010 - 7:46pm.
Hey Barrett,
Ever thought about getting those testimonials on video. It really works wonders. Much more believable.
Frank
Submitted by Rafael on April 21, 2010 - 5:23am.
Great post. Small things always add up and make a big effect.
Submitted by Jill Whitson on June 15, 2010 - 8:35am.
I'm not so sure that posting access to bad ratings is such a good thing for agents. In my experience within the home mortgage lending industry, you experience many more negative responses than positive ones on a percentage of client basis. More people (many times wrongfully) will post negative feedback for instances out of the control of the agent. When refinance rates hit their low point this year, homeowners were coming out of the woodwork to apply and many appraisals were coming in too low for benefit. Who do you think received the negative feedback for this? Of course, the lender and the agent.
Submitted by Grady Hartenhoff on June 29, 2010 - 5:16am.
This was a useful article for me. I just started a job as a virtual assistant in the real estate business. Doing BPO's. The more that I can learn the better off I will be. My other sideline is dogs. Right now I am studying dog breeding for beginners . Between pulling comps and raising dogs I should be able to make a pretty good living.
Submitted by Tom Phillips on August 24, 2010 - 11:09am.
Very useful and informative post. Today as there are so many paid reviews we can't trust the ratings only. We also need to find additional information.
Submitted by jane smith on August 31, 2010 - 11:20pm.
i like it a lot. Very helpful and useful info. keep up the good work. Thanks for this very useful info you have provided us.
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Submitted by Homer Bolton on March 12, 2011 - 8:39pm.
Thank you Mr Tyler Webb.One vote for you.
Submitted by ffdsf dfeafde on August 20, 2011 - 10:11pm.
Subscribe to real estate magazines to review the classified listings of real estate notes for sale. Industry journals typically contain a section on notes that are for sale, and this can be a great place not only to find real estate notes but also to find companies or investors that frequently list notes. Thanks.
Regards,
Carefree Estates
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