So, Was it Good for You?

The real estate industry is quickly changing in today's marketplace. It finds itself playing catch up to third party websites that allow consumers the opportunity to rate their experience when buying or selling a home.

Various national websites like Zillow.com and RealEstateRatings.com have unveiled agent-rating tools that allow the public to both review their agent and search for agent ratings.

Capturing valuable consumer information in a fair and accurate way is why a group of brokers, agents and staff at the Peoria Area Association of Realtors® designed an online customer-service survey as entry in the National Association of Realtors® Game Changers Challenge. The national association had asked 1,500 local and state associations to devise a new product, program or service that could benefit Realtors nationwide.

From more than 200 submissions, the Peoria initiative was selected as one of 14 winners to receive full funding for the development of the customer-service "project", Rate Your Experience.

Here's how it works: A survey is sent via email to consumers that asks for some basic demographic information and for them to rate their real estate experience. Using the click of a mouse and a "five star" rating system (5 stars being the best), the home buyer or seller can rate all aspects of the transaction including the agent, lender, home inspector or other service providers. Consumers will answer simple questions on demographics, competency, negotiation, communication, market knowledge, client experience, and agent recommendation. In each category, there is also a section for comment. At the end of the survey, consumers can give an overall impression of their experience, which takes only minutes to complete.

Unlike other national agent-rating websites, consumers receive the survey immediately after their involvement in a transaction. The real estate agent and all the service providers are automatically populated in the survey. What really sets this survey apart from others on the web is that the feedback is verified and monitored for unseemly copy or obscenities. The system also gives the Realtor and service providers the ability to add any information that might explain a concern or negative situation.

Once completed, the results of the survey become a part of a database and can be searched by brokers by date, address, agent, agency or rating. They can also run a more comprehensive report showing trend charts indicating all levels of agent and brokerage ratings.

The result is the ability for agents and company owners to track their client's experience and if necessary, refine procedures or provide additional education to assure the success of their client's experience. Like any customer service report, good feedback can validate good service.

"As a broker, the surveys are a huge benefit to our company," said Michael Maloof, president of Jim Maloof/Realtor. "The surveys certainly help us in defining who is doing a good job and where we might need to make improvements."

For ever-increasing, web-savvy consumers the survey website can be used as an online resource tool. It's an easy read to see what other consumers are saying about their real estate experience and can benefit any consumer in the search for an agent, broker or service provider. Just as consumers have become proficient in using travel, hotel and restaurant rating websites, they can now consider real estate agents and related service providers before buying or selling a property.

The Rate Your Experience Survey results were posted for the first time as of Aug. 1 and can be viewed at:

www.iusedaREALTOR.com.

"For clarification, our 'project' for the National Association of Realtors was called Rate Your Experience," said PAAR Technology Coordinator Brian Carroll. "Our survey is posted on our 'product' website and we encourage the public to view survey results.

Initially, the survey's business model was to aid and educate the Realtor and at the same time, give consumers a "voice" at the end of a real estate transaction. The National Association of Realtors® recognizes the huge potential of this open source code system and has made it free-of-charge to all of its members.

Currently, nine real estate agencies in the Peoria area enthusiastically endorse the project as well as a host of other associations across the country.

As the survey process continues to progress and be promoted by the Peoria Area Association of Realtors®, the goal is for the surveys to become the most trusted form of advertising on both sides of the fence.

"No one is better qualified to tell the story than the property buyer or seller," said PAAR CEO Dallas Hancock. "Through this survey and new website, our objective is to become the go-to place for accurate and honest information regarding the real estate experience."

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