The recent news that has the real estate industry abuzz is the National Association of Realtors’ (NAR) announcement that it will begin to implement a realtor rating system. The objective is to have a review system in place that lets clients review members. This allows NAR members to shed light on their interactions with clients through an objective platform. The NAR’s ratings will constitute a hub for agent reviews that prospective clients will use to verify agent legitimacy and determine their quality as business people.
Why The Realtor Rating System Is Being Implemented
The NAR is instituting this review system in response to the client demand for more information on the agents that they are considering hiring. There are numerous websites out there that provide reviews, but attempting to navigate them can become tedious. Customers are already rating agents through about 50 portals. The NAR’s system allows customers to review their realtors and for realtors to respond to these reviews in an organized fashion. Since the NAR has an enormous membership roll, the review system will be quite comprehensive. It’s a platform that is designed to protect each realtor’s business interests and present information in a consumer-friendly manner. The NAR will ensure that the real estate agent ratings come from actual clients who’ve conducted business with real estate agents before publishing them. This is a stark contrast to other real estate agent review websites that most clients do not trust.
Why It Will Work
Prospective clients will flock to the NAR’s website and its review system in ever growing numbers as the organization is the top source of Realtor data on the web. Members trust this system because it isn’t linked to specific advertisers or real estate broker websites. Unlike other websites, there is no conflict of interest. Rather, it bears the official seal that authenticates the reviews. The database is as easy to use as Zillow but has more members to research. Overall, the NAR has 1 million members.
Honest Ratings Help Everyone
Some agents were initially against the idea of NAR instituting a rating system because they feared how the idea would be brought forth and whether it would be implemented in a fair manner. Most are now viewing it as an opportunity to build a public profile and accumulate positive consumer reviews that will increase exposure. Realtors understand that they will receive reviews that are far from perfect, but they know that a review with some constructive criticism will appear much more believable. Prospective clients are more interested in honest reviews rather than glowing reviews that seem handcrafted to boost realtors’ public personas. The NAR realtor rating system is all bout improving the real estate industry as a whole.
Steve Brown, the NAR president, has stated that the review system will be comprehensive. He has stressed that it is designed to “evaluate” realtors instead of rate them. This is a very important distinction as it allows clients to learn more about potential realtors than a single number. In a nutshell, the NAR’s system will help to establish industry standards and allow them to have a say in the manner in which realtors are rated.