Why Authentic Reviews are Important for the Real Estate Profession in Canada
Web 2.0 has brought unprecedented levels of interactivity to how people access, process and share information. As a result, consumers are...
Web 2.0 has brought unprecedented levels of interactivity to how people access, process and share information.
As a result, consumers are more empowered than ever before. Internet users are able to share their experiences at lightning speed with ever-growing audiences. Recent Local Consumer Review studies indicated that 76% of consumers use online reviews to make a purchase decision. Furthermore, up to 72% of consumers stated that they trusted the online ‘peer reviews’ as much as a personal product endorsement.
Given that buying a home is one of the most important financial decisions that many Canadians will make in their lifetime, getting the right kind of information to find the right professional to guide you through the process becomes that much more relevant.
What makes a review ‘authentic’? We can’t always believe something just because ‘it was on the internet’. The larger the investment we are making in something, the more likely we are to seek out credible information. There are three main criteria that we should look at when examining online information.
The first concerns who the information is coming from. Authentic reviews should come from someone who is speaking from experience. In terms of real estate, a buyer or seller who has closed a transaction for hundreds of thousands of dollars has certainly invested a great deal. And the money is only part of it – buyers often commit themselves to a home and a neighbourhood for decades.
Secondly, we need to look at where the information is being published. Paid-for endorsements do have their place, but having a neutral platform allows for more open and honest feedback.
Thirdly, the quality of the review itself needs to be carefully inspected. A comprehensive rating system that provides a composite score based on inclusive criteria will help to better understand what could be expected from a real estate professional. This could be combined with qualitative comments to summarize the overall experience.
Criteria that should be included in the evaluation are:
How This Helps Potential Buyers and Sellers
Everyone has their own preferences for communication, personal interaction, esoteric knowledge and professional expectations. Authentic reviews from people who are speaking from experience can help potential buyers and sellers find a real estate professional that is suited to their particular needs.
Deciding where to live can be a very stressful and confusing experience. It represents a significant investment, and is often a major life milestone. In the long run, partnering with the right professional can save potential buyers and sellers a lot of money and headaches - and make the home ownership process pleasurable.
How this helps Real Estate Professionals
Review platforms often get a negative rap for being sounding boards for serial complainants. A review site shouldn’t be punitive. While wrongdoings should be reported through appropriate channels, review sites should be used to highlight the positive work being done by professionals who live and breathe their craft.
Combining quantitative and qualitative information allows for the creation of a very comprehensive feedback mechanism. Reflective practice means that strengths and achievements should be celebrated – but weaker areas must still be examined for improvement.
When done right, constructive feedback can lead to significant enhancements for real estate agents in terms of their own professional practice.
Riti Verma is a Real Estate Agent licenced in Ontario, and is also the Founder and President of RankMyAgent.com.
As a result, consumers are more empowered than ever before. Internet users are able to share their experiences at lightning speed with ever-growing audiences. Recent Local Consumer Review studies indicated that 76% of consumers use online reviews to make a purchase decision. Furthermore, up to 72% of consumers stated that they trusted the online ‘peer reviews’ as much as a personal product endorsement.
Given that buying a home is one of the most important financial decisions that many Canadians will make in their lifetime, getting the right kind of information to find the right professional to guide you through the process becomes that much more relevant.
What makes a review ‘authentic’? We can’t always believe something just because ‘it was on the internet’. The larger the investment we are making in something, the more likely we are to seek out credible information. There are three main criteria that we should look at when examining online information.
The first concerns who the information is coming from. Authentic reviews should come from someone who is speaking from experience. In terms of real estate, a buyer or seller who has closed a transaction for hundreds of thousands of dollars has certainly invested a great deal. And the money is only part of it – buyers often commit themselves to a home and a neighbourhood for decades.
Secondly, we need to look at where the information is being published. Paid-for endorsements do have their place, but having a neutral platform allows for more open and honest feedback.
Thirdly, the quality of the review itself needs to be carefully inspected. A comprehensive rating system that provides a composite score based on inclusive criteria will help to better understand what could be expected from a real estate professional. This could be combined with qualitative comments to summarize the overall experience.
Criteria that should be included in the evaluation are:
- The real estate agent’s experience (determined, for example, by their ability to answer questions and put your mind at ease during your transaction);
- The level of professionalism displayed by the agent (e.g.: presentation and planning, well prepared documentation and carefully planned site visits);
- The agent’s knowledge of and insight into your chosen neighbourhood (helped you learn about your neighbourhood, showed in-depth knowledge of future developments and plans);
- Knowledge of the property type that you were looking for (e.g.: pointed out specific problems and helped you manage them);
- How effectively the agent served as a client advocate by representing you during negotiations;
- How effectively the agent communicated with the client (e.g.: frequency of communication, channel of communication etc.).
How This Helps Potential Buyers and Sellers
Everyone has their own preferences for communication, personal interaction, esoteric knowledge and professional expectations. Authentic reviews from people who are speaking from experience can help potential buyers and sellers find a real estate professional that is suited to their particular needs.
Deciding where to live can be a very stressful and confusing experience. It represents a significant investment, and is often a major life milestone. In the long run, partnering with the right professional can save potential buyers and sellers a lot of money and headaches - and make the home ownership process pleasurable.
How this helps Real Estate Professionals
Review platforms often get a negative rap for being sounding boards for serial complainants. A review site shouldn’t be punitive. While wrongdoings should be reported through appropriate channels, review sites should be used to highlight the positive work being done by professionals who live and breathe their craft.
Combining quantitative and qualitative information allows for the creation of a very comprehensive feedback mechanism. Reflective practice means that strengths and achievements should be celebrated – but weaker areas must still be examined for improvement.
When done right, constructive feedback can lead to significant enhancements for real estate agents in terms of their own professional practice.
Riti Verma is a Real Estate Agent licenced in Ontario, and is also the Founder and President of RankMyAgent.com.
