{"id":9820,"date":"2016-11-13T01:00:09","date_gmt":"2016-11-12T14:00:09","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=9820"},"modified":"2016-11-13T01:00:09","modified_gmt":"2016-11-12T14:00:09","slug":"not-all-third-part-sites-are-the-same-as-open-agent-mark-armstrong","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/not-all-third-part-sites-are-the-same-as-open-agent-mark-armstrong\/","title":{"rendered":""Not all third part sites are the same as Open Agent" – Mark Armstrong"},"content":{"rendered":"

 
\nIf you are a regular listener, you may be familiar with my views about an Australian company called Open Agent. Well, Mark Armstrong<\/strong> from Rate My Agent \u2013 a similar site – has heard what I have had to say and will join me shortly to talk about why he says his company is different and they can’t all be lumped in the same basket\u2026 more on that soon.
\n <\/p>\n

Transcript:<\/strong><\/h4>\n

Kevin:<\/b>\u00a0 You know the old saying, \u201cOils ain\u2019t oils\u201d? They\u2019re not all the same. We\u2019ve been guilty in this show of branding all of the third-party sites the same. I\u2019ve been a particular critic of sites like Open Agent and even Local Agent Finder, for the main reason that they report to being something that they\u2019re not or that they say that they will do something for the consumer that they don\u2019t.
\nIn the process of putting this spray out and carrying a lot of material, we also mentioned Rate My Agent. In my opening, I said oils ain\u2019t oils. It\u2019s been pointed out to me that Rate My Agent is not the same as the others. The CEO for that site, Mark Armstrong, joins me.
\nGood day, Mark.
\nMark:<\/b>\u00a0 Good day, Kevin.
\nKevin:<\/b>\u00a0 Oils ain\u2019t oils, and you pointed out to me that your site is different. How is it different?
\nMark:<\/b>\u00a0 The major difference is that Rate My Agent is not a referral website. Our business model is to never ask agents to share their commission with us and essentially, sell leads to agents. There are two fundamental reasons why we will never ask agents to share their commission with us.
\nThe first one is that we don\u2019t want to be in competition with real estate agents. We\u2019re here to complement the industry and help promote good agent and good agency practice. We\u2019re not here to compete with agents. If we asked agents to share their commission with us, we would simply be in a competition with them to get to the vendor first, and that\u2019s not our job.
\nThe second reason \u2013 probably more important for us \u2013 is independence is our greatest asset. If we were to ask an agent to share their commission with us, we would cease to become independent in the eyes of a consumer. We\u2019re not here to compete with agents, and we\u2019re 100% independent in the process.
\nKevin:<\/b>\u00a0 This is the problem that I have \u2013 and I\u2019ll say it again \u2013 with Open Agent. They purport that they\u2019re going to put the consumer in touch with the best agent in the area, when in fact, it\u2019s the agent who has agreed to pay them a 20% commission. I know that they\u2019ll vehemently deny that, but it is, in fact, the case. And not all agents want to be a part of that particular site.
\nLet\u2019s set the record straight here. If you don\u2019t, therefore, ask agents for a percentage of their commission \u2013 you\u2019re not a referral site \u2013 how do you monetize the site?
\nMark:<\/b>\u00a0 Our website uses what we call a freemium model. It\u2019s completely free to claim your profile, request reviews, update your sale results, make your profile look as accurate as possible, and to set up a data feed through your listing feed provider. That\u2019s completely free.
\nIf an agent chooses to \u2013 they have no obligation to do so, but if they choose to \u2013 they can subscribe to higher levels of features, which include a premium profile, which allows them to brand their profile and have their reviews cross-promoted across the site.
\nThey can use our social media manager. We\u2019ve had around about 60,000 social media posts of agents\u2019 reviews, listings, and sale results go across social media this year alone. They can use our review widgets, which allows them to take their reviews from Rate My Agent and automatically flow them through to their agency website.
\nLastly, they can use our listing reports. Our listing reports allow them to take their reviews out of Rate My Agent, present them in either a printed format or a digital format, e-mail or SMS to a prospective vendor, just to show the prospective vendor the experience that they\u2019ve put in that market. Not just showing them their sale results \u2013 which are important \u2013 but the greatest tool that a real estate agent has to win more business is customer feedback.
\nAll of our products are about collecting customer feedback and allowing agents to use that customer feedback as a marketing tool to win more business.
\nKevin:<\/b>\u00a0 Mark, I can understand how your site populates to the agent when they get a listing because you\u2019re obviously scraping all of the portals and you\u2019re getting a good handle on what listings are actually coming on the market. It seems to me that the majority of the gripes that I\u2019m hearing from agents are at the other end of the equation. That is the number of properties they sell is not accurate. What\u2019s your reaction to that?
\nMark:<\/b>\u00a0 Most of our data actually comes directly fed through the agencies, through PortPlus, Box+Dice, or MyDesktop, and all of those listing portals or the backend portals. The vast majority of our data comes through that source, which means we get the listings as soon as they\u2019re listed. As soon as they\u2019re sold and they\u2019re reported, it updates our system.
\nAgents and agencies always have the ability to set up a data feed. It\u2019s absolutely free to do that. Then they can ensure that their data is 100% accurate. It also allows them to send through off-market transactions or development stock, so they can have a really accurate profile.
\nFor agents who don\u2019t have a data feed, you\u2019re right, we collect as much information from the public domain as possible. But agents can then, once again, claim their profile for free, come into the back end of our system, and if they have sold a property that we don\u2019t have the result for, it takes them literally 30 seconds to update the system, report the result.
\nOnce they\u2019ve reported the result, our system prompts them and says, \u201cWould you like to request a review?\u201d If they\u2019d like to request a review, they type in the vendor or the buyer\u2019s name and e-mail address, a brief message, and push \u201cSend.\u201d It\u2019s as simple as that.
\nKevin:<\/b>\u00a0 Of course, all of these sites are only as good as the information they provide to the consumer and how accurate it is. Can you give me an idea as to how many agents do actually engage and feed that sort of information back into your site?
\nMark:<\/b>\u00a0 There\u2019s well over 20,000 \u2013 I think it must be close to 21,000 agents now \u2013 who have engaged in our platform. Those agents sell around about 75% to 80% of all real estate across the country. When we look at the number of properties that they sell, we have the vast majority of the market at around, as I said, 75% to 80%.
\nThe interesting point is that most of the agents or a large group of the agents now also request their reviews through Rate My Agent. We currently get a review posted on Rate My Agent every three to four minutes.
\nThere are around about 170,000 reviews that have been posted, and currently, that represents a review for one in four properties sold across the country each month. So 25% of all properties that are sold each month, Rate My Agent gets a review for them.
\nIt\u2019s really important that everyone understands that these reviews are what we call verified reviews, because the only way to get a review on Rate My Agent is for the agent to come into our system, confirm the property has been sold, and then request the review through our platform, which means that every review that\u2019s posted is linked to the transaction.
\nThat clearly shows the property that the review relates to. It clearly shows whether it\u2019s a review from the vendor or the buyer. And then that review is instantly indexed by Google. It\u2019s shareable through social media. It can be shared on their website. They can use it in any way they like.
\nKevin:<\/b>\u00a0 Mark, thanks very much for joining us today. I appreciate you coming to me and, through your people, pointing out that we had made an error. It\u2019s good to be able to clear it up.
\nMark Armstrong has been my guest. He\u2019s the CEO of the website Rate My Agent. Jump in, have a look at it, and join those agents who are making sure that their data is up to date and accurate for the consumer.
\nMark, thanks very much for your time.
\nMark:<\/b>\u00a0 Thanks, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  If you are a regular listener, you may be familiar with my views about an Australian company called Open Agent. 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