November 2007

Broker Rating System

by THE WAV GROUP on November 17, 2007

Real Estate should take a page out of the play book from the New York City School system. Much to the surprise of some wealthy homeowners in New York, the city released its first grading system results for public schools. The schools were based on performance, academic progress, and indexed against one another. Good schools whose standardized test scores did not improve were given grades of B or C. Many people are speaking out in NYC, especially residents who moved to an area because of school quality, and not surprising – REALTORS® representing sellers. Suddenly, good schools are not good anymore because of the measurement. Residents of NYC have pressured city administrations for years to seek improvement.  At every step of the way, grading individual teachers has been rejected.  This system rates the schools and will provide benchmarks and goal setting for improvement – a goal that everyone seemingly wants.  Now homeowners and parents are up in arms! We should applaud New York City for its efforts to do what is right for the benefit of the city’s education system. Rating systems for REALTORS® has also been a long debate with little or no progress.  Perhaps the debate needs to focus on Brokers rather than agents. Please let me know if you use any type of rating system like QSC, or shout back with your opinion on this.

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MLSs are joining agents and brokers in the rush to contribute listings to online listing sites like Trulia, Google Base and others. There have been many spirited conversations regarding this trend and thought leadership is needed in this area. On the surface, the opportunity side of the equation seems pretty simple – send the listings and these companies will share them with visitors to their website for free.  Listings are marketed to consumers expanding the reach and exposure to the properties available. Opportunity Costs – although most mls organizations can easily provision listing feeds, depending on the rules and regulations for public display of data, there may be considerable compliance issues that are hard to control. Liability – we would caution MLSs to carefully read the data sharing agreements – usually the supplier of the data is accepting legal responsibility for the data and any claim that may arise out of that.  MLSs need to insure that this liability is correctly placed on the broker and not the MLS. Share your thoughts.

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