Connect with us

Opinion Editorials

AgentMatch launches, objections appear to be anti-consumer

AgentMatch by realtor.com has launched to mixed responses, but much of the criticism is unfounded and based on misinformation.

Published

on

agentmatch

agentmatch

AgentMatch launches, world keeps spinning

(AGENT/GENIUS) – Recently, Realtor.com has put some of their acquired talent and technology to work in an extremely beta product called AgentMatch, piloting in the Las Vegas Valley and Northern Colorado. Performance data is fed directly from the MLS, bios are populated from agents’ SocialBios profiles, and the site unveils the top performing agents in any given area – a bone of contention for a small group of real estate professionals.

According to the National Association of Realtors (NAR) Profile of Home Buyers and Sellers survey, 91 percent of consumers did not directly find their agent online, a high number that has been a tremendous part of AgentMatch’s birth, the company tells AGBeat.

Ernie Graham, Director of Product Management for realtor.com said that technology has empowered consumers, especially Millennials, want to use technology to find an agent, meanwhile agents are best served by spending less time with poorly suited prospects.

AgentMatch has spent the last year in an endless loop of focus groups and use monitoring, and consumers overwhelmingly love it. Graham said, “I wouldn’t be working on this right now if I didn’t see consumers’ eyes light up.” He asserts that they are very early on in the project and are all ears to objections as well as ideas and support. In fact, they’ve already formed an Advisory Board after calling out and inviting the loudest critics to the table.

We reached out to non-realtor consumers for their feedback, and in each case, the responses were positive, even when we noted that the data may not account for teams or new home specialists. These individuals could not understand why anyone would protest it. They liked that there were not reviews, it was simply raw, unbiased data and immediate (read: real) contact information that they had been thirsting for.

Enter the objections

Upon launching, a number of Realtors took to the web to speak out against AgentMatch, and while it isn’t surprising, much of it is based on misinformation and a basic misunderstanding of how internet users use the internet today.

Any time a website launches that adds transparency to a real estate professional’s transaction history, a nuclear explosion goes off and agents lose their mind. Why? Some of them are far less busy than they feign on Twitter, while others are, in fairness, successful regardless of transaction numbers (lead gen folks, teams, and so forth). Buyers’ agents fail to study the site and instantly claim the deck is stacked against them, but in reality, it’s not just the number of homes on the market shown in an agent’s bio; the number of homes sold appears right next to it, unlike most sites featuring agents. This has been one of the more common misunderstandings we’ve seen.

agentmatch

Picking bones over wording

The “Find Realtors” feature already exists on Realtor.com, but the truth is that while the bones are good, it has a lot of room for improvement, particularly when it comes to getting consumers to engage more. So, after endless testing, they launched AgentMatch, and the very word “match” seems to have set the industry off.

The landing page of the site currently reads “Sell Your Home,” then “Compare and connect with the best performing agents in your neighborhood.” The word best has been a contentious word with agents who have falsely assumed that realtor.com is playing favorites with top producers, or ranking agents – but you’ll see no stars, no thumbs up, no ratings, and no stickers with words like “top producer” or “number one agent.” The truth is that the word simply tested better and increased engagement with consumers – kind of important when consumers are vetting agents.

Not seeking to influence MLS policies

Because agents cannot upload any listings to the site, and because the data is 100 percent from the MLS, some have protested. First of all, third party agent ratings sites that allow uploads often have no way of verifying the validity, leading to inaccurate data and a lack of transparency.

Graham asserted that this product will never seek to change policy at the MLS level, and agents that wish for their transactions to be fully recorded by the MLS should petition their local board (which AgentMatch says they’ll help with if requested). It makes sense to use one and only one data source in this case, as it is truly the only reliable source when you look at it on a national level, and because rules are so different between each MLS, it makes sense for realtor.com to keep their nose out of it – if they did seek to change the rules, imagine the outrage then!

What you may not be aware of is that this product wasn’t just birthed by faceless code jockeys at realtor.com, it has been headed up by the founder of SocialBios (acquired by realtor.com), and Graham spent years as a broker and a MLS Director, so his understanding of agents’ needs and objections are first hand – yet the product still has his endorsement and his acknowledgement that influencing MLS policy from their position isn’t wise or useful for anyone.

agentmatch

No charge for agent’s email to be featured up front

Additionally, AgentMatch features agents’ phone numbers and email address front and center without forcing consumers to register to get it (thus, they don’t act as a middle man, they instantly get to their agents of choice), and they don’t charge agents to feature their information on the site – a far cry from their competitors, who agents have complained for years about their featuring competitors’ information on their listings pages. None of that, just simple contact information. This fact has been wildly overlooked, particularly by the people who railed against their information being hidden or sold by other companies.

What agents protesting this site have missed is that consumers are more sophisticated today than a decade ago, and they have diverse goals. Agents, so often wrapped up in the mentality of the industry, assume that consumers only want an agent who has the most listings in town, but the truth is that many look to the agent with a smaller number, assuming they’ll get more attention and have more time devoted to their listing. Consumers aren’t stupid and there is an inadvertent belief under agents’ breath that they are. Without being guided, the consumers we spoke with all deemed the anti-AgentMatch agents to be anti-consumer. Ouch.

I’m not 100% a fan. Yet.

Although we partner with realtor.com on a select number of events, they are not past scrutiny, so let me be clear – there are holes in the product, and the creators can blame the MLS, but the holes remain. Agents that specialize in pocket listings are out of luck, and brokerages that focus on new home builders’ listings (which sometimes don’t ever touch the MLS) are not accounted for. That’s a meaningful chunk of the industry.

Another hole, and a big huge fat one, is that there is currently no way to opt out of being featured – Graham tells us they would consider it if users requested it, but for now, agents cannot opt out. That probably should have been built in from day one and made easy for agents who object.

In addition to the holes, I have to jump in to say that this is not that big of a deal. It’s one website. It’s a simple tool in a buyer or seller’s massive toolbox. The few outraged agents remind me of real estate professionals who were wildly opposed to lockboxes going digital or the MLS going online.

agentmatch

What the industry must do

The industry must be more consumer-driven and quit giving the opportunities to third party sites that don’t have industry affiliations. If real estate technology innovates at the pace that some of the naysayers prefer, the MLS would still be exclusively on paper. If the few loud objections overrule the potential national launch of this tool, it will eventually be mastered by a third party company that has no industry affiliation, no ramifications for not following the rules, and no requirement to follow the Code of Ethics.

While AgentMatch is actively listening, objections should be aired, but what is presently making the rounds is riddled with misinformation, and honestly, is actually anti-consumer. People want to research agents, and realtor.com has met them where they’re looking.

My fear is that the industry is going to wail about this and miss an opportunity to provide something meaningful to consumers, letting third parties find a way to make it happen and then charge agents to be featured or get leads, and the next generation of agents will then scream at realtor.com for not doing this in the first place. #backfire

Continue Reading
Advertisement
11 Comments

11 Comments

  1. egraham2

    November 22, 2013 at 12:22 pm

    Great post Lani. Thanks for shining a light on the big gaps in the public discussions. The “off-mls solds” (e.g. pocket, new homes) issue is a good one…and it varies widely by market. Like every other data accuracy/consistency/gaming concern, I believe it’s a local issue that should be solved by the local agents with their mls. This is nothing new, this is what MLS’s “do”, and I think they do it better than anyone else. A good example of this are MLS’s that import non-mls solds into their systems from public records to provide agents a more complete data set for doing CMA’s. If agents want “credit” for these transactions, why not find a way to get them in the MLS?

    • Sam DeBord, SeattleHome.com

      November 22, 2013 at 2:36 pm

      That’s a great point. If the MLSs include and regulate this off-market sold data, it will create an even larger, more accurate feed to a portal.

  2. Marc Davison

    November 22, 2013 at 1:52 pm

    In the grand history of the real estate industry, nothing to my knowledge has displaced the agent. Not the Web. Not Google. Not eBay. Not Microsoft. Not Zestimates. Not new models such as Redfin. Not even the great economic disaster of the last 6 years.

    As you stated Lani, hysterics occur when new things hit the market. When anything launches that attempts to move the real estate needle forward and present itself in the most progressive manner to the consumer.

    Not sure why. It just is. And probably will be for years to come. It’s the nature of this industry.

    But history has shown us that all worst fears and staunch objections never pan out and don’t stop progress. Like all those things, AgentMatch will be refined and improve and takes its rightful place as a different color thread in the overall fabric of the industry.

    Nice coverage Lani.

  3. Daniel Bates

    November 22, 2013 at 5:19 pm

    LOL, Your basic argument for why not to sweat it is that NAR / Realtor.com aren’t very good at driving traffic anyway, which is true, Love it! :-p It sounds like you got to speak with Mr. Graham, did you happen to ask him what their long-term plans were for the site? How long before they start charging due-paying members to be included in this service? How long before they start allowing agents with lower numbers to pay to be “featured” in the top 5? How long until agents can just send them a suitcase of money and ask for their contact info to be switched with a member of their choice? Those are my concerns as NAR has proven time and time again that they only care about bringing in more bucks for themselves.

    This tool COULD actually be a good thing if it served the roll of educating the public and helping our customers make educated and informed decisions about who they work with. Inform the general public that quantity isn’t everything in this business. Make an argument about choosing an agent that is a good match for you. How about educating them on what DOM and Sold / Ask Price actually mean (nothing in my opinion). I worked pretty damn hard this year and I too am shocked at how few homes I’ve got to show for it. I don’t mind the public seeing that at all, but it’s be nice to show more than the numbers and make an argument for each of our unique services. I am more than my SOLDS, I’ve helped people make their dreams come true.

  4. Russ Bergeron

    November 25, 2013 at 12:29 pm

    It doesn’t work. I contacted an agent whose average price point was $1.2 million. I figured I could get $1 million for my home. But they said it was only worth $300,000. Forget about it.

    My brother needed to sell his house quickly so he picked an agent with the lowest days on market
    numbers. It took 30 days longer than average to sell his house. These numbers just don’t help.

    Of course I am being facetious. But what any of the ratings sites never offer is a true picture of each and every transaction – because they are all different. And cold, hard numbers only show just that – there is nothing to grade the responsiveness or professionalism of the agent or the broker. Nothing to gauge the effectiveness of all the other players involved in each transaction – title, escrow, legal, lending, etc.

    And what happens when an agent changes offices – their past performance has been wiped out and they have to start over.

  5. Sam DeBord, SeattleHome.com

    November 27, 2013 at 10:02 am

    Many of us are open to more transparency, but glossing over the MLS issue doesn’t change it. Yes, it’s a problem. No, you can’t produce a downstream product based on that data and say “Well, the MLS was inaccurate, so we’re displaying an inaccurate product to the consumer but it’s still good.” Accountability and truth are not created by displaying inaccurate data to the consumer. That may be frustrating, but it’s the truth.

    • agbenn

      November 27, 2013 at 10:57 am

      You’re right Sam, which is why I said, if you’ve got MLS inaccuracies then you have the responsibility of addressing it directly with your board. If the mls is not accurate, again, your region has an even larger problem, it’s the only tool that separates you a R from just an A – It has to be right 24/7.

      • Sam DeBord, SeattleHome.com

        November 27, 2013 at 12:52 pm

        Two problems with that. First, the MLS doesn’t separate an R from an A. Many MLSs allow both, and some, like mine, MLS aren’t even Realtor-owned.

        Second, an MLS board has no responsibility to change its data for a 3rd party who’d like to create a product for it. The data is accurate in its current intended form: tracked MLS sales for agents’ and brokers’ use. Now, a portal wants to change that data’s use as a consumer education project, and to do so correctly it will need the MLS to add off-MLS sales to its database.

        The MLS can absolutely do that if it sees value, but to insinuate that they have a responsibility to a portal’s new product is just incorrect. It’s backwards, in fact.

  6. Bill Fowler

    December 2, 2013 at 10:35 am

    I don’t completely grasp the counter point here. MLS data will create arbitrary rankings? A seller simply wants to know who has experience and a track record of success in a given area. What other means besides the numbers that express actual performance (MLS data) could provide a good snapshot of who is good and who isn’t? OK, so there are holes. Well, let’s fill them with data from other sources if necessary.

    Reviews are a part of the consumer’s research process – for any purchase. It’ a fact of life. Transparency will ultimately win here just like it has in other industries. I’d think that more real estate people would be willing to engage realtor.com on this point and help shape what they feel is broken with AgentMatch instead of an outright boycott.

Leave a Reply

Your email address will not be published. Required fields are marked *

Opinion Editorials

Sci-fi alert: Building cities on quantum networks becoming reality

(OPINION / EDITORIAL) The University of Bristol’s Quantum Engineering Tech Lab has created quantum networks that demonstrate the possibilities for future cities.

Published

on

Quantum network connections in theoretical city at night time.

The University of Bristol is home to the largest quantum entanglement-based computer network in the world. Its Quantum Engineering Technology Lab, led by Dr. Siddarth Joshi, has been spearheading the development of a method of encryption called Quantum Key Distribution that may soon revolutionize information security.

First, what is quantum computing, exactly? (Giving a concise answer to that question is sort of like nailing jelly to a wall, but here goes…)

Much like a light switch, a conventional computer circuit can only be in one of two states at a time: On (1) or off (0). That’s basically how binary code works – by representing information as a series of discrete on and off signals, or high and low energy states.

Quantum computing makes use of a third kind of state that exists between those two.

Think about it this way: If classical, binary computing models rely on energy states of “yes” and “no” to communicate data, quantum computing introduces a state of “maybe.” This is because at the quantum level, the photons that make up the information in a quantum computer can exist in multiple places (or energy states, if you prefer) at once – a phenomenon known as “entanglement.”

Entangled photons cannot be observed or measured (i.e., tampered with) without changing their state and destroying the information they contain. That means quantum computer networks are virtually hack proof compared to traditional networks.

This is where Dr. Joshi’s team is changing the game. While previous attempts to build a secure quantum computer network have been limited to just two machines, the QET Lab has been able to establish a quantum encrypted network between eight machines over a distance of nearly eleven miles.

As Dr. Joshi puts it, “until now, building a quantum network has entailed huge cost, time, and resource, as well as often compromising on its security which defeats the whole purpose. […] By contrast, the QET Lab’s vision is scalable, relatively cheap and, most important of all, impregnable.”

If it can be successfully scaled up further, quantum encryption has countless potential civic applications, such as providing security for voting machines, WiFi networks, remote banking services, credit card transactions, and more.

In order for an entire population to be able to utilize a quantum network, fiber optic infrastructure must first be made accessible and affordable for everyone to have in their homes. In that sense, quantum cities are still roughly two decades away, posits Dr. Joshi. The technology behind it is very nearly mature, though. A simpler application of quantum encryption is practically right around the corner – think quantum ATMs in as few as five years.

Continue Reading

Opinion Editorials

5 ways to grow your entrepreneur business without shaming others

(OPINION / EDITORIAL) We all need support as business owners. Let’s talk ideas for revenue growth as an entrepreneur that do not include shaming your competition.

Published

on

Entrepreneur women all talking around a meeting table.

The year 2020 has forced everyone to re-assess their priorities and given us the most uncertain set of circumstances we have lived through. For businesses and entrepreneurs, they were faced with having to confront new business scenarios quickly. Maybe your entrepreneur business was set to thrive as behaviors changed (maybe you already offered contactless products and services). Or, you were forced to add virtual components or find new revenue streams – immediately. This has been tough.

Every single person is having a hard time with the adjustments and most likely at different stages than others. We’re at the 6-month mark, and each of our timelines are going to look different. Our emotions have greeted us differently too, whether we have felt relief, grief, excitement, fear, hope, determination, or just plain exhaustion.

Now that we are participating in life a bit more virtually than in 2019, this is a good time to re-visit the pros and cons of the influence of technology and marketing outreach online. It’s also a great time to throw old entrepreneur rules out the window and create a better sense of community where you can.

Here’s an alluring article, “Now Is Not the Time for ‘Mom Shaming’”, that gives an example from about a decade ago of how the popularity of mommy bloggers grew by women sharing their parenting “hacks”, tips, or even recipes and crafting ideas via online posts and blogs. As the blog entries grew, so did other moms comparing themselves and/or feeling inadequate. Some of the responses were natural and some may have been coming from a place of defensiveness. Moms are not alone in looking for resources, articles, materials, and friends to tell us we’re doing ok. We just need to be told “You are doing fine.”

Luckily, some moms in Connecticut decided to declare an end to “Mom Wars” and created a photo shoot that shared examples of how each mom had a right to their choices in parenting. It seemed to reinforce the message of, “You are doing fine.” I don’t know about you, but my recent google searches of “Is it ok to have my 3-year old go to bed with the iPad” are pretty much destined to get me in trouble with her pediatrician. I’m hoping that during a global pandemic, “I am doing fine.”

Comparing this scenario to the entrepreneur world, often times your business is your baby. You have worn many hats to keep it alive. You have built the concept and ideas, nurtured the products and services with sweat, tears, and maybe some laughs. You have spent countless hours researching, experimenting, and trying processes and marketing tactics that work for you. You have been asked to “pivot” this year like so many others (sick of that word? Me too).

Here are some ideas for revenue growth as an entrepreneur (or at least, ideas worth considering if you haven’t already):

  1. It’s about the questions you ask yourself. How does your product or service help or serve others (vs. solely asking how do I get more customers?) This may lead to new ideas or income streams.
  2. Consider a collaboration or a partnership – even if they seem like the competition. “If you want to go fast, go alone. If you want to go far, go together.” – African proverb
  3. Stop inadvertently shaming the competition by critiquing what they do. It’s really obvious on your Instagram. Try changing the narrative to how you help others.
  4. Revisit the poem All I Really Need to Know I Learned in Kindergarten and re-visit it often. “And it is still true, no matter how old you are – when you go out into the world, it is best to hold hands and stick together.”
  5. Join a community, celebrate others’ success, and try to share some positivity without being asked to do so. Ideas include: Likes/endorsements, recommendations on LinkedIn for your vendor contacts, positive Google or Yelp reviews for fellow small business owners.

It seems like we really could use more kindness and empathy right now. So what if we look for the help and support of others in our entrepreneurial universe versus comparing and defending our different way of doing things?

Continue Reading

Opinion Editorials

Can we combat grind culture and injustice with a nap?

(OPINION EDITORIALS) A global pandemic and a climate of racial injustice may require fresh thinking and a new approach from what grind culture has taught us.

Published

on

Sleeping cat with plant, fighting grind culture.

Information is delivered to us at warp speed with access to television, radio, and the internet (and more specifically, social media). We are inundated with messages. Oftentimes they’re personalized by something that a friend or family shared. Other times we manage them for work, school, or just keeping up with news. Many entrepreneurs already wear many hats and burn the midnight oil.

During this global pandemic, COVID-19, we have also seen a rise in awareness and attention to social injustice and systemic racism. This is not a new concept, as we all know. But it did feel like the attention was advanced exponentially by the murder of George Floyd on Memorial Day 2020. Many people and entrepreneurs felt called to action (or at least experienced self-reflection). And yet they were working at all hours to evolve their businesses to survive. All of this happening simultaneously may have felt like a struggle while they tried to figure out exactly they can do.

There are some incredible thought leaders – and with limited time, it can be as simple as checking them out on Instagram. These public figures give ideas around what to be aware of and how to make sure you are leveling up your awareness.

Dr. Ibram X. Kendi, Director of the Center for Antiracist Research – he has been studying anti-racism and has several books and interviews that help give language to what has been happening in our country for centuries. His content also delves into why and how white people have believed they are more than people of color. Here is a great interview he did with Brené Brown on her Unlocking Us podcast.

Tamika Mallory – American activist and one of the leading organizers of the 2017 Women’s March. She has been fighting for justice to be brought upon the officers that killed Breonna Taylor on March 13. These are among other efforts around the country to push back on gun control, feminist issues, and the Black Lives Matter movement.

Brené Brown – research professor at the University of Houston and has spent the last two decades studying courage, vulnerability, shame, and empathy. She has been listening and engaging on how racism and our shame intersect. She also speaks about how people can reflect on themselves and where they can take action to better our society. She has some antiracism resources on her website.

With all of this information and the change in our daily routines and work habits (or business adjustments), what is a fresh approach or possibly a new angle that you haven’t been able to consider?

There is one social channel against grind culture that may not be as well-known. At an initial glance, you may even perceive this place as a spoof Twitter and Instagram that is just telling you to take a nap. But hold on, it’s actually much smarter than that. The description says “We examine the liberating power of naps. We believe rest is a form of resistance and reparations. We install Nap Experiences. Founding in 2016.”

It might be a great time for you to check out The Nap Ministry, inspired by Tricia Hersey. White people are called to action, and people of color are expressly told to give time to taking care of themselves. Ultimately, it goes both ways – everyone needs the time to recharge and recuperate. But people of color especially are being told to value their rest more than the grind culture. Yes, you’re being told you need to manage your mental health and include self-care in your schedule.

Through The Nap Ministry, Tricia “examines rest as a form of resistance by curating safe spaces for the community to rest via Collective Napping Experiences, immersive workshops, and performance art installations.”

“In this incredibly rich offering, we speak with Tricia on the myths of grind culture, rest as resistance, and reclaiming our imaginative power through sleep. Capitalism and white supremacy have tricked us into believing that our self-worth is tied to our productivity. Tricia shares with us the revolutionary power of rest.” They have even explored embracing sleep as a political act.

Let this allow you to take a deep breath and sigh – it is a must that you take care of yourself to take care of your business as well as your customers and your community. And yes, keep your drive and desire to “get to work”. But not at your expense for the old grind culture narrative.

Continue Reading

Our Great Partners

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Emerging Stories

Get The American Genius
neatly in your inbox

Subscribe to get business and tech updates, breaking stories, and more!