BY HARRY TUNNECLIFFE
24 June, 2018
RateMyAgent launched the RMA Score in late 2016, a percentage which indicates how many reviews an agent or agency has received, relative to the properties sold over a 12 month period.
One of the benefits of the RMA Score is that it allows agents and agencies to see how many reviews they are missing so they can chase them and build a stronger, more complete digital profile.
You’ve probably heard us say that 97% of people now use online reviews to determine the quality of a local business, so every review you get helps vendors to see your experience and customer satisfaction.
2017 saw over 2 million people searching RateMyAgent and reading reviews, using previous vendor feedback to help choose their agent. In fact, 1 in 3 properties sold in 2017 received a review. So it makes sense that agents and agencies want to get as much feedback as possible.
We received some great feedback from agents across the country, many of whom have been asking for a way to better track their overall performance. We also had some great questions and wanted to share a few points.
Here are six things to know about the RMA Score:
Your RMA Score is a really powerful marketing tool and at some stage in 2018, we will allow agents to display their scores on their public profiles.
When a vendor leaves you feedback they have the option to tick a box saying ‘would recommend this agent’. If they tick Yes, the review is considered to be a recommendation.
RateMyAgent exists to highlight the best agents in the business so vendors can easily find and select the right agent, with a focus on customer service. For this reason, your RMA Score only counts recommended vendor reviews, that way we know we’re highlighting agents with the best customer feedback, not just the ones with the most reviews.
Buyer reviews are still important to boost your digital profile as they increase the number of reviews you have on your profile and demonstrate to prospective vendors you can negotiate with buyers.
A strong RMA Score will give you the best chance to win an Agent of the Year Award.
There are three main metrics used to calculate the Agent of the Year Awards, and one of them is your RMA Score. Why? Because it allows RateMyAgent to see who’s getting consistent customer feedback from their vendors. As outlined in point 2, only positive recommendations are used to calculate your RMA Score, so it’s an indication of how satisfied your customers are overall.
RateMyAgent is a digital marketing platform for agents, with a strong focus on vendor reviews, and so vendor feedback is used to calculate a measure of success.
For supporting agents who are heavily involved in the sale, this means recognition of your involvement and is an excellent way to boost your profile. If you’ve been a supporting agent on a property but haven’t been that heavily involved and not requested a review, then consider if you should be a listed agent? The sale will still be attached to your RateMyAgent profile, and with no review, this will pull your RMA Score down. Consider asking for a review and letting the vendor know why, or if you should be a listed agent?
The RMA Score is a rolling 12-month score. Because of this, it’s subject to change each week as you sell more properties and wait for reviews to come in.
The lead metric is the total number of properties sold within the last 12 months. Reviews are attached to a property sold date, so if you received a review six months after a sale, it would still go to boosting your RMA Score. For agency scores, a property just needs one recommended vendor review, (for either the lead or supporting agent), to boost their score.
The RMA Score is a way to show that it’s not always the agent who sells the most who is doing the best job and leading in customer satisfaction.
“The average scores for agents and agencies is around 36%. (June 2018)”
Announced in May, RateMyAgent now allows agents to post existing reviews they may have received through other avenues such as thank-you cards, emails, or other online platforms.
Until an existing review becomes verified by the client, it will never contribute to agent rankings, RMA Score, or chances of taking out an Agent of the Year Award.
When agents post an existing review, two things happen. First, the review appears on RateMyAgent as "unverified". Second, the agent's client is sent an email to ask them to confirm the review as their own words. Once a client verifies the review, it becomes verified on the agent profile.
"Until an existing review becomes verified by the client, it will never contribute to agent rankings, RMA Score, or chances of taking out an Agent of the Year Award."
Without independent, verified reviews, vendors don’t always know where to turn. Commission rates and previous sales history only go so far to locking in a vendor, people trust reviews as much as personal recommendations and the RMA Score lets you see where you could be performing better when it comes to chasing reviews.
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