See the latest article published by Inman here. In real estate, we tend to talk a lot about ROI. So when the team at RateMyAgent first decided to look into the value of a review, we started pulling all the usual stats together.
87% of consumers read reviews for local businesses1.
If a business or product has more 5+ reviews, purchase likelihood increases by 270%2.
79% of people trust online reviews as much as they trust recommendations from friends3.
And interestingly (though perhaps not surprisingly), more than 65% of Americans trust anonymous reviews more than a recommendation from an ex-girlfriend or ex-boyfriend4.
These data points were illuminating, if a bit one-dimensional. Because while they speak to the importance of having a repository of reviews on hand, they overlook how important client feedback can be on a deeper level.
“Real estate is a funny thing because your name becomes your reputation. It’s not like if you manage a Chili’s restaurant and someone leaves a bad review. That doesn’t sting like it does when someone says something about you.”
In other words, the value of a real estate review is personal. It’s emotional. It’s not a two-sentence review on the temperature of the appetizers at that Chili’s restaurant. It’s the final moment in a months-long, high-stakes journey between agent and client.
And for agents who have chosen to forgo a corporate path in order to build their own businesses, client reviews are also a rare acknowledgement of their passion, dedication and expertise.
“As a broker and agent, I don’t have a boss or a manager to tell me I did a good job,”
“I don’t get a lot of pats on the back. So when I have a client tell me, ‘I couldn’t have done it without you…’ well, that is the best satisfaction I could ever hope to receive.”
These are just a few of the insights we gathered as we interviewed all seven of our 2021 regional Agent of the Year Award winners.
In our What is the Value of a Review eBook, we delve deeper to uncover how each of these industry leaders leverage reviews to build a stronger digital footprint and to forge their own unique paths in the industry we love most.
Isn’t it time your reputation worked as hard as you do?
RateMyAgent is a digital marketing platform built for great agents to harness the power of verified reviews to validate, differentiate and grow business. Since our U.S. launch in late 2019, we have helped more than 100,000+ agents solidify their online reputations via verified reviews.
If you’re planning to build up your digital footprint this year, activate your free RateMyAgent profile today. We have integrated tools to help you collect new reviews, verify past reviews, and promote your stellar reputation to prospects, old clients and beyond.
1Bright Local, Local Consumer Review Survey
2Spiegel Research Center, How Online Reviews Influence Sales
3BrightLocal, Online Reputation Management Survey
4Talk Triggers, Chatter Matters: Word of Mouth Report