Baron Briefs

Imagine your parents are retiring, moving to Florida, and have asked you for help with “meeting a nice Realtor®” in Naples. Unlike the client referral I sketched in scenario #1, this referral is very personal. A referral fee is your least concern. Your parents are aging and they need to be handled by the best. However, you don’t have contacts in or near Naples, Florida. Here’s how a ReferralAuction™ can help:

#1 – Like I said above, a referral fee is your least concern. Therefore, all three bids—opening, reserve, and stop—remain at 0%. Basically, the first agent who meets the minimum required AgentRank™ gets your parents’ business.

#2 – But submitting a bid in this scenario is easier said than done. The minimum AgentRank™ in this case is 10—the highest ranking available—which means unless an agent has an impeccable sales history and glowing client reviews, he or she will be unable to bid for your referral.

Any questions?

Imagine you have a client who is moving to Dallas. You have the listing in California but the client has not yet made a connection with a buyer’s agent. The client asks for a referral, but you don’t have any contacts in Dallas. You want to ensure your client is handled properly, but you also want to fully monetize a client referral that will almost certainly result in a sale for the buyer agent. A ReferralAuction™ can help you achieve both objectives. Here’s the play call:

#1 – The auction opens bidding at 0%, but the “Reserve Bid” ensures a bid of 20% is received before the client’s contact information is revealed to a buyer’s agent. If the auction ends with a bid less than 20%, your identity and that of your client remains hidden from any potential buyer’s agent.

#2 – Assuming the “Reserve Bid” is satisfied, the “Stop Bid” ensures bidding doesn’t exceed your idea of “fair value”. When bidding reaches the “Stop Bid” amount, the referral auction immediately closes and the referral is awarded to the highest bidder.

#3 – The “Minimum AgentRank™” guarantees bidding is available only to agents who have a proven history of closing sales and pleasing clients. In the scenario above, only agents with a ranking of 8 or above are allowed to bid for your client referral.

Any questions?

….as I outlined almost two years ago in our discussion group:

1. Agents/Brokers can leverage our ZIP code notification system to instantly alert agents of an available referral and don’t need to seek out individuals on the Web/mailing lists.
2. Agents/Brokers can leverage AgentRank(TM) to ensure they are handing the referral off to an agent/broker with a proven track record.
3. Agents/Brokers can maximize their potential referral fee by leveraging the auction platform.
4. Agents/Brokers can utilize our feedback system to rate brokers/agents who both offer and accept referrals. Similar to eBay, a feedback system can be nice leverage to keep both parties of a referral transaction honest.

Today, we’re expanding our patent-pending auction platform to include business referrals among Realtors®. The new product, ReferralAuction™, allows real estate brokers and agents to efficiently find and qualify out-of-town agents to handle their referrals.

As a Realtor®, you likely already swap referrals both on-line and off. However, when referring your client to an agent whom you’ve never met, two questions remain:

1. Is the agent qualified to handle the referral?
2. Will the agent pay my referral fee if a deal is done?

A ReferralAuction™ uses the AgentRank™ algorithm to ensure a referral is awarded to an agent who has a proven track record to make a sale.

Both the referral source and recipient have the opportunity to review the performance of each to discourage deceitful behavior.

….is coming soon and it’s going to be BIG!

I’m recruiting volunteers from the RE.net to sit on the inaugural board of governors. A summary of the AgentRank™ Board of Governors:

1. Responsible for maintaining the data point composition and weighting of the AgentRank™ algorithm.
2. Eighteen (18) high-profile real estate professionals located in the United States actively serve on the board of governors at any time.
3. Six (6) high-profile real estate professionals located in the United States sit as alternates in the event any sitting governor cannot perform duties, i.e. leaves real estate business, conflict of interest, etc.
4. Governors are granted an undetermined amount of quasi-currency each quarter of active duty which can be redeemed for stock options equity in RealtyBaron, Inc. in the future.
5. Initially, governors are appointed by RealtyBaron, Inc. but will be elected by the community in the long-term.

If you’re interested in volunteering, please contact me for more information: mdugger (at) gmail (dot) com

For several months, I’ve been working on a new listing product for Realtors. An important component is listing distribution. RealtyBaron already syndicates listings to Vast and allows agents to publish to Craigslist. But our listing product launching in early 2008 will require syndication to each and every listing destination site that accepts bulk feeds. And while RealtyBaron was early early-ish to the distribution game, we’re certainly not alone.

Listing distribution has become ridiculously easy. In just a few hours, I added feeds for CityCribs, Citylist, CLR Search, Oodle, Propbot, Propsmart, Trulia, Zillow, and Google Base. Once the feed format is known, it takes less than a few minutes to start churning out an XML file to feed a destination site.

All of which has me thinking about a future where listings seamlessly flow around the web. Can any one destination site gain a competitive advantage and win the listings race once real estate listings are ubiquitous? Probably not, me thinks. Instead, big destination sites will likely continue squeezing more search, more filtering, more analysis, and more data (sales data, demographics, etc.) into the same 1024 by 768 pixel space in an attempt to make sense of it all. Additionally, make room for more banner advertising to pay for the development of aforementioned features. Which brings me to…

Many Realtors continue to fear losing control of their listings. However, I can imagine an ironic outcome in which losing control of listings produces an explosion of information which eventually overwhelms and/or confuses the consumer. As a result, buyers and sellers who once went to Realtors for access to information increasingly use Realtors to slog through and interrupt the overly abundant data.

- The first MyAgentRank™ badge appears.

- MyAgentRank™ first day in the Widgetbox gallery.

- MyAgentRank™ receives its first kudos from RealtyThoughts:

…kudos go out to AgentRank for their brilliant widget! What an outstanding way to spread the word about their product by helping their agents show how good they are.

…not bad for day two.

In the spirit of “2007: year of the widget“, I released MyAgentRank™ over the weekend, a product that will take AgentRank™ to a new level. MyAgentRank™ is a “snippet” of HTML code that displays an agent’s AgentRank™ when inserted into their website or weblog. Visitors see the agent’s AgentRank™ in real-time plus a snapshot of the agent’s experience, sales, and endorsements. The visitor can click through to AgentRank.com for a detailed report of the agent’s track record. I’ll add the newest AgentRank™ components–Market Forecasts and Weblogs–to badges soon.

Ultimately, MyAgentRank™ is a lead generation tool for agents…albeit for their own website or weblog…by making a stronger case for visitors to complete a form or pick up the phone. Best of all, MyAgentRank™ allows the best agents to differentiate themselves from the competition because only a select group can display a “9″ or “10″ regardless of MyAgentRank™’s popularity.

To prevent gaming the system, MyAgentRank™ allows rankings to be flagged for review by staff. Community review is a new dimension for AgentRank™ which has been totally data-driven until now.

If you’re an agent, you can get your free MyAgentRank™ badge by completing the AgentRank™ setup.