A Best Estate Agent Guide is to be published for the first time this autumn.
The launch was announced yesterday evening by The Property Academy.
The Guide will be unveiled at a new event, The EA Masters, on September 22 at the Intercontinental 02 hotel, where last night’s launch was held after the ARLA conference.
The new event and the new Guide between them replace the Estate Agency and Letting Agency of the Year awards events, which have now been ‘retired’.
The Best Estate Agent Guide will highlight the top 20% of estate and letting agent branches as assessed by The Property Academy, who will base their findings on a combination of agents’ performance and customer service.
Property Academy CEO Peter Knight said: “Working with the unrivalled data from our principal partner, Rightmove, we will have assessed over 25,000 estate agency sales and lettings branches from all models – including traditional, online and hybrid.
“This Herculean exercise includes an assessment of 3m sales and lettings transactions including those that didn’t go on to complete, 50 million leads and 3 billion property views of the 1 million plus properties that appear on Rightmove at any one point in time.
“As if this wasn’t enough, in addition to analysing this massive amount of data, the Property Academy is now in the process of carrying out the biggest mystery shopping exercise ever undertaken. Over 30,000 sets of consumer interactions will be analysed, along with the data, to identify both the performance and the customer service experience that estate agents across the country are currently delivering.
“And please can I highlight that this analysis has been carried out on a location-by-location basis. The estate agents of Liverpool compete with all agents in Liverpool, likewise Mayfair with Mayfair, Leeds with Leeds.
“Unlike any other study carried out before, we have drilled down to location specific analysis and thereby recognise the geographical differences. One of the main reasons for doing this is to be able to truly identify those estate agents that perform the best and deliver the most positive customer experience in an objective way.
“And these high-performing agents, the best in sales and lettings across the country, will appear in ‘The Best Estate Agent Guide’ which we will publish immediately at the end of The EA Masters event on September 22.”
The c.6,000 branches that will be highlighted within the Best Estate Agent Guide will be graded on three levels: Rated, Merit and Distinction.
They will be able to display a distinctive shield device within their own marketing, plus the shields will also be visible within a variety of places on Rightmove.
A major consumer marketing campaign will increase awareness of the Best Estate Agent Guide which the Property Academy is determined will become the reference point for sellers, buyers, landlords and tenants when they seek to select an agent to work with.
The estate agent offices that have been selected to appear in the Best Estate Agent Guide will be announced at the EA Masters celebration dinner on September 22.
Before that will be the largest estate agency conference and exhibition that has ever been seen in the UK with over 1,300 business owners and senior directors expected to attend.
Knight said: “It’s going to be an incredible full day delivering what we call four-i … information, insight, ideas and inspiration.
“The conference will focus totally on business improvement, innovation and the latest products and services. The EA Masters will include a line-up of world-class business speakers and also some of the most successful estate agents from across the globe who will share their experiences as well as their latest ideas on how to compete profitably in these changing and challenging times.
“We will also have a stunning exhibition where Rightmove, our principal partner, will highlight their latest developments and new features, and we expect the EA Masters Exhibition to be the place where, each year, all the leading supporters to the industry will also announce their latest products and services, upgrades and new editions.”
Nick Salmon, managing director of Property Industry Eye, who was at yesterday evening’s launch event, asked how all this was being financed.
Knight said: “We will charge a licence fee with a range of packages that start from just £100 a month.”
He added: “But let me make a key point: no agent has to pay a penny – we will have carried out this exercise and will be publishing the Best Estate Agent Guide without any upfront contribution from agents. All the branches that are Rated or receive a Merit or a Distinction will appear in the Best Estate Agent Guide for free.
“Those agents that wish to enhance and promote their rating, on their website, advertising, boards and elsewhere, will pay the modest licence fee, but let’s face it, £100 a month to be identified by an independent assessment of this scale and rigour is, I believe, exceptional value.”
The Best Estate Agent Guide will be updated annually with the same approach, although Knight stressed that The Property Academy will seek to continuously improve the process.
He said: “In the same way that the Google algorithm has developed over the last two decades, so we will refine and improve further on our assessment criteria. In other words, what we’ve developed isn’t perfect yet. But, compared to anything else in this industry, our study and accreditation is in another league.
“Those branches that are published in the Best Estate Agent Guide can rightly be proud that they’ve truly earned their accolade.”
Potentially an excellent idea however, a note of caution. Rightmove’s figures have been and continue to be manipulated by agents portaljuggling on an industrial scale in some cases and, as with all statistical questioning, it is which questions you ask and how you ask them that can determine hugely differing answers.
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My eaerlier post was my initial thoughts as I rushed out of the door following the news of a colleague unfortunately being off ill today. Accordingly, on the way into work, I gave this further thought.
One persons idea of what constutitutes an ‘excellent’ secret shop call is often diametrically different from another. Estate agency is intrinsically a local business (around a maximum 30 mile radius on average for the UK as a whole) and wildly different market conditions and requirements prevail dependent on area. What I would regard as a well handled call in my office, a city based agent would probably either laugh at or throw their hands up in horror and, vice versa.
If Rightmove try to make this a ‘one size fits all’ who has sold the most rather than looking more cleverly at the data it runs a serious risk of shooting itself in the foot.
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rubbish idea…unless I win..;)
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At the article – Blah blah blah £100 a month blah excellent value. – Fek off.
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Father Ted would be proud of you seenitall !
What next:
I know how about charging for your own logo on your own property advert ?
Silly me, that has already been done.
Voiding their promise not to share data drawn in from your listings?
Has this been done too?
Instant alerts whereby hot applicants sign up with them rather than the agent?
Has this been done too?
Reducing your google SEO by using instant alerts to draw enquiries away from your own website so you may have to consider their Optimiser product?
Has this been done too?
Keeping agents disunited by selling prospecting products?
Has this been done too?
Reducing the control traditional agents have on the market by facilitating the growth of the loss leading call centre agents?
Has this been done too?
Rating agencies for further profit and control?
Arrgggh the penny is dropping?
Not happy!
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A complete waste of time to produce a large white elephant! It is impossible for an external agency to assess any business without prior consultation and understanding of that particular business model and objectives. Rightmove data is consistently inaccurate, manipulated and in some cases just plain nonsense!
This is yet another manoeuvre in an ongoing attempt by Rightmove to get all the uk agents dancing to their tune and completely reliant upon the portal. No doubt this report will be hyped and published with all sorts of claims and agent rankings which will not be a true reflection of the industry or individual companies…data analysts and telephonic surveyors commenting on something they don’t really understand…nothing new there!
Anyone up for creating a Property Portal Acadamy? I will decide on the assessment criteria and write the publicly available reports stating my expert opinion, after all, I can use Facebook so I must be an expert on everything web-based!
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I despair !
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Personally, and I know a number of readers will disagree, I think this is an excellent initiative from Peter Knight and Rightmove.
Peter Knight emphasised last night that “there will be mistakes” (particularly in the first year of operation) and that, like Google algorithms, the assessment process will no doubt evolve in the years ahead. But basically ( as I understand it)… this will be the BIGGEST estate agency mystery shopping exercise ever, combining assessments of customer experience with estate agency performance to produce a credible list of estate agents who are identified as being in the top 20% of agents in their location.
Of course there will be issues, of course there will be disagreements, and of course there will questions raised that are difficult to answer… but come on… let’s applaud such an imaginative and frankly ambitious enterprise that clearly seeks to encourage the “good guys”!
I say “THANK YOU”
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Simon, I absolutely agree with your comments.
I assume that those saying it’s a waste of time have no interest in improving and must already think they’re the finished article already…
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Not so Chrispy,
We are constantly gathering customer feedback, developing new services and improving stratergies, but surprise, surprise, I don’t wish to share any of that with my competition who are generally at best, pretty poor, any very quick to copy others.
Neither do I support OTM (even bigger waste of time!) or advertise on Zoopla. Rightmove is my only portal and I do not intend to look elswhere. What I object to is that a company whom I pay to provide a service for me have decided that they now have the ability and the right to assess my business and publish their findings!
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Remember how a simple trade deal turned into a European superstate with total control?
Can you remember when RM was simply a paid for advertising platform who assured and promised estate agents that they had no data control/sale ambitions?
Did RM ask you if they could use your data in such a way?
Should this not be free?
Step by step agents are losing more and more control of their businesses?
I trust Robert May could already do something similar for considerably less cost per agent perhaps with the approval of NTSEAT?
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Winking emoticon!
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The Best Estate Agent Guide will highlight the top 20% of estate and letting agent branches as assessed by The Property Academy, who will base their findings on a combination of agents’ performance and customer service.
Absolute bull.
“This Herculean exercise includes an assessment of 3m sales and lettings transactions including those that didn’t go on to complete, 50 million leads and 3 billion property views of the 1 million plus properties that appear on Rightmove at any one point in time”.
An impossible task! The man hours and cost to follow-up 100 leads takes weeks. I can only assume that this is nothing more than a publicity stunt with limited assessment or as I suspect “a generalisation”, which is not a guide to an agents ability. The catch is the £100 to get you to promote so that you are not left out in the cold.
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Lots of digital analysis of lots of digital/online interaction – whilst not irrelevant this will most definitely NOT be a credible, reliable or robust way of assessing who is or isn’t a top performing agency – convenient, cost effective and quick it may be but that’s about it!
Hats off for the commercials though – Mr Knight only needs 50% of the lauded ones to succumb to his flattering eyelids and he’ll be £3m PA to the good
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Agents are also being mystery shopped on the phone as part of the assessment. One of the branch managers where I work said that Rightmove had phoned him in the last two weeks to advise that his office had been assessed several times and that his office was in joint-first position with another agent in his area.
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Mmmm…..shouldn’t that be The Property Academy phoned him rather than RM?
Joint first position is a shame as they may both have to pay for the shield now?
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I think it’s sometimes easy to dismiss these things but there are some important points:
Firstly there is no one else attempting a wide ranging assessment of the property industry and I think it should have one.
Secondly my understanding is that the assessment or grading is free. If you fall into the top in your particular area then you pay if you want to advertise it.
Thirdly we are assessed all the time by customers so how is this any different.
All in all if any of my offices don’t figure then I will know I have some areas to work on, if they do then I have a commercial choice to make…. Exactly the way it should be.
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Just say no! If you are any good and care about your business you are already investing in training, listening to your Rightmove calls, looking at ways to improve your service, the marketing and gathering feedback.
If you are not getting stock on and not selling or letting much, you don’t need a report to tell you about it, you will feel it, much the same as if your are the market leader.
It’s yet another attempt to extort money from our industry, another in a long line of leaches, that see us a the gravy train that keeps on giving.
Rightmove already mystery shop and have lots of data. They can throw whatever resource they want into this project, so why don’t they put something back into the industry, the industry that pays them so well and throws up profit margins of circa 75%. Why don’t they do it for nothing if this is all about improving standards in the industry?
If they already have the raw data why not just release another report with the findings? If it’s too much bother send me the info and I will have it printed, bound, pdf’d, gold wrapped, electronically enhanced, digitalised, embossed or whatever you want and it won’t cost £3m!
The reason, as rightly pointed out above, if half of the agents in the magical 20% pay £100, it throws up another cool £3m a year and that works better for all involved. And they will because they will be scared not to, because once the first starts it, the rest will follow!
Why not use £4m of the £144m they made last year to help their customers expand, provide the training to be the best or one of the myriad of things they could do to help the industry? Help the people (if they so badly need it) that help make you what you are today?
But if you won’t, which for all parties involved, is their prerogative, then do us all a favour and don’t dress this up as anything else than another way to make money out of the industry.
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Every year I am nominated as one of the best agents in the country by an international organisation….and I only have to pay £1,000 to them so they can advertise it all over the world for me.
If this is such a good idea it should be done at no cost to the winners…funded out of the profits of the organising company. Otherwise it will be perceived as an award that can be bought…..and therefore of no value whatsoever.
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The catch = …. but let’s face it, £100 a month to be identified ….
to be able to promote the shield it will cost me £1200 for a year, add into that it will cost about the same to attend the EA Masters celebration dinner and what about those that don’t use RightMove! Sounding more like a publicity stunt to make money.
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And these shields that appear on rightmove.co.uk – do they come free and will Rightmove ask permission before publicly displaying their opinion/grade of agents (their clients)?
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So they can use our branding in their guide but it’s £1200 to use their branding, I’m not sure how that stacks up.
What’s to stop an agent referencing their guide and not paying a licensing fee, they’ve included agents names/branding without their permission so it would be somewhat hypocritical to charge for the reverse. Surely referencing your attribution within their guide without using their branding directly would be fine? especially as they were denied a trademark for their brand.
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Let’s do the math…..all these BIG numbers…there must be a good number of employees working a good number of hours…….
The most fascinating number is the MODEST licence fee of £100 a month to be identified by an independent assessment of this scale and rigor : £100 x 12 months x c.6000 branches = £7.2m
With 69 cities in UK and 6000 agents listed on the guide, does this means that I would be listed as Best Agent in my little village where I am the ONLY estate agent anyway?
From the article: “Working with the unrivalled data from our Principal Partner, Rightmove, we will have assessed over 25,000 estate agency sales and lettings branches from all models – including traditional, online and hybrid. This herculean exercise includes an assessment of 3 million sales and lettings transactions including those that didn’t go on to complete, 50 million leads and 3 billion property views of the 1 million plus properties that appear on Rightmove at any one point in time. As if this wasn’t enough, in addition to analysing this massive amount of data, the Property Academy is now in the process of carrying out the biggest mystery shopping exercise ever undertaken. Over 30,000 sets of consumer interactions will be analysed, along with the data, to identify both the performance and the customer service experience that estate agents across the country are currently delivering….”
“The c.6,000 branches that will be highlighted within the Best Estate Agent Guide will be graded on three levels: Rated, Merit and Distinction and they will be able…..”
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