According to the REIV survey of vendors, the most critical factor in choosing an agent was the reputation of the Agent, as opposed to considerations on commissions and fees.
- Recommendation from others - 23%
- Already knew the agent - 17%
- After interviewing several different agents - 11%
- Shopping around for quotes - 8%
The CEO of the REIV shared these other statistics. Only 3% of vendors chose an agent because they had the lowest commission. Listing as a result of cold calling was a pretty low rank of 1% responses. The survey also found that more than 6 out of 10 vendors rated the experience as a very positive experience and around 8 out of 10 were satisfied. The converse is that around 20% weren't satisifed.
Reputation as you would expect ranks highest when you combine the first two factors.
I imagine the few Vendor Advocates who act for vendors, their primary selection criteria for the appointment of the marketing or selling agent is based on reputation & experience as well as hard statistics.
There is now in the US a website that turns on this very point. homethinking.com
You can select an agent based on their reputation as ranked by the shared experiences and feedback of prior vendors. Part of the websites tagline is "We promise to help you find the most exceptional realtor"
An example of a selling agent with 8 reviews (all positive)
This has been one of the factors behind the phenonomal success of eBay - your feedback rating, where any number of negative feedback can lower your rating.
The same feedback ratings could be applied to property and litigation lawyers.
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