Say you're selling a home and want to find the best real estate agent to represent you. You can rely on word of mouth and referrals, but why not use data to decide on who will best represent you?
Agent Ace (www.agentace.com), afree online resource, connects home buyers and sellers to the highest-performing real estate agent relative to a specific home.
"Consumers usually don't properly vet the person who will be responsible for one of the largest financial transactions in their lives," says Agent Ace founder, Mazen Fawaz. "The majority of the population, 90% in fact, find their agent based on advertisements or personal referrals from friends and family who have limited expertise in the area. Agent Ace provides an unbiased recommendation based on an agent's actual performance, giving the client the best opportunity for success with their real estate transaction."
Agent Ace uses quantitative historical data, analyzed by a patented proprietary algorithm, to recommend the best agent for a specific location, price, school district, demographics, and other local factors. Agent Ace does not publicly rank agents and only the users know who is recommended.
In addition, Agent Ace does not accept advertising from agents or allow agents to edit their profiles. "Unbiased information based on pure performance history allows consumers to trust that they're getting the very best agent for their real estate transaction," says the company.
Interestingly, Keith Krach, chairman and CEO of Docusign and Chairman of Angie's List, is on Agent Ace's board of directors. DocuSign is used by many securities brokerages and RIAs.
Will be interesting to see if such a methodology will be applied down the road to generate referrals to private wealth advisors.