Redfin Nixes New Agent Performance Tool
Only a week after its debut, Redfin announced it has pulled the plug on its “Scouting Reports,” which offered performance metrics and transaction history on individual real estate agents that set out to help consumers choose agents. Redfin cited problems in multiple listing service data as the reason for pulling the reports.
The new tool, which included sales data on individual agents, launched in 14 markets last week. Sellers could search by an agent’s name to get the agent’s current listings, sales during the past three years, median sales price, and average number of price reductions per property.
Redfin said that problems with the data were mostly centered around when agents worked in teams informally or when it wasn’t noted on the MLS if an out-of-town agent represented a buyer in a transaction, according to a blog post by Glenn Kelman, Redfin’s CEO.
“Only a tiny fraction of transactions weren’t accounted for, but it would have been enough to destroy our credibility if we had insisted on keeping Scouting Report live,” Kelman posted on Redfin’s corporate blog. “Had the data been accurate we’d have defended ourselves from MLS and agent complaints till hell froze over, but in the absence of accuracy we have no defense.”