NeighborCity.com, the real estate agent ranking website, is drawing the ire of the MLS community for listing top performing agents.
The site claims that it uses a proprietary formula to rank agents based on information pulled from MLS sites. But some MLS are claiming that what NeighborCity posts is inaccurate, incomplete and based on copyright-protected information.
The issue at stake is the ranking of real estate agents in each zip code. The site ranks agents according to a proprietary formula that pulls data from multiple MLS and spits out a score.
The problem is, NeighborCity won’t tell anyone how they rank the agents, and some agents, who believe that they are poorly graded, are crying foul at the mystery formula.
This isn’t the first time that NeighborCity has drawn the ire of real estate agents. Early this year, two MLS filed copyright lawsuits against the website.
The earlier lawsuits allege that NeighborCity’s owner and operator, American Home Realty Network Inc., reproduced, displayed and distributed copyrighted listing content, including photographs, without the MLSs’ authorization.
These ranking errors seem to rely on past data and make it even harder for new agents to break into the market. Is this a new way of freezing out some agents?
Have you seen the new agent rankings on NeighborCity? Do you believe that your score is accurate and fair? Or are you also frustrated with this “secret formula?”