Unleashing the Potential of Agent Feedback

As the Director of NPS Insights and Strategy at eXp Realty, Michael works closely with business leaders to shape organizational policies, procedures, and processes. With his expertise in data analysis, he drives meaningful change and fosters a customer-centric culture within the organization.

In an exclusive interview with Real Estate Business Review magazine, Michael talks about the significance of leveraging various tools and processes to extract valuable agent feedback that contributes to organizational success.

Could you outline your pivotal role and responsibilities as the director of NPS Insights and Strategy at eXp Realty?

I lead a team responsible for listening to our agents and collecting feedback from them and our staff through a net promoter score (NPS) system. Monthly surveys of thousands of agents are conducted to understand the preferences and concerns of the agents about working at eXp Realty. By synthesizing this extensive data, our team generates meaningful, actionable insights for our business leaders, empowering them to implement changes that enhance our organization. As a trusted advisor, I collaborate with business leaders to develop new policies, procedures, or updates based on agent feedback. It’s truly an exciting position as I have the privilege of listening to our agents and staff and making a tangible difference.

Can you throw light on the challenges and trends that you have encountered so far?

Many agents contemplated leaving the real estate business during the economic downturn. Our challenge was to help agents stay committed to the industry despite the economic conditions. To address this concern, eXp implemented various initiatives to support agents, including establishing a referral division. This division allows agents who prefer to only sell real estate part-time but maintain their license and earn commissions by referring businesses. This is just one of many examples. We continuously enhance agent training programs to help them generate leads, build successful businesses, and navigate through adversity.

You mentioned working with extensive data and transforming it into usable information. Please elaborate on the specific strategies or methodologies you deploy for this purpose.

Our approach involves utilizing the traditional net promoter system by Fred Reichheld, where respondents rate their likelihood of recommending eXp Realty to friends or family on a scale of 0 to 10. The subsequent question delves into the factors influencing their rating, soliciting valuable feedback. Finally, we ask for one specific improvement suggestion to make the overall experience exceptional. This is where we receive actionable ideas, including those related to agent commissions, faster payments, and more.

Calculating the score itself is a seamless process handled by our system. The real challenge lies in analyzing the open-text responses, which range from concise answers to paragraphs. To address this, we utilize the Qualtrics platform, which effectively captures sentiment and identifies actionable comments. It categorizes responses into specific topics, enabling my team to prioritize concerns and positive aspects.

Through a real-time dashboard, I can see all the comments and engage in chats with senior executives. A recent incident involved an agent’s comment regarding a process they didn’t feel agent-friendly. Within an hour, C-level executives investigated and temporarily paused the process. Within 72 hours, it was completely updated to be more agent-friendly. This exemplifies the impact the NPS system has on our business and how a single agent’s comment can drive significant changes. As Glenn Sanford, our founder, always emphasizes, the NPS is more than just a metric. It’s the ultimate KPI for effective business management.

Please walk us through any of your recent projects or initiatives, highlighting the process and technology elements that contributed to their success.

In response to feedback received earlier this year, we recognized that newly licensed real estate agents often needed guidance about where to begin. We took this feedback seriously and implemented a comprehensive approach. From the moment agents join our organization until they become productive, supervised training is provided by dedicated teams. Agents are equipped with a clear roadmap to follow, enabling them to kick-start their careers, achieve success, and become productive in the shortest possible time. We introduced mentorship programs that pair new agents with seasoned professionals who have industry experience and excellent teaching skills. We continuously refine this program to ensure that new real estate agents receive exceptional support, training, and ample opportunities for business growth.

What advice would you offer your peers in the real estate industry?

One crucial piece of advice is the importance of active listening. Whether operating in a thriving economy or a challenging one, listening to both our customers and employees is paramount. For leaders, it is essential not only to listen attentively but also to take prompt action and close the loop. This practice helps in building a successful organization and elevating business growth.