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  • Property-a-holics

    Property education, seminars, wealth gurus ... time for some transparency?

    Yesterday, I wrote a blog on my thoughts on transparency in the property arena.

    I am a great believer that transparency is healthy. It creates a "triple win" situation. For the business, for the client, and for the wider property community.

    If you have a great product that you believe in and that delivers on promises, then you should welcome transparency. If you have a poor product, then transparency allows you to learn from negative feedback, address it in an open manner, and improve your offering.

    Only people who have something to hide or a spurious agenda would fear transparency.

    Therefore, I think it's time that the wealth creation industry stops talking about all their *amazing* courses and the results they produce for people, and starts letting their delegates do the talking.

    People should be facilitated in posting their views on the different courses, seminars, and wealth building programmes on the websites of these companies. These reviews should be un-moderated ... to allow the good, the bad, and the ugly. The company that does this will be the winner in my opinion, because transparency builds trust.

    These should be reviews of people who have taken action and succeeded. Not testimonials from people who are "high" on "ra-ra" at the end of a course and have not actually done anything with the information, or put it into practice.

    Or maybe there should a website like Trip Advisor that hosts these reviews?

    What does the tribe think of this idea?

    Will it ever come about? I somehow doubt it but I would really be delighted to be proved wrong.
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    I think you will find a mix and potentially not many comments that are helpful. A few reasons why.

    1. Unmoderated comments will lead to some liability issues.
    2. Most of the failure from many courses is down to the student. They give up before they succeed. Maybe they never should have been let in to the course in the first place. Just hard to know who will do something and who will sit back and do nothing.
    3. I am not sure we can enforce rules for who can post. While we might want to hear from folks who have applied the information, knowing what they applied, how much they applied, etc is not obvious.
    4. I expect it would be closer to a meeting in a pub where people tend to say what ever they feel like saying. In other words the quality is not really easy to judge.

    I do not use Trip Advisor so I am not aware of exactly how it works. Assuming it is mostly used by people rating their trips or providers of various things on a trip, the community is much more passive. Stating what I think of a room, the pool, the train, etc does not require me to do much. The success or failure of the service/product being reported on has little to do with the person reporting. While it would be a subjective rating, my competence or how much I applied myself does not really come into play.

    I like the tilt towards transparency. At the same time most self-help or personal development programs are hard to rate as it depends so much on the individual.
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    John Corey 


    I host the London Real Estate Meet on the 2nd Tuesday of every month since 2005. If you have never been before, email me for the 'new visitor' link.

    PropertyFortress.com/Events

    Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.

    Thank you John. Very valid comments.

    I guess I am hopeful of finding a way where these courses and mentoring programmes (some of which charge £10K per person) can be evaluated by people who have actually been on them.

    It is understood that some people do not take action and will therefore not succeed, not matter how many courses they go on.

    But by the same token, there are people who do succeed, and there are people who do everything they were told, but do not succeed.

    These reviews would help show who the course is suitable for.

    Many of these courses have been running for a reasonable time, so there must surely be people out there who have taken the course or mentorship, and are able to give some feedback one way or the other?

    The course provider will know if it is a person who has actually been on the course or not, so I doubt that "fake" people could stir up trouble.

    Only 14% of people trust advertisements, but 78% of people trust community review.

    Where is the community review of these wealth creation programmes?

    Other than forums, there seems little transparency.

    I would love to see the likes of Progressive run with idea. There is a lot to be gained by a company who leads by example and sets standards.







    It could create a ruckus, which is healthy for any industry.
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    Vanessa,

    I think the concept is fine. I just believe the implementation will be rather messy. Like student ratings of a professor. If the rating was tied to the success of the student after they started work, it would be very different than if the rating is based on if they like the professor. Forget the time lag.

    At some level all the course providers do depend on word of mouth. Maybe someone else can think of a useful rating system. With ebay you rate the seller but the criteria is pretty narrow (goods received; goods matched description; service was as expected).

    Are there any rating systems for university courses rather than individual professors? I am talking about student feedback rather than league tables. Even if we used league tables, what does the university rating system really say that impacts the choice of the applicants?
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    John Corey 


    I host the London Real Estate Meet on the 2nd Tuesday of every month since 2005. If you have never been before, email me for the 'new visitor' link.

    PropertyFortress.com/Events

    Also happy to chat on the phone. Pay It Forward; my way of giving back through sharing. Click on the link: PropertyFortress.com/Ask-John to book a time. I will call you at the time you selected. Nothing to buy. Just be prepared with your questions so we can use the 20 minutes wisely.