In recent months, you may have been prompted to review a PEXA transaction, asking how easy you found completing a specific transaction on PEXA.
This review involves giving practitioners and banks from your particular transaction a satisfaction score between 0-10. These scores contribute to an individual organisation’s overall ‘Peer Rating’.
The Peer Rating functions much like an Uber or Airbnb review and ensures constructive two-way feedback, helping encourage industry best practice and foster a smooth settlement experience for all parties.
We’ve provided some additional details below to help you better understand Peer Ratings in PEXA.
What is a Peer Rating?
A Peer Rating is the overall average score from the total ratings an individual organisation has received via PEXA’s in-platform transaction reviews.
A Peer Scoreis a one off review
A Peer Ratingis your overall rank
What does my Peer Rating mean?
Your Peer Rating is composed of scores given by firms who have been surveyed on a PEXA transaction involving you. These are between 0-10, with 10 being the highest possible score.
A high score and overall rating indicates that a firm is frequently marked by peers as easy to settle with, through feedback from PEXA’s in-platform surveys.
Who can see my rating?
Only you will be able to see your Peer Rating. We will be introducing this ability to see your peer rating over the next few months. In the meantime, top rated members will be recognised by PEXA.
What drives a high Peer Rating and how can I achieve one?
High scores are typified by key factors such as:
Prompt, clear communication between parties
Timely completion of settlement tasks, with particular reference to the Transfer Guidelines
Additional instances of collaboration and peer support
Firms who consistently work to meet these criteria will help facilitate seamless digital settlements and receive higher ratings.
How can I give/receive a rating?
We survey a certain percentage of PEXA transactions. You may be prompted to complete a survey where you’ll be asked to rate the practitioners and banks involved in your transaction.
If you have any further questions on Peer ratings, please reply to this thread below.