|By PR Newswire||
|February 10, 2014 09:09 AM EST||
MCLEAN, Va., Feb. 10, 2014 /PRNewswire/ -- Why do online marketplaces take the same approach to connecting buyers and sellers of professional services that is taken by online marketplaces that connect buyers and sellers of fungible goods? That is a question that has perplexed Neil Sandhu for at least the past decade. In 2006, Sandhu founded HireTrade, a website that was intended to provide a better system for connecting professionals with clients. HireTrade was ultimately shut down, both because Sandhu had not yet perfected his system for connecting buyers and sellers of professional services and because he relied on third-party web developers for the website. As the old adage goes, if you want something done right, do it yourself. After shutting down HireTrade, Sandhu taught himself to code and his new company, ProfectMarket LLC, has just launched ProfectMarket, the Perfect Market for Professionals (http://profectmarket.com).
What makes ProfectMarket unique from the countless other websites that attempt to connect buyers of professional services with professionals? The short answer is that ProfectMarket does not treat professional services like a fungible product. There are several reasons why personal referrals are the preferred method by which most sophisticated clients still connect with professionals, rather than relying on Internet marketplaces. Most important among these is both that the level of service that professionals provide is so variable from one individual to the next and because the level of service a particular professional will provide on a project depends on how closely the project specifics align with the professional's exact expertise. Thus, it would seem to follow that an online marketplace must use different methodologies in connecting buyers and sellers of professional services than those methodologies that are sufficient in connecting buyers and sellers of homogeneous goods.
To that end, ProfectMarket's patent-pending ratings system harnesses the collective wisdom of the crowd to provide a rating as to a service provider's expected performance on a particular project, in tandem with ratings provided by the buyer of professional services upon project completion. Expert raters who provide highly accurate ratings to qualified professionals will be rewarded by ProfectMarket for such ratings, whereas inaccurate raters will be penalized.
Sandhu said, "ProfectMarket's system is really just the old trusted referral method on steroids, powered by the Internet."
Sandhu is certain that he learned far more from HireTrade's failure than he would have had he not shut it down. While success has not come overnight, Sandhu is confident that this time around his company will live up to ProfectMarket's moniker as the Perfect Market for Professionals.
Read more news from ProfectMarket.