The Favorites object is used to track the recommendations that have been made to your contact. They make the connection between the recommended Listing, the Request record containing the search criteria and the potential buyer.
In addition, it allows you to add specific customer feedback about the listing once they have seen it in a showing, website or portal. The Favorite related list is visible on the contact and listing record, to facilitate the relationships between the buyer and seller.
The favorites generate their own ID, so that users don't have to enter one manually. Favorites are created when a user sends a recommendation email or tracks a listing from the matching functionality of the Browsers. These are fantastic for reporting as you can generate a workable list to identify your hot listings and what customer are looking for.