Tuesday, November 18, 2014

Feed-Back: The Good – The Bad – The Ugly…

Receiving honest, yet constructive, feedback from buyers through their agents is sometimes an impossible task as a listing agent. The following info is for both Listing and Buyer Agents in an attempt to make giving and getting feedback a stress free part of your daily “to do” list.

The Good:

Start off by asking good questions of the buyers… making it easier for you to relay their thoughts to the Listing Agent…
1. What Was Your First Impression Of The Home?
2. How Do You Compare This Home With Others You Saw Today?
3. What Do You Like Most About This Home?
4.  What Do You Like Least About This Home?
5. Could You See Yourself Living In This Home If You Could Get The Right Price And Terms?
6. What Is Your Opinion On The Price?
7. If The Price Is High…What Price Would You Consider “Fair Market Value”
8. Would You Consider Making An Offer On This Home If Priced At “Fair Market Value”?

The Bad:

Buyers Agents: Never ignore feedback requests from Listing Agents… Sellers expect to receive feedback from the agents who have shown their home…and rightfully so. They are eager to get an offer…As a Listing Agent it is your job to test the market…without feedback… there is no way to “grade” the homes true marketability.
Listing Agents: Educate the Sellers up-front how not every agent who shows their home will provide feedback…even after multiple requests…

If you are one of those agents who refuses to provide feedback and also lists homes… when those “jilted” listing agents show your future listings it may be difficult to get feedback for your sellers… (Reciprocation in action) … Sad but true.
The Ugly:

Giving negative feedback in a negative way…ie: “The Buyers said your listing was butt-ugly and stunk like an out-house”...”and if the sellers think they will ever get close to what it is currently listed for they are just plain stupid!”… “And what were you thinking taking the listing at that price… in that condition?”.
Intermix negative feedback in a positive way…ie: “The Buyers felt the home was a bit outdated and could use an odor abatement system to improve the indoor air quality” …”they also felt when compared to other comparable listings they have viewed this home was priced well above fair market value” …”If your seller is willing to substantially reduce the asking price I will ask the buyers if there is any further interest… thanks for allowing us to view the property.”

I hope this will help you to get and give better feedback for sellers…They Deserve It!
Eddie Brown ©2014