Updated: Nov 13, 2019
There is nothing worse than being hounded by a Seller’s Agent or Listing Agent for feedback. As a Buyer’s Agent you are often asked from Seller’s Agents/Listing Agents to “provide feedback.” Okay, so what does that mean? And, how is the Listing Agent going to “use” the feedback? Here are 3 Simple Rules to follow:
Let the Listing Agent know if the property is a possibility for the Buyer. This is really what the Listing Agent wants to know. If the property is on the Buyer’s “list” of properties that they may purchase, then it is to your advantage to convey that to the Listing Agent. No, you are not “showing your hand.” What you are doing is putting the Buyer in a position to purchase if they end up wanting to pursue that property. If you don’t let the Listing Agent know that the house is a contender then you may not be on the “notify” list if the house receives an offer or if the price is reduced. You never know when a property will receive a Purchase and Sale Contract. Your Buyer is not the only one out there looking for a place to live.
Cautionary tale – on Wednesday before Thanksgiving I showed a house across the street from a cemetery. Weird layout, had been on the market for almost 6 months. The Buyers asked if it was safe talk it over with their family over Thanksgiving. I said, “oh, of course, sure, take your time,” thinking that this property would definitely not sell. And, since it was the Wednesday before Thanksgiving, I forgot to let the Listing Agent know that I may have an interested buyer. Well, well, well….what do you think happened? Yes, by the time the Buyers got back to me on Sunday the house was under contract.
Because I never contacted the Listing Agent to express the Buyer’s possible interest in the house he assumed that they weren’t interested so he never let me know their was a Purchase and Sale Contract on the table.
Give the Listing Agent the positives and the challenges that the Buyer expressed when at the home. If the Buyer loved the pool, kitchen, game room, etc. make sure you pass on those positive words. Most of the time Sellers actually cringe at the possibility of feedback because it is usually all negative. Likewise, when Buyers are looking at a property they are trying to figure out if the floor plan, bedrooms, size, etc. will work for their needs and it is challenging to find the total package. Honest and helpful feedback may help you sell that home. If they liked everything about the house but couldn’t figure out where to add a ¾ bath on the first floor, please let the Listing Agent know – he/she may have an architect’s drawing on hand. Or, if the closets are too small, pass that along also – he/she may point out extra storage in a basement cedar closet. A competent listing agent can be your best ally in helping your buyers find the right home because he/she may know how to overcome that objection.
Skip the analysis of the condition of the house. I am not sure why Buyer’s Agents feel that they need to point out the obvious. The Listing Agent has been in the house. The Seller lives in the house. So, crowing about the “wallpaper, old appliances, dated décor” is just superfluous. I remember hearing about an agent who went to a listing appointment and spent the entire time explaining to the Seller that the green shag rug was out of style, the appliances were forty years old, the dark walnut cabinets with brass knobs were dated and that the macramé plant holders were “oh so 1970.” Who knew? In other words, yes, the Listing Agent knows the condition of the house. Some Buyers want to renovate properties thanks to HGTV so the dated condition may be a plus. Keep an open mind. Not all Buyers want everything “move-in” ready.
Still have more questions about Buyer Feedback? Wondering how to handle buyer objections? Try my one-on-one coaching program to increase your success rate with buyers.