Buyers Feedback

Posted by on Sunday, February 2nd, 2014 at 4:38am.    1101 Views

It could get the buyer’s agent in trouble. 

Has this ever happened to you? The moment the buyers pull out of your seller’s driveway they are on the phone with you asking for the Buyers FEEDBACK! Who gives the buyers feedback? The buyer’s agent...right? Let’s think about this for a moment. If I tell the absolute truth on the listing agent’s survey they call FEEDBACK I could be in a lot of trouble. Here's why:

First of all I only work with qualified ready, willing and able buyers. Don't we all? In my exclusive buyers agency contract it says I will find them the right home and they will buy the right home. OK so far. We spend an afternoon looking at 5 or 6 homes all of which meet my client’s requirements. One of them will potentially become my buyer’s new home. Here is where the system is broke. The moment I return to my office I will have requests from all the listing agents for my FEEDBACK. The way I answer the survey questions could put me and my client’s relationship in jeopardy.

For example: Your buyers thought the home was priced: 1) below market, 2) just right, 3) a little overpriced, 4) very overpriced. Or this question. Your buyer’s interest in this home is: 1) Very interested, 2) Somewhat interested, 3) not sure, 4) not interested at all. Or the essay question: Any other suggestions and comments?

This is my dilemma. If I answer these questions honestly the seller will expect a full price offer with little to no contingencies...Right? That's why I have to lie. Yes, my buyer absolutely loved this home; they are ready to pay the asking price if necessary. If the seller knows that...Well, that's FEEDBACK fallacy. So who can you believe?

What are the sellers looking for with FEEDBACK anyway?

I don't think it is my job to load up a car full of buyers and drive them around houses in Cincinnati to report back to the seller that their home smells like animals, the carpets need replaced and the kitchen and baths need updated and the 30 year old wallpaper needs to be removed and get a fresh coat of paint. That just isn't my job. They should have realized that before putting the sign in the yard. That is their listing agent’s job. When I get there with my ready, willing and able buyer the home should show to sell and be priced to sell. Then my buyers will reward one of them with the ultimate feedback...an offer to purchase. If the listing agent doesn't hear from me, get over it. My buyer just wasn't interested. Fix the problems and sell the listing and stop flooding my inbox with your sellers request for FEEDBACK!

2 Responses to "Buyers Feedback"

G Renee Rose wrote: I often wondered how information got to the homeowner after showings. This system seems a little awkward doesn't it. I have worked with Gary Rossignol. He is really thorough and helpful. He explained the whole feedback situation and I appreciate him keeping my true feelings about my favorite homes confidential until I was ready to make the offer. If more Realtors took their job as serious as Gary more homes would show better and/or be priced better making it easier to sell and buy homes.

Posted on Sunday, February 2nd, 2014 at 2:22pm.

Tim Parker wrote: Gary,
Very nicely put. You are right in that feedback is often the only way that a listing agent can get the guts to tell sellers what is wrong with their home. These listing agents are the most likely to take an overpriced listing, are incapable of negotiating things that need to be done, and don't have the where-with-all to approach a seller with the "bad" news. They believe that they can use the Buyers' feedback to get the Sellers to do what they need them to do to get things right. The problem with this is that, usually unbeknownst to the Sellers, an opportunity at a Buyer just passed! Ouch.
As a point, I will be posting an article soon about a similar issue. The one thing that I want from every agent who is showing one of my listings is the Name of the Buyer! My article will explain how, as professional Realtors, this information is essential for the protection of Agency agreements that both Listing and Buyer Representatives have (or should have) in place.

Posted on Monday, February 3rd, 2014 at 2:27pm.

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