Feedback, tact and holding back
Realtor Notebook
By Teresa Boardman, Thursday, March 19, 2009.
Flickr photo by pheezy.Feedback is always important to home sellers. They want to know what buyers think about their home. Is it priced right? Does it look nice? When I represent sellers I set them up so they get feedback from showings e-mailed directly to them as soon as it becomes available, and then I follow up once a week with a phone call to let them know what is going on in the local market and to discuss the showing feedback from that week.
Sellers want to know what I am doing and everything about the listing. Some agents give feedback and others don't. Last year, an agent made some nasty remarks on the feedback form and greatly upset one of my sellers. I could filter all of the feedback, but I don't believe in it. I want the sellers to get it all just the way it is. I have learned to let my sellers know that not all buyers' agents use tact and diplomacy on the forms.
I look at giving feedback on the homes I show my buyers in a completely different way. I give little feedback. I will not answer any questions form about pricing, or condition. That covers most of the questions asked. If the price question is a required field, I check the box that says overpriced. I fill in the comment section only if the comments are negative, but I take care to be as tactful as possible.
When I represent a buyer I owe them confidentiality. I don't owe the sellers anything. I don't believe that it is in my buyers' best interest for me to give feedback to the sellers about the price of the property or answer most of the questions asked on feedback forms.
If I find a home that is priced just right or low, I won't put that on the feedback form because I may be weakening my buyers' negotiating power. If my buyers make a less-than-full-price offer after I said the home is priced just right, I am not representing my buyers the way I should. It is my job to negotiate that offer and make it look like a wonderful offer.
I can take the worst offer and make it seem like the best offer ever even if I don't agree with the offer. That is my job. I don't decide how much buyers should offer, I advise them and then it is my job to represent them. They call the shots, not me.
If I write in the comments section that the buyers love the house and check the little box that says the home is better than any of the others they have seen, I may be weakening their bargaining power if they should decide to make an offer. I don't want the sellers to know that the buyers fell in love with their home and would give anything to own it. I want the sellers to think that my buyers would be just as happy with the home down the street. ...CONTINUED
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Submitted by Jon Querolo on March 19, 2009 - 10:10am.
Ouch...my initial thought was, doesn't play well with others. If an agent is not willing to give useful and constructive feedback to their peers they probably should not be relying on those peers to help them and benefit themselves and their clients. If your client is interested in one of those said listings I think a pleasant...thanks for your call/email I may be writing on your listing would suffice...to all those others be honest, candid and helpful as you may need their help or expertise one day. Remember, all that goes around, comes around.
Submitted by Diana Parham on March 19, 2009 - 12:17pm.
Jon is absolutely correct in his comments!!!
Submitted by Robert A. Hulme on March 19, 2009 - 12:32pm.
My one and only concern should be that my client, I have no obligation to the seller whatsoever, not that I don't want to be considerate but Teresa 100% correct in how the situation should be handled.
Robert A. Hulme
Realtor, GRI, e-PRO
Prudential Utah Real Estate
Loan Officer
Mortgage Xpress
www.UtahCountyRealtor.us
www.UtahCountyRealEstate4sale.com
Submitted by Paul Howard on March 19, 2009 - 12:47pm.
I agree with Theresa and Robert. An agent representing a buyer can't give feedback that would weaken their bargaining position.
I don't give feedback via automated forms because they are not set up to send me a copy.
When agents call I try to be helpful - that usually means I'll tell them about condition issues I noticed they are probably unaware of.
Regarding price. They are all over priced as far as me and my clients are concerned.
Paul Howard, Broker
NJHomeBuyer.com Realty
Cherry Hill NJ 08002
Submitted by Kevin Tomlinson on March 19, 2009 - 1:06pm.
T-
First I must say that it's refreshing to read an article on the actual real estate profession.
I'm not talking about prospecting but the actual practice of buying and selling real estate.
I agree with you. When I have a listing, I don't need other agents opinion of my listing. My clients pay for me to have the knowledge to do/know that for them.
Comment forms are useless. I scour the market and know exactly who my competition is--and I know how my clients listing compares.
KEVIN TOMLINSON
Miami Beach Real Estate Resource
South Beach Real Estate Blog
About Miami Beach Florida
Submitted by RK Ruthman on March 19, 2009 - 1:26pm.
I know many agents do not want to mention that the price of a competitor's property is too high in their feedback, because they don't want to help the listing agent get the price lowered for a faster sale. At the broker's open, the listing office's agents will give that sort of feedback. Making comments on the sale price, or submitting helpful hints to assist their associate and the seller to achieve a quicker sale.
If my buyers are not interested in a property, I graciously thank the seller and the agent for allowing me the opportunity to show home, and leave it at that.
Recently, I showed a property that was (shockingly) full of clutter. My feedback was a gentle.. "Buyers looking for an open floor plan"...
Submitted by Jonathan Phan on March 19, 2009 - 1:33pm.
I agree.
Jonathan Phan
http://www.jonathansellshomes.com/
Submitted by Chris Tesch on March 19, 2009 - 1:45pm.
I don't remember in my Realtor code the obligation to play well with others. I do remember that I owe my loyalty and fidelity to my client above all. I certainly won't hold back useful feedback if my client is not interested in the property. If, however, they are interested providing certain feedback will weaken their position.
Submitted by Ninah Hunter on March 19, 2009 - 1:59pm.
Teresa raises a good point between giving honest feedback and protecting your buyer's interests. On the other hand, we all appreciate feedback that could be useful to us and our sellers. I think there is always room for tact and professionalism in giving feedback, whichever side you're on.
Regarding pricing, it's all subjective, really, on the part of buyers and agents alike. Interestingly, I had 30 brokers fill out a feedback survey on one of my listings on tour today, which is rather unique and hard to "comp." The opined prices at which it would ultimately sell ranged over $100,000 (on a home priced at $439,000)!
So, I guess the lesson is perhaps not to ask for an opinion about price, not to put too much weight on it if you get the opinion, and not be insulted if a buyer's agent refuses to provide feedback on price.
~Ninah
Broker Owner
CENTURY 21 Action Realty
Montrose, Colorado
Submitted by Scott Kato on March 19, 2009 - 7:51pm.
i am amazed at the comments. the article starts out by stating the author requests feedback for her listings but yet will not provide when the tables are turned. don't get me wrong, i understand if your buyer is interested; i think it's obvious to down play their interest if they're going to write but on the other hand if they're not interested and the home is over priced why not let the agent/owner know?
it seems that most of you feel that 'i am the agent, i know my market, i know how to price a home and that's why my client's hired me'. we're all guilty of taking an over priced listing so why not help your fellow peer to get a reduction? because the agent works in the same farm? i don't care how good of an agent you think you are; every seller and every situation is different. who knows maybe it will work in your favor and after the reduction your buyer can come in even less. it doesn't matter how well you think you're priced, the buyer's will still come in low.
Submitted by Vicki Lloyd on March 20, 2009 - 10:41am.
I agree with T - the duty is to the buyer client, and the agent owes no loyalty to the seller. I try to "play nice" with other agents, but won't jeopardize my client's position if there is a chance of any interest.
If I have clients interested in a home, I may tell the listing agent that my clients are "thinking about it", but not comment on the condition or price.
I sometimes will share some comments about factors that can be changed, and may not be obvious to the listing agent. (Such as that the seller followed us around and distracted the buyers, the house smelled like pets, or we couldn't see the 3rd bedroom because the teenager was taking a nap at 3pm.)
Vicki Lloyd, MBA, e-PRO, ACRE, Realtor
http://LiveLakeForest.com
(949) 457-0281
Submitted by Kristin Noll-Marsh on March 20, 2009 - 4:11pm.
OK, if your buyer client is interested in the property and may write, OBVIOUSLY you don't give too much feedback.
But, if it's a big, fat NO, what harm is there helping each other out? It's the spirit of co-operation. Sometimes a seller won't believe you right away about that lime green carpet or the cat box smell and hearing it from others - especially the actual BUYERS - finally convinces them to do the staging or lower the price.
No, you don't OWE anything to the seller or listing agent and there are no rules about giving feedback, but what goes around comes around. We DO need to all get along and we do need each other. The buyers need your listings and the sellers need your buyers.
I ALWAYS give feedback (by email) and try to help the other agent out (so long as my client doesn't want the house) and I hope to get the same when they show my listings. And I'd still have no problem saying my buyer client likes the house (to a point.) What advantage is that going to give the seller in THIS market? If he doesn't want to play ball, there are ALWAYS several others to go back to. Sellers today are lucky to be even getting an offer!
Wow. If we can't even show respect, co-operation and professional courtesy to each other, no wonder the public thinks so highly of us....
http://bestmilwaukeehomes.com
http://blog.bestmilwaukeehomes.com
Submitted by Ken Lampton on March 23, 2009 - 5:43am.
I'm pleased to see an agent tell us what they really do, instead of writing what is politically correct.
I never get any feedback from 80% of the agents that show my listings. This is in spite of four automated email requests for feedback plus a telephoned request from my assistant.