Welcome to the Lake

Welcome to the Lake

Friday, September 8, 2017

Feedback on Listings

It seems like not that long ago, when an agent showed someone your property, there was an unwritten rule that you would receive feedback on the listing. Sometimes it was helpful. For example, they might say that the potential buyers were concerned with spots on the bathroom wall and think that there may be mould issues. The seller could then address the issue however they chose to do it. (treat the spots, as they may not have noticed them before, or let the buyers know that you had already seen them, had the spots tested, and found out that the kids had just been colouring on the walls!) There was more communication. Today, however, as a seller's agent, we are lucky if we get feedback on 50% of our listings. Buyer's agents do not have to give any feedback whatsoever. This may sound a bid rude, but our real estate "higher ups" decided that if a buyer's agent gives feedback, it may put them at a disadvantage during the negotiation process. For example, if the buyers say that they like the house, after being asked for feedback. They say that it showed well and that they are interested. When it comes time to negotiate on an offer, the buyers submit a low offer, stating that the house "needs a bunch of work". But they said it showed well and they seemed to like it, after they had viewed it! Wait a minute. Were they just telling us stories after they view it, or are they just now trying to say that the house magically turned from being nice to becoming a "fixer upper"? Hence, the distrust can start before the negotiations really get going. Do I give feedback on properties that I have shown? Yes, with my client's permission, and sometimes it can be very vague feedback, but at least it's something. I find that sellers want to hear something. "They do not like the colour scheme". "The garage is too small." "The house shows very nice. Very modern looking." "My clients are just starting to look and want to see more properties before they make a final decision." It can be a bit of a grey area at times. A little frustrating too. Then again, sometimes buyers give feedback that the sellers may not like. "The place is a tear down. It needs too much work." I have had that when the agents just finished renovating! They were not too happy to hear that. No one wants to hear someone tell them that their place is a dump, or that someone thinks that their workmanship is subpar. At times, we need to be careful what we ask for because we may not like the answer. And if someone who said that your handyman work is crap puts a low-ball offer on your home, that can make for hurt feelings and the negotiation process may not go so well. My point is, if you want feedback on your listings, you may not always get it, AND, be prepared, because if you do get feedback, you may not like what you hear.

No comments: