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RSS FeedThe Limited Purpose of Feedback |
Jan. 22, 2007
Categorized in: Selling Real Estate
Agents often go through lengths to secure feedback for their sellers after showings. What I like to emphasize, is that more often than not, it can be a source of unnecessary stress when it carries more weight then it should.
First, let me begin with the fact that I am referring to the challenges of fielding feedback in the city. I know from working with buyers who've shopped in the burbs, protocol is quite different. When it comes to getting tangible feedback from agents and their clients in Chicago, you end up playing a game of tag. If you can tag em', you may be lucky enough to get an opinion out of them.
Now the purpose of gathering feedback for sellers is to give them a reference to pricing and how the property is showing. But to truly understand where this can fall short, lets look at the psychology behind it. Let's start with the buyers.
Believe it or not, most buyers will know when they like something or don't like something, as a whole. As simple as that might be, that is exactly how it is described, "No, it didn't do it for me". As an agent who has worked extensively with buyers, I can tell you, wrestling any specifics can be a mental dance. They know that they don't particularly care for the property, but what tipped the scales that way, well, not so easy to decipher. Hence, when a listing agent calls to say, "What did your clients think of my listing at 123 Seller St?” I am at that awkward moment where I can offer nothing of value. As agents, we are not fielding for opinions per say, we are looking for potential problems that might prevent a successful sale.
Now unfortunately, this is an example of listings that may be undermining their own success with a bunch of small things. Larger issues such as a run down home with an asking price at the top of the market, or walking in and finding dog poop in the middle of the living room speaks for itself. These are things that cause a double take or a big "WHAT???” These are very easy points to relate to the listing agent. It’s those "can't quite put your finger on it" items that cause the indifference. I am talking about, dirty carpet, outdated paneling on the walls, cat odors, a room you can't get into because it's locked, closets stuffed to the brim, or even curb appeal that is anything but appealing. Items that become difficult for the buyer to articulate, but none-the-less, is affected by.
Now lets move on to the buyer's agents. I will admit, and I am sure I am not alone, that unless a property has one of those stand out "What are you thinking" negatives about it, or the client really expressed a liking, it is basically lost in the shuffle. When a listing agent catches me 3 days later asking what my clients thought of so and so property, I might struggle to remember anything about that listing. Lets keep in mind, it is a strong probability that I had taken my clients to view many properties that day, and potentially, they were not my only clients for the day. So, after about 20 plus properties later, remembering what, if anything, about property xyz and give any constructive feedback can be rather futile. I personally send out email questionnaires with visual reminders on my listings to help with this very problem. But I can tell you, anticipate less than 50% will ever return anything, email or phone call, with something that you can use.
Now this brings us to the sellers. Every showing they wait in anticipation like nominees on Oscar Night. "Did they like it?" "What did they say?” You can even have the misfortunate of having a seller home at the time a buyer walks through (something I strongly discourage). Lets just say that if I had a dime for every paid compliment and generated excitement buyers can create as they walk through a home, I'd be able to retire. So, this is what I try to remind Sellers as the fundamental purpose of feedback.
1. Take it with a grain of salt. Unless you are hearing a consensus of specifics such as, "they hate the bright purple paint in the living room” or "this property seems to be a bit pricey”, each and every buyer comes with their own set of needs.
2. Don't live in the past. Focus on the next showing. If you spend too much time waiting for approval from a past showing, you will ultimately be disappointed. Even if they seemed like they absolutely LOVED your home, if they are not making an offer, it’s for a reason that may have little to do with you.
3. Always keep your best foot forward. Simply applied, make sure your home is "first impression" ready.
4. Lastly, and this applies to you agents out there as well, don't ask for the truth if you can't handle the truth. If you want to know what someone thought about the property, but then get mad and defensive when you don't like the answer, don't ask.
Feedback from showings can be a useful tool, just an unreliable one. By staying focus on what can be controlled, how your home presents itself, pricing, and marketing exposure, the rest will fall into place and you will find the buyer for you.
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