Categories: Hoboken Condos
Every time we list a home for sale and it is shown to buyers, the seller want’s to know “what was the feedback?” In fact, agents will often brag to the prospective seller on a listing appointment “we have an automated system that asks every agent who showed your property to fill out a feedback form that will be send directly to you after ever showing.”
If you are a seller, here’s a really important thing you need to know. There is only one type of feedback that matters – it is called an offer.
When an agent is showing your home, they represent the buyer. Sometimes, they are a sales person with no real duty to that buyer other than to act ethically. Occasionally, they are an agent of the buyer and owe the buyer a fiduciary duty. In either case, they work for the buyer. While it might be considered ‘professional courtesy’ to give the listing agent feedback, from the buyer’s perspective, it is always a bad idea.
If you are a buyer with the slightest interest in the property, how can it possibly help your negotiating posture to let the seller know what you think? I work mostly with buyers. If my buyer is even remotely interested in a property, I won’t supply any feedback. On the other hand, if the buyer has zero interest, I don’t understand how something like, “the master BR was too small” does anyone any good. If I have a fiduciary duty to my client, that duty trumps courtesy to another agent or the seller. Why would a buyer’s agent give feedback to the seller of a property? I would not do anything that has even the slightest chance of compromising my client’s negotiating position.
So while I’d like to ‘play nice’ with the other agents out there, they need to realize that giving feedback hurts the interest of my buyer. If anything, I will say negative things to prepare the seller for a low offer. Do they really think I’m going to say “OMG it was the most amazing home we’ve ever seen, and that kitchen was to die for, but it was priced so well we couldn’t believe your not asking twice that amount?” Listen agents – you want to use my Xerox machine, borrow my iPad, or get something notarized, I’m happy to extend professional courtesy. But when it comes to compromising my buyer’s negotiating stance – it ain’t gonna happen! That’s not professional courtesy – that’s just plain dumb.
Sellers – take the “feedback” you get with a huge mountain of salt. No matter how many times you call us and ask us to ask the buyer’s agent whether the buyer was interested, none of it matters. The ONLY feedback that really and truly matters comes in contract form – it’s an offer!