A Standard practice as a professional in the real estate industry is when you show a listing, you must give them feedback. You must. I have sold thousands of homes and noticed that only about 20% of all showings give feedback, even when prompted or asked. My advice is if you show a home and even if your buyer’s not interested, give feedback. I know there’s not a lot of incentive for you to give feedback to the listing agent, because it’s really not benefiting you, but in the end, it will benefit you. People tend to want to work with other people that are conscientious, respectful and do their part for the whole of the industry. The bottom line is that listing agents will want to work with you more if you are respectful and easy to work with.
Listing agents need your feedback because the first thing their seller’s going to ask them after the showing is how did it go? And that listing agent won’t know because you didn’t tell them. Chances are that at some point, you’re going to have a listing, and that same agent is going to be showing your home, wouldn’t it be nice to get showing feedback? Reciprocity is key. Give positive constructive feedback, they will subconsciously remember that you are trying to help them. This will benefit you in the future.
And I understand there’s some strategy when it comes to disclosing information to the listing agent, there are some tactics when it comes to negotiating. Right? But maybe you just tell them that you’re finished showing and, “you’ll be in touch. I’m meeting with my client tonight to discuss it further.” Don’t lead them on. If the clients are not interested, tell them they’re not interested. “We will not be making an offer.” If you know that you will not be making an offer and don’t have questions, just send a quick text message telling them you’re done and you appreciate the showing.
Be upfront and honest with them, is there anything that the seller could do that might help the listing agent sell the home? Replace the carpets, lower the price, give us the tractor, or include the hot tub.
When it comes to discussing the home’s asking price, try to be respectful. Ask the listing agent, “Hey listing agent, would you like to know my professional opinion on pricing?” And if they say yes, then you give it to them. They will be able to give that feedback to their client. It might be a situation where the listing agent wanted to list the home for a lower price but the homeowner didn’t want to list it at that price. So essentially you can give the selling agent feedback that they could then could use as evidence that the price should be reduced.
So instead of the listing agent saying, “Hey, I think we should do a price reduction,” they can go, “Hey, I had a showing and they believe that we are a little bit overpriced.” And so it gives them an opportunity to get a price reduction.
So let’s work together in this industry and let’s give good feedback. Let’s also be honest with each other because you’re going to need good feedback someday too. We’re in this together.
Nick Mclean Real Estate