Feedback Process

How many showings will occur before an offer occurs?
Often times, there is a group of buyers representing “pent-up-demand.” Meaning there are buyers searching online day and night and wanting to view the newest listings on the market. When a property is priced correctly, there is often about 5-7 of these buyers. Not 25, or 50, but about a half dozen. If a property is under price, this could be 15-20. If a property is overpriced, this number could be 0. 

Feedback – The agent is not responding
If there is one that can cause a seller anxiety while their property is on the market is a lack of feedback. Often time we will call the agent 2 times and email 3 times and yet get no response. While we would like to know what the buyer thought, it is a form of feedback. There is no interest. 

Sellers often to have specific reasons as to why a buyer or the mass of buyers are passing on the property. Often times in hopes that the problem is curable and something can be done. An example may be wallpaper or wall color, or flooring. If a seller hears it enough the seller may invest money and make the alteration. However, as sellers often experience the buyer’s agent that showed the property often showed 5 others that day and does not recall exactly why the buyer eliminated a property.

Some people have no filter and it comes through in “how they provide feedback.” It could sound insulting. And of course, it could just be wrong.

Let’s say you have had 4-5-6-7 showings and no offers. In fact, there is no interest. Keep in mind that the buyers get a vote. If the buyer gets back in their car and drives to another property, they have voted. Essentially they are often seeking something that feels like “the price matches the features.” When too many buyers leave your property and purchase another, it is a sort of focus panel. The panel is sometimes saying, “other homes have similar features – at what they consider a better price.” 

As we started this conversation, feedback is extremely important to home sellers. Even if it is bad news, at least you will know what is going on. As agents, we also get hired for our “negotiation skills.” This is important, it is not wise for a listing agent to contact the buyer’s agent in the first 24 hours. Ideally, the buyer’s agent calls the listing agent first. Just like poker, or in any form of negotiations, it is true that “he who speaks first…is often in the weaker position.” In other words, it is wise to give the buyer’s agent a day or so to reach out to us first.