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The Brilliant Way to Use Feedback as a Negotiating Trick

        

I got a quick note on feedback. This came to me from one of my friends that works with me, Adam McGrew. He started doing this a couple of years ago and I thought it was brilliant.

We're always asked for feedback when we do showings. Number one, give the feedback because the shoe's going to be on the other foot. When you are selling a listing and they show your house and you're going to ask for feedback. And if they don't provide it, it's going to be frustrating. So always give feedback.

But now you want to go further than that. Meaning, when you're giving feedback, it actually can be a pre-negotiation tool.

This is how Adam uses it:

Instead of just saying, "Oh, it's a nice house, but they chose another one" or something super simple that's not meaningful, Adam gives a detailed text.

In the text, he gives an insightful analysis of the home, how it compared to other listings, what the buyer noticed as they're walking through the house — for example, they noticed the deck was a little soft on the left side or they saw that the property hadn't been updated from single pane windows to vinyl windows or that the front door needed a little bit of paint.

He's just super, super detailed and lays it all out. Not in a negative way, always in a positive frame.

What happens with that feedback? What a good agent does on the other side is they take that feedback and they feed it back to the seller.

Guess what happens?

What's happened with Adam multiple times (and he showed me the text to prove it) is that these listing agents come back and say, I talked to the seller, they're willing to do all this work.

They're willing to actually discount the price. They're willing to do this. They're willing to do that. This, that, and the other.

Because he's delivered feedback, he's actually already started the negotiation phase.

I thought that was absolutely brilliant and quite amazing.

Side note here: we have to be really good at delivering feedback. So if you are an agent that's receiving feedback, don't just put that in a pile, deliver it to the seller.

Feedback is like a little mini focus group. Every time we get it, we look at it. We don't have to agree with it. We just want to take it all in. If we hear the consistent messaging throughout this feedback, we may need to make some changes just to adjust to the market.

What we want to do is meet the market where they're at and get this home sold for top dollar.

So there's a simple, yet powerful idea for you to use next time you're asked for feedback.

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