Feedback is one of the most important things we can collect on behalf of our sellers in order to adjust prices, adjust terms, adjust condition, and to get that property really tuned up for the marketplace.
So one thing is we gotta make sure we're going out and trying to collect that feedback. And when we do that, I'm gonna ask three questions:
1. Would you think of the price?
2. What did you think of the condition?
3. What did you think of the neighborhood?
Those are my three questions. I'm sending this by text to every showing agent. But I'm gonna also add one more question. My fourth question, which is maybe the most important is:
4. Can you tell me, did they make an offer on another house or did they actually purchase another property and get in contract?
When I do that and I find out that I can actually deliver that by act to my seller and say, "Well, Mr. and Mrs. Seller, here's the feedback. And they went ahead and made an offer on your competitor's property down the road, frankly, because of X."
And now I'm gonna tell them the hard truth.
Now, why would I do that?
I want to get my seller in a position to sell in a competitive market. And it's gonna become much, much, much more competitive very, very soon. You're going to have to get comfortable with uncomfortable conversations.
Now I'm gonna take this in a whole different direction from the other side of the fence for a second.
Imagine you're the buyer's agent and you're getting this request for feedback. What are you doing with it? A lot of buyers agents are really lazy and they don't do it. They're just like meh. I'm not gonna do it. I don't have time. Mistake.
First of all, you wanna always do it because when you have the flip side, you're gonna want them to do the feedback for you.
But beyond that, you can use it as a pre-negotiations tool. This is brilliant, I took this from one of my top producing agents.
So when he gives feedback, he gives the detailed feedback. He'll give a couple different paragraphs by text and say, the buyers love the property, but they had a couple challenges with, the paint color in the bathroom. The deck looked like it needed a little bit of work. There was some roof flashing that looks like it need to be repaired. Super, super detailed.
Now, why does he do this?
He does it so that when the seller's agent delivers that information back, what he's found is that they'll often come back and say, well, they're gonna agree to go ahead and fix these things. And they wanna make your buyer an offer of X to buy the house.
He has gotten multiple deals done by giving detailed feedback.
And lemme tell you something:
As the market changes and buyers become more scarce and we maybe flip over to a buyer's market, this strategy will become even more powerful going forward.
Guys, try it in your market and see if it works for you. And I guarantee you it's gonna start to work because it's unique.
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