Feedback in real estate are the opinions given by the potential buyers and other agents who tour a property. Most Realtors use a showing service that has a prefabricated form that can easily be filled out after a showing and sent back to the seller’s agent. The seller’s agent then sends that information to the seller.
We use Broker Bay and our form asks the following after a showing:
Is your client interested?
How do you feel about the price?
Are you bringing an offer?
Additional Comments:
It’s important to remember that a buyer doesn’t have to give feedback. In fact, a good buyer’s advocate is going to be very careful with the feedback that they share with the selling agent and the seller because it could compromise the buyer’s hand. They should ask you in advance what you prefer.
If you are a seller, it’s important to be mindful that being too eager for feedback can make you look desperate.
As agents, we want to be helpful to each other, but our fiduciary responsibility is to our signed client. Many agents, including myself, only give feedback if my client is 100% NOT interested in a property. In this scenario, I’ll share any information that I think might be helpful.
If my client HAS ANY interest, I’ll say nothing. I’ll have questions, but I’ll give little to the seller’s agent.
This is crucial for a buyer’s agent to remember because they could be sued for violating his/her fiduciary duty to the client.
In Summary, you could conclude the following:
No Feedback with no Contact After Showing = Not Interested -or- might be interested but don’t want you to know yet.
No Feedback with Call for Information = More interested than no contact
Limited Feedback/Might Make Offer = The buyer didn’t hate it, but don’t get your hopes up.
Detailed Feedback/No Offer = Not Interested but being helpful
Buyers and sellers should discuss your expectations of feedback with your agent.
“Information is a negotiator’s greatest weapon.” – Victor Kiam