I get it. You’ve spent weeks preparing your house for sale; cleaning, packing, repairing, yadda ya ya. Now all you want is a little feedback from the people looking at your house. What do you get? Crickets. For Pete’s sake, is expecting a little real estate feedback from the buyer’s agent too much to ask for?
This topic has been highly debated around Oklahoma City real estate offices and in Facebook groups lately. Here’s the truth about real estate feedback as I see it;
First, a bit of history
Once upon a time in Oklahoma, all real estate licensees were working for the seller under the state’s law of agency. Whether they were the listing agent who put the sign in the yard or the agent driving potential buyers around town, both had one client in mind; the seller. During that time, the practice of Realtors who showed the home providing feedback to the listing Realtor and seller was both commonplace and expected. The law of agency in Oklahoma changed in the year 2000 neutralizing the broker relationships in a transaction. The seller was no longer king. While this is long before I began my career in real estate, it’s still ingrained in many “old school” Realtors in our market.
Oklahoma laws changed again in 2013 further outlining duties and responsibilities to a buyer and or seller. These duties include; being honest, reducing everything to writing, being timely, and more. What you need to know about broker services The item that is relevant to this discussion is to keep confidential information confidential. I’ll touch on this again soon.
Your Realtor set you up for disappointment
While I’m not sitting at your kitchen table as you interview a Realtor to list your house for sale, I believe this is when expectations are set and the disappointment begins.
- In an effort to add to their value proposition, well-intentioned Realtors promise to get feedback after every showing. If an agent does not complete an online feedback form, they promise to follow-up with phone calls and personal emails.
- Realtors who lack confidence to be honest with you about price or condition will rely on feedback to share the truth about the property with their clients.
- Homeowners who lack confidence in their Realtor’s ability will rely on feedback to confirm recommendations received. “We’ll replace the carpet if we hear buyers complain about it enough.”
That confidentiality thing
As a real estate licensee in the state of Oklahoma, the law requires that we;
Keep confidential information received from a party or prospective party confidential unless written consent is granted by the party, the disclosure is required by law, or the information is public or becomes public as the results of actions from a source other than the broker. Confidential information includes: That a party is willing to pay more or accept less than what is being offered, That a party or prospective party is willing to agree to financing terms different from those offered, The motivating factors of the party or prospective party purchasing, selling, leasing, optioning or exchanging the property. Any information specifically designated as confidential by the party unless such information is public.
The buyer’s agent perspective
- It’s common for me to show up to ten homes in a day. During that time, my focus is 100% on the clients I serve and the one or two homes they like most. The rest of the houses, the ones they didn’t like for any number of reasons, fall by the wayside. Unless it smelled like a cat or had purple walls, I may not even remember it no matter how many times your Realtor calls or emails me.
- It’s not my job to deliver news your Realtor doesn’t want to tell you. Hire someone who’ll tell you the truth.
- Your Realtor is a professional who sees hundreds of homes each year. They know what sells and for how much. Trust the recommendations they make. Waiting for a consensus from other agents in the field will only hurt you in days on market.
- Just like your Realtor can’t tell me your motivating factors for selling, I can’t tell them my client’s motivating factors for buying. The answers you seek by way of real estate feedback may breach that confidentiality and effect possible negotiations if they ultimately choose to make an offer on your home.
The truth about real estate feedback
The best feedback you can get is an offer. If you don’t get an offer, it wasn’t the house for them. But hey, thanks for the weeks you spent preparing your house for sale; cleaning, packing, repairing, yadda ya ya. We really hope you get an offer soon. In the meantime, I’ll keep it in mind for other clients I’m working with. Good luck!