Should We Charge For Feedback?

By
Managing Real Estate Broker with u s spaces, inc./arrivva, inc., u s loans mortgage, inc. CABre#0157615 NMLS#133975

Everyone's time is worth something.  From the lawyer at $1,000 per hour to the minimum wage worker at (now) $8.25.

 

As an agent, your job is to work for your client and show them a home.  The listing agent's job is to sell the home.

The lister got the opportunity because he/she convinced the seller that they were the best person, team and/or company to do the job.  They had their pulse on the market, they knew about pricing, they were formatable in their knowledge of home staging, they knew who and where to advertise and, in some case, promised that they already had buyers both foreign and domestic.

So, you go and show the house to your client.  Then, comes the email or phone call (sometimes from an assistant) that is requesting feedback.

Wait a second?  Did you get the listing because you were the expert?  Why are you asking me?  You should know everything about the price, the style, the location, the schools, the layout that has anything to do with the home.  Why are you asking me and my client?

Also, why would I negotiate against myself?  

We have an auto system with our MLS that sends out feedback requests.  I don't understand agents that answer with yes, my client loves the place and the price is right.  Why would you do that?

As you probably realized, I don't give feedback.  Why?  Because it's your listing, not mine.  You are getting paid thousands of dollars, sometimes overn $1000 per hour for YOUR expertise to your client.

If you want my opinion and suggestion, either give me a referral fee or pay my hourly rate, $375/hour to help you sell your listing to (probably) someone else.

Maybe the seller's agent can set up a pool of money, say 5% of their commission side and pay a small amount per feedback.  It may convince the seller to lower the price and get it sold.

Think of it as advertising dollars.  Better in our pockets than ZTR! :)

And please, let the comments begin!

(THIS CERTIFYS THAT I, FRED GLICK AM THE ACTUAL WRITER OF THIS POST AND IT IS NOT GHOST WRITTEN)

Posted by

Fred Glick

CEO, Broker/Owner, Multi-state Licensed Real Estate Brokerage U S Spaces, Inc./Arrivva
CEO, NMLS Certified Mortgage Brokerage U S Loans Mortgage, Inc. NMLS 51022/133975

215.238.9400 East Coast
310.741.7169 West Coast
http://fredglick.com

Licensed Real Estate Broker PA- U S Spaces, Inc. 2158298850, CA Dept of Real Estate BRE#01507615 , NJ Licensed Real Estate Salesperson

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Rainmaker
1,561,863
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

I'm with you on this one Fred!  I've never understood why the listing agent wants to call me, the buyers agent, after we toured the listing.  What do they want to hear from me?  It's priced right???  HA HA HA I work for the buyer, my duties are to them.  "My seller wants to know what you think?"  REALLY!?!?!  They engaged the services of the listing agent to price the property correctly, market it and move it.  IF the listing agent wants to use my "feedback" to get their seller/client to remove the clutter, too bad.  I'm not going to be the go-between.  The listing agent needs to do their job to get that property sold . . . I have no duties to the sellers.  None.  If they want "feed back" they should put a microphone in front of stereo speakers -- there's some feed back!! 

Jul 01, 2014 05:39 AM #1
Ambassador
1,513,057
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

This is absolutely a brilliant concept.  I am not going to give your clients free advice and yes, that is why they hired you!

Jul 01, 2014 05:57 AM #2
Rainmaker
560,417
Jo Olson
HOMEFRONT Realty - Kettle Falls, WA
Retired - HOMEFRONT Realty @ LAKE Roosevelt

I love this and totally agree with Carla!  I have showed about 40 some odd homes in the last 30 days and I gave "MY" feedback to one agent.  Of course she didn't like it.  That is another reason I don't give "MY" feedback.  If you can't accept the answer don't ask the question.  I NEVER EVER give my clients.  I also HATE those automated emails from some stupid showing service.  I did that once years ago and was spammed daily from the company trying to solicite my business.  

Jul 01, 2014 06:14 AM #3
Rainmaker
1,523,816
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

I must say this a perspective I never considered after being an active agent in two different states with totally different agency laws!

Jul 01, 2014 07:41 AM #4
Ambassador
2,974,971
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I'm not giving them anything even if they offered to pay me.  I'm working for the buyer.  I don't ask for feedback on my listings either.  They either send us an offer or they don't.

Jul 01, 2014 09:11 AM #5
Ambassador
856,236
Brenda Mullen
RE/MAX Access - Schertz, TX
Your San Antonio TX Real Estate Agent!!

I never understood anyone who thought sending feedback was negotiating against oneself or hurting the buyer in anyway.   I ask for feedback and I give it.  I don't want feedback regarding price..I know what the comps are as a listing agent and I don't need a buyer's agent's help to bring the price down or to "tell on my seller" if they aren't keeping the home clean.  I want your buyers opinion on if they like the home or not or are considering it.  If they aren't good deal, if they are, just because they say they like the home doesn't mean I automatically expect a full price offer and that's what I use as a negotiating tool for my seller.  Additionally, many sellers go through a lot to make their home presentable for YOUR buyer and they like to hear nice compliments about their home whether the buyer buys or not.  I think it gives them a boost.  But hey, you don't HAVE to give feedback if you don't want to and nope, I wouldn't pay anyone for their feedback, well unless that feedback was an acceptable offer then the buyer's agent also earns THOUSANDS of dollars for showing the home.  

Jul 01, 2014 11:27 AM #6
Ambassador
2,868,972
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Fred, Then by the same right should listing agents charge buyer's agents for calling and asking questions they could have found the answers for themselves?  Or should the sellers get paid by the buyers every time there's a showing and they're in and out of the home in two minutes because "Oh, we didn't realize it was only a one car garage, upstairs master,( or some other feature that is clearly described and listed in the MLS)?

Jul 01, 2014 12:16 PM #7
Rainmaker
602,216
Mitchell J Hall
Compass - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn
I have two responses to feedback
1. Thank you for showing 123 Any Street. My buyers are still looking.
2. Thank you for showing 123 Any Street my buyers are moving forward on another property.
 
I show my own listings so all feedback to seller comes directly from me. I don't use the term "feedback" it's too touchy feely for me. Like "reaching out"
 
I've been in sales for many years. I will follow up but I'm direct. I will come right out and ask for the offer.
 
Sure we cooperate as co-brokers but we're competitors too. Inventory is tight and we compete for listings. If a seller wants my "feedback" they should have hired me to list. 
 
I will wait until their listing expires and then I will tell them their listing was over priced or why their other agent couldn't sell it.
 
 
Jul 01, 2014 01:54 PM #8
Rainer
133,140
Larry Riggs
Century 21 Redwood - Frederick, MD
GRI, SRS Your Frederick County Specialist

I suppose I have a little different take on this issue than most. I have no problem giving feedback and always ask for it. As a buyer agent you can be assured the feedback I do give is going to be that there is no further interest or that there is some interest and here are the concerns, hence I begin negotiating for my buyer clients. 

Jul 02, 2014 12:14 AM #9
Rainmaker
1,463,864
Jeff Jensen
The Federal Savings Bank/Lending in 50 states - Greenwich, CT

I am afraid there is no money in feedback unless it is constructive.

Jul 02, 2014 06:43 AM #10
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Fred Glick

Changing the Story in Real Estate & Mortgages
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