Interpreting Buyer Feedback - Evolution Realty
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Interpreting Buyer Feedback

INTERPRETING BUYER FEEDBACK

What Buyers say and what they really mean…

At Evolution Realty;
We make contacting Buyers for feedback a top priority in our daily activity.

It is possibly one of the biggest areas of time commitment in a real estate agency.

  • We take communication with our Buyers and Sellers very seriously.
We spend considerable time and energy calling the Buyers who showed your home for several reasons:
  1. To jog the Buyer’s memory about the viewed house so that we may be able to get a second showing.
  2. To answer any questions or concerns the Buyer expressed so the house will be reconsidered.
  3. To get the feedback, impression and/or suggestions of the Buyers and/or Agents that might help us to better market your home.
We use a variety of modern, and traditional communication methods to follow-up and contact Buyers.

(Many either won’t return calls at all, play hard to get, act coy, or simply won’t talk to an Agent).

Don’t expect, however, for ALL BUYERS to give a full critique of the house.

  • If they viewed 10- 15 house
  • Or only a few on the weekend
  • They honestly may not remember yours in detail…

Also, if any Buyer doesn’t call back after several requests, it means the Buyers simply are not interested

  • Some are just busy
  • Or just don’t see the need to tell us they are not interested
The bottom line, is GENUINE BUYERS won’t avoid the Agent or play too hard to get

Enclosed is a guide for interpreting feedback, which I thought you’d find informative and helpful

  • Remember, you have the best team in the business working hard to get your property SOLD!

The following page is some common industry feedback/jargon and the real meaning by Buyers/other Agents.

What people say and what they mean often is worth interpreting.

INTERPRETING FEEDBACK

# WHEN A BUYER SAYS… A BUYER REALLY MEANS…
1. “The home/ kitchen is too small” The buyer found larger homes for the same price, or expects that for this price the home will have a bigger kitchen/ floor plan.
2. “They liked the home but bought another.” They found other homes that were perceived to be better value.
3. “They liked the home but decided to build a new home or
buy a spec.”
Buyers will pay 20-50% more for a newer home, unless substantial renovation has occurred, then maybe 10-20% more.
4. “They didn’t like the carpet, or the paint colours” The seller should replace the carpet due to condition, age or colour, and consider the same for paint.
5. “They thought the yard was too small; The street too busy….” They found other homes with larger yards, quieter streets… for the same price.
6. “We like it, we are still thinking about it.” I am going to see if the price reduces or other more suitable homes for this price or better value become available.
7. “They didn’t like the floor plan.” They didn’t like the floor plan.
8. “It needs a bit too much work”. For the price being asked they buyers think there is better value elsewhere.
9. “It’s nice but I still need to see more homes” I think I will get better value if I wait longer, a bit overpriced.
10. “I need another bedroom” For this price we would expect that would be included.
11. “I want a pool” For this price we would expect that would be included.
12. “I want reverse cycle air-conditioning” For this price we would expect that would be included.
13. “The kitchen and bathrooms needs replacing” For this price we would expect that would be included.
14. “I will need to add an outdoor alfresco area” For this price we would expect that would be included.
15. “I want a home theatre room” For this price we would expect that would be included.
16. “I don’t want a rear property” For this price, I would expect/want a front house
17. “How long has it been on the market?” How realistic is the selling price. Properties after 6 weeks are perceived to be becoming “stale” and therefore overpriced.
18. “Why are the owners selling?” The buyer is trying to establish a weakness or urgency to sell to get a lower price.
19. “Have you had any offers” The buyer is fishing for information as to degree of negotiability and interest.
20. “What sort of settlement is the owner looking for?” The buyer is trying to establish a weakness or urgency to sell to get a lower price.
  • Almost all objections/ feedback are ultimately a price feedback objection
  • Or we are simply showing the wrong buyers (Which is price)

Buyer’s objections are always clothed in different terms.

THE SELLER GOAL:- To be the very best value property in our market segment and price range!

  • (To be preferred/ selected ahead of the alternative competition).
  • It is essential that we monitor the feedback to make sure that we are priced correctly

I will be keeping you fully updated of the progress and the options moving forward.

Thank you.

I remain committed as your Agent.

 

Yours faithfully
Ian Barnes

Thank you for your business and continued trust.