Advice

Buyer feedback could hurt your negotiating power

October 5, 2017

Are you thinking of buying a home? There are many things to think about, and your agent can protect you if they have the experience, skills and a thorough understanding of the law.

Did you know you could be hurting your negotiating power if an agent recklessly gives feedback to the seller on your behalf? In the Oklahoma Broker Relationships Act, under which all Oklahoma real estate licensees operate, we are strictly prohibited from divulging your confidential information. In Oklahoma, that includes motivating factors. You run the risk of unknowingly giving away some confidential information if you provide feedback from your showing.

Take a look at the bottom of Page 23 under BROKER RELATIONSHIPS (§858-353 Broker duties and responsibilities) of the Oklahoma Real Estate License Code & Rules.

Here are the feedback questions I ask buyers’ agents when showing my listings. They do a superior job of disarming the agent’s reluctance to answer feedback while actually giving us (me, the listing agent and you, the seller) really useful information.

I hope everything went smoothly on your showing! Would you provide some quick feedback? This one’s nothing like the other forms ?

You think your buyer is interested?

  • []If I weren’t filling out this stupid form, we’d be writing an offer!
  • Cannot stop talking about it
  • Kinda-sorta
  • Meh
  • Girl, bye

What do you think about the asking price?

  • Nailed it!
  • Not worth it
  • You’re close 😉

How does this listing compare with others you’ve seen in this price range (not just this buyer)?

  • Much better value
  • A little better
  • About the same
  • Others bring more value

What does your buyer love about this listing?

(Free text field)

What does your buyer need/want that this listing does not have?

(Free text field)

How many more will y’all see before making a decision?

  • No more–this is it!
  • Probably just a few
  • We have plenty more to see
  • When will this search ever end?

Have anything else to get off your chest?

(Free text field)

Thank you so much for your input. Just click “Submit” and you’re done!

I offer some additional commentary on the topic of confidentiality you definitely need to see and hear. Just click on the YouTube video at the top of this page—you can skip to about the 2:00 minute mark if you want. Whether you’re a homebuyer or seller or a real estate licensee, please feel free to reach out to me if you have questions or would like to discuss this further.