A lot of effort goes into preparing a home to go to market and setting the stage for showings. Many sellers to want feedback from the buyers and their brokers who come through. There are two categories for feedback: from buyers and from their brokers; and there are also two schools of thought.
Honest buyer feedback can be valuable, but there can be concerns about the validity for two reasons. The home search for a buyer is a dynamic process, often with their expectations adjusting as they learn the market. Priority that a buyer gives their criteria may shift. The seasoned buyer who has seen all the listings on the market, will have the valuable feedback. Sometimes replacing a light bulb with a higher watt bulb or moving furniture can make a big difference. If a seasoned buyers expectations around: location, room size or count or finish level are consistently not met, it could be an indication of price position. Broker feedback can be helpful too. Buyer Brokers have the opportunity to tour similar properties with all of their buyers in the neighborhood and surrounding areas, and they can offer a barometer for buyer expectations.
One school of thought is that feedback is helpful in understanding the market position. Factoring market data points along with feedback help determine if a price adjustment is necessary to take advantage of the buyer pool.
The other school of thought is that paper talks. If you get an offer, you are likely in the ballpark. If you don’t, you aren’t. This route calls for adjustments over time. Real estate rule of thumb is if you don’t have an offer in 30 days or after 30 showings, it’s time to re-evaluate.
In most areas Buyer Brokers take their customers through and the Seller’s Broker is not present. Chicago’s market is unique to many markets in that the custom is that Seller’s Brokers show the homes they have listed for sale. Home sellers here can get real time feedback, and make adjustments if necessary.