One of the most important and underused sections in Rex is the vendor reporting tab in the listings module. We wrote a post almost two years ago on the importance of good communication with vendors. The older post provides good background / rationale for today's post, which focusses more on using the functionality in Rex. Today's posts runs through our best practice recommendations on using the Feedback tab.
How feedback works
Feedback is entered into the feedback tab in the listings module (Top Menu -> Residential listings -> Feedback tab).The following scenarios are intended to be addressed by the section:
- Your buyer inspection: You take a potential buyer through a property, take their feedback and need to report it to the seller
- Another agent's buyer inspection: A colleague takes a potential buyer through the property, takes their feedback and needs to communicate it to you (and you to the seller).
- Open for inspection: You or a colleague run an open home / open for inspection, record feedback and need to report it to the vendor.
- Agent Vendor Conversation: You have an important conversation with the vendor that should be recorded against the property file.
How the feedback section works with real life vendor interactions
Feedback that hasn't yet been reported to the vendor is listed on the [Dashboard] under "unreported feedback". This section is intended to make sure you don't miss reporting any feedback to your sellers - whether you take a buyer through your listing, or another agent in the office.We recommend that all feedback be reported as soon as it is received via the seller's preferred communication medium (we like the telephone).We also recommend sending a consolidated feedback report on a weekly basis - this is as easy as clicking a button on the left menu. Note: you can exclude individual feedback entries from a report by deselecting the "Feedback visible to vendor" option.
How to use the feedback section
Communication is one of the most important roles of the selling agent. We've designed the feedback and reporting capability in Rex to facilitate communication for a number of reasons:Clients should know how much effort you put inSolid communication helps keep sellers informed of what you're doing. If a property takes a longer period to sell - the seller is more likely to re-list with you if you've consistently reported on the effort you're putting in behind the scenes.Sellers have no way of being aware of the work you put in each day to get their property sold. Use the feedback section as a way to communicate how hard you and your team are working.Clients should be able to take steps to improve the saleability of their propertyIt's important to communicate actionable market feedback - all potential buyers will have some feedback on the property which can reflect a typical buyers' perception of the value. This type of feedback usually relate to the quality of the property (e.g. smelly carpets); the atmosphere (the property seems dark); or market comparison (the rooms are small compared to other properties in the area). Communicating this feedback to the seller lets them take steps to improve the marketability of their property - whether this means getting the carpets cleaned, or changing the lightbulbs, its likely to improve the presentation of the property. Feedback that isn't actionable is still valuable to allow you and the seller to assess the pricing of the property.Clients need clear market feedback on the price for their propertyOne of the most important roles of a listing agent is to educate their seller about what the market (i.e. buyers) is saying about the pricing of their property. Feedback relating to pricing should be asked for and delivered in clear unequivocal terms: "Buyers John and Mary say that they would be willing to pay $450,000 for your property".Clear pricing feedback is useful for two reasons:
- Price adjustments: it may be that the price that you and the seller agreed to market the property at isn't being held up by feedback from buyers. A clear set of feedback entries can help you in advising the seller on whether the price of their property needs adjustment.
- "Low Ball" Offer: if buyers have consistently been giving feedback at a certain price range (e.g. $450-$460,000) - a vendor receiving an offer near the level of that feedbackL (e.g. $455,000) will be more inclined to accept or at least entertain the idea of an offer at that level. Informed vendors are more likely to negotiate to meet the market.
How do you use the feedback section in Rex? - Do your vendors appreciate more or less communication?