Showing Feedback — Upper Bracket Edition
“Is the Buyer local?”
–Question on showing feedback form for a Twin Cities upper bracket home
“I know half of my marketing budget is wasted — I just don’t know which half.”
–Marketing director lament
The typical showing feedback questions — what the Buyer’s agent fields after showing a property — focus on what the prospective Buyer thought of the house: its curb appeal, condition, floor plan, updates, etc.
The goals (besides determining if there’s any continuing interest)?
In my experience, there are three:
One. Identify what Buyers see as the home’s strength(s), so those can be better showcased and emphasized.
Two. Identify the home’s weaknesses — specifically, any issues (“buyer objections”) that the Seller-owner can correct.
Three. Factoring in #1 and #2, get a sense of how close the home is to fair market value.
Who’s the Buyer?
In addition to those three goals, agents — especially agents listing upper bracket homes — have a fourth goal: develop a profile of the likely Buyer.
Why is that important?
Because they want to know who to market to and where.
Although foreign and non-local Buyers (often relocating executives) are less of a factor in the Twin Cities than places like New York and Miami, above $1.5 million or so such Buyers represent a sizable chunk of the market.
Knowing that that’s your likely Buyer tells you where to spend your marketing dollars . . . and where not to.