On properties I list (excluding short sales), I like to do the Agent Tour when available and have other Realtors come through the property. So, today, I was in Chandler showing a townhome I have listed.
If you aren’t familiar with what an Agent Tour is, this is where Realtors get together to visit and provide feedback for listings each other has. In today’s case, there were 10 Chandler homes scheduled on the tour. The listing agents for those ten properties went to everyone else’s listing to walkthrough and give their perspective on the home.
Now, the Agent Tour has two basic purposes:
- First, it is to collect feedback from the caravan of Realtors who go through the property. I want their honest feedback here and this is usually the primary reason why I participate.
- Second, in some markets, the Agent Tour may be good visibility for the property. However, this depends on the specific area we are talking about. For instance, for Fountain Hills homes where the caravans can have as many as 30 participating Realtors, I want the visibility as well. Many of the Realtors there live in the community and so I am hoping that they will see the property and match it to a buyer.
Provide the Actual Verbatim Feedback
Now, unlike other Realtors, I don’t provide a 1-2 sentence summary of the feedback. I provide the actual results tabulated and any comments included verbatim. Why? Because clients need to hear the feedback true to form. Here’s an example of feedback for an Agent Tour. Now, some Realtors may scan and email the sheets over. This is where my spreadsheet is more helpful as the tabulated results show where the strengths and weaknesses are.
Analysis and Recommendations Have to Accompany the Data
My own commentary will often follow as it is important to analyze the data and interpret what it means and doesn’t mean. Data is raw and important, but it’s critical to accompany it with thoughtful analysis and any recommendations. I can tell you that there have been times where my recommendation was to buck what other Realtors indicated and this is because it is important to understand when the other Realtors have and don’t have strong expertise and knowledge of the immediate market around your listing. Realtors just can’t innately know everything about your local market and community.
In one case where many of the Realtors indicated a significantly lower list price, I recommended that my sellers not lower the list price that far. In the end, the house sold and for significantly more than the Realtors on the caravan recommended.
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