There are many situations when a Listing agent has a property for sale and they are just desperate to receive feedback from the Buyers’ agents.
Most of the time this will simply be: “it’s overpriced”. Then, they will pass this information along to the Seller who may then lower the asking price.
There may be issues associated with cleanliness which of course could be addressed or the presence of hydro towers for which there is no solution.
The real question is whether or not the Buyer’s agent can really provide any meaningful feedback. This is information, views, assessments, comments made by their Buyer.
Let’s have a quick look at the fiduciary duties at common law:
- Disclosure
- Obedience
- Competence
- Confidentiality
- Accounting
- Loyalty
Those duties are all owed to the Buyer, not the Seller or the Listing agent.
What does it say: act in the Buyer’s best interests and keep quiet!
Let’s say the Buyer has some interest, thinks the property is overpriced, the Buyer’s agent passes this information along, the Seller lowers the price and then, it sells! Well, that backfired! How does that help the Buyer? That property is now gone, and their own agent without permission or authorization contributed to this!
So, keep quiet!
Brian Madigan LL.B., Broker