Sellers often approach Sovereign Business Transfer after an unsatisfactory experience with another commercial agent, particularly in relation to poor levels of feedback following viewings.
Surely prompt and constructive feedback should be a fundamental part of any commercial agent’s service to their clients!
Only when agents understand what buyers think of a business, can they deliver practical advice that will enhance its sale prospects. The agent and the seller should be working hand-in-hand to achieve the desired outcome, based significantly on buyer’s comments.
We also understand the seller’s anguish in simply not knowing whether a sale is imminent following a viewing.
Sometimes, feedback is obviously positive: “Is the vendor ready to proceed quickly?” is clearly a strong buying signal or “Are all fixtures and fittings included within the asking price?” certainly indicate that the business is a distinct possibility; and a good agent, should be able to move this interest towards a firm offer.
Some feedback can be helpful in confirming whether the asking price is positioned correctly in the market.
Buyers buy by comparison; and sometimes a swift price adjustment can be imperative to avoid the business going stale on the market.
For example, “The turnover is too low for us” usually means, “We have seen higher turnover businesses for the same asking price”. Of course, many prospective purchasers are just being polite when they say, “We’ll think about it”, or “I’m sure you’ll find a buyer easily”.
The key to a good commercial agency in is identifying which comments point to a sale, which point to a negotiation, and which point to a problem with the price. At Sovereign we think sellers deserve to know, via prompt and supportive feedback.