Time to switch real estate agents?

Question

I'm trying to sell my house. My 3-month contract with my real estate agent is almost finished. In the past 3 months, the house has been shown 4 times. No buyer interest so far. Is this acceptable or should I find a new real estate agent?

Answer 1

Well, here are a couple of things to think about before you switch...

First, there are are 2 main reasons why homes sit on the market for months...the home is overpriced and condition of the home is not up to par. Price sellls a home in a tough market and the buyer actually chooses the price they will pay for your home. So you can think your home is worth 250K but if someone will only pay 225K then that is what you may have to sell it for so be open minded when you do get offers.

Secondly, trying to sell your house right now is also a challenge because it is a buyers market meaning there are more homes on the market then buyers. The real estate bubble is starting to burst so keep this in mind.

Thirdly, look at the time of the year that you are trying to sell. It's almost Chirstmas time and lots of people are getting geared up for the holidays and not thinking about the headache of moving. The best time of the year to sell is closer to spring/summer when the kids are getting out of school and the weather is warmer. Most people are not trying to pull kids out of school in the middle of the school year so this is a challenge for most agents.

Whatever agent you going to use is going to have to tap into a very special market of buyers... they are going to have to find buyers who are motivated to move at this unpopular time of the year. For example, buyers who are newly divorced, newly married, job relocating them to your area etc. Also, you may consider opening yourself up to buyers who want to do a lease purchase so talk to your agent about that.

In closing...It's a tough market right now everywhere but you can still sell if the home is priced right, its in great condition and your agent taps into the motivated buyers market. Good luck!

Answer 2

As another answerer mention you can change agents, just as long as they work for the same broker. But I doubt that is necessary. You just need to remember that you are the boss. You make the decisions and that is final. You can choose to listen to the agent about the competing offers or ignore him/her. You can bid any price you choose. The worst thing that can happen is that the seller says no, and chooses to sell to someone else. Your offer should reflect how much you want the house. If you are looking for the deal of the century, losing this house to another buyer won't be a big deal. But if this is the house you want the most and you can see the value it has (is not overpriced) than you should make an offer at the value as you see it. Some unethical listing agents pull the "multiple offer" scam when there has been a bunch of recent showings, but who is to know if she is lying? And, wouldn't you think it also be unethical if your agent didn't tell you what the listing agent told him, allowing you to under bid when up against competition? Also realize that your agents commission only increases $20-$30 for every $1,000 more you bid and no agent is going to try to scam you for an extra $100-$150.

Answer 3

I am a real estate agent,but a onest one. You shoul peraps look more to analyze the price you are asking,it could be too high,the property could need some cosmetic work.Another agent will have to study this things with you, has he made a comparable report?youshould demand it .Only with that report you can determine the real market value of your house. how many open houses have you hosted? how about the advertising? 3 months is not a very long period,although it is still a seller's market to a certain point.Good luck I would be very happy to help you and i'am semi retired so no question of compensation what so ever. However I live in Montreal Canada. let me know if you need advices they are free for you. Ciao

Answer 4

You need to be honest with yourself and your Realtor. Brutally so.

Can you find your house listed for sale on the internet? You should be able to do that. Compare it to whatever else comes up on your search for houses somewhat like yours.

4 showings may be good, may not. Could you be the problem? Do you require appointments, only show during a short window of time each week?

Drive a block from your house. Forget it is yours. Pretend you want to buy a house. Drive toward your house. How's the neighborhood look? How does YOUR house look? Could you fix the Curb Appeal?

Have a frank discussion with the realtor. Is the activity normal? Do other realtors know about the house? Could you schedule something like a private Open House just for realtors, and attract some attention? Could you offer something like a Home Warranty? Is the price really too high?

Answer 5

Here's what you do to sell your home:
1. Do a 5% listing where the buyer's agent gets 4% and your agent gets 1%.
2. Offer 2% of your list price to pay for closing cost, including buyer's loan fees.

Agents like to keep dropping prices until the place sells. I rather use that money to target my buyers.

If you're in Southern California, let me know and I can help.

Regards

Answer 6

I would tell the agent you are thinking of leaving them and be prepared to tell them why - YOU NEED A PLAN BEFORE YOU LEAVE - You might end up worse off than you are now if you just move to move.
Get a list of at least 5 things to talk to your current agent about - don't just complain that the home hasn't sold - be part of the solution - here are some starters - how has your advertising been - quantity and quality? how did they come up with asking price? have them show you what HAS sold in that time frame in your price range - think about what you see and how your home compares - bigger? - better areas? - what agent sold those homes - look for anything that you can learn that might move your home faster - price is easy - but look for other things as well.
Most areas are moving slower - but still moving - that is not likely to get better soon so DON'T be complacent - It may get worse before it gets better so you want to make sure you are selling at an appropriate price with a good agent and firm - sometimes the firm is as important as the agent.

Answer 7

Do you feel that he/she is doing their best for you?

Keep in mind that the markets are horrible right now. New homes are being discounted in order to move inventory. Older homes are sitting on the market much longer than they used to.

In our area, homes over $500K have been on the market over a year without offers -- and that's really a function of the job opportunities in our metro area.

Where do you live? What's the average price for a home where you are? Ask your realtor to give you a listing of all the homes that sold in the past 3 months and to show you listed (asking) and sales price. You may be priced too high for your market....or of course, you could be just right, but need more time to attract the right buyer.

Good articles on real estate in Business 2.0 this month.... last month Money magazine had a story on it too.

Answer 8

The market is slowing down right now. Just because it hasn't sold yet doesn't mean you need a new agent. It could just be your house also. If you have a problem with it, talk to your agent and see if your house is being advertised anywhere, ask if they can do any more advertising, and ask what you can do to make your house more appealing to buyers. The agent could be overwhelmed with lots of other cases also, so investigate a little before you fire them.

Answer 9

~~~Your real estate agent is suppose to be working for you. If you are not satisfied,,,you owe that agent nothing. Find one that works for you. I did just hear on the News this morning that the price of homes should decrease aprox 10% which will get people out there to start buying again. If your realitor has not givin you a good explanation on why they have only shown your how just four times,,,it is time to get a new realitor...

Answer 10

I would switch. But, your new agent may say your home is over priced. You have to be willing to listen. I had an agent for 6 months--almost no showings. Changed to another agent and had two contracts (one fell through) almost immediately. But I did take 25,000 off the price.