Unhappy with my real estate agent ...?

Question

Back in mid-November we listed our house (in NJ) with Foxtons.

They did a market analysis and said we should start at $387. Then when we signed 3 weeks later they told us to start at $350 ... which we did.

Since we listed we had ONE person look at the house.

And every week my agent asks us to lower the price. But they're the ones who told us to start at the price we did. So 3 weeks ago we agreed to lower it by $25,000 ... now we're at $325.

We had an open house two weeks ago and long story short, they claim nobody came to the house. But we know for a fact that 2 people did come ... and the agent wasn't here ...he left 45 minutes early. We know this because my parents live 3 houses up and that's where we were during the open house.

And now we don't even have any signs up on the main road to direct people to our house. For some reason they took them after the open house. My agent claims they don't have anymore.

I'm so fed up with our agent ... suggestions please!!!

Answer 1

First, you need to have an agent who knows the area. Some will tell you all they need to do is look up what other houses in the area sold for. But drive around and look and see what realtor has the most signs up in your area.

The only way you can cancel the mandate is to take the house off the market, saying you don't want to sell now. Wait a few months and then use the agent you found while driving around looking at signs in your neighborhood.

Also, make sure that you have de-cluttered your home and yard in a major way, painted, cleaned up inside and out, and had the home staged to sell. The money you spend will result in better offers.

Answer 2

Read your listing agreement very carefully and see what it says about the company's obligations and duties to you. Also see if there is a clause that will allow you to cancel the listing. Some companies will allow you to terminate the listing agreement but there will be a clause that states if you sell it yourself within a certain time period after the listing they will still be owed a commission. Or some companies have a clause that if you withdraw the listing you can not list it with another company for a certain period of time. Check to see what the terms are for your listing.

Call the broker of the office. Remember that your listing is not with the agent, that agent only serves as a representative of the listing firm. Let the broker know what is going on and how you feel about the work (or lack thereof) that your agent is doing. The broker may offer to have another agent take over the listing.

If you are released from the listing, do a little research before hiring another agent. Ask your friends, family, co-workers for referrals to agents they have worked with. Interview several agents and ask them what specifically they will do to sell your house. Get a written marketing plan from the agent. How long have they been in the business? Are they a full time Realtor or just doing it part time? How many homes have they sold? Any in your neighborhood? Have them review a comprehensive comparative market analysis with you and give you a good explanation for the recommended sales price. Ask them why they think your home didn't sell last time. Select an agent that understands your goals and will work with you to achieve them.

Good Luck
Anita

Answer 3

I think about 2/3 of sellers who list with Foxtons end up feeling the same as you so they are probably used to complaints like yours. I'd say call other agents and see what advice they give about getting rid of Foxtons. If you don't want to cut your price, you don't have to. But your house has only been on the market 2 months, which include Thanksgiving and Christmas, when people are too busy to buy a house. My house (also in NJ) went on the market in July and we've had lots of lookers but no offers despite dropping prices 3 times. Before choosing my current agent I talked to the Foxtons guy who wanted to list my house at a very low price. Decided not to choose Foxtons but the Century 21 agent quoted me a very high price at the beginning too. Another guy quoted me an ever higher price--I think lots of them do this because they want the listing. Right now in my area the prices are falling rapidly...I am not in a big hurry to sell so I am trying to wait out the slump a little longer instead of constantly marking down my house. If you can wait a little longer, things should be better in the spring. good luck!

Answer 4

Every real estate agent has a boss and someone they answer to unless they are also the owner. This person is called the managing broker who manages the office, or the principal broker who is actually the owner of the company. Call the office and ask to speak with them.
You can allow them opportunity to correct the problem and get your agent back on track, get a different agent within that company to represent you, or you can insist to be released from the contract and threaten to sue for breach of contract and damages. The papers you signed were for them to actively engage in trying to sell your home not just put it in the MLS and ignore you. Find your paperwork and read it carefully.
Also they belong to a local board of some sort that provides them access to that MLS and oversees various complaints and so forth. Go lodge a complaint with them.
Make some waves with the National Association of Realtors and their state association of realtors. Call the better business bureau. And if you can and make a paper trail that way if all else fails a judge can see that you notified them repeatedly and lodged complaints all over and nothing was done.
Start with the principal broker though. They have the ability to let you out of the contract or fix things the fastest.

Answer 5

What appears to have occured is what we in the business call, buying a listing. An Agent will purposefully inflate the value of your home to you, so that you will want to list with them. Then as soon as they have you commited they begin the sing song of lower, lower, lower. When in fact the home was never worth the inflated price. This is a terrible disservice to the Sellers as they waste precious time with their homeon the market at a price that is too high. The other professionals in the area that look at the home on the mls, just see it as a case of Seller want's too much money for the home. But some companies have a reputation for "buying listings" so Agents just wait for the house to come into the target range of it's true value then they show it. OK, that being said.
Open House doesn't sell homes, but it does make Sellers feel like at least something is happening. Please don't let them hold any more open houses. National statistics bear out that it doesn't work and your home can be cased by theives.
If you are sure that you don't want to work with your Agent at all.
Call the Company and tell them that you've desided not to sell your home. If you truly want out of the contract with them for the remaining term of the listing. Do not just call up and tell them they are fired. Your contract does not allow you to fire them. However if you deside not to sell your home. Many, but not all, brokers will cancel the contract with you. What some brokers will do is try to talk you into letting them remove the sign and lockbox, but not cancel the contract. So all they do is cost you time that you could be hiring a better realtor. Don't opt for that option. If that's the best cancellation that they will give you, then revert to asking the Broker to give your listing to someone in the office that will work on it and that you simply have zero confidence in your current Agent. Some Brokers will accomodate that request.
If you simply cannot get any change to occur, you have the same Agent, the same lack luster performance. Start calling the offices in the area and tell the Agent who you speak to all about your situation. Ask them to be sure to show your home whenever they can. Ask them what is the correct price for your home? Call as many as you can stand to talk to. Believe it or not, this can get your home sold. Agents want to sell the homes that the seller is most motivated to sell.
But hopefully your contract is not very long and you will be able to get on the market with a better Agent by spring.
Please feel free to email me with additional questions.

Remember, you live in an area where not much real estate shopping goes on in the dead of winter. So some of what appears as poor performance can just be the time of year. You are in a better position to judge that for yourself.

Answer 6

The agent "bought your listing" by quoting an inflated price!! My suggestion is to tell the agent's broker you want out of the contract. When comparing listing agents don't necessarily go with the one that quotes you the highest price. Remember - the agent is not offering to buy your house at that price. I know it's tempting to choose the agent with the highest sales price recommendation and easy to get emotionally involved.....but you've got to remain objective! Good luck.

Answer 7

Go to his manager and tell them that you are dissatisfied with the agent and ask for a signed listing release. If they refuse then phone the real estate commissioner and complain. Next time check the agent's references before signing anything. Good luck.

Answer 8

You can request them to sign off as the selling agent as you are not satisfied with their performance. Actually if you go to another agent, they can draw up the papers for them to sign off.