Profile picture for Dimpielove

How many times should you lower the sale price? How do I fire my Realtor?

My house has been on the market for 6 months. My Realtor does not communicate with me often. Open house went poorly with only one person showing up.
  • March 28 2011 - Dundalk
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Answers (11)

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Profile picture for Dan Malloy
Sounds like it's not a great fit for either party.  Your agent should be able to review the broker's policy on this point.  In many cases, the broker will want to re-assign your listing to another agent in their office.  If that's the case, you should ask the agent to provide a CMA for their prior years sales. 
Check the average DOM or days on market and the average list price to sale price ratio.  Finally, see how many homes they have sold in your area and price range.  There are lots of great agents out there - it's just tough for the average person to tell the difference BEFORE they sign a long contract.  Getting the info mentioned above will make it far easier for you to get the right agent for your home.  Good Luck!
  • March 28 2011
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It all depends on what the local market conditions are within a 3 mile radius with homes that have sold and on the market.  As for firing a realtor, read the fine print on your listing agreement. 
  • April 15 2011
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If you have been listed for over 6 months without an offer there are a few good reasons. 1. You are overpriced. 2. Your home is not getting the exposure that it needs to find the right buyer. 3. There are factors about the home that buyers do not like.

Have you reviewed the listing on the MLS? Has your agent posted at least 30 pictures (which is the limit in Maryland) Is the information correct? (You would be surprised to see how many listings do NOT have correct information)

Are you getting showings? Are you getting feedback from those showings?

You mentioned that your agent has not communicated with you. That is the cardinal sin and they are obviously not working for their commission. Put your lack of satisfaction in writing and send it to the broker. Hopefully you used a reputable agency and they will honor your request to cancel the listing without making you wait.

  • April 15 2011
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How about just saying "Your Fired". Then go to the broker to get it in writing.  Then on the next listing ask for a 24 hr cancellation clause. A Realtor has to earn your business EVERY DAY.

Lowering the sale price?  First it's not a "sales price" until it's under contract. It's an asking price. It is all about price in our market. It's critical you price it right from the begining. When you reduce your asking price, you will know if you hit your homes "Price Point" when the phone starts ringing for appointments.   
  • April 15 2011
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The best way to handle this situation is to get the CMA or the report of market on regular basis. A good period is every 2 weeks. Ask your Realtor to prepare the report for you. Check out where is your asking price. Is it in line with the market? Second, Get feedbacks of the showings. Find out what are the main objections of the buyers. Third, take an in depth look at the condition of your house. Do any minor repair or changes that can make a difference. Everything boils down to price. If the condition of the house is excellent, then you get a good response. If the house needs work or is not in presentation conditions, then obviously it has to be compensated on price. Good Luck!
  • March 28 2011
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In lowering the price, always ask for a CMA for justification. Also, ask what your Realtor has been doing to ensure the home has gotten proper exposure (make sure your price drop isn't suggested because of lack of effort). I don't think it is out of line to specifically ask for proof money is being spent. You hired someone, they didn't hire you. In firing a Realtor, much depends on what a contract says, but it would be nice if simply asking the Realtor to resign would be enough.
  • March 28 2011
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6 months. How long was your initial listing contract? Did you extend it? Did you price the home where your agent suggested? Was the open house advertised? Are you in a depressed area?  You may want to speak with your REALTOR's managing broker to see if they can get more input into your problem or even assign another agent.  Good luck.
  • March 28 2011
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There is no formula for lowering the price of your home. Ideally you want to price it right from the beginning so that you don't have to keep lowering and end up chasing the market down.
If you have already talked to your agent and feel that it is still not working out. Then read your contract to see what your options are. If things cannot be worked out make sure you receive a signed release from the brokerage.
  • March 28 2011
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Profile picture for CallTheSisters
Talk to your agent and air your concerns.  Did you price your home at the price your agent recommended? 

Did your agent tell you how long the market was for your area?  Some markets are 10-14 months.  That means the average time to sell a home is 10-14 months.

If the open house was in the winter time I'd expect only 1 person showing up.  Now that the weather is breaking more people are out looking.

Ask your agent to do another open house.  We developed a score sheet for buyers visiting open houses. Consider using one.  We ask some nonsense questions like did the agent great you when you came in?  Were your questions answered?  Were the directions clear? Considering the size, location and amenities do you think this home is a good value?  If you could change one thing about this home what would it be?

The last two questions are what you really want to know. You won't get usable feedback unless you ask for it.  don't ask the buyer to sign it or give their name.
  • March 28 2011
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Profile picture for rockinblu
Actually the easiest way to fire your agent is to call the agency's managing broker and give a step by step description of how your agent hasn't performed to your satisfaction, and how the promises that were originally set forth in the contract weren't kept. Then politely request for a new agent from the brokerage, subject to your approval, be assigned to the listing.

Just firing the agent cold can end up poorly, as your listing may be pulled, but the contract regarding the brokerage's commission can still be in effect during the rest of the contract period, unless the managing broker gives you a full release from it.
  • March 28 2011
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Profile picture for wetdawgs
"my Realtor does not communicate with me often"    What expectations were set up for communication when you hired this person?   Are the expectations being met?   If they aren't, how have you communicated your concern?

Open houses don't tend to sell houses, they give your agent a chance to make connections for future business.

Have you sat down with your agent and reviewed your asking price relative to comps that have sold in your area in the last three months?  If not, set a date to review these with your agent.

Can your fire your agent?  When does your contract run out?
  • March 28 2011
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