Get a new agent or not?

Question

Hello I have a home on the market for 30 days with 0 offers. I did a $39k price reduction and still nothing. I’ve had 10 showings. Is it time to find a new agent? Fyi The current agent is not from the town nor lives in the same county.

Russell Brazil · Answer

It's not terrible.

But I do notice some things that need improvement. Stage the property and raise the buyers agents commission. Nearly everything else close buy is offering 2.5% while you're offering 2%.

Delist, make those improvements and when you relist, be at $799,400. By being at $799,995 it gets rounded up on 3rd party sites to $800k. If its at $799,400 it gets rounded down to $799k.

1st picture should be exterior...2nd picture should be the best part of the interior, so either the 2 story living space or kitchen, then create the story from there. Get floor plans and a 3d matterport tour. Get rid of the basement picture. Probably needs better photography in general.

Erik Estrada · Answer

Hey Simon,

What made you choose this agent?

Caleb Brown · Answer

Where did you find this agent? Not being local is a huge concern. You need someone who knows the market and lives there. Also did the agent run comps prior to listing or did you just tell them a price?

Andy Sabisch · Answer

I would always try to find an agent that is investor savvy and understands the local market.  We buy in two main areas and have two distinct agents we use - they will both tell you they know their area but not the other and we respect that.  As far as their area, they are killers for us.

As you are finding, all agents are NOT created equally and in fact the ones that will serve you well are invaluable team members.  They know the market, they know the lenders, they can work through hurdles without you staying up late and will get you the sale at the best price . . . since you said you have a HML, the carrying costs add up quickly and you want to move the property FAST to minimize costs and maximize profits.

You need to find an agent in the local area and interview multiple ones before selecting one.  Avoid signing a 6 month or longer listing contract . . . they only want the listing not the work.  If you have not gotten feedback reports from the 10 showings, the agent is not looking out for your best interest . . . in fact if she is the HML, she makes more the longer it is on the market.

As others have said, switch agents but dont jump from the frying pan into the fire.

Lisa Wright · Answer

I think a local agent is important too.  And maybe a new agent who is going to work for it.

My first listing I had 3 open houses, Fri after work, Sat afternoon and a 3rd scheduled for Monday near the end of school day house but had multiple offers so canceled it.

Vincent Sprague · Answer

Not sure I would ever trust a realtor that is not local to my market.

I'm from CT and currently licensed there and TN.

Below are some items I believe should be included in your listing:

-Better photography

-Aerials

-2d Floor plan

-Video walkthrough (huge for out-of-state buyers as Madison attracts a lot of second home buyers from NY)

-Are they marketing the home on their LOCAL social media? Just Listed mailers to their neighborhood? Open houses?

-If the final punch lists items have been completed from the description remove from description

If you need help I can connect you to a local rockstar in that area that would take care of all the above items at not additional cost to you....and more importantly get your home sold!

Feel free to reach out to discuss (203) 671-3399

Marcus Auerbach · Answer

Pictures and presentation could be better, but that's probably not the issue.

Offering a reduced buyer agency commission is a really big mistake, you are literally incentivizing agents to lead clients to other listings. Agents do that when you squeeze them too hard on commission, they will reduce the split to the buyers agent. It always backfires.

Benchmark your competition. Have your agent assemble a list of competing properties that are active for sale and have been listed the same time or after yours and put them in your MLS portal. Have any of those sold before yours did? What's their price and value? Why did that buyer choose this and not your property.

10 showings is bad. I use a matrix for price reductions that is based on a very large data set of sold properties. If you don't get showings you are at least 5-10% too high, people dismiss it already on their screen and do not even bother to make an appointment, reduce systematically until you get showings. If you get showings, but no offers you are 3%-5% too high. A lot of buyers do not want to make an offer below asking (I know that's crazy!) - they want to wait for a price reduction.

Taylor Dasch · Answer

We are seeing higher DOM, but to have no showings in a month would concern me. I would do a significant price drop and see if that will increase the activity on it. 39k seems like a lot but with a property at that price point, it will not be too much of a difference in the buyers monthly payment. Also if you were listed at least within 5% of what a buyer is willing to buy, then I would expect at least a few showings!

Nate Sanow · Answer

Before the agent is fired is there a conversation that can be had? By reading this thread at first I had agent bias as I know my own flip is sitting right now and I am my own agent… we are all adjusting… I just think at least sharing the frustrations and concerns will tell you if you can salvage anything from the relationship. If the person is defensive, indifferent, etc. That’s a sign to move on. If they are willing to hear you, adjust, put in further effort, then, maybe you have a deal.

Ryan Deasy · Answer

@Simon Obas hey simon! long time no talk. its important to have a local agent. im going to send you a message. my partner could get it sold for you. i am confident in that!

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