Expert: Toni Yates - 4/30/2008

Question
Hi Toni,
My question is, I am right in the middle of a 6 month contract with a realtor.  I am truly not satisfied.  The comps were not done accurately when i first put my home on the market. So i reduced it 5 thousand dollars.  Later i asked if everything was fine (aware that the market is slow)as far as the house having any problems with selling.  After me talking with her supervisor, because i can never reach my realtor by phone.  They decide my home needs to be reduced another 20,000.  That will not only cut out the majority of my profit it will also put the house way under the tax value.  My home was built in 2006, great location and in excellent condition(shopping center, schools and major hwys within minutes).  I even have over a half a million and  million dollar home less than an quarter of a mile from me.  So i know the price on my home is accurate.  In a nutshell the comps were done right to begin with.  I can never reach her over the phone even if i leave a message.  If she does respond it is by email.  I rarely check my email.  And I had a prospective buyer that took her weeks to get back to.  After taking so long the prospective buyer became unavailiable.
So my question to you is how can i be release from the contract.  So we can both move on and she can come and get her signs and continue on with all the other closings she keeps telling me she is doing???

Answer
Hi PO-
Thanks for the question. Wow- I can see why you are frustrated. First off- let me say that this is a tough market for comps. Most prices are truly below where they were in 2006, at least in my market. Generally, if a house is priced correctly and shows well, it will sell. What is the "average days on market" in your price range? The best way to determine value is to have an appraisal by an independent appraiser (usually $300-400). I offer to reimburse the owner for the appraisal at closing as part of my marketing strategy. That being said, a listing agreement is a contract and therefore she may not have to let you out of it (actually, the broker not the agent). HOWEVER- there are ways to approach this: Have a talk with the principal or managing broker and tell her/him that you are truly dissatisfied with the level of service you are receiving. They can intervene and fix the problem, assign it to another agent or let you out of the contract. If they are less than cooperative, you may need to seek the intervention of the local real estate board who probably has arbitrators or a complaint system. While I do not advocate threatening, most realtors are very concerned about their reputation with other potential clients and frankly, if a client was dissatisfied with my services, I would not want to continue in a strained relationship with the possibility of the client sharing their unhappiness with others. While the market is not this agent's fault, her lack of communication and responsiveness would appear to be. I hope this helps and good luck. Best, Toni