Expert: Karyn Foley - 7/15/2008

Question
Hi Karyn,

I chose my current realtor to sell my home because he just sold one of the homes in my neighborhood quickly before I wanted to sell mine. Now my 4-month listing agreement will expire soon, but the home has not been sold. I think my current agent is a good guy, but it seems that he cannot provide more marketing strategies for me. I’m thinking of finding a new agent. Will it cause any possible dispute over commission? Should I pay any service fee for my current agent? I’m not sure if there is anything I should pay much attention to. Thanks!


Answer
Dear Yan:  T really applaud you for having morals.  It is not a usual approach in the real estate business during trying times.  It is a very scary financial scene out there, and most buyers are fearful.  Sometimes they would rather wait and buy when the market settles in the prices are even going up; this way they know they can sell if things go bad for them in the near future.  It is definitely a buyers market, subject to the whims of the troubled lending institutions, and it takes a long time to sell a home.  Are you certain that other agents can offer more than your current agent?  Are you getting advertising?  Are you getting open houses?  Are you provided with feed-back?  And, most important of all, is your home priced to be perceived as the best value of all?  It is not good enough to be in line with the other comparables, you have to be the best bet in town.  If you decide to interview other agents, please understand that some of these agents will put down your current agent in hopes you will no longer appreciate or want your current agent.  Is there an agent who has shown your home much more than the other agents?  When I am a listing agent, sometimes I show the home more than any other agent. And, sometimes I never show it at all because I do not have a buyer for that neighborhood or price range at the time I have the listing.  No one has a buyer for everything all the time.  Stick around with your current agent another couple of months, track the ads and open houses, and listen to the feedback and take direction from your agent.  Have you adjusted your asking price yet?  Usually, that helps the situation tremendously.  Let me know how things go, keep in touch, and lots of good luck!  Karyn