Expert: Jessica Bryan - 6/7/2010

Question
Hello,

I have had my condo on the market for almost 3 months (of a 12 month contract).  I am afraid that my agent has, and continues to give bad advice.

For starters, at signing I asked if I would be able to make a certain amount of money on the property without pricing myself out of the market.  She said it was "a little high" but that it could be tried.  Well - I have dropped my price twice since (total of $20,000) and I still have no buyer.  Both times I had to go to her to see if a price drop would be necessary and BOTH times she was non-committal on what price I should list at.  Even at this price I have had several visits but no interested buyers.  I do understand that this condo is on a very busy street and won't fetch top market dollar so I feel I am being very flexible with the agent yet she remains unable to give me a firm idea of what I should be asking.

Further, I have purchased a new home already and will be taking over in July.  I have asked my agent if I should move things our of the condo or leave things there.  She has said it is fine to take everything and leave the place completely empty.  This goes against everything I have read.  I am not sure what to do and I am no longer sure I trust her advice.  She did arrange for lovely pictures to be done of the place and does put ads in the paper...I just no longer believe in what she says and I don't think she is doing what it takes to move my condo.

What should I do?

Many thanks for any advice you can provide!

Karin

Answer
Dear Karin;
It is unethical for another agent to solicit a current listing but it is completely okay for an agent to respond to your inquiry if you solicit their help.  My suggestion is to call another agent to get a sanity check.  Explain that you are thinking of withdrawing your listing and going with another agent.  Then invite the agent to look at your condo and advise you on the price, condition, and other questions you may have.  It may very well be that the agent you currently are using is accurate in her assessments.  Sometimes it is impossible to know what will sell or for how much.  It is not an exact science and much depends upon current market and the economy.  Agents and appraisers alike must draw from a historical perspective which may or may not be accurate in today's market which is ever-changing.  However, if you want to cross reference your agent's responses then consult with another agent and see what feedback you get.  This will help you to decide what to do.  If the other agent reflects the same opinions then stick with your agent and explain that you want to get more aggressive.

On another note; I assume that you have a listing contract with your agent and if you are unhappy and want to cancel you will have to have the Brokerage's permission to list with someone else or even sell by yourself since you have a binding contract with that broker.  I seldom hear of a brokerage that doesn't release someone from their listing if they are unhappy but not without some consequences.  You may be responsible for some financial remuneration since it cost the agent to advertise and market your property.  You may find that you will have to 'bite the bullet' and wait for the listing to expire or be 'dinged' with costs.  However, the best thing I can advise is for you to call the Broker in Charge to discuss your concerns and see what can be done.

Best wishes.  
Sincerely,
Jessica Bryan