Expert: Jessica Bryan - 3/26/2007

Question
We have a question about switching realtors.  We have a team of three realtors, one Hispanic, which we thought would be more marketable because we have been told that a lot of Hispanic families are moving to our area.  We live in Port Charlotte, Florida.  We have lived here 2 years and have decided to move back Iowa.  We have a 4/1 that was built in 1961.  It is the one of the nicest homes in the neighborhood.  We have done a lot of fix it up inside and out.  We bought at the highest peak thinking we would flip it but now the market has bottomed out.  I know realtors want to sell it too, of course, that is their livelihood.  Some of our issues are:  1.  In 2 1/2 months there have had 1 open house and we have had many.  Any interest we have had has come from our open houses.  They said if we sold from our open houses they would drop from 6% to 5% on the commission.  2.  They don't want to advertise in the paper because it is too expensive.  3.  they joined www.realtor.com and kept telling us how they paid $760.00 to do this and how it is so expensive but they are glad they did it for us??? 3.  Wanted to have a parade of realtors and they stated they don't like to do that because other realtors are too critical during this process.  We asked for signs and they brought them and we added 4 bedroom pool on them.  4.  They keep bugging us that we need to change it to a 3/2 and make the spare bedroom into another bathroom.  First of all this a very old neighborhood where the homes are up and down.  We really question if would recup our money back.  We told them that and they said it is either that or dropping the price.  We think dropping the price for $5,000 might be a lot easier but not sure what is better.  5.  We have not had one showing or intest except when we have an open house.  The feedback is either want another bathroom or don't like the neighborhood.  We have no end date that we are held to them because they said they don't like to do that so we can get out of the contract at any time.  What are your thoughts on this.  Sorry we are so windy.  The MLS no. is 664184.  We wonder now if we made a mistake.  We are really anxious to sell as we are in an ARM loan it keeps going up and have discovered that we are really homesick. Any help would be greatly appreciated.  Thank you.  

Answer
Dear Billye Jo;
It seems like your REALTORS are not doing that much for you. If I were you I would begin interviewing other agents to see what they are willing to do.  It is like getting a second or even third opinion. Since your contract is open-ended as to an expiration you should be free to cancel your listing with the team and try someone else.

As for adding a bathroom vs. dropping the price: you will not recoup all of the expense to add a bathroom but if all of the other homes that have sold seem to have the added bathroom it may mean that people see your home as impractical and/or obsolete in design.  You may have to add the bathroom to sell.  Another agent's opinion would be very helpful in determining which way to go.  By inviting the agent to come to the house and discuss listing it with you the agent will volunteer some information about the sales in the area and things that you should do to sell the home.

Good luck and best wishes,
Jessica Bryan