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My home has been on the market for almost 6 months and is about to expire, what’s wrong? Should I change my Realtor?
The very utterance of that question can bring a realtor down to their knees.
Yet, if you, as the homeowner, have felt a little slighted or, worse, ignored during the listing, perhaps you should consider changing Realtors. However, before you do, it’s essential to question a few items before cutting off that relationship and taking their sign down from the yard.
1. Did the Realtor Keep All the Promises Made?
Realtors have a pretty amazing knack for listing all the things they will do for you. During the interview process, some Realtors can over estimate their ability to sell. They will make every effort to cite key differences they have over their competition in hopes of getting the listing. Some Realtors are techier, while others are more grassroots-based.
In any case, before changing Realtors, ensure that they actually performed all the activities they promised when they were hired.
These should be actionable items that can be tracked. These can range from putting a special rider on the front lawn sign, a brochure presentation in the home’s foyer, or an upscale marketing video tour.
When it’s time to change Realtors:
The first step is always a discussion. If the Realtor is still not completing specific, actionable items for the sale of your home, it may be time to change Realtors.
2. Did the Realtor Follow Up with Prospective Buyers?
This one is harder to trace, but an honest Realtor with a good reputation and rating on Google, Zillow, or FastExpert should be truthful with the answer.
As the home seller, you can choose how involved you want to be in the selling process. You can request updates on specific metrics or general weekly updates on the progress of selling the home. Or ask your agent how they usually monitor interest in the home and how often they will contact you with that information.
Some Realtors update their clients every Monday like clockwork, while others are more passive with a, “I’ll call you when we get a hit” type of approach. No one method is superior to another because clients will vary in communication preferences and their ideal kind of Realtor.
It’s helpful to establish the communication guidelines from the start; however, if you have concerns about the Realtor, you can request increased communication and specific information about what they’re doing to sell your home.
When it’s time to change Realtors:
If, after a discussion, the Realtor is not following up with potential buyers or providing the metrics that you request, it may be time to change Realtors.
3. Is the House Priced Right?
This is a sensitive topic for most homeowners to handle but a reality check is necessary to achieve the main objective: getting your home sold!
Pricing the house correctly is a crucial reason for hiring a well-informed Realtor who knows the pulse of the market. Your real estate agent should be constantly guiding you and making suggestions on how to price the home to attract buyers.
You should aim to have the house priced correctly from the start. However, sometimes the market changes or there’s a specific part of your house that’s turning away buyers. In this case, consider modifying the home price.
Pricing strategies include but are not limited to, price reductions, offering buyer rate buydowns, or furnished/unfurnished can be used to entice buyers. Especially a potential homebuyer who’s saved your home in their favorites but is debating between your house and another one.
These methods are not new, but if they’re not utilized, then you can end up languishing on the market without a true sense of being priced correctly to sell.
When it’s time to change Realtors:
After talking to your Realtor about options, if the agent is unable to provide creative ideas to get the home sold, you may want to consider changing Realtors.
4. What Didn’t Work and What am I looking for if I Change Realtors?
Sometimes, it’s the energy of the agent or just a gut feeling you have that your pride and joy of an investment just needs a new face and a new burst of energy to get it sold.
Perhaps you’ve already decided that the time to sell is now, and waiting until your current listing agreement expires is not an option. Then, start researching a couple of key elements you’d like to see with the next hire. Maybe you want someone more local who knows the local shops to visit or has their family in the area. Or someone who’s well-established with a proven track record in the general vicinity. Additionally, you may want to try a family referral who’s had great success in helping your family members with their real estate transactions. Make sure you check out the real estate agent’s reviews and ratings on FastExpert to see what other people are saying.
Sometimes, you strike gold with the first Realtor with an offer in the first week, open escrow, and you’re gleefully, yet sadly, packing your bags to move well before the listing end date. Perfect!
But for most, the reality is that it does take some time for your home to move, and according to NAR, the average days on market is 32.
When it’s time to change Realtors:
If your house is sitting on the market with no activity or if you’re conflicting with your Realtor, it may be time to change Realtors.
Final Thoughts
There’s no special formula for selling your home, but there are qualitative measures you can identify to determine if you’ve been appropriately serviced.
Before you decide to end the business relationship, it wouldn’t hurt to have a conversation to summarize the time that has been spent already and if there are any new solutions to implement moving forward.
In addition, take a step back and examine your expectations and actions. Reflect on whether you’ve done all that you can to make your home desirable for buyers. And consider if you’ve been open and available for all showings, even last-minute showings. Lastly, ask yourself if you’re unconsciously doing anything to sabotage the sale. While these are tough questions to consider, it’s a good idea to do some self-reflection prior to changing Realtors.
This should help you make your decision. Realtors are hardworking professionals, and they’ve invested their time and resources with you, hoping that all goes well. Like with some things in life, maybe all that was needed was a second chance to turn things around.