Selling contract extension (feedback, agent, sales, price)

[coopdway]

Hi,
We've had our SE MN farm/recreational property listed with our agent for almost 7 months, one month longer than our original 6 month agreement. We signed on for another month when near the end of the original term, a potential buyer was "ready to submit an offer".

When the offer arrived, it involved our splitting of our acreage, something that hadn't even been on the table. Though we did consider this change to our original plan, we eventually rejected that offer as well as the idea of a split.

We're now near the end of our extension with a showing set for this week. Is there a reasonable and fair way to prevent another extension that only wastes everyone's time? Though we have no real issues with our current Realtor, there are some things that we feel would be better dealt with by someone new. Is a calendar date the only effective way to end a listing?

Thanks for any ideas.

[Joan Thomson, SRES]

Again, changing agents if the property is overpriced will not solve the problem in todays market.

IF your agent has been paying for advertising, using gas to show and trying to show your property, and is not a royal pain,
I would extend my listing with them. But lower the price to what has been selling and what is below the asking price for the nearest comparative one on the market.

[chet everett]

You must realize that farms/recreational land/raw acreage are NOT typical "any agent can do it" kind of sales. For maximum value it may make sense to seek out an agent that has experience/connections with developers. If that is the case with your current agent then it makes excellent sense to STICK WITH 'EM, if that is not the case you best bet may be to ask your current agent who they would recommend if they wanted the best "pro" in the area with a background selling this kind of property. If they are smart they will either show you that they ARE that person OR they will tell you who is the right person and then hope that person shows them a similar favor down the road...

[coopdway]

I really appreciate the feedback. A few comments below to better explain --

Originally Posted by chet everett

You must realize that farms/recreational land/raw acreage are NOT typical "any agent can do it" kind of sales. For maximum value it may make sense to seek out an agent that has experience/connections with developers. ....

And this is indeed the case. We understood the unique nature of our property and against our better judgment, went with the person in our area that had years and years worth of experience selling agricultural/large acreage property. The reason that we were reluctant is because this agent does not list on MLS, nor does he have a presence online.

When we first decided to sell, a paramount issue was the ability to share our property with the largest pool of potential buyers possible, something I felt was only possible by being visible on the Internet. We are now concerned that our potential pool of buyers is too small and limited to only those that either seek this agent out or are drive by's.

Originally Posted by chet everett

...If that is the case with your current agent then it makes excellent sense to STICK WITH 'EM, if that is not the case you best bet may be to ask your current agent who they would recommend if they wanted the best "pro" in the area with a background selling this kind of property. ...

Based on the little that we knew, we were convinced that our current agent was that person. Now, our concern is that with no advertising and what we deem to be limited access by potential buyers, this approach has been too passive. Sudden interest near the end of the last couple of month's seems too convenient. Offers have been made that were far short of our asking price and terms, both of which were initially mutually agreed upon by our agent. We felt that we had no choice but to reject the offers rather than even offer something to counter.

With all of the above, we're struggling with the idea of staying where we are.