Should I Switch Realtors? (feedback, recommendation, appraisal, 6%)

[erjunkee]

I currently own a condo (in a wealthy suburb) and it's been on sale for the past 4 months.

It still has not sold.

It's had a total of 11 viewings. All of the feedback left by the various visitors have been overwhelmingly positive. However, due to the HOA fee in addition to the high quarterly tax fee assessed by my condo association, most of these would be buyers have commented that this is their primary reason for not pursuing an offer to purchase my home.

I've reduced my condo down a total $10K, so far, and it's now on sale far below it's market value.

My realtor was given to me on the recommendation of someone. She's very friendly and approachable. And although she states she has sold many condos in my suburb, her specialty is short term sales. My primary issue with her over these past few months has been that she hasn't been the best with communication, which has been an area of frustration for me. I've addressed this with her, already.

Anyhow, when we first met, she stated she was certain my condo was going to sell immediately and seemed genuine in believing this. Unfortunately, this has not been the case. I'm in the process of moving out of my current state and will be relocating down to Georgia in 2 weeks.

She sent me an email about an hour ago, announcing that she is breaking off from Keller Williams and is forming her own private real estate company. If I remain with her, she will reduce her fee from 6% down to 5.5%. If I choose to remain with Keller Williams, she will refer me to one of her colleagues and we will subsequently part ways.

So, what would you do? Would you remain with her? Or would you try another realtor?

[vendela]

It's not personal..

I'd drop her. Communication is key and you mention that communication has been shaky. Some realtors are great as buyer brokers but not as listing brokers. They cannot SELL.

Consider Redfin and another drop in price. Either that or find and list with one of the clearly successful top 5 selling realtors in your area.

Also have your friends and family take a look at your place objectively and provide suggestions i.e. does the front door need painting, front mat replaced, does it smell clean and fresh throughout, do the windows need cleaning, would a change to neutral wall colors be in order, ...things like that.

[MrRational]

Originally Posted by erjunkee

It's had a total of 11 viewings. All of the feedback left by the various visitors have been overwhelmingly positive.
However, due to the HOA fee in addition to the high quarterly tax fee assessed by my condo association,
most of these would be buyers have commented that this is their primary reason for not pursuing an offer
to purchase my home.

How does these costs, terms etc compare to OTHER similar condo's in the area?
I'd be surprised if they are materially different.

I've reduced my condo down a total $10K, so far,
and it's now on sale far below it's market value.

YOU don't get to determine "market value".
Only the buyer can do that ...with a contract offer at $X

Have you had ANY offers yet? At any price?

So, what would you do?

I'd look for some OTHER and objective source for a valuation number.
A professional appraisal comes in at about $300. Money well spent.

Would you remain with her? Or would you try another realtor?

Deal with the above issues first.

[dblackga]

1. Look at other sales in your complex. Have other homes sold during the last four months? What did they sell for? Were they significantly different from yours? (i.e, they had granite counters, you had formica, they had updated bathrooms, your fixtures are from 1978, they had hardwoods, you have carpet, they have a view, you don't, etc.) If no other homes have sold in the last four months, either, it may be a sign that the market is softening in your area. If other homes have come on the market and sold, there's a reason yours isn't one of them.

2. Most agents do a combination of listing and buying, but it would be worth it to find an agent who is comfortable with aggressively marketing property, instead of the ones who just put it on the internet and hope for the best. If the KW office that you are currently using is a busy office with some high-producing agents, I'd be tempted to talk to the broker (not the agent, necessarily), and request that your listing be transferred to a high-producing agent (NOT necessarily a newbie agent, which is what a lot of offices will do in cases like this -- although a newbie would tend to give you LOTS of attention.) And, oh, BTW, while they are at it, ask them to match her commission offer. :-)

3. MrRational is correct -- the "market value" is what someone is willing to pay for it. Right now, it is NOT your listing price -- otherwise, it would have sold. The market value is not what you think it's worth. It's what a BUYER thinks it's worth. Right now, you have been rejected by the market -- assuming the market is active.

4. Consider having your listing withdrawn at this time, and having it re-listed by your new agent (either with KW or whomever you end up choosing.) At this point, your listing is 'stale', and people are starting to wonder, "Hmm, wonder what's wrong with it?" When you move, you might consider having just one room staged, if one of the problems could be your furniture (old, worn, out of style, too big/too small for space, etc.). A new agent will also have fresh photos taken.

[erjunkee]

Thank you all for your advice. She actually sent the email yesterday evening (right before I made the OP) and in it told me that I have to let her know by this Friday. What professional does that?!?

I'm pretty nervous b/c I'm moving very soon and now will need to start all over again with a new realtor in the midst of working nearly nonstop up until mid next week, moving, and dealing with an empty home....

I think that all of the points each of you has made are great... Thank you!

[unbalancedwood]

I would find another Realtor, as mentioned top 5-10 in your area. Switching Realtors will also give you a new MLS # and put it to the Top of all the House shopping Apps.

Maybe she needs to know by Friday in order to 'take' her listings from KW free & clear?

[Campfires]

Unless your condo is worth $100,000 or less, $10,000 is chump change and certainly not an indupicator thta it is "far" below anything. As previously mentioned, it's obviously not below market value, otherwise it would already have sold.

Where are you getting your idea of market value from? Zillow?

[JanND]

Based on her lack of results, I'd find someone else at another agency entirely.

[SmartMoney]

You've received so excellent advice. Get an appraisal and request "market value." Brace yourself, you may feel like you've been punched in the gut, but it needs to be done.

Then Google "dangers of over-pricing when selling a home." Wade through the ads and self-promoting blogs and you should find references to studies that tracked over-priced listing and their final sales price. The quick summary is these homes sold for less than market, some significantly less when the squeeze was felt. I'm not saying you are over-priced, but that is almost always the issue. And now no matter how much you reduce the price, you are still that over-priced home.

I would change Realtors. Why compete with setting up a new business? Go talk face to face with the broker. Check your listing agreement, when does it expire and can you leave KW if you do not like the broker or what the broker has to say about the agent replacement?

And, just how much are the condo and HOA fees?

[Brandon Hoffman]

Originally Posted by erjunkee

It's had a total of 11 viewings. All of the feedback left by the various visitors have been overwhelmingly positive. However, due to the HOA fee in addition to the high quarterly tax fee assessed by my condo association, most of these would be buyers have commented that this is their primary reason for not pursuing an offer to purchase my home.

Changing agents isn't likely to result in a sale given the feedback. It's a price/value issue here.

Originally Posted by erjunkee

I've reduced my condo down a total $10K, so far, and it's now on sale far below it's market value.

No it's not or it would have sold. You're still overpriced.

Originally Posted by erjunkee

My realtor was given to me on the recommendation of someone. She's very friendly and approachable. And although she states she has sold many condos in my suburb, her specialty is short term sales.

What is a short term sale?

Originally Posted by erjunkee

My primary issue with her over these past few months has been that she hasn't been the best with communication, which has been an area of frustration for me. ....I'm in the process of moving out of my current state and will be relocating down to Georgia in 2 weeks.

So if it's an issue and she doesn't fix it then fire her or reduce the price, get it sold, and move on with your life.

Originally Posted by erjunkee

She sent me an email about an hour ago, announcing that she is breaking off from Keller Williams and is forming her own private real estate company. If I remain with her, she will reduce her fee from 6% down to 5.5%. If I choose to remain with Keller Williams, she will refer me to one of her colleagues and we will subsequently part ways.

So, what would you do? Would you remain with her? Or would you try another realtor?

I don't know to make a recommendation but having been through a change it can tough to get up and running. I'd be concerned about inattention to the listings while she's in the process of opening her company. I'd probably take this opportunity to change but again, I don't know enough about her qualifications to say anything other than it's tough and time consuming to open a company.