Why did you hire this Realtor?
Did you discuss her marketing plan?
What made you select this Realtor? You did interview more than one, right?
So without knowing the answers to some of these questions, is she doing the job? If she is not doing the job, doing what she said she would do, then I would schedule a meeting with her and her broker and explain your frustrations and see what options they can deilver. In our office if something like this happens that broker will assign a top agent to take care of the client.
Now, so far as going back as an unrepresented seller, how well did that work for you? I do not work in your market, however in California the buyer first sees the home they purchase with a Realtor about 90% of the time. So when you sell on your own you are basically excluding 90% of the buyers.
The other statistic you need to know is that on average, homes listed by Realtors sell 14% higher price than those sold by owners directly. That is not to say that you could not sell your home on your own, however I think you are stacking the cards in favor of a buyer. You think you will net more in your pocket by saving the cost of commission, the truth is that you will net less because you are only working with about 5% of the buyers, so with a buyer pool that restricted, and all the changes in the mortgage industry, you would really be hurting your chances.
fire them. get it in writing!
8%..? ... OMG ...
For 8% .. 2 weeks ago your agent should have had the Blue Angels flying over with blinking lights and streamers .. and last week having Tiger Woods signing autographs .. and this coming week.? .. she should have planned Bon Jovi between 2 and 4pm ....
8%.? - Yikes.! ....
There's only a few good agents out there - and it's your job to interview at least 4 or 5, or even 7 or 8 of them to find the right one ...
Keep in mind, you're the consumer and they work for you .. you're the one that will generate their next commission ...
Where the real estate system fails .. most agents (and consumers) forget they're coming off the largest real estate blast in history ... no real changes, no real negotiations, no real problems, lenders are buying dead people, drive and show 5 homes and have a contract by Wednesday, oh and maybe, they'll get you $1,500 off the price -- "then "boom" the market flutters, then drops like an anvil on Jupiter in some area's ...
Now what.? .. now they have to learn how to negotiate and actually sell something to somebody .. not shaving $1,500 off a $800,000 home that hasn't been built yet ... as Dorothy says in the Wizard of Oz: "Toto, theres no place like home .."
Tracy, in your case ... I would document times, dates, phone conversations , places and things and do a complete "digital documentary" with your digital camera ...
I would then make an appointment with the broker/owner and in a professional manor, show him everything from "A" to "Z" .. in this case, "A" to almost "B", then have him cancel everything "in writing" ....
I would then make an appointment with the Mayor and give him copies of your situation, of course send the same copies to the State Attorney's Office and the Consumer affairs Office sent certified mail.
There's a dozen agents in your area that will be happy to do quality pictures, maybe even a Virtual tour and place it on the MLS for a flat fee and still go FSBO .. just show a fair amount to be paid for an agent bringing a qualified buyer.
14%...? .. another figure by the NAR to gather business in a industry that is holding on by it's nails ...
Sincerely, good luck.!
As far as the contract goes, most are for a set period of time and are difficult to get out of unless there are specific terms outlined w/i the contract that the brokerage hasn't met.
Also, you need to understand your RE market. If it is like many areas of the country, the market is very slow or dead. Ask the realtor to provide you (if not already done) with a breakdown of the properties that have sold w/i the last six months in your area. Make sure that your home is competively priced with the sold properties .... not the active, unsold properties. If your market is stagnant, you may actually need to be priced below the sold history.
In a world of real estate biz models that run from "MLS, 2 picture and you show your own property" to "full service, knock your socks off over the top marketing with agent on call 7 days a week", we don't know what you were supposed to receive as far as represntation, services, or marketing. Is your commission payment going mostly or entirely to the buyer agent with marketing falling to your shoulders? Or did you contract for full service?
If your understanding and expectations of services provided are different than what you are receiving, you have every right to call the agent and expect him/her to perform or release the listing. Having the right to expect vs. legally able to terminate a listing agreement may not always be the same thing. First, approach the agent and express your dissatisfaction. If you are unable to achieve the desired results, escalate to discussions to the broker.
If you believe the agent/company to be in breach, you may have rights to demand release. Since I don't know the terms of the agreement, I don't wish to speculate that to be the case. You have every right to expect delivery of services promised and every right to expect delivery in accordance w/ your written agreement.
Deborah Madey - Broker
Peninsula Realty Group - New Jersey
You can also contact the broker but usually agents reflect their leadership. You will ultimately have to deal with the broker but by making contact with the board of realtors first you have some leverage.
At the very least you may end up continuing the contract with a different agent.
As an Agent and Homeowner myself, I am appauled that someone would treat their client in this manner. It gives others the wrong impression and the agents that do a great job fall into this category with the bad guys. You unfortunately found a bad agent. I think if you contact the broker, you can easily resolve this situation and find an agent who will work to achieve your goals and look out for your best interests.
If you try to put it up on your own again you will get the same results. A home sells 15-17% more when using a Realtor and therefore, that 8% fee your are paying is actually paid for + another 7-9% more for your pocket. Good luck!!!
You need to fire your agent! Also, call the broker in charge and let them know why. Obviously this agent does not care about servicing the listing that you GAVE her because her adverising really lacks....not getting it on the MLS site immediately and getting the sign in the yard ASAP. As for finding the right agent, check around, talk to people, talk to the broker in charge and find out who the top listing agents are in the company.....and ask, how long are their listings usually on the market, what is their track record, etc.. Good Luck!