The reality of the brokerage fee is that you only pay it when you have closed a sale, and that brokerage fee may be split with the broker representing the buyer, so your agent (all agents are not Realtors®) would only be getting paid if they sold your home.
You do not have to compromise, but buyers do not have to see things your way. Perhaps your agent is correct and your home needs to be priced lower to attract offers; perhaps he is wrong and is just not marketing it properly - we don't know.
The chances are that if you contact another broker, they will be open to working with you - and when it doesn't sell with them in a few weeks, they'll be suggesting lowering the listing price, too,.
All the best,
If you apartment has been listed for more then three months and you have not had any offers or second showings then it is most likely over priced. I suggest talking with your agents broker and see if you can come up with a strategy that will get your property sold. If that's not realistic then you can always take the apartment off the market. Most brokerage firms will allow you to cancel the contract if you have legitimate reasons that the job isn't being handled properly.
If you are still unhappy, and want a new Agent to represent you altogether, I suggest that you inform the Broker of your problem with the current Realtor. Maybe the Broker can give you another Agent. Additionally, you could ask the Broker to release you from the contract for the reasons you mentioned, however they may decide not to do so.
I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.
Wishing you all the best,
De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
"I Stand Behind Getting You Results!
depend on the timing and your contract. Speak with
your agent or his/her Broker. Most of the time they can
release you, if a client is not happy.
Licensed Real Estate Agent
Century Homes Realty Group
Direct Line: 347-932-0609
As far as getting out of your current contract and finding another broker, again, examine the contract you signed to see what penalties there may be. If you signed it, you agreed to it.
By the way, as to the sales price, you as the owner always have the final word. Don't let the broker pressure you. At the contract signing, the 6% commission should have been in the contract and no surprise to you now.
By the way, Christopher whose answer is below makes some very good points.
An agent has two options, work with the seller and their price if they think its market appropriate, or don't take the listing in the first place. I don't take grossly over priced listings because I'm in this business to make a living. I spend my personal dollars to market the property and know how the grossly over priced listing story ends....If the listing is a few thousand high that's not the end of the world but know, the market will speak to you within the first month its listed. You will be able to tell by the activity and broker response how you are priced. The second part to this equation is an effective marketing plan. Try talking to the agent and see if you can work towards a solution, if not approach the principle broker.
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legends Realty Group
Licensed RE Broker
New York Home RE Services, Inc. http://www.ny-home.net
Someone below mentioned asking for current comps that would show a reason to lower the price. You don't have to drop the price but the Elephant in the room could be saying, you might have the property priced a bit high which would deter people from looking anyway. Sellers frequently think their property should sell at a premium. Good luck.
I do not want to jump to the Realtor's defense without knowing all the facts, but it is not unusual for a seller to price their property based on need or want. It is the Realtor's obligation to prove the current market value to you and educate you on the process.
I am against Realtors taking overpriced listings to begin with. It is our obligation to educate the consumers.
As a seller YOU control the price, not the broker. The broker can show you facts and make recommendations but it's ultimately your call.
RE: Termination policy
You can only terminate your contract after establishing that the listing broker is not fulfilling the servicing terms of the agreement you have with him/her. Furthermore your contract is not with a SINGLE individual but with a REAL ESTATE company, and you must address all your concerns with the head broker of the firm and give them a chance to rectify the situation and possibly assign you a new agent. And if you can establish that no proper marketing and servicing is being done for your listing you can request termination on those grounds.
RE: Price drop
Even though price drops sometimes help drive new traffic to your property it's not the ultimate solution. You must make certain that a price drop is not a compensation for lack of marketing of your property and you must make certain that by the reduction you will enter a new search criteria.
RE: 6% compensation
The amount of compensation is irrelevant in this case, many of my clients often said they would pay more if they knew the result would be quick and satisfactory. In this case if applied appropriately the 6% commission can act as a powerful tool to attract buyer agents to the property which will help move the property faster.
In my experience lack of traffic is always a reflection of bad marketing and servicing nothing more. Lack of offer AFTER a volume of QUALIFIED showings is then a reflection on price. Most people have the right gut instinct that something isn't right, and your instinct must be right as well. So start as high up in that brokerage as possible and go forward from there.
Armen J. Meschian
Associate Broker at Exit Realty Landmark http://www.luxdwellings.com