You can certainly ask. But keep in mind the commission you agreed to up front is split between 4 people. The selling agent and their broker and the buying agent and their broker. None of those four parties have anything to do with the market value of your home. And it sounds like you've been happy with the service you've received. How would you react if your boss told you that the big job you'd been working on for a year wasn't going to be quite as profitable as he thought and wanted you to participate in the loss with a salary decrease?
Yes you can always ask. Up to him of course and I echo what Matthew said about lowering the other agents commission. I am not a realtor but to me something is wrong with the price and or the home if it hasn't sold in a year. Or something I am missing perhaps. What does the realtor say when you ask him why it hasn't sold? Ask him what it takes to get it sold NOW. You may or may not be willing/able to do it but you'll know.
If you need the name of a good agent to talk to in that area please let me know. Perhaps she can be of assistance to you. Hope this helped and good luck.
Senior Loan Officer
600 Jefferson Plaza, Suite 400
Rockville, MD 20852
301-412-0259 Cell http://www.monarchmtg.com/bmendelson http://www.brentmendelson.com
If you like your Realtor and feel they have done a good job to promote your property, stick with them. If you have ideas you'd like implemented, let them know. Also, if you feel they could be a little more aggressive, speak to them about this too. Communicate your frustrations and concerns. This is an especially difficult market for all parties involved.
Selling timelines are much longer than they used to be so keep this in mind. In the end, if you feel you need to go in another direction then discuss this too.
However: One offer in a year means you're still significantly overpriced. So much so that a reduced commission won't be much help.
Here's an example: Let's suppose your house is on the market for $200,000. With one offer in a year, you're probably at least 10% overpriced . . . probably more. Otherwise, more people would have been willing to at least make offers. But let's be conservative and say you're only 10% overpriced. That's $20,000.
If your agreement now calls for you to pay your Realtor 6%, that's $12,000. Reducing that commission to 4% will save you $4,000.
Take a look at those numbers. You're at least $20,000 overpriced. Reducing the commission will save you $4,000. You'd still be $16,000 short of where you need to be in order to sell.
Take a look at other factors, not just commission. Are there lots of good photos of your property online. Has your home been staged? How does it show? How is it being marketed?
And ask your Realtor to run a new set of comps for you. If you're in a rural area, that may be more difficult than in a suburban subdivision. But you still have to do your best to know where the market is and where you fit into it.
Further, ask your Realtor for his suggestions on what makes the most sense to do. OK, his first suggestion wouldn't be to lower his commission. Granted. But, still, he may have some good suggestions beyond just lowering your price.
Still, the price most likely is the issue. That'd be followed by condition/appearance and marketing.
Hope that helps.