Thank you for your inquiry. A couple of suggestions:
1. I assume that your home is listed with a Realtor. According to the National Association of Realtor Code of Ethics we are not allowed to solicit your listing. YOU as the seller can call other Realtors, however we cannot contact you.
2. There are a number of basic steps that should have been covered with you BEFORE your property was put on the market:
A. Did you and your REALTOR discuss how long similar properties of size, condition, and price, took to sell?
B. Remember that Days On Market (DOM) varies. You know how when a property does not sell, the sign comes down. Then the new Realtorâ€™s sign goes up? Letâ€™s say the property was on the market for 60 days. Then the second Realtor has it on the market another 60 days. That is 120 total DOM. How long has your property been on the market? If the AVERAGE DOM is 120 days, and yours has been on the market 60, you might have nothing to worry about.
C. How many homes like yours have SOLD during the time yours has been on the market? If other homes are selling, why not yours?
3. After each showing, does your Realtor tell you what they agent and/or the buyers said about the home? I ask the agents for Feedback, and meet with my seller regularly to review market changes (new homes on the market, homes sold) and feedback. If there were comments, did you respond to them? Lower the price, fix up what was broken, etc.?
4. If the property has had showings, but now offers, assuming you have positive feedback, the property is probably over-priced.
5. If the property has no showings, then itâ€™s probably over-priced.
6. Have your agent show your three to five properties that are competing against yours. Go look at them through the eyes of a buyer.
7. Depending upon the competition, your agent should be providing you with home staging advice (de-clutter, re-personalize, clean, clean, clean)
Lastly, if the agent is not performing ask to meet with his/her broker so you can get the agent some help. The Realtor works FOR the BROKER. The broker should be able to help. If they broker is not helpful, then you may need to consider changing brokerages (in some cases called â€œfiring your brokerâ€). Hopefully you will not have to do that.
Regarding the rental property idea, Iâ€™ve been there, done that. I strongly urge you to discuss your plans with a CPA or tax professional BEFORE you do anything. There are income tax consequences that occur when you CONVERT residential property to INCOME property.