With inventory as low as it is in San Diego, at just 2.1 months, you may be in shock if you listed your home with an agent and it still just won’t sell. Sometimes we are right there with our clients, surprised, and other times we aren’t. Even in the hottest markets, there are still ways your home can find itself sitting, waiting on the market for a buyer. In this blog post we’ll delve into how an agent can play a role in that situation. But, you first need to understand the fact that there are countless reasons your home isn’t selling (agent aside). According to Trulia, these are some popular reasons homes sit stagnant once listed:
- You’re overconfident and the home is priced too high
- The home needs work/repairs
- There’s a problem with Title
- The marketing and photos for the property are subpar
- You didn’t hire the right agent (isn’t representing your home well)
- The smell is off-putting
- Your appliances are “vintage” in the wrong way
If you fall in the category of “not hiring the right agent,” we’re going to walk you through your options and things you should consider.
Why Homeowners Fire Their Real Estate Agent
As a homeowner, you have expectations of your agent. Obviously the greatest expectation being that they will get your home sold, but you have a standard of communication, adherence to the contract, and an overall positive representation of the product AKA your home. Here are the top three reasons homeowners choose to fire their agents:
- Poor communication. Communication is everything, especially when it comes to the sale of what is most likely your largest asset. Nothing makes a homeowner more mad than not being the first one to hear of important updates like the buyer’s loan falling through. Also, there are many time-sensitive constraints throughout the sale of a home. If your agent is slow to get back to you and respond to inquiries or concerns, you may find yourself quickly losing trust in the relationship. A whopping 70% of dissatisfied homeowners blame their agents for “lack of communication.”
- Sugar Coating Truths. In other cases, an agent may be so eager to get your business (and a commission check) that he or she will tell you whatever you want to hear. In some cases this means agreeing to an overstated or inflated list price, or downplaying the need to make repairs or get your home truly home for showings. Most agents who are focused on getting the home sold wouldn’t fall in this trap, but some do. If you find that your agent agrees with everything you come up with, they aren’t being the asset and resource that you need. One of the main reasons a home in San Diego would sit on the market right now could be connected directly to a list price that is too high for the market/area to support.
- Inadequate Performance. There are also some instances where your agent may be simply suffering from a case of laziness. That may sound harsh, but it’s true. There are countless amazing agents out there, but there are a handful who think that they can list the home and then sit and let the home sell itself. If marketing efforts are sub-par, your home may not be getting the visibility and exposure it needs. Or, maybe your agent is not making a point to host open houses or make time for buyer showings. All of these things can slow and even restrict the possible sale of your house. If you have a “list it and forget it” agent, we don’t blame you for wanting to terminate the contract.
Steps to Take When Listed with an Agent & Your Property Still Won’t Sell
The first thing we would recommend is to have a conversation with your agent. While it may be uncomfortable you need to express your frustrations and provide an opportunity for them to improve. This is especially applicable when you’re terminating the contract early. If they could have legal grounds to come after you if you terminate the contract and sell soon after, you could find yourself with a big headache. Plus, maybe they’ll agree with you and you can mutually end the contract without any fuss. Always start with an honest conversation.
If after the conversation you still feel as though termination of your contract is necessary, you should then study your contract carefully. In some cases, larger brokerage firms will let you cancel at any point at your discretion and simply appoint you to a different agent with the same firm. Additionally, many contracts have clauses or procedures in place that will enable you to cancel if you’ve reported problems and they haven’t been corrected (be sure to document those reports or remarks). Also, look for other breaches in the contractual obligations. If your agent simply was not upholding their end of the agreement, then you should have every right to terminate the relationship without retaliation.
One thing to be mindful of is the fact that it may have taken you a while to become irritated or dissatisfied with your agent. If you’re nearing the end of your contract, it may be best (in regards to avoiding conflict or problems) to simply wait for the contract to lapse. But, we know that time is always a factor in someone’s desire to sell. This may not be an option for you.
Selling Direct to a Home Buyer for a Guaranteed Sale
We want to preface this section by saying that we love working with real estate agents in San Diego. We have worked with hundreds of different agents who do an amazing job helping their clients sell homes. If you’re certain that listing your home on the market is the route you want to take in selling, then we’d love to refer you to an agent who fits your needs. We refer sellers to agents who specialize in selling homes specifically in their area or neighborhood all of the time. It’s unfortunate that you’ve had a bad experience with an agent, but trust us when we say that there are many agents out there who are fully capable of selling your home. There is a buyer for every home.
On the other hand, if you’re a seller who’s tired of waiting or you think that your home’s condition played into the fact that it didn’t sell – a direct home buyer like us may be perfect for you. We don’t care how well the home shows or what condition it is, because we’re prepared to make the repairs ourselves. We can also close fast. In this case, you may be tired of waiting and waiting for your home to sell. By selling to us, you’re basically being guaranteed a quick and easy sale. There’s not much else to it! You can walk away with cash in your pocket and hopefully now, peace of mind.Views: 10