Real Estate Q&A for May 11, 2014
We have had out home for sale for nearly six months with no offers and approximately 20 showings. Our current contract with our real estate agent expires in a couple weeks and we are considering changing agents and going with a new agent and company, although we have enjoyed working with our current agent. We are currently weighing the pros and cons of making a change and are looking for some outside insight to help us make the right decision. Thanks for your help.
—Josh and Brenda, Grand Junction
Josh and Brenda,
Many times this is a very hard decision to make, especially if you like your current agent. Let me be the first to say there are times a new agent, new sign and new energy are needed, regardless of how much you may like your current agent and want to stay with him/her.
If you have been on the market for nearly six months, several during winter, and had 20 showings I would say that your traffic has been good. It does not sound to me that you can blame your agent for lack of traffic. If you have good traffic, but no offers it does not directly mean you need a change of agent. Listen, you hire a real estate agent to drive traffic to your home in the form of showings and it appears he/she has done a good job. Statistically speaking you should get an offer within 12 showings (this is just a guideline I use) and I have found over the years that it really is a pretty good measuring stick as to where my properties stack up in the market. I have found it to be a very good predictor of home pricing vs. the market and if we have had 12+ showings and no offer, it generally means we need to consider a price adjustment.
The good news is, you are getting showings which means your agent must be doing a good job of marketing your home and that you are not likely very far off. You can most likely resolve the issue with a moderate price adjustment and scare up an offer fairly soon. If you were not getting showings, this would indicate that the price is probably considerably above market tolerances and will require at least one price reduction of significance.
I will say there are times a listing just needs new energy and it really can make a difference by changing the agent and or company and pumping some new energy into the property and marketing of your home. It has happened to every agent, the listing that will not sell and you have no idea why…. no matter how hard you try, no matter how hard you pray, no matter how hard you beg all the agents who have shown it, sometimes you have one that just will not sell. You will know when your agent has given up, you will not see any advertising, you never hear from them or their staff, your flier box will stay empty etc… You will know at a gut level if you need a change, but if you still enjoy working with them and feel they are doing a good job, stick with them and let them stay on the hunt for a buyer.
Considering you are getting good traffic and you have enjoyed working with your agent, I would suggest you stick with them. I would also suggest you have an open and honest conversation about where you go from here and what the game plan is going to be moving forward to get your home sold. Remember, showings are what you hire your agent to produce, because showings lead to offers unless there is a pricing or condition issue. Best of luck, sounds like you have a good agent doing a good job
The Kimbrough Team
REMAX 4000 Inc.