when to pull the plug on a broker
Started by wonderingtoo
over 16 years ago
Posts: 23
Member since: Jun 2009
Discussion about
I have had my apartment listed with a broker one year now. It is still on the market and I've not had one single offer. Due to the recession and timing of my bringing the apartment on the market, should I cut the broker some slack? This broker has become a friend so this decision really must be made based purely from a business standpoint. I like the broker very much and their argument(s) as to why the unit hasn't sold seem valid. How does a seller know when it is time to pull the plug and get someone else in?
This was first the fault of the broker for not managing your expectations about pricing in a down market. Broker's that take over priced listings are not doing the Seller any favors. However, now the ball is in your court. The place is not selling and there is one reason...you are priced too high. There is a magic number for everything and you are not there. Buyers are still looking for good deals and if you aren't getting any people looking, it is the price. Also, closing yourself off to Open Houses is a mistake. Wanting to rent your apartment could be a mistake being that there's been a shift again and the rental market is majorally down. If you do not want to lower your price, then you should tell your broker to bring in a stager. These are professionals that come in and actually "stage" your apartment and make all the negatives into more positives. I don't know how much you paid for your apartment, or how much you owe on it, but I do know, if you are thinking that you are going to actually "make a huge profit" in a down market, this could be a mistake. Good luck.