broker's exclusive expiring
Started by veggiefleur
about 14 years ago
Posts: 7
Member since: Apr 2009
Discussion about
I signed a 6-month exclusive with my broker and it expires next week. She has worked really hard for me and is like a friend now, but she hasn't gotten me a good offer. If I lower the price on my apartment any more, she won't be worth her un-negotiable 6%. I don't really want to take time off of work to do showings on my own, but I know I can make a lot more at this point selling it without my broker. What do people normally do? Tell the broker, Merry Christmas my friend, you're fired! Or is there some other option?
Have you had any offers where your final number and the other side's were only 3% apart? If not, I don't see how removing 3% from sell side is going to bridge the gap.
you or your broker or together can continue to work hard in the next 10 years to get your bubble-price-in-dream been materialized
You are probably think your apartment is worth way more than it actually is. If your broker told you she thinks she can sell it at an inflated price, she deserves to be fired!
what is the listing? See what the people on SE think it's worth.
If the broker encouraged you in your original ask price, then she is obviously not doing a good job ascertaining the market. If she wanted you to ask a lower price and you refused, then you are not being fair to her. Drop the price and ask her to take a lower commission for not properly marketing the apartment --which includes determining a viable market-level price.
Also, you need to be realistic about the true value of the apartment. If it is you who is being stubborn about price --and offers--then you are costing yourself time and opportunity. You have missed buyers that may have offered the true value of the apt.
>>If I lower the price on my apartment any more<<
This suggests you've already lowered your price more than once. If so, your listing is becoming stale, and stale listings are hard to sell.
I agree that your broker (or perhaps you) are not fully in touch with the current market conditions. If this is the case, you need to either find yourself a broker who has a better grasp of reality or rethink your own position.
I am not a believer in listings becoming stale. It always reminds me of when people talk about movie openings. That you need to rush to see the movie in the first two weekends or it's all over. All you need is one buyer for your apartment. Plenty of apartments sell after they have been on the market for a while.
Only you know if this broker is working out for you. Has she/he told you why she thinks your apartment hasn't sold yet? It certainly wouldn't hurt to speak to a few other brokers before deciding to sign again with this broker. When I was looking to buy an apartment, I was only interested in the apartment, the building and the neighborhood. How long it was on the market or how many brokers the seller had gone through was of no interest to me. Just was this the right apartment for me?
I completely believe in sales becoming stale. Ali once gave a great analysis of how it hurts an apartment (I think it was her). In any event, I am not going to speculate as to the soundness of veggiefleur's approach. I don't know the circumstances. As to how to communicate your desire to try to sell it on your own, I would tell my broker/"friend" exactly what you just wrote here. Why do you feel being honest is not the right and ethical thing to do here? Just be truthful. Amazing how simple that can make things in business.
>Ali once gave a great analysis of how it hurts an apartment (I think it was her).
But remember, Ali only cares about volume, not price. Or at least for clients this is the case, it might be different if it was her apartment.
She's not your friend, veggiefleur, she is a professional who was hired to do a job for you. Your lawyer is not your friend, either, nor your accountant, physician, or professional dog-walker.
It's great to be friendly! It's fun! But friends are people who sacrifice themselves for their friends, for the sake of the relationship. Neither of you sounds willing to lose money just so the you of two can keep working together. This sounds like a business relationship to me.
You could say something like this: "I know you've worked hard and I appreciate it, but I've decided I don't want to renew my listing agreement with your brokerage firm." Remember, your contract is with the firm, not with the agent, so you can focus on the firm to keep the conversation from feeling personal.
Re: Apartments becoming "stale," I agree with lobster--it's not anything for a seller to worry much about. This is an apartment, not a loaf of bread.
But the new agent, if any, really needs to find out what happened during the now-expired listing time and to respond to the issues that caused that apartment not to sell.
if she works really hard and still no sale, that normally means the pricing is not right
Is your apartment by any chance a studio or one bedroom co-op?
If you die of cancer, it means your doctor didn't work hard enough. Flmaozzz
Chloroform me now!
STALE does matter for 2 reasons: 1)Some people will do a search for new listings within a period of time. This apartment will not show up in that search. 2) Also, if something is on the market too long, buyers may think it is not really available or the seller is not seriously trying to sell it.
buyers may think it is not really available or the seller is not seriously trying to sell it.--
Which is probably the case here
actually, there's no stale listing in practical
any property priced/re-priced right will sell in 2 weeks the most