switching brokers

Assuming, as you seem to, that you were happy with your broker except for one very mionor fact - they didn't deliver what they were supposed to:

Like an auto on a used car lot, listings can get "stale". Sometimes a new broker can inject some life into a listing that's been on the market for an extended time.

The question to ask yourself - as well as potential new listing brokers - is "what will be different this time?" If the apartment is flawed in some way, a new broker can't change that. If the seller has not been as cooperative as possible in keeping the apartment in "show condition", or be willing to show at the drop of a hat, a new Real Estate firm won't help. Most importantly, if an apartment is priced out of line with the market, a fresh face can only do so much.

It's interesting that most listings taken over by new brokers after a listing has expired start with LOWER prices than before. SOMETINES a seller will follow the pricing advice of the second broker, whereas had they adjusted their price the first time around, they might not be in this situation.

It can't hurt to bring in a couple other brokers to see what they have to say - maybe you are happy with the current person, but that does not mean they are doing everything possible to sell your apt. Maybe the new brokers will have good/new ideas that your broker will not come up with for whatever reason. The reality is that there can be a huge difference in the quality of brokers even within the same firms. Some brokers do it as a side job when it is convenient for them (which makes it harder for potential buyers to get in for a viewing) and some are actually good at what they do and will make a difference. Get a few other broker's opinions - it certainly does not cost anything in the end. Good luck.

IMHO I think the listing broker is absolutely important. They have the job of marketing the apartment, whether to buyers or to other brokers.

It's an interesting question and I would love to hear what some brokers think about this one.

I agree. I know many seller brokers who put a listing in the system, sit back, wait for a call, ask obnoxious questions before hand to see if its worth 'their time', and do not employ any proactive marketing measures and go out of their way to accomodate direct buyers and make it a bit more difficult for co-broke buyers.

There IS a difference between how any one broker markets, shows, handles questioning, handles negotiating when you are not there, accommodating showing requests, etc..

In a market where the average apartment takes five months to sell (that's a Miller Samuel number) we're going to hear this question more and more, especially on six-month exclusives.

The point I would make is that sales is not magic. It is a path that looks roughly like this:

listing >> traffic >> offers >> accepted offer >> contract >> close

If you haven't closed, where in the process did the sale break down?

Did you get offers that you accepted that didn't get to contract? did you get offers that you didn't accept? did you get traffic but no offers? did you get no traffic?

Running that diagnostic will help you decide how to go forward. Once you know WHAT you need to do, you can decide whether to do it with your old broker or with someone new.

ali r.
{downtown broker}

Excellent advice front_porch.

There are listings where the price seems so totally disconnected from reality I won't go look (even at an OH), so that would be a situation I'd think where light traffic is indicative of a pricing issue. A breakdown later on might be indicative of reasonable pricing, but of difficult mortgage financing conditions, etc.

While there may be some lazy listing brokers, I think it is at least as likely that there are sellers who are unrealistic in their pricing.

we have had alot of traffic, tapering off now though, many many return visits with broker feedback of they LOVED and not even one offer, not even a low ball offer which we told the broker to get us any offer to evaluate.

JohnReal eststae comment is true when listing with a new broker and lowering the price...which is exactly what we might be doing....for the sole purpose of a fresh start, new motivated broker, new traffic and finding a broker that knows how "to close" I am finding alot of brokers are great marketers but terrible closers....we need a closer.

Any recomendations?

a lot of traffic and no offers is one of three things:

1) your price is too high. If you told your broker to encourage "any and all" bids that should have balanced it, but if you're 30% over comps, no one is going to step up at all.

Take a run (or have potential new brokers do it) on nytimes.com to see what else is available at your price and honestly make sure your apartment is competitive.

2) There's no mortgage money. We are seeing a shocking disconnect between what people think mortgage conditions are and what they actually are (buyers think they can borrow a million and a half with 10% or 20% down, for instance, and the market is saying that's just not true).

The best way around this is to "partner" with a specific mortgage broker who can draw up sample pricing on a loan for your unit. He or she will do that for free, to try to capture new customers, and it makes buyers feel better to see specific numbers.

3) There's some unrevealed flaw -- everyone loves it but . . .

one example might be that your potential buyers all have strollers, and it's a walkup. If you have traffic and a flaw, IMHO it's better to put the flaw in your early marketing, so you end up with lighter, but more committed, traffic.

I don't know where your listing is. I'd love to pitch you if it's in the Tribeca/SoHo/Greenwich Village/Chelsea area .. that's where the bulk of my experience is, and I'm trying to keep that geographic focus.

you can email me -- to find out more or just to get the answers to other questions -- at ali [at] dgneary [dot] com.

best
ali r.
{downtown broker}

Selling can be stressful. I sold my apartment last year; my listing broker was key. Things did move slower than I had expected -- Same as you -- everybody loved the apartment but no offers -- until at week 9 I had three offers in one day. Traffic flow is important.

Also, a friend had listed a similar apartment in my building with a huge name person -- and i thought he was super bright -- but too busy -- he had four people come through -- total.

My broker had 30 high quality viewings and my apartment was the sole thing she was focused on and did a really terrific job. I really appreciate the job my broker did for me. Well worth the 6% to get the price I wanted -- I wish you the best of luck.

It usually - though not always - comes down to pricing. Never forget that the ultimate pricing decision is the seller's, though of course with input / advice from the listing agent, based on a comprehensive review of the comps. While you need to be aware of similar apartments on the market (your competition), buyers / buyer brokers will be focusing more on ACTUAL sale prices when it comes time to submitting an offer.

I don't have a sense of whether you feel your apartment had been priced to market, or not. It's natural to want to price high - sometimes WAY high - but pricing unrealistically is usually counter-productive. Back in the old days - circa 2004/2005 - listing agents would routinely accept overpriced listings, and often the market would "catch up" to the ambitious pricing. In the current environment, realistic pricing is usually the best policy.

manhattanfox: who was ur broker?

any recommendations for proven UWS brokers in the 2-3MM plus range 3 bedrooms?

That's my bread and butter. We are a small, independent firm with very aggressive marketing programs and extrmely COMPETITIVE commissions. In 2008, we've successfully sold: 175 RSD, 924 WEA, 164 w 79, 395 RSD, 400 WEA, 227 w 97. We currently have 4 UWS listings. Check out our website: www.randny.com. We have many references to give.We'd love to talk. Nan Shipley

Jan Kline -- Corcoran -- She did a great job.

Hopefully, West81st will check out this thread. He would probably be able to give you good advice on the brokers in this price range on the UWS, given how many open houses he has haunted in the past (based on the OH reports). Who gets the traffic, etc.

Heck, he has probably even seen your apartment....