Should I Change my Agent? What should I look for in an Agent?

[David Minaya]

Good day BP!

My condo has been on the market for 127 days in the 92054 area code. Since that time several other condos have sold. Inventory is not moving as fast as I had expected but I’m also weary of my own impatience since I’m motivated to sell.

Since being on the market my agent has not been as responsive as I had hoped. Also since being on the market my agent quit working for the brokerage they were working for without leaving a good passdown to the agent that replaced them. I can’t help but think they were not prioritizing selling my condo and that has caused me to lose some trust in the agency that is selling my condo. Here again I’m weary of my own impatience.

I’m seriously considering hiring a different agent and would appreciate your opinions/personal experience on whether I should be looking for another agent or be patient. Also if I do end up hiring another agent, what should I be looking for in a good agent.

Thank you in advance! 🙏🏾

[Bruce Lynn]

I would interview 3 more agents.

I don't think you need to ask a ton of questions, but more along the lines of why isn't my place selling and what do we need to do to get it sold?   Typically 3 things sell houses/condos.  Price, Condition, Access.  Ask them to comment on all 3 issues.

[Gregory Schwartz]

The market is funky and condos are usually the first to show signs of weakness. I dont know your area specifically but this has been my experience in general. 

If this is a large brokerage I would see if there is a better agent within that brokerage than the one you were simply handed when your previous agent left. However, if you've lost confidence in the brokerage all together then it might be time to ask them to terminate your listing agreement. 

[Russell Brazil]

Not sure what the condo market is like there.....but in DC I csnt give away a condo for free right now. It's a great opportunity to buy them because you can get a smoking deal....but trying to sell them is incredibly hard right now.

[Corby Goade]

That's a long time, but what's the average DOM for similar properties in your market? How often does the agent update you? Are they coaching you on improvements or pricing adjustments that could be made?

This is always tough because your agent MIGHT be terrible, but if a property is on the MLS and it's priced appropriately, you will get offers. That being said, it's very common for listing agents to not respond to emails, texts and phone calls from buyer's agents with interested buyers- you'd never know if they are doing this or not, but I'll tell you it happens all of the time.

General rule of thumb- showings without offers, you're about 5% too high. No showings, you are at least 10% overpriced. 

[David Minaya]

Quote from @Russell Brazil:

Not sure what the condo market is like there.....but in DC I csnt give away a condo for free right now. It's a great opportunity to buy them because you can get a smoking deal....but trying to sell them is incredibly hard right now.

 So, my condo is in a prime location just a few blocks from the beach. Most of the properties along the ocean front are also condos. The only downside to my condo is that it is situated on the backside of the condominium it occupies and does not have an ocean view, however being aware of that I have dropped the price on significantly on the property. 

[David Minaya]

Quote from @Corby Goade:

That's a long time, but what's the average DOM for similar properties in your market? How often does the agent update you? Are they coaching you on improvements or pricing adjustments that could be made?

This is always tough because your agent MIGHT be terrible, but if a property is on the MLS and it's priced appropriately, you will get offers. That being said, it's very common for listing agents to not respond to emails, texts and phone calls from buyer's agents with interested buyers- you'd never know if they are doing this or not, but I'll tell you it happens all of the time.

General rule of thumb- showings without offers, you're about 5% too high. No showings, you are at least 10% overpriced. 

 According to realtor.com the average days on market is 46 days for similar properties in the area. But to answer your other questions, no, my realtor has not been providing any coaching and as of today the last update I received had to be about 2-3 weeks ago. I believe our home is appropriately priced. The avg listing price for other condos in the area, with ocean front views is around $1.2m and I am listed at $999K. We decided to price it lower since my condo does not have an ocean front view because it sits on the backside of the condominium it occupies.