Time to fire my listing agent?

[Joseph Johnston]

We’re selling a 3-family building in the Bronx. We listed with an agent we trust and who has sold many properties, but the property has been on the market for 66 days now, and we haven’t had any recent showings. A few weeks ago we decreased the list prince by 5%. 

Our agent is communicating to us that the market is simply slow right now, and that we need to be patient. But we are getting anxious about the lack of interest. 

Nothing our agent has done has seemed “wrong” to us, but of course, almost all of his communication with potential buyers and buyers’ agents happens behind the scenes.

We are considering looking for a new agent simply because the property hasn’t sold and this seems to be the only action that’s in our control.

What do you guys think?

[Russell Brazil]

Quote from @Joseph Johnston:

Quote from @James Mc Ree:

I wouldn't fire the agent just because the property hasn't sold yet. That's not necessarily the agent's fault. If you do, you need to find a new one and relist with new pictures, so you may push yourself off the market a week or two.

Ask your agent what feedback he is getting on the showings. The agent should be following-up on showings to learn what the prospects think. Your property probably doesn't look as nice as it could with the tenants there. That is may be one of the turnoffs which may come across as the price is too high.

Get the tenants out in two weeks, spiff it up, clean and you will probably have more interest.

Feedback from the agent has been that folks express interest in making an offer but then disappear. 

One other thing I’ve noticed is that more than half of the folks who have viewed the property have been unrepresented by a buyer’s agent. This could be normal for our market, but it makes me wonder if our agent is especially drawn to these prospective buyers because they’d earn him a bigger commission. 

 That actually just sounds like your agent is hustling and trying to find buyers himself, as opposed to only relying on buyer agents to show the property.  That's a good thing in my opinion.