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Updated almost 8 years ago on . Most recent reply

Account Closed
  • Johnson City, TN
705
Votes |
586
Posts

Dilemma with listing agent.

Account Closed
  • Johnson City, TN
Posted

I have a bit of an ethical and personal dilemma involving a real estate agent that I have a flip house listed with. First a little background. I have known the agent casually for several years and we go to church together. I have bought some foreclosures through him as well as had him list a few houses. Unfortunately I have felt a bit obligated to him to allow him to list my properties. I seem to forget the unwritten rule of not doing business with family, friends or fellow club members. He is a nice guy, but in spite of having over 20 years experience as a realtor, he seems to lack both knowledge and a high level of ambition. I listed a flip house with him in a neighboring city almost two months ago. He doesn't actively work the area but I figured that would get it into the mls. So far I have been VERY disappointed with the traffic. This area isn't red hot but it also isn't dead. I have had only 3 official showings and no offers. At the time of listing, there were some comps that justified my listing price of 139k. At this point I realize that I need to reduce my price to move this house. I also realize that my realtor is also the wrong man for the job considering his motivation and lack of local contacts. I am debating on getting out of the contract and reducing my price 10k and going FSBO for a while and maybe relishing it with a local agent if that doesn't work. Another option is to list with another agent immediately and lower the price 5k. Right now I don't feel like rewarding an agent a commission that is a result of a 10k hit to my wallet.

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