My selling agent is changing brokerages, should I sell myself?

Question

The facts:

I have had a fix and flip listed in a good area of the Atlanta, GA market for 53 days. It has had 35 showings times and only one offer, which was a low ball. It did not work out and we re-listed.

The margin on this deal is slim to none. The project manager did not adhere to budget or timeline, which killed the deal. Needless to say, I am trying to move on ASAP.

Currently, the house is listed for $539,000, down from $549,000. The commission is 5% (2% selling agent / 3% buying agent) or $27k.

The selling agent (my agent) is leaving their brokerage with her team to start at a different brokerage and their listings go with them. My agent is giving me an ultimatum: you can stay with me or you can leave no penalty.

I am considering listing this house on the MLS with no agent. The project manager has offered to be the one showing the house.

Doing this would save save give me a $10k+ cushion.

Should I do this or get with a new agent?

Lynn McGeein · Answer

35 showings and only 1 offer usually means you are priced too high, buyers are not perceiving value when actually viewing the home, so others nearby are likely showing better and selling, using yours for comparison.   Has your agent not discussed the issues with you?  Whether it's location, layout, price too high, materials, etc.?  After 35 showings, she should have received enough feedback to know what the main issues are.  You'll need to either fix whatever issues the feedback highlighted if it's priced near comparable sales, or you'll need to lower the price to make it a better value to those looking.  Before you decide how to move forward, it might be good for you to spend the day nearby with the mindset of a buyer, go to open houses nearby or get your agent to take you around and show you the other listings so you have a much better idea of your competition moving forward.

Russell Brazil · Answer

The project manager went over budget and over timeline....and has now offered to show the property for you, which in the states I am licensed in would be illegal.  So why would you want to trust this guy to get you over the finish line?

If this listing agent has been able to drive that much traffic through the property.....it sounds like he is doing a good job marketing the property, but it sounds like we got a price issue then.  Likely the finishes dont justify the price.

Peter M. · Answer

If the project manager killed the deal with budget and timeline why would you trust him/her to do the showings?

Seems to me that the price is too high if it is sitting that long in this type of market. If the current agent supplied the comps before you started this project and you based your decisions on that number- look for a new agent, they obviously messed up. If you are listing it at that price to match the ARV figure you came to (or want it to be) on your own, and your agent advised you that you probably won't be able to sell it at that price then they probably know what they are talking about and you should stick with them and lower the price to what they think you can get. As Harry said, all agents are not created equal but if was a mistake you made in your valuation you have to own it, learn from the mistake, and move on. Not all deals will be winners.

Wayne Brooks · Answer

This sounds like a pricing/quality of finishes issue, not an agent issue.  35 showings and no offers means the house Seems to be good to potential buyers when looking at the listing, sf and price, but Something is turning them off/disappointing them when they actually see the house.

If the agent is good, move the listing with them, most people don;t even remember who their agent is with.

Most agents will try Not to show a house if dealing with a flat fee broker/owner playing agent.....they end up haing to work both sides of the deal to get it done.

Matthew Paul · Answer

Sounds like its time to take out the scissors and cut a little off the top , until it sells .  35 showings , 1 offer and you thought it was low ball .

Its not how much you want out of the house its what someone is willing to pay .

Lashandria Sanderson · Answer

Great traffic but you sounds like you need to re evaluate your list price.  Have this discussion with your listing agent and that should aid in making the decision on which way to go.

Deborah Pyburn · Answer

@Harry Williams flips at your price point don't move as quickly as properties under 200k. What's the feedback you were receiving from the showings? If you would an objective feedback for comps, PM me the address and I can give you my opinion of activity in the area.

Russell Brazil · Answer

I had to laugh when I read this....I would not describe this as an ultimatum lol .

Ethan Henning · Answer

@Harry WilliamsHey man, I am an agent in Atlanta and although I do not do listings- I still would like to say that all agents are NOT created equal. If I was in that position I would research and find a better listing agent. I would use an agent because I wouldn't want to deal with showing the house and everything on my own. Let me know if I can help in anyway man.

My selling agent is changing brokerages, should I sell myself?

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