When to fire a broker?

Sounds like missing the open house is the least of your worries.

Posted by: guest at February 24, 2008 10:00 PM

So, you listed at the price suggested. If you've had no offers, perhaps you should do a Times online search and see what similar places in the neighborhood are priced at.

My guess is that, unless your broker is not marketing it at all, that your price is too high compared to similar stuff, so buyers aren't taking it seriously, and your broker is not paying any attention anymore.

If you truly want to sell (and not just test a higher than market price), figure out what the price should be yourself. Then get a broker who will market extensively (NYTimes online ad, REBNY weekly emailing) and it WILL sell. Though it sounds to me that you aren't really acting like someone wanting to sell.

Posted by: guest at February 25, 2008 1:44 AM

Your realtor is not your employee so you cannot fire him or her. If you signed an exclusive I doubt that you can get out of it because they missed an appointment, likely they will have some excuse.

Posted by: guest at February 25, 2008 7:54 AM

Read your contract with the broker. Nothing else anyone here says to you matters.

Posted by: guest at February 25, 2008 9:50 AM

What do you mean when you say the broker missed an open house? Did he/she not show up and it was cancelled? Did they send someone else?

Posted by: guest at February 25, 2008 10:55 AM

Where's the place you're selling and how big is it?

Posted by: guest at February 25, 2008 11:15 AM

This is absurd. Of course you should fire your broker (who does work for you) if they don't show up for the open house. You ask what is the downside of firing them. You should be asking what is the upside of keeping them. They have done nothing for you so far except piss off the potential buyers who saw it listed too high and those who showed up for an open house that didn't happen.

Call another brokerage. Tell them what the situation is and ask them how to proceed to get out of any contract.

Posted by: guest at February 25, 2008 11:54 AM

Ok, since you seem to want to sell (despite initially listing it too high), here's my advice (as someone who successfully sold very quickly in the past year):

1. Make sure your price is in line with pices things are SELLING at, not just at what they are LISTED at (there are a bunch of brokers out there who still list things too high (and I'm not one who thinks the market has dropped, just that they seem to think it is rising more than it is) - these brokers do no service to sellers or buyers.

2. Make sure your place is staged well. Get rid of (or store) your clutter - all of it - not some of it - your paper, almost all of your books, extraneous furniture (you can lose 1 or 2, or perhaps more, pieces of furniture from each room), your rugs if your floors are nice, half the stuff in your closets, curtains in the rooms where you don't need them (living rooms), so as to let the light in, wash the windows, store the screens for more unobstructed views, etc. (Need I say clean well?) Really, it all helps, really a lot. It is worth it.

3. If you have a month or less on your contract with the broker, let it run out and don't sign another contract with them. In the meantime, stage your place, go to open houses, scope out competing apartments (to check your staging and what buyers' reactions are to the prices of similar properties), and check out other brokers by chatting with them (you can pick your next one this way.) But realy, pick the one with the best website for easily finding the apartments you would want if you were a buyer. (I picked Corcoran based on that, and their co-broking, but you need to choose a particular realtor that you can communicate well with. There are a few other big ones with good websites who also co-broke.)

4. Go with a broker who co-brokes. None of this refusal to share the commission with brokers who bring buyers. It doesn't serve you.

5. If you have a lot of time left on your contract, contract the broker and complain seriously. Realtors work for the broker - complain to the boss. Then see if you can be enough of a pain that they will let you out of the contract. If not, at least they should step up marketing efforts until the contract runs out. Hold them accountable until you can dump them.

6. Market it a bit yourself. They'll still get the commission, but you will close. Craigslist, newsletters at work, other organizations you belong to, mass email to everyone you know (they know people who are looking).

7. Stay in really close touch with your realtor.

Posted by: guest at February 25, 2008 1:08 PM

I'd call broker's boss are brokerage firm, complain, ask for a new realtor immediately and a make good for her/his lame behavior (sep. ad in Times for 3 weeks, etc)

Posted by: guest at February 25, 2008 3:00 PM

1:08 is SUCH a Broker with Corcoran. Please try to not gag.

Posted by: guest at February 25, 2008 4:49 PM

As a broker, I would fire myself if I missed an open house. There is no excuse for that. A responsible agent would call a fellow co-worker if they had an emergency and could not attend.

You need a new broker. Not from the same office. Interview a few agents and find one which you feel comfortable with. Be certain the agent does not play games with regard to co-brokes. Ask how many they have done and with whom. Agents who will not co-broke will keep your property on the market forever.

My guess is that you may be priced somewhat high. Also, be certain that your apartment is spotlessly clean. No clutter. Or you could lower the price to induce a bidding war.

Yes, you can get out of the exclusive. Call and speak with the manager. Then follow up with a letter from you or your attorney.

Posted by: guest at February 26, 2008 3:58 PM

As 1:08- I'm not a broker, but exactly what I said I was, a recent seller.

I'm not pro-broker - I just think if you are going to use one (and I'm not sure I would use one next time, but I had time constraints on me that made me use a broker this time), you should use one that cobrokes.

And I advised complaining to the broker and trying to get out of the contract. Exclusive contracts suck because you are stuck 'til you get out. Cheaper to try to get out of it yourself first - costs you more if you have to pay your attorney to do it for you. If it doesn't work, and it isn't up soon, then obviously someone would consult their attorney.

But if the contract was almost up, I'd focus on finding a new one instead of arguing with the old one - these brokers all talk, and it wouldn't surprise me if they tried to steer potential buyers away from your place if there had been an unpleasant confrontation between you. Just practical advice.

And yes, you need to stay in touch with your realtor - so they know they need to tell you every week what steps they've taken, how may people are interested, when the realtor will be showing by appointment to interested parties, how many come to the open house. You need to keep pressure on, and communication open, just like with anyone you hire.

Posted by: guest at February 27, 2008 4:29 PM