It’s true of any commercial offering: sometimes a perfectly saleable item just doesn’t move off the shelves as rapidly as predicted. Trust me, Real Estate is no exception. Not every Maryland home is sold as quickly as its owner and the property’s Realtor® wish. When this occurs, and the term of the original listing expires, an important decision must be made: should the listing be renewed, or should you enlist another local Maryland Realtor® to try a different approach?
If you have been dissatisfied with the amount of effort your current Realtor® has demonstrated up to now, the decision will be easier than otherwise – especially if you have already communicated your impression and been less than overwhelmed by the response. You are right to expect that your Maryland Realtor® will have posted attractive, accurate listing material for the MLS, has included your property in an advertising program that goes out to the community, and has been diligent and professional in showings and (if it was agreed upon) open house presentations. You should have been able to contact her or him within a reasonable amount of time when communications were called for, been satisfied by the punctuality of appointments when scheduled, and should get updates often as to how the marketing efforts are shaping up, and of course if there are any showings and the residual feedbacks that they create.
If performance in any of these basics has been unsatisfactory, it’s entirely reasonable to entertain a change in representation. On the other hand, if your Realtor® has not disappointed in any dimension, you are left in a problematical situation – one which has no clear-cut solution. Whether or not your inclination is to stick with the team in place, to make the right decision you need more information.
• Before you decide whether or not to extend the relationship, ask your agent to review the days on market (DOM) for similar nearby properties in a reasonable radius from the subject property. An analysis will show whether yours is the only slow-moving property, or whether it has simply hit a lull in neighborhood activity.
• Ask yourself whether you have paid attention to the suggestions offered by your current Realtor®. If you have chosen to bypass any of them, this could be an appropriate point at which to revisit their advice and your choice not to follow it.
• If you have had many showings with few offers forthcoming, it’s a pretty good sign that your asking price is higher than prospective buyers believe is justified. If that’s the case, changing Realtors® alone isn’t likely to have the desired effect. You’ll need to fix whatever problems visitors are seeing…or else lower the price.