What Sellers Need to Know about Switching Estate Agents
They say selling a home is a marathon, not a sprint, but what happens if your sale is progressing at a snail’s pace or going nowhere? How can you get things back on track and find a buyer who will go the distance? One option – and it’s a big move – is to switch agents.
Sellers usually take this step when they’ve grown frustrated with a lack of progress and feel that a fresh start is needed.
If your agent has gone from hero to zero in your eyes, here’s a guide to the next steps you should take.
Time to talk
Have a frank conversation. Explain that you’re frustrated and considering taking your business elsewhere.
Ask your agent to identify what they think the problem is and how they’ve tried to fix the issue. Also, ask to see evidence, such as online portal statistics and viewing numbers.
Sales can go cold for reasons such as overpricing or poor presentation. If you think the problem is one of these, you may be willing to make some changes to regain momentum.
But if your agent’s justifications do not convince you, then it’s time to move on.
Check your contract
Read the contract you signed with your agent. Some contracts tie sellers in for a specific period, ranging from weeks to months. If you sever links before this time elapses, you could still have to pay the agent commission – even if a different agent sells the property (so you wind up paying two lots of commission).
Some contracts also stipulate that the agent gets a fee if they ‘introduce’ a buyer to the property (even if the agent doesn’t complete the sale). In this scenario, the agent should provide you with a written list of the people to whom they’ve shown the property.
Choose a new agent
Ask friends and neighbours for recommendations and read online reviews.
Explain your predicament to prospective agents and ask for constructive feedback. Remember, you’ve already been burned by one agent who promised the earth and didn’t deliver. If you hear some difficult truths – perhaps your property needs redecoration, repairs or re-pricing – respect the agent for their honesty.
Ultimately, a successful seller/agent relationship relies on trust. You need an agent who is straight with you and will put in the hard graft to sell your home.
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