It’s commonly stated that selling a property is more of a prolonged journey than a quick race, but what if your transaction is barely inching forward or completely at a standstill?
What strategies can you employ to rejuvenate the process and secure a purchaser willing to go all the way?
Switching brokers is one potential strategy – and it’s not a decision to be taken lightly.
Switching is often a course of action sellers gravitate towards when they are exasperated by stagnant progress and believe a new beginning is in order.
If you now regard your agent as ineffective, here is an outline of the actions to consider.
Commencing Dialogue
Start a candid conversation. Share that you’re exasperated and mulling over the idea of transferring your listing to another firm.
Request your current broker clarifies the issues they perceive, and the attempts they have made to rectify the situation. Insist on observables such as metrics from online listings and the frequency of property tours.
Sales may cool down due to reasons like inflated pricing or subpar showcasing. If you suspect that these are contributing factors, indicate you’re open to ideas to revive your sale’s momentum.
However, should the explanations provided by your broker fail to satisfy you, then the moment has arrived to part ways.
Scrutinising Your Agreement
Analyse the agreement executed with your broker. Some agreements obligate sellers for a predetermined stretch, varying from several weeks to multiple months. Terminating the relationship within this timeframe could result in you owing commission to the broker, even if another sells the property – culminating in double commission fees.
Additionally, certain contracts demand payment to the broker if they have initiated an introduction of a buyer to the property (despite not closing the sale). In such cases, the broker ought to present you with a documented roster of individuals they have guided through your property.
Selecting a Replacement Broker
Solicit referrals from acquaintances and neighbours, and peruse online critiques.
Discuss your current predicament with potential brokers and invite their candid assessments. If the feedback you receive includes hard-to-swallow realities – e.g. suggesting that your property could benefit from redecorating or price adjustment, appreciate the agent for their transparency.
At the end of the day, a fruitful bond between a seller and broker is based on trust. You require a broker who is forthright and will work hard to sell your house. Make sure you get that impression before agreeing to their services.
