Estate Agent Not Performing: What You Should Do
- 1 Is your agent interested in making sells or gaining listings?
- 2 Signs your estate agent isn’t performing.
- 3 Common ways estate agents use to trick homeowners.
- 4 Can an estate agent make up viewings?
- 5 What else can you do to sell your house?
- 6 Can you sell my house privately after listing with a seller’s agent?
- 7 Selling with an estate agent vs. selling privately to an investor.
- 8 Wrapping-up
Sell House Fast Local will help you close the sale of your property quickly and avoid dealing with uncooperative estate agents. We buy homes fast and provide immediate cash payments.
If you want to sell your home, you can use an estate agent to put it on the market, invite viewers and bids. You can also sell the property to individuals, families, and couples. The other option is to sell to an investor.
Sometimes when using an estate agent to sell your property, things don’t go as expected. Your property may sit on the market for quite a while without getting any offer. Sometimes the reason your house is not selling is due to economic constraints; other times, it is because the estate agent is not performing. It’s always good to understand the motivations of an estate agent.
Is your agent interested in making sells or gaining listings?
Some estate agents are interested in making sales. They will drum up interest in your property using various advertisements and promotions. Other agents are only interested in gaining listings; these are agents that work for commissions and are only after a fat salary at the end of the month. Once they secure the seller’s instructions, they do nothing to quicken the sale of the property.
Beware of estate agents who request an upfront fee and do nothing to move your house after securing the fee. A good estate agent should try moving your property on the market and only ask for money once results start to show.
If your house is not selling, it is always good to approach the matter with facts rather than feelings. As already mentioned, it could be due to economic constraints or a high asking price. Other times, it’s because of a wrong agent.
Signs your estate agent isn’t performing.
Not all estate agents are equal. Different agents have different motivations. Also, just because someone has an estate licence doesn’t make them Ben Caballero. While most agents are in it to do a stellar job and earn their money, others are in to take you and your bank for a ride by fabricating staggering bids, double-dipping and more. Still, some are just incompetent and lazy. Here is how to tell if your estate agent is not performing.
Little to zero interest in your property
Selling a property is not always easy; still, your agent should do everything to promote it; after all, you are the one paying them. Good seller’s agents try to educate his/her client about the local housing market and help set the right price. They handle the marketing and provide tips to stage the home for viewers.
If weeks pass without any showings, calls, or interest, you should be concerned. Inquire from your agent what plans they have to bring in new buyers. Also, ask why they believe the ideas will work. Otherwise, you are wasting time with an uncooperative agent.
Lack of communication
Some agents are only interested in bigger priced homes because of the potential for bigger commissions. They take on sellers with low-priced homes but treat them as lesser clients. Sometimes they even pressure clients to reduce the asking price to sell the house quickly. If you are dealing with such a client, your house won’t receive the attention it needs to sell.
Lack of communication and showing up late for meetings, coupled with little patience for your questions, signify an agent’s misplaced priorities.
Estate agents do a lot of marketing to increase viewership and bids for properties. They put signs on your yard, take photos for posting online, and sharing with their network of buyers and sellers. If your agent doesn’t have a good marketing plan for your property, don’t waste time with them.
The listing doesn’t include enough information.
While property listings shouldn’t be ‘salesy,’ they should include enough information for buyers to make decisions. If you find your property listing is missing information such as pictures and floor plans or information is incorrect, talk about it with your agent.
Incorrect property details
Misfiled paperwork, missed deadlines, and an out-of-date listing can interfere with the sale of your property. If the house undergoes structural changes while listed, your agent should update the listing information immediately. If you notice mistakes, ask the agent to make the necessary changes; if they don’t react, explore other options.
Common ways estate agents use to trick homeowners.
Apart from knowing the signs of a bad estate agent, you should also be ready to recognise the psychological manipulations agents may employ against you. Here is a look:
Fabricated staggering bids
An estate agent may manufacture staggering bids to convince you that a bad offer is the best deal you’ll ever get. Staggering bids are used to convince sellers to lower their asking price. If the bids are real, it is not illegal. However, some agents manufacture bids to get their clients to sell at reduced prices, so they can move on. Always ask to confirm the offers before agreeing to a lower amount.
Using your home to gain new business
Sometimes an agent knows the asking price is too high but still accepts to list your property and showcase it in exchange for an upfront fee. However,
the reason for their enthusiasm is not because they are interested in helping you sell your house. They just want to use it to attract unrepresented buyers and gain new business. Watch out for such agents.
Double-dipping is when an estate agent avoids selling your house to the general population until they can find their own buyer; that way, they get commissions from both ends of the transaction.
If your estate agent is doing everything not to sell your home, it’s time to explore other options.
Can an estate agent make up viewings?
While most estate agents care for their clients genuinely, don’t put it past some unscrupulous agents to make up viewership. This is when they hire people to come to the open house in an attempt to reassure the seller that their marketing strategies are going okay.
Making up viewership is illegal if you can prove it. It goes against the rules of the organisations they belong to. If you suspect your agent is making up viewership, talk to them, ask for feedback on each viewing and discuss ways to improve the sale of your property. If the behaviour gets notorious, launch a complaint with their agency.
What else can you do to sell your house?
If your estate agent is taking you and your bank for a ride, don’t suffer alone, you are not without options. While terminating a contract with one agent attracts a fee depending on the clauses in the contract you signed, sometimes it is better to move on.
Other ways to sell your home include:
- Selling privately to an investor.
- Selling to individuals, families, or couples.
Can you sell my house privately after listing with a seller’s agent?
So, after weeks without an offer from your estate agent, you decided to promote your house yourself online and got an offer; what should you do next?
It all depends on the listing agreement you signed with your agent. An open listing allows sellers to sell their property anytime without owing the agent a commission. On the other hand, an exclusive listing may demand a commission or prohibit sale until a specified period expires. Check the agreement you have with your agent.
Selling with an estate agent vs. selling privately to an investor.
If you want to avoid the difficulties that accompany dealings with uncooperative estate agents, selling privately to an investor is the best way to go. Investors are individuals or companies that purchase homes for profit. Selling a home to an investor is characterised by as-is purchase, easier negotiations, and flexible purchase arrangements.
Advantages of selling privately to an investor include:
- As-is purchase: Investors buy homes as they are for fixing and flipping. Fixing areas in the home is their responsibility. You don’t have to agonise about fixing the kitchen, landscape, curb appeal, etc.
- Quick sales: Investors finish agreements quickly because they don’t rely on bank loans, unlike most individual buyers
- Flexible purchase agreements: From assuming responsibility for your mortgage to a sale-leaseback offer where they agree to rent you the house back, investors allow flexibility in the purchase agreement.
- Little risk of closure: Most investors use their own cash to pay for properties. On the other hand, individual buyers rely on mortgages, which may be stopped by the bank if their credit status changes.
Cons of selling to an investor
- You won’t know who is buying your home because there are no laws compelling investors to reveal who is actually purchasing the home.
- Scam artists may use the opportunity to cheat sellers out of their money or force them into unfavourable purchase agreements.
Selling a home comes with quite a bit of risk. While an investor helps avoid unscrupulous estate agents and complete sales quickly, there is the potential for scam artists enticing sellers into unfavourable terms. There is also the con of not knowing what will become of your home after the investors get their mitts on it.
Always try to get as much detail as you can about the investor. Our company wants you to avoid headaches and worries when selling your home. We are transparent in our practices. We will buy your home quickly at fair market value. Contact us today for a risk-free quote.