Slow home sale? When to look for a new realtor

If your home isn't selling or you decided to put the home sale on hold because it was taking too long, it may be time to consider hiring a new realtor. A good realtor will be communicative, proactive in their marketing efforts, skilled in negotiations, and knowledgeable about the local market. These factors can make a significant difference in the success of your home sale.

The average home in Colorado takes 45 days to go under contract, but this average fluctuates based on price, location, seasonality, and market trends. A good realtor will be able to give you estimations on the time it will take to go under contract. They should walk you through this before they ask you to sign any paper work.

 Here are a few reasons why a change in real estate agents may be necessary:

1. Lack of communication and accessibility: A good realtor should be easily accessible and responsive to your needs. If your current realtor is not communicating with you regularly or is not available to answer your questions, it may be time to find someone who will be more attentive and communicative.
2. Inadequate marketing efforts: In order to sell your home, it needs to be seen by potential buyers. A good realtor will have a strong marketing plan in place to promote your home and get it in front of the right people. If your home isn't getting the exposure it needs, it may be time to find a realtor who is more proactive in their marketing efforts.
3. Negotiation skills: Negotiating the sale of a home can be a complicated process. A good realtor will have the experience and knowledge to negotiate on your behalf and get you the best possible deal. If you feel that your current realtor is not representing your interests effectively during negotiations, it may be time to find someone who is more skilled in this area.
4. Lack of knowledge of the local market: A realtor who is familiar with the local market will have a better understanding of the factors that are driving the market and will be able to provide valuable insight and guidance. If your current realtor does not have a strong understanding of the local market, it may be beneficial to find someone who does.
5. Poor pricing strategy: One of the most important factors in the success of a home sale is pricing. A good realtor will have a deep understanding of the local market and will be able to provide guidance on pricing your home competitively. If your home has been on the market for an extended period of time, it may be a sign that your realtor has advised you poorly on the pricing strategy for your home. Overpricing can lead to a lack of interest from buyers, which can result in your home sitting on the market for an extended period of time. This can be frustrating and stressful for the seller, and can ultimately lead to a lower sale price than if the home had been priced more competitively from the start. On the other hand, pricing a home too low can also be detrimental, as it can result in the seller leaving money on the table. A good realtor will have the knowledge and expertise to help you find the sweet spot in pricing, resulting in a successful sale at a fair price.

If you want to replace your current realtor, review your contract to understand the terms for terminating the agreement and the holdover period. Once you have this information, communicate your decision to your current realtor in writing and provide notice of your intention to terminate the contract. Keep in mind that you may be required to pay a fee or penalty for terminating the contract early. Once the contract has been terminated and the holdover period has expired, you can begin working with a new realtor. Be sure to communicate with your new realtor about the holdover period to avoid any potential conflicts.

‍