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Banning an agent for something like this doesn't seem appropriate. We had a similar issue come up in our co-op several years ago.
An owner was ready to sell and instead of using a broker with a base in the neighborhood used one whose focus was distinctly different: a broker whose firm is known for top-of-the-market listings for clients who are sometimes known as "individuals of high net worth." Our building, and NYC neighborhood, is on the edge of middle class.
From there the story is very similar to Steve's. Apt sits on the market, asking price gets lowered. At the same time, apt's in our building were selling well and for record-breaking amounts (this was pre-crash).
At least two board member mentioned to the seller that the broker may be the issue--not herself, but her client list. The seller insisted she was happy with the broker, but eventually accepted an offer lower than she was happy with.
I think a better solution is to explain to sellers why it's important to choose a broker who can work for them: brokers who know the neighborhood, have a client list, etc., and how that can have an impact on sales price. The challenge is getting such a tip sheet in the hands of sellers before they sign up with a broker. I usually heard about an apt for sale after the broker was hired (and sometimes not until I saw the notice for the open house).
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@board member, I've seen this myself in my own building; people go with their cousin or a broker in a huge firm or someone their boss (who lives in a neighborhood far, far away) recommended or their best friend used. And usually, that broker knows absolutely nothing about our neighborhood or our building, and throws up a boilerplate ad in the NYT and does an Open House sheet and we only see him/her every other weekend.
I've also seen sellers who use a savvy local broker who knows every building in the area, what it sold for, what it listed at, why there was a difference, etc... prices them right, and they nearly always come out over the ask.
I wish more local brokers would hold seminars for prospective sellers about the best way to sell their condo or co-op. (Or ANY local business or agency to interact with the co-op/condo residents in their neighborhood in an informational way!)
Maybe they're waiting for the boards to invite them? I can think of few "value-added" activities for shareholders that could have a large financial impact, especially if they're free. And ensuring the board and broker interact in a meaningful way (so everyone has first-hand information) is also helpful: put newsletters in their hands; make sure they know your website exists; give them last year's financials.... get copies of the sell sheet, the ad, etc.
An engaged broker is a broker who will sell, just as an engaged board innovates when necessary.
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