Tips for Firing Your Real Estate Listing Agent
Source:
http://boiserealestateinfo.net
Publish Date: 11/08/2008
Hiring a real estate agent to sell your home is the easy part, but when the one you have doesn’t perform up to your expectations it can become a problem. Especially during an extreme buyer’s market when time is of the essence because each month prices go lower, holding on to a real estate agent who isn’t getting the job done can be expensive and can even cause a homeowner to run the risk of foreclosure. Firing a real estate is, unfortunately, sometimes necessary. But homeowners often find that they don’t know how to do it.
Here are three tips to help you figure out when and how to let your agent go if the relationship is not working out to your satisfaction:
#1 - Understand the ContractTypical listing agreements state that even if you sell your house through another Realtor, the listing agent is entitled to a commission payment. If you enter into a relationship with an agent who doesn’t get the job done, you may still be liable for payment to them if the house sells thanks to the efforts of someone else. And a commission may still be due if you sell the home within a certain number of days after the cancellation. Be sure you know what you’re signing beforehand, and consult an attorney if you have any questions or doubts. #2 - Prepare to Fire when Hiring ThemAvoid committing yourself to a long listing contract. That way if things don’t work out you don’t actually have to fire your real estate agent, because the contract for the listing will simply expire, dissolving the relationship. You can then list with somebody else. Realtors hunger for business these days, so it is easier to negotiate short-term listings. Sign a short agreement but if the Realtor is doing a good job, renew it. Otherwise let it expire. #3 - Talk to the BossMany homeowners have listing agreements with a brokerage firm but are served by an agent in the real estate office who may not be performing to their satisfaction. If that happens the homeowner should have a meeting with the broker who owns the real estate office and ask for a more experienced or productive agent. Switching to a new agent in the same brokerage firm can be an easy and effective solution to many problems. When enlisting the help of an agent spell out your expectations clearly and put them in writing. Make a list of benchmarks that you expect to be met by a certain date. Then meet with the agent at least once a week by phone to discuss progress and get updates. Lack of communication often leads to misunderstandings and disappointments, so be sure to only hire Realtors with whom you have a good rapport. Then stay in touch throughout the marketing and selling process. Nine times out of ten, trouble that arises between a homeowner and a real estate agent can be easily resolved through a frank and open discussion of the situation. Keep in mind that firing a real estate agent can be completely avoided by hiring carefully and diligently. So before you choose your agent interview several, check their references, and talk to homeowners for whom they have recently sold houses successfully. ### You have my permission to republish the “In My Opinion” articles in your web site, newsletter, or ebook, if you follow these terms and conditions:
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