Sometimes the best laid plans simply don’t work out and often for a myriad of reasons. When you are working with a real estate professional to sell your home, you enter into a service contract with the Brokerage that your agent is licensed with. The terms of the contract describe what duties and services the Brokerage will perform to sell your property and the remuneration that you will provide upon the successful sale of the property. Inherent in this contract is that both parties must perform their duties. The Brokerage agrees to market the property based on the marketing plan they committed to and you must allow the Brokerage to perform these services and pay them an agreed fee when the property sells during the term of the contract.
If the Brokerage does not perform their duties as agreed when the property was listed you may have reason to ask that the listing agreement be terminated, but both the Brokerage and you must mutually agree to the termination.
If you feel that you are not compatible with your chosen agent, one option may be to ask the Brokerage to provide another agent with the same brokerage to represent you. In this case you are honoring your original contract and, with another agent on the job, you may receive greater satisfaction.
Keep in mind that simply because your property has not sold is not valid reason to cancel a contract. There are many variables in the marketplace that your agent has no control over and the price that you agreed to to market the property may be the limiting factor. Marketing a home is a collaborative effort that you undertake with your agent as your guide – meaning that you are responsible to allow showings, stage the property, disclose all necessary information and price the property in line with the market based on your real estate agent’s advice. Only if you feel that you have performed all of your required duties, the Brokerage cannot provide an suitable alternate Agent and the Brokerage has not performed the services that you agreed would it be reasonable to request a termination. You may find that the Brokerage will accept that situation and be willing to move on, or if they have much invested and do not agree with your rationale they may decide to hold until the expiry of the contract.
During your listing term industry rules prevent any other REALTOR® from soliciting you to sell through them, however you are free to solicit and interview other agents if, for example, you are nearing the end of your term and hope to get a jump on listing with another agent.
The best solution is always to communicate with your agent about your expectations and then work collaboratively to achieve the best results together. When hiring any agent make sure that you obtain referrals and past reviews and ask them to thoroughly explain their marketing plan so you have full knowledge of what the expectations are. It’s important to ask your real estate agent to be honest with you about the condition (what improvements need to be done) as well as the real price they expect the market will bear. Often we chose the agent who tells us what we want to hear, over the agent who is more experienced and qualified or perhaps most honest in pricing your home. In our experience, this misguided selection is the most common cause of dissatisfaction later in the relationship.
Contact Sano Stante Real Estate Group if you have any questions about how to go about selecting the best real estate professional.