Selling a house is hard! You have to deal with all the home showings, making repairs and nosy questions from your neighbors.
Firing your real estate agent is a difficult decision, but sometimes it's necessary if your home isn't selling and there's no sign of things improving. If your agent is not meeting your expectations or has breached their contract, it's important to know how to fire them properly.
It's important to note that the overwhelmingly reason most agents get fired is because they're unable to get offers for a client's home. Certainly there are other reasons - for example, if the agent is unethical, rude, a poor communicator or is unresponsive to calls and emails.
How to Fire Your Realtor
- Review your contract
Before you take any action, review your contract to understand the terms of the listing agreement. Your contract should outline the terms of the relationship, including the length of the listing agreement and the circumstances under which you can terminate it. Make sure you understand your options and the potential consequences of ending the agreement.
1- Communicate your concerns
If you are unhappy with your agent's performance, the first step is to communicate your concerns. Schedule a meeting with your agent and express your concerns in a calm, professional manner. Be specific about your concerns and provide examples. Give your agent a chance to respond and address your concerns.
2- Give your agent a chance to improve
If your agent is willing to make changes and improve their performance, give them a chance to do so. Set clear expectations and follow up to ensure they are making progress. If your agent is making a good faith effort to improve, it may be worth giving them more time to get the job done.
3- Request a termination
If your agent is not meeting your expectations or has breached their contract, you can request a termination. Send a written notice to your agent and their broker stating that you wish to terminate the contract. Be specific about the reasons for termination and the effective date.
4- Work with the broker
If you are terminating your contract, you will need to work with the broker to ensure a smooth transition. The broker may assign a new agent to your case or allow you to terminate the agreement outright. Be aware that you may be responsible for paying any expenses incurred by the agent up to the date of termination.
What to Do if Your Home Isn't Selling
One of the most critical things you can do if your home isn't selling is evaluate your asking price and the condition of your property against the active comps (substitute properties) in your area. Often times, getting the value of your home right is the most important ingredient to your success in selling your home.
Before firing your agent, you might also consider negotiating the Realtor commission and see if he/she is willing to work with you if you lower then asking price. In other words, tell the agent that you'll agree to lower the asking price by $10,000 if they'll reduce their listing commission rate from 3.0% to 2.0%.
Conclusion
In conclusion, firing your real estate agent is a difficult decision, but sometimes it's necessary. Review your contract, communicate your concerns, and give your agent a chance to improve before requesting a termination. Work with the broker to ensure a smooth transition and consider legal action if necessary. With the right approach, you can terminate your listing agreement and find an agent who meets your expectations.