Real estate question..
I am very unhappy how the agents promised me they were going to put my house in all the newspapers and real estate book. They have not put it in one paper. When people come to see my house the agent is rarely around and i'm doing all the work. There was one couple that was interested but needed to work some stuff out with the house they were selling. Since my contract is up shortly if this couple wants to buy my house after the 6 months do I still need to pay the agent their commision? Any help would be greatly appreciated. Thank you all
2006-12-14 11:08:12 · 11 answers · asked by Ryan 21 2 in Business & Finance ➔ Renting & Real Estate
Ok, The real estate agent did bring this one couple to my house. I do believe they deserve something but not the full 4%. What do you all think?
2006-12-15 04:46:00 · update #1
If the agent has not talked to them, then NO!
2006-12-14 11:13:34 · answer #1 · answered by Anarchy99 7 · 0⤊ 0⤋
You have to read what's in the Listing Agreement. In PA, where I am an agent, three conditions must be met which results in the seller paying the commission after the expiration of the listing agreement:
1. The sale occurs within [fill in blank ] days of the ending date of the contract, AND,
2. The buyer was shown or negotiated to buy the property during the term of the contract, AND
3. The property is not listed under another "exclusive right to sell" contract with another broker at the time of the sale.
Again, this is for PA, but there's probably wording that looks similar to this in the agreement.
Couple of additional points:
1. Newspaper ads and the real estate book do very little to sell a home. They are the weakest form of "passive marketing" and are practically obsolete. Almost 100% of homebuyers look online to find their home. The passive marketing you really want from your agent is to have him list your home's info on his website, his company's website, on the MLS, and Realtor.com. That said, passive marketing is only part of the puzzle - your agent should also be "actively marketing" your home, specifically to other agents - calling agents, emailing info about your home to agents, mailing flyers to their office, networking (face-to-face) with other agents. Ask what he's doing on the active marketing side, because this is how a home is really sold!
2. You said, "when people come to see my house the agent is rarely around and i'm doing all the work." Actually, neither of you should be there! The buyer's agent should be there with his buyer and that's it! You want to give the buyer's agent and his client a chance to talk openly about the product (your home), and with you or your agent there, that can't happen...
Good luck!!
2006-12-14 11:44:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Your agent is not working with you.Generally you have a six month agreement (here in Ohio anyway). You can call the broker and tell them you want out of the agreement..( a maybe)..or you can let it expire, and make your own deal. If it's someone your agent introduced to the house that could get dicey. For all the bad P.R. real estate agents get they're a a lot of good ones out there, ask friends and family to recommend one. The market is soft, but doable right now.Bottom line,,,Your agent is not working with you...Good Luck
2006-12-14 11:31:00 · answer #3 · answered by burke 2 · 0⤊ 0⤋
Some houses sell fast, some takes years. It could be the location, the make of the house, the price or your must have custom made your house that it only attract specific buyer which maybe rare.
Normally, agent or broker's contract is only 3 months or 90 days. Beyond that, you're free to get other agents. But if the agent registered the buyer to you even if his buyer bought it after his agency contract, he is still entitled to his commission.
2006-12-14 12:10:18 · answer #4 · answered by GigiBF 2 · 0⤊ 0⤋
look over your listing agreement and read the time frame your agent wrote in. This is the time period that allows you to sell your home with out owing a commission..... i have seen 30, 60 up to 180 days after the cancelation takes place.
it really depends on what area you are at... some real estate markets are really suffering right now. But regardless, your agent was hired to market your home... and that is exactly what he/she should be doing!
Let your agent know how you feel... feedback from clients helps us focus & improve where we need to improve!
best of luck to you!
2006-12-14 23:23:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Your contract with the Realtor is for six months only. If a prospective buyer comes to you AFTER the 6-month period expires, you will have to hire an attorney to represent you at the closing.
Usually, the Realtor will come see you, or call you, about a week before the expiration of contract to renew.
Also, check the contract that you signed. What he/she promised you verbally will not mean anything if it's not specifically stated in the contract itself.
Sorry you're having such a hard time with your Realtor. Mine was pretty cool. It took 8 months to sell my house and she stuck to me all the way.
2006-12-14 11:16:35 · answer #6 · answered by Ambassador Z 4 · 0⤊ 0⤋
real estate is not selling anywhere right now , if you have a buyer tell them to wait till the end of the contact they you do an owner to owner sale and save 4-6 % agents are the biggest rip off in real estate , they always want to make both ends of commison.
has the agent ask you to lower the price yet ? most agents tell you that you can get big money then when it dont sell they tell you to lower it .
go to realtor.com and check what houses are selling for or even craigslist.com
2006-12-14 11:53:59 · answer #7 · answered by loboboh 2 · 1⤊ 2⤋
If this couple visited this house while you were still under contract then even afterwards, the realtor is still due his commission for being the procuring cause of the sale. You are better off asking for the contract to be cancelled for failure to fulfill his duties as a realtor. A quick call from a lawyer would be all you need if he decides to be stubborn. If he's a member of the national association of Realtors, he has a strict code of ethics that if you are aware of you can force him to follow. Good Luck
2006-12-14 14:12:07 · answer #8 · answered by bosco6159 4 · 0⤊ 1⤋
If they looked at your house while it was listed with an agent, you still have to pay the agent his or her commission (regardless of whether or not he showed them the house or their agent did)
2006-12-14 11:17:07 · answer #9 · answered by caro 1 · 0⤊ 0⤋
Check your contract..
If the buyers came by during the contract period then you
probably must pay the realtor...
2006-12-14 11:16:12 · answer #10 · answered by Anonymous · 0⤊ 0⤋