Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
1. You have a little over three months left on a one-year listing agreement and your agent decides to leave the fairly large brokerage and go to an even larger competitor. (The agent informs you of this in a phone call, although you have heard nothing from your broker/owner.)
2. Your agent was bringing traffic to the home even in the depths of January and you believe that agent was committed to getting a sale done before the agreement is up. You hired this firm because of the reputation of the agent, not the reputation of the broker.
3. You're paying a relatively-low-for-the-area (less than 4%) commission under the current listing agreement.
4. Because the current broker/owner has not yet contacted you, you have no idea where your listing stands. (In the meantime, the broker has apparently erased most traces of your agent from its web site. Hence, your home is not currently appearing on the broker's site. And because the multiple listing is still there with the original agent's name, interested parties get an error page when they try to click on the agent's contact info or web site.)
My inclination is to do nothing at the moment and see how long it will take the broker to contact me. That will tell me whether the organization really has its act together. (As you can guess, however, I'm already disappointed that I had to hear this news first from the departing agent.) Furthermore, I need to talk to my lawyer and see if I am even able to get out of the listing agreement due to a change of agents. From what I can tell, that scenario isn't addressed in the agreement. Switching brokers could offer us broader exposure for our home and a better opportunity to sell it in the next few months. One question is whether a new broker would agree to take the lower commission, given that 5% is the standard in our area.
My concern is that the current broker will turn over my listing to a disinterested agent already focused on his/her own listings, who sees a below-market commission at a time when we will soon head into prime selling season. Any thoughts would be appreciated.
We all make mistakes. I guess that's why we come to forums like these for advice. I'm not sure it matters here, since we still probably would have been in an agency relationship right now.
As mentioned above, we were notified by our current agent that she had switched brokers. Since the listing stays with the broker, I decided not to take any action at the moment in order to see how the broker would deal with this situation. It gives you some insight into the professionalism of the company and whether they are really people you want to represent you. Plus, it's only fair to give them a chance to make things right.
Well, it has been four days since we learned of the original agent's move and we have heard not a word from our broker. Today, I took a look at our multiple listing and saw that it had been switched to another agent in the company and she appears to have only two years of experience. We have not heard a word from her and it is likely she has never seen our home. The listing is still missing from the company's web site and when you go to the new agent's listings, our home is not shown there. The weekend is coming up and there could be some interested buyers out there. How will their inquiries be handled? Who knows?
We're not talking about a run-of-the-mill tract home. It's a luxury home with a fairly hefty commission attached to it. The agency is not a fly-by-night operation. It's probably among the top five in our region and is fairly well-known. The fact that a new agent has been assigned and we have not heard a peep tells me that this broker treats premium listings not as relationships, but as commodities.
We're not going to let this go on much longer since we need to get our home back in the game before the selling season picks up. However, it is interesting to see how poorly this has been handled and it only seems to downgrade my already low view of the real estate profession. Compared to these jokers, used car salesmen are starting to look pretty good right now.
Any other brokers or agents care to weigh in on this behavior?
As mentioned above, we were notified by our current agent that she had switched brokers. Since the listing stays with the broker, I decided not to take any action at the moment in order to see how the broker would deal with this situation. It gives you some insight into the professionalism of the company and whether they are really people you want to represent you. Plus, it's only fair to give them a chance to make things right.
Well, it has been four days since we learned of the original agent's move and we have heard not a word from our broker. Today, I took a look at our multiple listing and saw that it had been switched to another agent in the company and she appears to have only two years of experience. We have not heard a word from her and it is likely she has never seen our home. The listing is still missing from the company's web site and when you go to the new agent's listings, our home is not shown there. The weekend is coming up and there could be some interested buyers out there. How will their inquiries be handled? Who knows?
We're not talking about a run-of-the-mill tract home. It's a luxury home with a fairly hefty commission attached to it. The agency is not a fly-by-night operation. It's probably among the top five in our region and is fairly well-known. The fact that a new agent has been assigned and we have not heard a peep tells me that this broker treats premium listings not as relationships, but as commodities.
We're not going to let this go on much longer since we need to get our home back in the game before the selling season picks up. However, it is interesting to see how poorly this has been handled and it only seems to downgrade my already low view of the real estate profession. Compared to these jokers, used car salesmen are starting to look pretty good right now.
Any other brokers or agents care to weigh in on this behavior?
How do you know that the agency reassigned the listing and your prior agent did not just refer it to a friend?
My advice stands. You certainly have the right to initiate communication with the firm. Contact the broker, who may not be aware of all the circumstances.
4. Because the current broker/owner has not yet contacted you, you have no idea where your listing stands.
My inclination is to do nothing at the moment and see how long it will take the broker to contact me.
Truly? Your inclination is to do *nothing*?
Quote:
We all make mistakes.
I guess that's why we come to forums like these for advice.
It is less expensive than calling an attorney every time something might come up.
How do you know that the agency reassigned the listing and your prior agent did not just refer it to a friend?
My advice stands. You certainly have the right to initiate communication with the firm. Contact the broker, who may not be aware of all the circumstances.
It is highly unlikely that our original agent would have referred the business to someone at her old broker. I'm sure she'd much prefer to have us break our listing agreement and go to her new firm, where she would once again have the chance to earn the entire commission and not split it with another company. While she said she was prohibited from soliciting our business, that was clearly the intent of her call.
Also, she was a senior person reporting directly to the head of the old brokerage firm, so he certainly knows what's going on. He also knows who we are because, several months ago, he got on the phone and tried to browbeat me into accepting a lowball offer on our home. (And before we use this line to initiate a discussion about "correct pricing" on a home, let me add that the potential buyers came up another $100,000 within the next month, so clearly I was right to hold off.)
No, unfortunately, this appears to be yet another case where real estate "professionals' just don't have their act together.
Your advice is correct and we will plan to address the situation at the appropriate time. Thanks.
The listing stays with the brokerage, but listings are very often sold by a buyers agent. Your original agent will still be trying to sell your house because she will still be getting the same commission if it sells.
Read your contract and I can 99% guarantee that it says you will still pay commission after you break the listing if sells based upon showing and advertising from that agency. Just don't get yourself deliberately into a gray legal area. Call your old agent, talk to her, let the listing run out and then move it.
Also, Brokerages specialize and you might already be with the agency that specializes in expensive custom homes. If so, that is where the buyers will be going to ask to be shown properties. If, by any chance, your old agent has moved to a brokerage that specializes in brand new tract homes, it will do you no good to move the listing to that office.
You can contact the agent that did the original listing and let her know that you hope she will continue to show the property. See what she says.
1 year listings are pretty common for upper end properties in a slow market. You did not make a mistake by doing that.
I'm sure she'd much prefer to have us break our listing agreement and go to her new firm, where she would once again have the chance to earn the entire commission and not split it with another company. .
My concern is that if you set your original agent up (at 4%) to need both sides of the commission to make it worth the business, that agent might favor her own buyers and not work well with other buyers. Is that the case? It could be a big detriment to you and not worth the extra 1% you "save".
If your home is still on the MLS, buyers agents take them in to see it and write up the offer. I'm sure the broker or someone in that office is set to handle the offers when they come in. He might just not be doing anything extra to advertise, but after 9 months I'm not sure what else he would do.
Many, but not all, brokers will allow the agent to take a listing with them when they change brokerages. Talk to the broker. Ask who is handling your house and if they are committed to your listing. Interview that person. If you're happy, stay. If you like your former agent better, ask if you can move it.
Just don't sit on the fence for the next 3 months waiting to see what they do for you.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
What!
I guess that's why we come to forums like these for advice. I'm not sure it matters here, since we still probably would have been in an agency relationship right now.
