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We are taking our house off the market for a year or so to rent it out. Our agent emailed me today and says that because we are renting it out they want to keep the key, and keep the lock box on the house in case they have any buyers who want to see it. This is what she said: [SIZE=2]"We have a number of people who have expressed interest in a showing. If you decide to rent it and not list it and these buyers decide to make an offer, it would still be our listing for the next 6 months under the ‘carry-over clause’ in the P&S."
Call me obtuse, but why would we want the lock box still on the house if it is off the market? Why would a tenant want that?
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Another thing -- if they have a "number of people interested in a showing" (some of whom I think are likely the agents I had sent out for a second opinion and the property manager who is also an agent), the listing expires today. If we do not renew, can the agents still send the people to see our house?
I am sure the many experienced realtors on this board can clarify the "carry over clause", but as a current renter I assure you I would never allow a lock box and access to my leased home under ANY circumstances. Seriously??? Now, when the end of my lease is approaching I understand I have agreed to allow the owner to show the home, but thats not what we're talking here. I think you're going to have a tough time finding any tenant to agree to that!
I would probably not want a lockbox on the door if I had the home leased. I assume it is a supra that requires a key, a contractors lockbox would not be secure at all.
If they bring you a buyer and you have someone with a 1 year lease how you going to sell it ?
I would probably let them keep the key and box until I have it rented so they might be able to bring you a buyer and maybe keep in the house in the MLS. I would want in writing once the home is leased the listing agreement terminates.
The main issue is if you lease it do you want it shown ? If not then I would get my key and remove the box. Most tenants do not like the house being shown or keep it in good condition.
Most laws require you to rekey the house if you put tenants in it. You might check other local requirements also such as smoke alarms, peep holes, etc if you lease.
I agree with both of you -- we rent the house we're in now, and now way would we a) rent if the house was on the market, or b) allow a lock box.
Rakin, they mentioned a month-to month lease, but the property manager and I agree that the type of tenant who would go for a month-to-month situation most liekly would not be the kind we'd want in there, and the house would not show well.
I agree with both of you -- we rent the house we're in now, and now way would we a) rent if the house was on the market, or b) allow a lock box.
Rakin, they mentioned a month-to month lease, but the property manager and I agree that the type of tenant who would go for a month-to-month situation most liekly would not be the kind we'd want in there, and the house would not show well.
I would not do a month to month unless you needed the flexibility or get a real premium on the money. Everytime someone moves in and out it will cost you money to get the house ready to release.
Most people no longer do a 6 month but a 12 month.
Do you have someone to manage it since you will be long distance ?
Oh, and we have a property manager already lined up who knows all of the city ordinances and state laws.
What I don't get is if the listing expires today, how can the agents think that NEW potential buyers can look at the house after today? Can we just tell them to back off? Can someone explain the "carry over" clause? I don't have a copy of our listing agreement to read it myself...
A "carry over clause" is usually around 20 days (its called a "Holdover Period" in Colorado) and it would only apply to anyone the Broker had negotiated with and shown the property to prior to the expiration of your listing agreement. All states are different, so I can't quote exactly what your state's rules are. I personally write my contracts with a 20 day holdover, however its possible to write in whatever time frame you want.
You REALLY need to get your hands on the listing agreement and check out the section about when a commission is earned. In Colorado the Dept of Real Estate web site has blank copies of of all approved contracts...maybe your state has something smililar.
We are taking our house off the market for a year or so to rent it out. Our agent emailed me today and says that because we are renting it out they want to keep the key, and keep the lock box on the house in case they have any buyers who want to see it. This is what she said: [SIZE=2]"We have a number of people who have expressed interest in a showing. If you decide to rent it and not list it and these buyers decide to make an offer, it would still be our listing for the next 6 months under the ‘carry-over clause’ in the P&S."
Call me obtuse, but why would we want the lock box still on the house if it is off the market? Why would a tenant want that?
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Really - after 546 Days on the Market, they now have buyers ready to see it? It didn't expire today, it still shows as current on the MLS, perhaps it will tomorrow. If it truly is expiring and you're not pulling it off the market before the listing agreement expires, the relationship has ended.
The carryover clause only affects people who have already seen your house and not anybody new. If you listed with another licensed agent, the clause would not apply, but since you're taking if off the market, it is in effect and for most likely six months (check your listing agreement to be sure). You have no obligation to let them keep the key, if any of those buyers want to re-visit it (extremely unlikely), you can deal with them on a case by case basis. Have them get the box off and mail you back the key as soon as the listing officially expires.
Another thing -- if they have a "number of people interested in a showing" (some of whom I think are likely the agents I had sent out for a second opinion and the property manager who is also an agent), the listing expires today. If we do not renew, can the agents still send the people to see our house?
If they have a number of people interested in the house, they need to get them in there before the listing expires and the house comes off the market. Nobody can see the house without your permission, even while listed - unless you gave your agent permission to show without notice. Even in a vacant house I always alert my clients of upcoming showings and feedback if the agent leaves it. Once your listing expires, with the exception of those buyers who have already seen the property, your obligations terminate.
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