Finding the right real estate agent right from the start is the best way to go. However there are five signs it is time to find a new real estate agent.
Under some circumstances it is acceptable to stop the buyer or seller and agent relationship. However, it is a good idea to look at any contract you might have signed.
The first step in terminating your real estate agent is to make sure there is an ethical or legal reason to do so. Many times a problem between seller or buyer and agent can be resolved by simply by talking about the problems. There are reasons certain results occur in the real estate market and it is a good idea to have a clear understanding of what a real estate agent can do and is obligated to do.
Clear expectation of what can be expected is a good start of any relationship, especially a business relationship. Here are a few areas that you can know an agent should do for you. If these expectations are not fulfilled it may be a good time to see what options are available for finding a new real estate agent.
The agents should get the best possible price and terms for the person they are representing. If there is cause for concern of the loyalty of your agent to you, after talking about it with your agent this could be cause for termination of the real estate agent.
- The agents must disclose all material facts pertaining to the property. This would be like old, and bad plumbing. A roof that leaks, or a foundation that is cracked. If there is areas that you can see the agent is simply not being honest about the property, this could be a reason to change to a different real estate agent.
- The agent should disclose facts that would pertain to any type of price fluctuation. This would be like death, divorce, illness, moving out of the country etc. If they are the buyers agent. If the agent is a seller's agent they cannot release any personal information about the seller without the sellers permission. If the agents are representing the seller and the buyer, they cannot release any information that is damaging to either side. They must maintain an ethical approach to do the best they can for both parties
- If the agent is not up to date on their licenses and you find that they are representing themselves in a false manner, this may be cause for switching to a new agent.
- You should receive adequate response to your calls and questions and should see a reasonable amount of acquirements into your home if you are selling. Therefore, you should be able to see work done by your agent. This is in the form of calls, shows, listings, and open houses. If you do not see this, it could be cause for releasing your real estate agent.
There are a few things that dictate the rules that a real estate agent should follow, here are those:
- Federal Fair Housing Act
- State Real Estate Laws
- National Association of Realtor's Code of Ethics
- Employing Broker's Guidelines
- Lawsuits
There are some requests an agent cannot accommodate due the laws that dictate to them rules and responsibilities. Therefore if there is a request you specifically have and do not understand why your agent is not able to follow through with that request, ask them why. You will probably find there is a good reason.
Before terminating the relationship between you and your real estate agent, be sure to communicate with your agent your concerns and questions. If the communication is not resulting in the needs you have being taken care of within a reasonable fashion, you need to read your contract and negotiate the terms for dismissal of that agent. Use caution when going from one agent to another. It can become a battle for commissions if you do not clearly state what your plans are to the prior agent and to the new agent.
If you have reviewed your legal and binding contract and there is a limited time frame, you can see if the time frame is over. That is very simple, and then you can inform the agent you want to go with someone who is more able to fulfill your needs.
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