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Some agents don't seem to understand that they can be fired despite having a listing agreement. No, I wouldn't try to enforce a listing if sellers weren't happy with me, although I would try to find out the reason(s).
Good morning Ginger. If I was in the business, I would release any seller that didn't want to work with me.
I had situations when a client wanted to list with me, but a previous listing agent refused to terminate.
I would not do it to my clients. If they have to terminate, I'd let them go.
No if they do not want to work with me that see ya later.
John McCormack, CRS
Listing agreements are legal marketing contracts, never forget that. A letter of termination of listing, requires that the seller PAY ME my documented marketing fee's plus a cancellation fee prior to canceling from the MLS otherwise it will end up Withdrawn till the expiration date.
So that can add up rather quickly... 295 sign post + 1200 mailers and web site and web site promotion + a few more items .... about even 2 grand within the first 5 business days.
Spend a minute looking at your listing agreement, you should always have a cancellation fee, You should have a clause for documented expense. You need to get paid for your services that you did.
Now are their exceptions to this rule, Yes, I had a client have a heart attack and they could not move for 3 years until the recovery. so that's a straight loss, I am hoping that I get that listing, but, I did withdraw the listing not cancel it.
Cancel = Realtor no longer legally attached to the listing but procure cause is still in effect.
Terminate = similar as above but procure cause has been voided also
Withdrawn = listing no longer active, no other Realtor can have the listing, also, procure clause is still in effect. property sells during this time in any way, I am still due a commission.
We are a business, treat it as such.
please don't think this is legal advice, use a lawyer of your own to figure out exactly what your state's terms mean legally.
Hallandale Beach, FL
No. If they want out why not let them go?
John McCormack, CRS
Have honestly never had that happen...but what is the point ? Part company and move on...hanging on creates more ill will.
Ginger Harper - in fact, at our listing consultation, I provide them with my EASY EXIT guarantee! What's the point holding on the listing if there is a difference of opinion?
I'd call this - Divorcing Of Listing!
I no longer do. I don't need the hassle and an uncooperative seller can make your worklife miserable. Let them go, and count your blessings.
I think the most professional response to the Sellers is to let it go. No reason to have it turn ugly.
No, why buck the current!
John McCormack, CRS
Oh my goodness, no. We can't force anyone to sell their home if they don't want to. And if for some reason they just want to get rid of me (although that's not yet happened), why would I want to hold someone hostage?
Basic law of agency in Texas. You don't have a choice. If they want to terminate you must. If you think they did not have a valid reason you could take them to court, but who is going to do that.
I think the ill will that is created when a company won't let the listing go is phenomenal - can you imagine the yelp reviews on that one - LET IT GO!
I would think that usually when it got to that point, both sides would be happy to part.
I don't see any reason to hold on to the listing. I work for the client.
Nope, after 3 months if the seller wants to terminate the relationship, I will release them unconditionally.
I will withdraw as soon as the seller show no interest in the listing.
Absolutely not. What would be the point?
No. I will terminate it.
I would let the sellers out of a listing if they were not satisfied with me or my level of service. I work very hard to provide a high level of service and I am very timely with communications. I do not want any client to use me if they feel differently.
I had a neighbor once who was getting out of the business. He had a pre-foreclosure listed and we both knew the seller. When he put his license on inactive status, the seller called me. The former agent's broker demanded that the listing be kept with their company until the termination date. I got it 30 days before it went to foreclosure and got it sold. That seller was not happy to say the least.
Definitely not! If they want out, they are free to go. I will not hold anyone captive!
The listings are technically the brokers'. If there is a question of termination, it needs to be discussed with the broker. It's best in my opinion to let it go and open the windows of new opportunity.
Why in the world would anyone do that? Spite? If there is no meeting of the minds, smile and say "thank you and I wish you the best of luck".
Ginger Harper No, there is no reason to keep it. My listing agreement has a termination clause, if the seller is unhappy. Never had anyone use it though.
I just read an article about this topic and about withdrawn listings. You have to be careful if an offer comes in from one of the agents who showed it when you had the listing.