Contrary to popular oppinion on the answers of this forum, I would ask you a question. Did the firm you hired do work for you? Beleive it or not, agents and firms don't work for free. I realize your situation may have changed since you placed your home on the market, but that doesn't reduce the amount of work your firm has done for you. So many things happen behind the scenes you don't see that deserve compensation. Most listing agreements have cancellation fee agreements in them. When you signed your agreement, you agreed that if something should change and you took your home off the market, this would be the fee you would pay to the firm for their work and effort. If $1100 was the fee in that agreement, then that is what the firm you hired and you thought was fair. The figure your asking would have been in writing on your agreement. I would look through it , if I were you, and you can verify the figure. I don't, however, suggest sabotaging your agent or firm by removing signs or making it difficult to show while waiting for it to expire. Be honest with you agent and firm and I'm sure you can work something out.
As all of the previous answers have stated, any fee that the Broker wants to charge you should have been agreed to upfront in the Listing Agreement.
Now...here's the kicker. Normally, a Broker will NOT just remove your listing from MLS...they have too much invested. So what they suggest are as follows...
Tell us what is making you upset and give us an opportunity to correct the situation. This makes some sense because the Broker does not want to lose you as a client.
We will take your house off the MLS as an ACTIVE listing but only change the status to TOM...temporarily off the market. And this status will remain until the original listing date expires. Problem is you will not be able to list the house with anyone else during this time. The MLS listing has to be actually Withdrawn in order for you to move on with another Broker.
So it sounds to me like the the fee they're asking you to pay...if it's NOT in the Listing Agreement...is to get them to Withdraw the listing rather than TOM it.
And unless they did an enoumous amount of marketing including newsprint, magazines, luncheons,etc., $1,100 sounds like an amount to subsidize a lost commission rather than a fee to offset marketing costs.
I am truly sorry you are having these difficulties and I apologize for the industry. To me, it's better to release a client from a difficult situation...and keep them happy...than to create an unhappy situation and lose that client for the future.
I hope this helps. Thanks for using Trulia Voices and please feel free to call or email if I can answer any questions for you. Best of luck.
Like NO ONE Else!
That's interesting and high from what I've ever heard. You will need to refer back to your listing agreement to see what was agreed to. I'd be surprised if there is any mention of this. I've seen $395 before but that's about the highest amount. One thing you may want to do is discuss this directly with the broker NOT the agent with your agreement in front of you. Explain your situation, if you were happy with the services consider using them again in the future when you are ready to move. My standard of practice is not to charge in these situations and I think that is the standard not the exception.