The market is tough right now. There are many agents and sellers who have worked very hard to market the property but it is still on the market. Pricing is "king".
Talk to your agent about his/her thoughts are as to what the problem is and what will cure it. Have the agent do a complete market re-evaluation for pricing (it is changing on weekly basis in some areas). If you are truly motivated to sell, work with the pricing first and foremost. You may have to make reductions until you find the point where buyers are interested.
You did not mention the frequency of your showing activity. If you have had not showings, then neither buyers nor agents have any desire to view your property. Remember both can view pictures, location, amenities, and pricing online. (And be sure you have good pictures - at least 6 to 8) If you are getting showings but no offers, you are selling a home - but it is your competitors home. The buyers have found one of them to be a better value - not a good situation! Both of these can be cured...by price. The last category is where every showing has good feedback - you are one of the top choices the buyer is considering. In this case you will likely have an offer within a very reasonable number of showings (in my area 11 to 14, maybe less).
If a home is priced right, it will sell!
Willie, review your contract, review what your agent has done to market...but most of all review your price to make sure you are where you need to be to attract buyers. Wishing you great success with your sale.
All of the terms of your listing agreement will dictate your options. You will normally find the language referncing duration of the agreement within the first or second paragraph on page 1.
Legally, your agent would have had to stipulate a "termination date". This could be any duration of time, for example 6 months or 12 months from the date you signed the agreement. Within that same paragraph, you may find something to the effect of a the right of "Seller's cancellation prior to the Termination Date" and then language describing the terms of the cancellation. I am not aware of the termination policy of the Broker you employed, but our office policy for terminating Listing Agreements is at anytime with 30 DAYS WRITTEN NOTICE.
Hope that helps.
Realty Executives SourceOne
Americorp Real Estate
Brokers Associate, e-PRO
In any case, the Managing Broker of the firm must sign a written cancellation. A signature from your agent, if they are not also the managing broker, will not be enforceable. Listing agreements are typically made with the brokerage and not the agent.
Removing the property from the market is typically not an issue. If you no longer wish to sell, it shouldn't be a problem, nobody wants to kick you out of your home. If you want to still sell the property, but no longer want to work with the broker and the agent, this can be more complicated.
Best of Luck
If you take a look at the written contract you have with the agent and broker listing your home, the length of the agreement should be specifically enumerated. That being said, if you decide that you would like to cancel the agreement before the expiration of the listing agreement, you should tell your agent/broker (and do it in writing). It is not uncommon for an agent to agree to cancel/end the relationship before the agreed-upon termination date.
That being said, . . . . . why do you wish to cancel the agreement?
If the home hasn't sold, it may not be your agent's/broker's fault.
It is quite possible that you may have your property listed at a price that is too high for this market.
Have you revisited comparable property sales with your agent recently, Willie?
before jumping ship you need to know why isnt your home selling. The 2 main reasons are it could be prioced too high or lack of marketing. have your broker complete a broker price oopinion, you may want to get one from another company as well so you can see what the value of your house is in todays market, it is going to need to be priced at or below market value to attract a buyer in todays economy.
If priced right than you can assume number 2 is the problem and may want to change companies. Just make sure you do everything in wrioting and get signatures before acting
good luck with your sale
you have received answers that are all over the spectrum right now. A couple fo questions you need to ask yourself before you pursue cancelling the listing agreement are:
1. Has the agent fulfilled their obligations and promises in regards to marketing the home?
2. Is the Realtor been in touch with you throughout the process keeping you updated on the market/
3. Are you getting showings but no offers?
depending on how you answer these questiosn will say a lot of whether you should cancel your listing agreement. In this market ti is not uncommon for homes to be on the market for six months or longer before receiving an offer on them.
if you still want to cancel the lsiting agreemetn I recommend you first talk with the lsiting agent you have right now and express you rconcerns with that perosn. if you do not get the satisfaction you are looking for from them; then contact their Broker In Charge and schedule a meeting with that person to discuss your situation.
The question I have is "why" do you want to cancel the listing agreement. Is it that your life has taken a new course and you longer want/need to sell your home? Or is it that you are frustrated with the lack of success but still want to sell? It is important if you do end the relationship without the unconditional release, you may well be subject to paying the listing broker commission through the term of the agreement regardless.
At a minimum, voice your concerns with your agent, and insist on a meeting - face to face - to discuss the marketing plan and what needs to be done to improve your chances of success. Pricing right is critical - it always is, but in this market there is no escaping it. The fact that you have had no offers in 4 months confirms that your price needs to be revisited and likely adjusted to appeal to a new buyer group.
Good luck to you,
Unwavering Commitment to Service
A listing agreement is a contract entered into by two parties. It takes the agreement of both parties to cancel it prior to expiration. Talk to your agent and express your wishes. Maybe the agent will agree since it seems like the agent is wasting time, also. Do you want to take your house off the market or do you want to change agents? If you want to change agents, your current agent may not be as cooperative with your request to cancel if he does not think it is justified. Why have you gotten no offers? Is your house priced right? Is there another reason? How motivated are you to sell or are you â€œtesting the marketâ€?
Maybe you should sit down with your agentâ€™s broker, assuming your agent is not a broker, and discuss your dissatisfaction.
By the way, @Jeff: if you are a Realtor, as opposed to a licensee, you should double check what the Realtor Code of Ethics has to say about interference with an â€œexisting brokerage relationshipâ€¦â€ (Article 16).