Realtors. They are the people that can help make your dreams come true when it comes to homes.
These people are the ones that can help you sell a home for as fast or as highly priced as you want. Or, they can be the people that help you buy your dream home.
In the United States, there are plenty of options when it comes to real estate agents. That is because there are over three million people in the country that have a real estate license.
Sometimes, you may want to know how to break up with a realtor. That is because, unfortunately, not all of those real estate agents are going to be the perfect fit for you.
If you find yourself in one of those situations, you may see that it can be a little difficult to get out of a realtor contract. This guide will show you how to get out of a realtor contract and show you the signs that it may be time to move on from your real estate agent.
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Can I Fire a Realtor?
So, the first question you may be asking with this article is “can I fire my realtor?” Well, the answer to this question is technically yes. However, it may not always be the easiest process.
Not only can it be a difficult process, but this also is not always the morally correct move. The reason why this can be the case is that most real estate agents work on commission.
This means that they do not get paid until you buy or sell a home. If you work with a real estate agent long enough, it can mean that they spend months working on your home without seeing any money if you decide to move on.
With that said, you can do this. How easy it will be is going to depend on if you have an exclusive agreement with that real estate agent or not.
Most real estate agents will ask you to sign this in the early stages of working with them. It means that you will give them exclusive rights to help you buy or sell a home for a certain time.
If you want to fire a real estate agent in the middle of this time, it will be more difficult because it typically states in these contracts that they can have the right to the commission on your home if it gets sold in the time referred to in the contract.
Of course, you do have the option of letting them go before you sign with them or waiting until the exclusive agreement expires. But first, you need to know the signs of when you should fire a real estate agent.
Signs That I Need To Fire My Realtor
Now that you know that you can fire your realtor, you need to know some of the biggest signs that you should consider doing so. The following are a few notable signs.
Lack of Communication
One of the most justifiable reasons to fire a real estate agent is if they have a lack of communication. This can just be them failing to explain why they cannot find a house or a buyer that meets your needs.
It can also be them having a lack of availability to respond to your phone calls or messages. This is not just them failing to answer right away but letting your calls or messages go completely unanswered.
Essentially, you do not want a real estate agent that leaves you in the dark about things. You especially do not want a real estate agent that fails to guide you on what a realistic offer is on either side of a home purchase.
Lack of communication is one of the biggest reasons why business or workplace relationships do not work. Around 86% of employees note a lack of effective communication as the main reason for workplace failures.
What this means is that you should not underestimate the importance of effective communication. You need to consider finding another real estate agent if your current one is not providing you with this.
Ignoring Your Needs
Another legitimate reason that you can fire a real estate agent is if they are ignoring the needs that you are requesting from them. This can be giving you the house size that you want, the location that you want, or the price range in that you want to buy a home.
A lot of this goes back to communication as discussed above. A real estate agent should be doing everything they can to meet your requests. The main key on your end is to make sure they understand exactly what you want out of this before you begin.
As long as they have this understanding, you should expect that a real estate agent is going to take care of your needs. If they fail to provide what you are looking for, they need to properly explain why these needs can’t be met. From there, they should have an alternative idea to get as close to your needs as possible.
The point is, your real estate effort should be giving the absolute maximum effort to try and find you the perfect home or the perfect buyer for your home.
Lack of Exposure
If you are trying to sell a home, this can be a big reason that you have a problem with a real estate agent. As a seller, you would be relying on your real estate agent to promote your home to as many people as possible.
One of the ways that you can do that is by having a strong online presence. To do that, you are likely going to have to have some good photos of your home out there.
It is a real estate agent’s job to manage this and to make sure the right photographer is getting your home in the best light. If they fail to do this, it can lead to potential buyers overlooking your home.
A home that has high quality photos online sells 32% faster than those that don’t. So, if you are not happy with your home exposure and feel like your realtor does not have the skills to fix this, it could be time to move on.
Personality Clash
Finally, there are some real estate agents you just do not have a good relationship with. Some can get aggressive and impatient while you may be someone that is more cautious and wants to take your time making a big decision.
Or, you could be someone that wants to move quickly and your real estate agent does not move with that sense of urgency. This can be just as bad because you can start to blame your real estate agent if you do not move on a house fast enough.
If you feel like you cannot work well with a person, that could be a sign that it is time to move on.
Downsides and Risks of Firing a Realtor
As stated above, firing a realtor may not always go smoothly. The main downside that comes with firing a realtor is if you have an exclusive agreement with them.
If you decide to sell the home yourself and you signed an exclusive right to sell agreement, you would still have to pay them a commission if you managed to do it yourself while the contract was still active.
Another situation that comes up with these exclusive agreements is the timing of them. Let’s say that you want to fire a real estate agent after working with them for one month. However, you have a contract with them that makes them your exclusive agent for another five months.
This can cause a problem when it comes to buying or selling a house. It can result in you having to lower the value of your home because it will be on the market longer. Or, it can cause you to delay moving plans that you have because you may have to wait for that contract to expire.
The point is, if you are in the wrong situation with a real estate agent, moving on from them can end up being a costly endeavor for you.
What To Do Before Firing a Realtor
The main thing you want to do is have a plan. Are you prepared to wait for a potential contract to expire if they refuse to let them out of it?
Or, will you try to get out of your contract early? If you do this, you will have to come up with a game plan to calmly explain why this is not working out. Then, you would have to convince them why it would be beneficial to let you out of your contract early.
You want to prepare for your next move before firing a real estate agent impulsively. This is especially the case because it is going to be one of the biggest financial decisions you will ever make.
How To Fire a Realtor as a Seller
As a seller, you really need to have a few scenarios prepared. If you do this early enough, you want to make sure that you do not sign an exclusive agreement with a realtor. Then, it is easiest to move on from them cleanly.
If you are already in an agreement, you are going to want to time this right. You may want to do it early enough when the realtor is not deeply invested and it benefits them to save their time on you. Or, if it is late enough into the agreement, you want to wait until the agreement expires before entertaining other buyers.
How To Fire a Realtor as a Buyer
Most of the above go similarly for firing a realtor as a buyer. It will depend on if you already signed that agreement or not. If you did, then either try to fire them early into the agreement or just let the agreement expire to avoid having to pay them a commission.
What Can You Do After You’re Released From Your Contract?
So, if you get out of a contract described above, you need to know what to do next. As a seller, there are two main options for you.
FSBO Route
The first route that you can take is the for sale by owner route. This is when you have no real estate agent working for you and you just sell a home yourself.
While you do not have to pay a commission here, you have to do all of the paperwork, negotiation, and advertising yourself.
Do not underestimate this process. It can take up to 58 days to sell a house even with a real estate agent.
If you do it on your own, it can take even longer. So, make sure this is something you are willing to do before going further.
Sell to an iBuyer
The alternative to the above is to find an iBuyer company. This can be a third-party affiliate that helps connect you to prospective buyers online. It can greatly help you speed up the process of selling a home.
Conclusion
These are some of the main things that you need to know when it comes to how to break up with a realtor. You need to know the options you have once you do this, what it takes to fire a realtor, and signs that you should fire a realtor.
As long as you are prepared for the drawbacks, you should be good to go.
