Real Estate Representation: What are the definitions and expectations for agents? Whether you’re buying or…
Buying or selling a home is the largest financial investment anyone will make. Moreover, hiring the right real estate agent for the job is critical to the consumer’s success. Without the best and right agent by the consumer’s side, the whole process can be a huge mess. Now the important question is, how do consumers get out of the contract when things go wrong? How can they terminate real estate agents? Learn more about it from the discussion last August 3, 2019, 11AM on the KHOW 630 Barry and Larry Radio show.
There are two types of a real estate agent contract; a buyer agency agreement and a listing agreement. A buyer agency agreement ensures that the buyer’s agent will be legally committed to representing the buyer. With this representation, the buyer’s agent is required to serve the buyer’s best interests.
On the other hand, a listing agreement is a contract that gives the seller agent the right to list, advertise, and handle the sale of the seller’s house. These agreements are beneficial to the consumers because they explain the agent’s responsibilities and what he/she can do if the agent doesn’t meet them. A standard real estate agent contract should include clauses for getting out of the agreement. Thus, the consumers are legally able to terminate it once they believe that the agent is not doing his/her fiduciary duties. That is why it is critical for consumers to carefully review, and perhaps modify, the terms of the agreements before signing a contract.
Reasons to Terminate Real Estate Agents
Here are some of the possible grounds for termination of the contract with the agent:
- Agent’s failure to perform his/her contractual duties.
- The consumers’ specific wants and needs were not met.
- The agent is unprofessional and rude.
- The realtor is a bad communicator.
Author comment: The reasons given above are just some of the possible reasons to get out of the contract with an agent. The consumers can cancel the contract once they feel unhappy and the relationship is no longer working.
How to Terminate Real Estate Agents?
When a consumer finds himself/herself unsatisfied with the agent, the best way to cancel a contract is to simply communicate with the broker and explain the situation. Any contract can be terminated if both parties agree to the termination.
Communication is the key. Be sure to break up with them in a respectable way especially when the agent has put their time, effort, and energy into finding or selling a home. Be open, honest, and upfront with the agent about cutting ties with him/her. Consumers also need to discuss terminating the contract with the agent before enlisting a new buyer or seller agent. Coaching on how to do this effectively is provided by the staff free of charge at the Buyer Agent Search service. The best offense is a good defense, however, so writing up a unilateral cancellation clause in the agency agreement prior to engaging the agent is the best strategy of all.
Finding the Best Agent
Here are a few tips on how to find a trustworthy real estate agent:
- Interview at least 2-3 agents for the job.
- Use interview questions that will highlight their real estate experiences, background, and skills
- Check the reviews and ratings given by their previous clients.
- Ask recommendations from the experts.
Where to Find Best Agents?
Kathleen Chiras, the CEO of Skyfor Inc.’s Buyer Agent Search Service has been an expert and professional real estate agent shopper for over 20 years. She has years of experience in finding good agents all over the United States. She and her staff personally consult with buyers and sellers over the phone, in email, or text, and provide a free list of handpicked buyer or seller agents. They have a large database of best hand-picked agents, and the service keeps agents’ full profiles along with reviews from consumers. Their service is a great help in putting consumers in the right position to start and end the real estate transaction.
What is the importance of finding a good agent?
“It’s absolutely critical because this is likely the biggest financial investment people make, so having the right relationship is exceedingly important. It is also fine to terminate a relationship that is not working.” Chiras said.
Recently, she received an inquiry from a consumer who wanted to terminate a contract with her agent. The buyer was worried. She felt stuck in a house that has some inspection issues and the agent had rushed her into it. Chiras asked her about what they had and hadn’t signed. Chiras then gave coaching tips on how to get out of the contract if need be. It went well. The consumer is happy that she was able to get out of the agreement through Kathleen’s help and move on to a new buying experience with another agent.
Tip from the host:
Don’t ever think you’re stuck in the situation if the house is in an inspection stage that is not working for you.
The host made this comment because the inspection stage is the one where buyers regain their power most strongly. There are actually over 20 different ways to get out of a contract that only top buyer agents know about.
Interested buyers and sellers may Buyer Agent Search site to start looking for trustworthy and reliable real estate agents. The service is free and available to consumers every day of the year. Call 303-670-0246, text, email, or just fill out the inquiry form for an immediate response.