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Started By
Message
Listing agreement termination fee?
Posted on 9/27/15 at 10:08 am
Posted on 9/27/15 at 10:08 am
Looking at getting a new realtor. On the listing agreement is a termination fee of $500.
Is this about average or should i negotiate lower?
Is this about average or should i negotiate lower?
4
Posted on 9/27/15 at 10:45 am to lsufanintexas
Seems to me the time to negotiate that was before you signed the contract.
Posted on 9/27/15 at 11:16 am to lsufanintexas
If you signed agreement what's to negotiate?
Posted on 9/27/15 at 3:41 pm to ItNeverRains
Don't pay it until you sell the house. Get the new agent to agree to pay the $500 out of his commission.
Posted on 9/27/15 at 4:08 pm to SaintsTiger
quote:If I were an agent negotiating with a new client, I would avoid this type of deal.
Don't pay it until you sell the house. Get the new agent to agree to pay the $500 out of his commission
It would make me think twice about dealing with a client who behave like that.
I would walk away rather than agree to pay for something that wasn't my fault.
This post was edited on 9/27/15 at 4:11 pm
Posted on 9/27/15 at 4:10 pm to SaintsTiger
No sorry for the confusion.
I no longer have a realtor. The new realtor I am looking at going with includes the 500 termination fee in her listing agreement. We haven't signed the listing agreement yet.
My question is more generic: is 500 too high for a termination fee or should I negotiate lower?
I no longer have a realtor. The new realtor I am looking at going with includes the 500 termination fee in her listing agreement. We haven't signed the listing agreement yet.
My question is more generic: is 500 too high for a termination fee or should I negotiate lower?
Posted on 9/27/15 at 4:11 pm to lsufanintexas
Pay the $500 and move on.
Posted on 9/27/15 at 4:17 pm to soccerfüt
That just raises a red flag in my view. I'd try to take that out altogether or reduce it as much as possible, and at the very least give the realtor a shot clock. 6 months seems reasonable.
What you definitely don't want to happen is for the realtor to quit working the listing and you be on the hook for $500 when you want need a replacement with hustle.
What you definitely don't want to happen is for the realtor to quit working the listing and you be on the hook for $500 when you want need a replacement with hustle.
Posted on 9/27/15 at 4:22 pm to SaintsTiger
Every real estate contract I've ever signed expired in six months.
They aren't generally a lifetime commitment.
They aren't generally a lifetime commitment.
Posted on 9/28/15 at 4:34 pm to lsufanintexas
quote:
On the listing agreement is a termination fee of $500.
My assumption is that this is to cover any marketing costs associated with the listing (photos, signs, flyers, adverts, fuel, etc).
quote:
Is this about average or should i negotiate lower?
If the agent is spending money up front, I would think it is fair for you to give them six months to sell the house or reimburse him/her for the expenses they incur.
Posted on 9/29/15 at 12:54 am to lsufanintexas
It should have an expiration date and cool-down period. For example 6-12 month listing agreement with 45 day cool down. This is incase a buyer comes from the efforts of the realtor after the listing expires.
Personally, I don't use termination fees. The listing is technically with the broker, so I give you the contact info of the broker. If I'm doing a poor job, you can contact my broker to fix it. If I don't fix the issue, you can walk away despite how much time is left on the listing. If a seller feels stuck with a realtor doing a poor job, they will never refer the agent to friends.
The only reason I could think of using a termination fee would be on high-end listing ($1mil+). That kind of listing requires paying for a lot of things upfront to market nationally.
Personally, I don't use termination fees. The listing is technically with the broker, so I give you the contact info of the broker. If I'm doing a poor job, you can contact my broker to fix it. If I don't fix the issue, you can walk away despite how much time is left on the listing. If a seller feels stuck with a realtor doing a poor job, they will never refer the agent to friends.
The only reason I could think of using a termination fee would be on high-end listing ($1mil+). That kind of listing requires paying for a lot of things upfront to market nationally.
Posted on 9/29/15 at 8:43 am to nolatiger711
Thanks everyone. We got it handled. I agreed to the terms after I understood what it was for from speaking to the broker.
I really like this new realtor we have. They've already bought in a staging company to stage the home at their expense and are having the first open house this weekend.
I really like this new realtor we have. They've already bought in a staging company to stage the home at their expense and are having the first open house this weekend.
Posted on 9/29/15 at 9:48 am to lsufanintexas
If they are staging the house, I can see why the termination fee. Hopefully, it's a packed open house with a bidding war using cash offers.
Posted on 9/29/15 at 11:45 am to nolatiger711
Yeah we are pretty pumped up. Doubt about the bidding war but we do expect to get it sold in the next few weeks.
Posted on 10/4/15 at 3:32 pm to lsufanintexas
Lsufanintexas
I'll be happy to get you setup on the mls for Acadiana to start learning about the price/ft in the area and can also provide info on schools if you like. My email is soldbystephen at yahoo dot com. Thanks!
I'll be happy to get you setup on the mls for Acadiana to start learning about the price/ft in the area and can also provide info on schools if you like. My email is soldbystephen at yahoo dot com. Thanks!
Posted on 10/4/15 at 7:56 pm to theoldwiseone33
Down. Vote.
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