The answer to this question is: It depends. Today, we are going to be discussing the rules associated with listing your home privately after listing with a realtor. We’ll also talk about when people are tempted to do this and how they can go about selling in a different way. Let’s get started!
When You Are Under Contract With a Real Estate Agent
When you are under contract with a real estate agent, there is usually jargon in the fine print that states that, as long as your contract is effective, you owe the listing and buyer’s agent commissions if your home sells. Even if you do the work to get it sold to some local buyers, as long as the contract is in force, you will owe both real estate professionals their percentage fee or their flat fee, on top of your closing costs, title fees, etc.
Now, you might be asking how long a listing contract lasts? Typically, real estate listing contracts last for six months, but they don’t have to. Everything is negotiable in real estate. So, if you want to hire a realtor for only one month, that is possible, as long as you can convince a realtor to agree to those terms. It’s an unlikely scenario, and many brokerages have rules against this that their agents might follow, but again, everything is negotiable.
How Do I Get Out of a Contract Early?
Sometimes, people have the desire to drop their realtor because they feel that the realtor isn’t doing their job properly or isn’t selling their home fast enough. If you want to get out of a real estate contract early, you can simply ask your listing agent to please make your contract with them null and void.
Just as a clarification: A buyer’s agent is someone who works with people buying homes. A listing agent is someone who works with people who want to sell their homes. Most real estate professionals are trained to be both a buyer’s agent and a listing agent.
Some folks have such bad experiences with their real estate agents that they are tempted to swear them off for good and never use another one again. While selling FSBO (for sale by owner) and just paying a competitive buyer’s agent commission to the potential buyers’ agent may seem simpler, less stressful, and more tempting if you’ve had a terrible experience, it may not be the right decision.
Real estate agents, when they behave properly and follow the rules, are invaluable resources for helping you navigate the buying and selling process. Yes, there are a few bad apples, but on the whole, most realtors really just want the best for you, and they are ready and willing to get you the best deal possible. Don’t let one bad experience make you miss out on savings and selling your home for top dollar. Use it as a learning experience to find the best realtor out there for you.
Before Hiring Another Real Estate Agent
Most often, other realtors are not allowed to try to persuade you to drop your realtor and list with them instead. And, if you start talking to other realtors and they find out you’re currently under contract with someone else, they are legally obligated to deny any further communication with you until your contract with the other realtor is officially over. So, keep that in mind if you are thinking of switching realtors. To preserve the integrity of the realtor you want to use, you must drop your current one before approaching someone else.
If you’re in the Las Vegas area, check out the Clark County Market Values website. They’ll help ease you back into the selling process by providing resources such as an online home valuation tool, helpful articles, information about your local real estate market, and when you’re ready, they’ll match you with an experienced and professional realtor. Check out their website today!
Get Back in That Saddle!
In short, you can sell your home privately after listing with a realtor, but there may be some circumstances where you owe the realtor commission, and selling privately may not be the best solution for your real estate issues. Don’t let one bad apple spoil the sale of your home. Before going under contract with someone, keep in mind that everything is negotiable, and be sure to read the fine print before making any decisions! And if you’re in the Las Vegas area, Clark County Market Values is a great resource for getting started. It’s hands down one of the best real estate sites for interested buyers and sellers alike, and they have lots of resources for homeowners. They will also match you with one of their top local agents whenever you are ready. Good luck!