Why a Real Estate Agent Can Withdraw From Your Home Listing
There are a lot of unexpected challenges that can delay your home selling process. While some things are common, such as struggling to find the right buyers in your market, many home sellers fail to think about the possibility of your real estate agent withdrawing from your home listing.
It’s not all that uncommon for your listing to expire with your current agent or for your listing to be canceled altogether. While in a perfect world you’ll be in complete understanding with your real estate agent, this isn’t always the case. Here’s why a real estate agent can withdraw from your home listing as well as the steps you can take to prevent it from happening to you.
Real Estate Listing and Withdraw
When you agree to sell your home with a particular agent or brokerage, you agree to a contract. This contract includes a period of time when you agree to work with this agent to sell your home. Once you’re under contract, your home will be listed with the real estate agent or their brokerage, and it will also be placed on multiple listing services (MLS). An MLS is any online listing platform, whether it’s a local marketplace or a well-known service like Zillow or Realtor.
If your listing is withdrawn, this means your property is still listed as for sale with your agent. However, it won’t be on any listing services since these listings expire and need to be renewed. During this time, you’re still under contract with this agent and won’t be approached by other real estate agents.
An expired listing is when the period of time for your contract has come to an end. You’re now free to approach and be approached by other real estate agents who wish to represent your property. Finally, a canceled listing is when either you as the seller or your agent decides to terminate the listing. At this time, you’ll be free to pursue other real estate agents.
Reasons for Withdrawing or Cancelling
Why might a real estate agent withdraw a listing or cancel a contract? While it’s not talked about much in the home selling community, it does happen. It’s something you need to keep an eye on when looking for a reputable real estate agent. Many times the agent and the seller will come to an agreement that this relationship isn’t a good match, and they’ll go their separate ways. This is the best case scenario.
Other times it’s not so well-intentioned. Sometimes real estate agents feel dissatisfied about the commission split for the listing. They might not feel it’s fair, and thus they decide to simply boycott it altogether. They’ll stop showing the house to prospective buyers, and they’ll let the listings expire. Unfortunately, this will result in the home not getting exposure to buyers, and it’ll stay on the market for longer.
This is a lose/lose situation for sellers. Not only are they trapped in a contract until the agent finally withdraws, but they waste time that could have been spent with the right agent. How can you avoid this for your own home? First, be careful about who you hire. A reputable agent will be there to assist you throughout the home selling process.
Next, be realistic with your commission split. Do research on the average fees in your area and set realistic expectations. You want to attract high-quality, experienced real estate agents, and this might mean being generous with your commission split. Finally, always read your contract carefully before you enter an agreement with a real estate agent or brokerage.
Unfortunately, your real estate agent can withdraw from contracts or let them expire without taking adequate action. You need to take steps up front to protect yourself and your home. Working with the right agent not only will give you peace of mind, but it will help your home sell faster.