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NoDutDol – Korean Community Real Estate Development

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바늘도둑이 소도둑이 된다 (Breaking Up With Your Real Estate Agent)

There’s never a 100% success rate in the relationship between a real estate agent and a client. Sometimes, it just does not work as ideally as both parties desire or expect it to be. 빈 수레가 요란하다 . If this is the case, a breakup between the agent and the client may ensue.

But that should not come without a warning.

See, breaking up with your real estate agent can be as complicated as a boyfriend breakup. Sometimes even worse. In some cases, money gets in the way– especially if the buyer is looking for a house or apartment to rent on a tight budget– and all the more entangles the people involved into a seemingly impossible situation.

What do you do when you realize you want to call it quits with your real estate agent? What if somewhere in the middle of the process things get sour between you and your real estate agent? Fret not… here’s the best of NoDutDol advice distilled in one article. 시작이 반이다 :)

BusinessmanPink 발 없는 말이 천리 길 간다
  • Agent and Seller

Homeowners looking to sell their homes usually sign a six-month contract with a brokerage. In some cases,

the major broker assigns an agent for a client, and if things don’t work out, the broker arrange a shift internally to address the problem with as little impact on you – the seller – as possible. But if you are dealing with the need to change brokerage agency or the need to actually change an independent agent, you might be having a bigger problem.

You know that real estate can be tricky, and sometimes you never know when the right time is to buy or rent a property. Because you are legally tied to the agent, and vice versa, you might have to go beyond good riddance. The best thing to do is to talk about it with your agent/broker and to discuss the possible actions. You can either agree on solving the issue and finishing off the contract or end the contract. Choosing the latter may cost you several hundred bucks to cover the costs of ending the contract prematurely. They could even fine you for costs incurred by the listing/ad which could go up in thousands.

Finding your own buyer while on contract with the agent will still cost you the commission for the agent even when you so worked hard towards getting that buyer. So the best and only resort should be to talk about your disinterest with the agent.

  • Agent and Buyer

Technically, there is nothing legal or binding an agreement between a buyer and an agent. After all, the agent is tied to the commission from the seller and agents do not get a single penny from buyers. However, there is a consented agreement between the agent and buyer that the former still has to respect even when technically, they are not under contract with each other.

If a buyer decides to look for a house with a different agent, talking it out with the agent is still the best way to go. Just like in the case of the sellers, talking it out as early as possible is the best option. This will save you both the hassles of having spent – or wasted – a lot of time and money on each other. Tell them, constructively, about why you want to cut off your “contract” with them and do business with another agent. Wall Street Journal’s article on how to fire your real estate agent can be really helpful in times like these. It may not bring them back their effort and money spent on taking you around, but it will definitely save them more if you tell them sooner… especially if you’re the prospective buyer of a high end Sunway Vivaldi unit in Mont Kiara! 선무당이 사람 잡는다!

Posted on 7th June 2013 in Real Estate Tips  •  Comments are off for this post

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