When you decided to sell your home, you may have called several realtors and met with each of them. Based on whatever criteria you had at the time one was chosen. Perhaps it was their personality and yours meshed, perhaps they indicated that could do a good job for you etc. Now you have decided that you would prefer to sell your home on your own.
Many consumers feel that they can do a better job and save money at the same time without having to pay the commission. Perhaps there were not many showings or you disagreed on the marketing strategy. Whatever the reasons, breaking up with your realtor will depend on your relationship and the contract if there is one that was signed when you originally listed your home through this real estate agent.
Do You have a Contract that You Signed?
When you listed your home with your real estate agent, you may have signed several documents. In most cases there is a document that lists the details of the listing and by signing this document it means you agreed to these details. Secondly there may have been a contract that commits you to working with the real estate agent and his office for a stated number of days. This is a legally binding contract which can be difficult to get out of. Even if you managed to sell the house yourself, the realtor could still be entitled to his or her commission based on this contract. Read it carefully!
Discuss Your Contract with the Realtor
Assuming there is a contract, most realtors are flexible and want to maintain a good reputation in the area they work in. Meet with your realtor and have a business like conversation with them. Let them know why you would like out of the contract and if they are not meeting your expectations. Most realtors will graciously let you out of a contract especially if the discussion is handled in a professional manner. Be prepared for a counter offer. If one of your concerns is the commission, be ready for a counter offer of a reduced commission, especially in a situation where you are able to sell the home. Realtors in Baltimore MD are nothing if not flexible and providing some support in return for a small commission is still a win situation for both parties.
Your realtor may have incurred some cost for marketing, website, photos etc. It would be reasonable and business like to compensate the realtor for some of these expenses.
Agree in Writing
Whatever you arrange, make sure that it is documented in writing. The best approach is to have both parties sign a revised contract to ensure that you are both in agreement to the same thing. This approach protects both parties and avoids any misunderstandings later on.
How will You Sell Your Home On Your Own?
First off you need to make sure that you still want to sell your home. How motivated are you to sell and how much effort do you really want to put into selling your home? Now that you have reduced the cost of the commission, there is more flexibility in terms of the final selling price. Do you want to make a profit, is there a time factor, do you need to sell quickly so that you can relocated for a new job or to clear debts that you have? Depending on the answers there are several options.
First you could essentially do the same job your realtor was doing. Advertise, conduct showings and negotiate with potential buyers. This assumes of course that you have made your house ready to show, it is super clean, all repairs are completed and it has great curb appeal.
Another approach is to sell your home to a professional home buyer in Baltimore, Maryland. They will inspect your home and make an offer as is for a closing within a few weeks. The price may be lower, however by not needing to pay commission, pay for repairs and cleaning as well as mortgage, taxes and utility payments you have a great deal more flexibility in terms of the selling price.
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