the Cost of Seller's Real Estate Agents

We listed our property that is rental for the term of January-July 2007 and settled on a price of 6% with the selling agent. Since the property didn't sell during that time we choose not to re-list it then. I was not happy with paying 6% although I know it's lower than some who will charge 7% and exactly what this selling agent wanted. She did list the property in the newspaper, online and in the local property for sale booklet. I know she showed it several times over the length of the 6 month contract that we signed to have it sold.

We never did get a offer. When the 6 months was up we opted to not renew for another six months since it didn't sell and we really didn't want to sell at that specific time due to a grant with a 3 year forgiven time frame. She knew about this but also knew we were more than willing to sell if we could get our asking price. I think the market had already begun to slow down even at that time.

We did not realize that even after the 6 months of listing anyone who "looked" at the property during that time with the agent was still under a 6 month extended contract since they looked only through the listing agent. We learned this after the contract for the 6 months expired, we were sent a list of potential buyers by name and informed of this. So do keep this in mind. Best part is of course since it didn't sell we didn't still sell and never paid anything to attempt to sell it for that time. We could now sell it on our own and pay no fee to anyone. I think I would try a sign myself next time first. Then call the agent when I am determined to sell immediately with a low as I could let it go figure. Good Luck!