Here's my scenario, I rehabbed this house intending on flipping it, it's been remodeled and has been for sale now for 25 days and my margin is basically non-existent. My question is, if I take it off the market will my realtor be able to charge me a fee or anything? On a side note, I would use a property mgmt firm to get a tenant, as my realtor doesn't deal with rentals.
I would think you would be good as long as they have not brought a buyer to the table.
@Nick R. that depends on your contract, but generally the agent is only paid if they sell it - some have time frames built in so make sure you read it
As a Broker myself, our contracts say we only get paid if we sell the house. It is also in my contract that although we have an time table agreement that the seller can still fire me at any point. You shouldn't have to pay anything.
Thanks for the responses. I wasn't sure if I'd be charged an MLS listing fee or some other fee I hadn't considered.
If there is some sort of fee in your listing agreement and the agent won't let you out of it, just jack the selling price up 10x and wait for it to expire.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing