Compensation for RE Agent if pulling off market?

Question

Are there any norms or generally accepted practices for compensating a real estate agent when pulling a property off the market?  I have a property that is only receiving offers significantly lower than I am willing to sell so am looking at renting it for a while.  The property has been on the market for about 2 months and my realtor has been very helpful, hired a professional photographer, etc..  The listing contract is clear about the compensation around a sale but doesn't say anything about pulling it off the market.  I don't mind paying her for her work but would like to go in with good information before having this conversation.

Jonathan R McLaughlin · Answer

@Jeff Fox thems the breaks as they say, but if you want to make a friend buy a nice bottle of booze and send a thank you note saying you look forward to working with her when it makes sense to sell. You are on at a quiet time of year and two months over the holidays isn't THAT long...but if you are getting offers and they aren't what you need you have the info you seek. Just don't fool yourself that those offers are "wrong".

Frank Procopio · Answer

Thats the risk we take as agents, if she is not able to get it sold then she it not entitled to payment. However how long was your listing contract ?

Cole Simpson · Answer

You would not owe the realtor payment.  It would be different if you had gotten a full asking offer but because it was listed for months and you have no suitable offers then there is nothing else to be done.

A lose lose for everyone I am afraid.

Bill B. · Answer

I don’t believe there is usually any compensation for non-sales, especially if your price was based on their information and you’re not getting any offers during what is arguably a VERY hot sales market.

Hopefully a Realtor will chime in but you didn’t cancel in the first couple months so you’re not jumping the gun. I think I would just call the realtor and say the same. The offers we are getting are too low, I need to produce some income so I’m going to rent it out. I’ll contact you if I decide to sell after renter moves out.