This is one of the subjects that really gets me going. I personally believe that this is where agents are the most unethical. Any agent who makes there sellers sign for an extended period of time, are literally taking away their ability to make choices. It’s also a tell to better understand what type of agent you are dealing with.
Now there are some properties that will take longer then others to sell and an agent may need time to get the deal done. But as long as they are working hard and keeping you informed, then in sure you would stick with them to get the job done, not because you have too.
Most properties that go to market, if priced and marketed correctly, will sell within thirty to sixty days. You should never sign with an agent for more than sixty days, this doesn’t mean that you don’t have to give them more time if they need, it just means that you have choice and can move on if you feel your agent is misguiding you through the process.
If an agent is trying to get you to exclusively sign for ninety, one hundred and twenty or even longer, then there is a reason why. Generally, it’s because they’ve sold you a big price and want to lock you in for long enough so they can wear you down in price and get their commission.
The other thing to remember is that during an auction campaign you are exclusively listed until the auction. The agent generally adds an extra exclusive period after the auction at the time of signing. Always make sure you only give them thirty days maximum. Most will try write sixty days which means you’re locked in with that agent for ninety plus days.
Make sure you read what you’re signing and keep an eye out for the days the agent will lock you in. If the agent is trying to sign you up for a long period of time, contest why and maybe decide to go with another agent. I truly believe that the days an agent tries to sign you up is the best way to really know what type of person you are dealing with, someone who is honest and will work hard to get you the best price or an unethical agent who has already deceived you and needs time to wear you down.
The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.