Many people get confused about the continuing authority how long they are locked in with an agent. Usually because at the time of appointing your agent, you’re not thinking about changing them. But the fact is, they may not get your property sold or leased and you are exclusively bound to them for a certain amount of days. But how many days are you locked in for.
When you look at your authority, you have two sections an agent may fill. An exclusive period and a continuing authority. The exclusive period is the amount of days you are locked in with that agent. Any deals done within this timeframe, you will still be liable to pay for their commission. On the other hand, once the exclusive days have come to an end, you move into an open agreement for the amount of days stated in the continuing authority.
This means that you have the freedom to move away from that agent and appoint another, or have another agent or yourself sell the property without incurring double fees or paying an agent for not doing anything. So many people get caught in the trap, thinking they are locked in for another extended period and feel they can’t change.
If things aren’t happening with your current agent, don’t wait it out and hope for the best. Start searching for a new agent and begin the process of refreshing your property with a new set of marketing. The quicker a revival, the greater the chance of getting your property sold for a good price before it goes completely stale.
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.