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When a listing agreement between a real estate agent and a homeowner expires, it doesn`t just mean that the agent`s marketing efforts for the property come to a halt. There are several other things that are terminated at the same time, which both the agent and the homeowner should be aware of.
First and foremost, the most obvious thing that is terminated when a listing agreement expires is the agent`s exclusive right to sell the property. This means that the homeowner is free to work with other agents or try to sell the property themselves without breaching the terms of the agreement.
Additionally, any marketing materials that the agent created for the property, such as flyers, online listings, and social media posts, will no longer be actively promoted by the agent after the listing agreement expires. This means that the homeowner will need to take over marketing efforts for the property if they wish to continue receiving exposure and generating interest from potential buyers.
Another thing that is terminated when a listing agreement expires is the agent`s responsibility to present offers to the homeowner. While agents may still choose to present offers after the agreement has expired as a courtesy, they are no longer obligated to do so.
Finally, any agreements or contracts between the homeowner and the agent, such as a commission agreement, will no longer be in effect once the listing agreement expires. This means that the homeowner will not be required to pay the agent any further fees or commissions for their services.
It is important for both the agent and the homeowner to be aware of these terminations when a listing agreement expires. Homeowners should take the opportunity to reassess their marketing strategy and consider working with a new agent if they have not been satisfied with the results. Agents, on the other hand, should be prepared to transition smoothly out of the agreement while continuing to provide any necessary support for the homeowner during the selling process.
