REALTOR®, RENE, ABR
Are you working with another real estate agent, but just not happy with them for one reason or another? This page and information is not intended as a solicitation for your business, especially if you are already working with another agent or broker.
Have you signed a Buyer Representation Agreement with the real estate agent?
If yes, you will be responsible for terminating that agreement with the other agent first before you can work with any other agent.
TAR 1503 Termination of Buyer Tenant Representation Agreement is intended for terminating a buyer/tenant representation agreement before its term expires. Other methods, like adjusting the termination date early, can also end buyer/tenant representation agreements.
Real estate professionals in Texas are forced to grasp the process of terminating buyer or real estate representation agreements. It is essential for agents to confirm any previous agency relationships before offering services to potential clients.
Terminating a buyer representation agreement in Texas requires adherence to the agreement terms. If the agreement has lapsed, parties can part ways.
However, if the agreement is active and one party wishes to terminate it, written notice must be provided to the other party, including reasons for termination and the effective date. Most of the time a text message or email will work and do the trick to initiate the steps but you will ideally need form 1503 fully filled out and the complete document signed by all parties, including the agent and or broker eventually to make the termination actually official in Texas.
A termination notice must be given or approved by the broker. The Texas Association of Realtors provides a form for its members, but it's not accessible to the public unless you engage a Texas Realtor.
It's advisable for parties looking to terminate buyer or real estate representation agreements in Texas to seek guidance from a licensed real estate broker or Realtor to ensure proper forms and procedures are followed, avoiding potential legal issues and ensuring a smooth termination process.
Form 1503 Termination of Buyer/Tenant Representation Agreement or 1505 Amendment to Buyer/Tenant Representation Agreement can be used by a REALTOR when ending a client relationship.
If a principal discloses an exclusive agency relationship with another broker, services should not be provided until confirmation of the prior agency termination is received. So I or any other agent can't really do much for you until that happens.
In case of queries about terminating a buyer's representation agreement, consulting with the sponsoring broker of the real estate agent is recommended for guidance on proper procedures and forms, ensuring a smooth and legal termination process.
Ultimately, terminating buyer or real estate representation agreements in Texas entails following agreement terms, providing written termination notices, and confirming previous agency relationships before serving potential clients. License holders are advised to refrain from suggesting how existing agency relationships should end to provide the best service to clients.
Top SIX reasons buyer and buyer agent relationships fail
The number one reason is typically no actual initial consultation appointment has been made or spoken about, but likely a home has been shown or multiple for that matter. Sometimes I hear that this or that person is my agent, but that agent is not sending them anything or talking to them about any other real estate properties... The agent may tell you, "I'm the best agent in the area" or "I sold this house a year ago" or "I'm the neighborhood realtor specialist", but this is all most of the time just shop talk. Buyer expectations can sometimes be out of this world and need serious guidance. A confident agent will discuss the market with you -sure, but more so how agency in real estate works and why it's a critical to have the right representation as a buyer. To understand how every agent is being paid and who they truly represent, as well. This matters because you want to, as a buyer, be able to look at anything you want to see, and have a professional negotiate on your behalf.
Trying to represent yourself to view every home is not easy or advised in Texas, as it's highly likely that if you do this with a listed home that's for sale, the listing agent showing you the home is already in a signed agreement representing the seller, in that they will receive the full 100% commission for what was intended to be either split 50/50 or any other % or $ dollar amount and potentially pay the buyers agent anyways. Which would mean nothing out of pocket for you, had you have representation with a buyers agent actually representing you, like myself. Plus, no matter what you think or want really matters in Texas regarding signing a buyer representation agreement. It is a requirement in 2024. Plus if you fail to hire a buyers agent, you will be required to sign a intermediary relationship notice also.
So being in a signed agreement with your current agent poses a real problem for you, if you do not want to work with them. Additionally, calling the sign only causes more issues, as that agent represents the seller, not you the buyer and plus you have the agreement with the buyers agent.
The second reason is basic communication skills again or let's call it lack of effort in finding you the home that matches the criteria you desire. Additionally, the level of responsiveness for return calls, emails, and texts. Your buyer's agent should be accessible when you need them, whether it's for scheduling viewings, negotiating offers, or addressing concerns. If your agent is hard to reach or consistently unavailable, it could be hindering your home buying process.
The third reason is basic communication skills again, but this time you feel like the agent is pushing you to look higher price or farther out in location than you want to look at, or you want XYZ, but the agent shows you ABC. For whatever reason, you feel like the agent is still pushes ABC, but you want XYZ. Lack of Local Market Knowledge falls into this also: A knowledgeable buyer's agent should have a deep understanding of the local real estate market, including neighborhoods, pricing trends, and property values. If your current agent lacks this crucial expertise, you may benefit from finding someone with a better grasp of the area. To me, every buyer has different wants and needs and it is my job to try to put a search together for you that will work. Sometimes your ideas are multiple, which means we end up with multiple searches going on at the same time. As we talk through your search and throughout time we will and often tweak the search to fine tune the results, which is what you really are after. Any house or property that you are interested in I will provide full, in depth reports showing extremely important data including recent sales in the area, to help you determine a property initial offer. The agent representing you should advise you on a good offer, not just write one up.
The fourth reason is again basic communication skills in reality. The agent makes you feel bad or not worth their time. Maybe that agent is a part time agent that sells real estate after their main job, or maybe they typically working in another part of town or typically works in high end, luxury price ranges, but is now being asked to show homes at a much lower price range than they are use to working with. It could be that the agent you are working with is "new" and still isn't that comfortable showing homes and has better things to do... Maybe, you are able to talk with your agent, but that agent isn't the agent that ever shows you the homes, it's one of their co workers or another agent entirely within the same brokerage. The main agent you have an agreement with is too busy for you and pushes other agents in the office to help you. This happens way more than you'd think... You really need a professional that will exclusively work with you and show you anything that is in your price range and allow you to decide what is worth your time or not. Once, the agreement with the realtor has already been signed, now you just have to find the right house and the critical partner to do that is the right buyers agent.
The fifth reason is Ineffective Negotiation Skills: A skilled buyer's agent should be a strong negotiator, working on your behalf to secure the best possible deal on your new home. If you feel that your agent is not advocating for your best interests or is unable to negotiate effectively, it may be time to make a change.
I have RENE Real Estate Negotiation Expert, certification.
The sixth reason is Limited Resources and Connections: A well-connected buyer's agent can provide valuable resources, such as mortgage lenders, home inspectors, and contractors, to help you navigate the homebuying process smoothly. If your current agent lacks these connections or resources, you may want to consider finding someone with a more robust network.
By recognizing these key factors and being proactive in finding a buyer's agent who meets your needs, you can ensure a more successful and satisfying homebuying experience.
Let's talk about it
Work Cell: 817-646-4071
Cell: 817-946-7299
dan@hiredan.com
Copyright © Dan Wood | All rights reserved.