Having an issue with a buyer agent who is no longer on our team but is with the same brokerage. We issued a free lead with a 75/25 % fee to buyer agent. We transacted on sale in 2018. Now the agent is listing the property without notifying us. We have presented his signed agreement with us on the buy/sell aspect and our agreement has no end date. Mostly due to the fact leads/clients dont generally move within a set period of time. In your agreements with buyer agents do you have an end date and how do you determine this shifting timeline? And if there isnt one and they signed it should they not be held to it?
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In my experience, a contract requires a start date and a stop date. A referral agreement is a contract. You may want to seek legal advice.
Since your agreement has no end date, it likely binds the buyer agent to its terms indefinitely. Here are some steps to consider:
Communicate: Reach out to the agent to discuss your concerns about the listing and remind them of the agreement.
Consult Brokerage: Inform your brokerage about the situation for guidance and support.
Legal Advice: If necessary, consult a real estate attorney to explore enforcement options regarding the agreement.
For future agreements, consider adding an end date or specific conditions to clarify lead ownership and responsibilities.
Thankyou. I have acted upon all of these steps so I hope to resolve this situation . I am surprized no one responded to what end date is appropriate. Do we use average times homeowners transact as a point of contention or should we renew leads on an annual basis regardless.