“Out With the Old, In With the New”

[Editor’s Note:¬† The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced.¬† If you need legal advice, please consult an attorney.]

To laymen, December 31 is known as New Year’s Eve.

To Realtors, December 31 represents . . . the biggest day of the year for listing contract expirations, by far (you’d guess June 30 is a distant second).

What does that mean?

Incumbent Realtors who aren’t discussing a contract extension with their clients very soon are most likely out as of that date.

Would-be Successors (“Realtor #2”)

The end of the year is also when would-be successor agents are stepping up their marketing, and targeting listings that are getting to be ” or already are ” “long in the tooth.”

Just not too aggressively:  Realtor rules allow agents to discuss taking a new listing before the current one expires IF the home owner contacts them.

If it’s the other way around, Realtor #2 could be accused of tampering with the incumbent agent’s contract.

Similarly, home owners are always free to discuss canceling a listing contract with their current agent.

However, other agents generally must steer clear until the previous contract has been dissolved.

About the author

Ross Kaplan has 19+ years experience selling real estate all over the Twin Cities. He is also a 12-time consecutive "Super Real Estate Agent," as determined by Mpls. - St. Paul Magazine and Twin Cities Business Magazine. Prior to becoming a Realtor, Ross was an attorney (corporate law), CPA, and entrepreneur. He holds an economics degree from Stanford.

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