What Sellers Should Know When Dealing With A Real Estate Agent
Find out what your relationship with the firm will be. Some firms practice a designated agency. This means only certain agents represent you (with your consent) and other agents in the firm do not and may in fact represent an opposing party. Other agencies and all the agents affiliated with that agency will represent you. (Check that both the broker's and salesperson's licenses have not been subject to disciplinary action, such as a suspension or revocation.)
Contact your local realty to engage the services of a licensed broker or real estate agent
Sellers typically use the services of a real estate agent or broker to sell their residential or commercial property. This is usually described as giving that agent a listing. The terms of the listing agreement are negotiable.
Listing Agreement: Often brokers present sellers with a standard listing agreement. These agreements are commonly used in the practice. (They are not, however, developed by the real estate board or by state government.) You may negotiate different terms that are acceptable to you and the realty professional.
Typical Negotiable Items Include:
How long you will give a realty professional to sell your real property
The type of advertising which will be done
The commission you will pay to the realty professional
Unless your needs demand otherwise, your listing agreement should seek to have your property advertised in as many advertising mediums as possible, thereby giving it greater exposure to more potential buyers.
Example Of Listing:
Private Professional Associations
Local Newspapers
Newspapers With Statewide Circulation
The Internet
Determine whether you want the real estate agent to be the only person to represent you. This is a typical arrangement, but some sellers may wish to enter into a non-exclusive listing agreement with an agent, based on their particular needs. In such situations, the agent does not exclusively have the right to sell your real property.
That agent will attempt to sell it, but you may also employ other agents and your own efforts in selling the real property. Naturally, non-exclusive listing agreements may affect the ultimate terms of the agreement, particularly the commission.
Remember, the agent bears the cost of advertising the property, which can be substantial. With a non-exclusive listing agreement, the agent may want a larger commission for a sale made by the agent since he or she undertakes these costs without the exclusive right to sell.
Clearly understand what your interests are so that when you enter into a listing agreement with a broker or agent you are comfortable with the terms. You also may want to have an attorney review such an agreement before you sign it.
Contact your local realty to engage the services of a licensed broker or real estate agent
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