Open Listing: This is a contract that essentially allows you or any
other agent or Realtor to sell your house, even though you have just signed this agreement with an agent. Commissions are not generally shared in this type of listing agreement. As you can imagine, the agent may not have very strong interest in spending the time or money to market a property under this arrangement since any agent or the owner can sell and no commission will have been earned for the listing agents time. Exclusive Agency Agreement: This listing arrangement gives the agent or Realtor an exclusive right to sell the property, for the term of the listing agreement. However, the owner retains the right to sell the property and must pay a share of the commission to the listing agent only if the agent did introduce the buyer to the seller.
Exclusive Agency Agreement: This listing agreement gives the agent and exclusive right to represent the property. Any other agent or agency, including the seller must pay a shared commission to the listing agent for the term of the agreement. The very best attention and service will be from the exclusive right to sell agreement. This listing agreement gives the agent the most incentive to work hard for you and to spend the time and money marketing and negotiating for your best price.
Tips and Tricks.
Hourly Wages: Be sure your listing agreement does not allow the agent to charge for certain services on an hourly basis, unless you understand and agree.
Length of the Agreement: Generally, it is understood that a listing of
more than 60 days is not good. It might be time for another broker to try to sell your property.
Paying the Agent or Realtor: The listing agreement will stipulate the percentage of the sale. These fees are negotiable and you may want to negotiate a better price unless a service commission is justified with full service job.
Terminating the Agreement: It is the buyers job to read and understand
the agreement. If an agent or Realtor has been negligent in actively selling your property it is possible to seek an early termination of the agreement. The agent or Realtor is required to materially perform according the listing agreement. You should consult with an attorney to determine if you can show that the agent has not performed. The house may not be selling for a variety of good reasons including, slow markets, curb appeal or pricing.
Check a License: Not all agents act in a professional manner. It is always wise to check to see if your agent choice has an arbitration or mediations or license suspension. Arello: The Association of Real Estate License Law Officials and they issue real estate licenses/registrations. You can verify the current status of a real estate agent or realtor at their web site www.arello.com/
