The Definitive Guide To Selling Your Home With A Listing Contract
Posted on December 3, 2008 in the Real Estate category
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After deciding to sell your home, it’s convenient and necessary to understand how a listing contract can allow you to successfully sell your home. There are various types of agreements that can be signed between the home owner and a real estate agent. It’s in your convenience to understand how a listing agreement functions, given that they can heavily influence the sale of your home as well as being an integral of the marketing plan.
The most common type of listing contract used with real estate agents is an open listing one. It specifies the amount of commission to be paid as well as giving the rights to show your home to interested buyers. However, the contract is normally not an exclusive or bonding. The downside of an open listing contract is that your real estate agent may not be as avid a marketer and may not advertise your home as much as they would if they had an exclusive listing.
A 1-time show or a one-time listing contract is very similar to the open listing contract. It’s mainly utilised by home owners attempting to sell their home on their own, and may or may not require the involvement of a real estate agent for an individual homebuyer. Generally, it sets out a fee and ensures the agent a commission if the individual buyer ends up buying the home. The disadvantages about such a contract is that it doesn’t guarantee you a great deal of promotion, nor does it make the agent promote your home on a regular basis. However, if you’ve been unsuccessful in selling your home by yourself and have been informed about a possible buyer by an agent, then it might be better for you to go ahead with it.
An exclusive real estate agency listing contract is just that, exclusive. This may require the services of a listing broker or a real estate agency, but the main thing is that if the agency attracts a buyer to the sale of your home, then they are going to receive a commission. But if you find your own purchaser without the help of the agent, you won’t owe a commission, this type of contract is a popular one with real estate agents.
If you wish to have the best and optimal marketing plan to successfully sell your home, then there’s no doubt that you must choose an exclusive real estate agency listing contract. What the contract does is that it gives the agent exclusive rights to drive buyers to the purchase market of your home. Such a contract allows them to go ahead with the advertising campaign because they are guaranteed a commission for whatever they spend on advertising.
For those people who are unfamiliar with home sales, getting a real estate listing contract in order to find out how to sell your home, is one way to have a professional handle the sale, get a marketing campaign up and running, as well as bring purchasers into your home and actually get your home sold quicker.
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There is also the “flat fee” listing where you pay a fee (say $500) just to have your house put up on the mls and you do the rest. We’ve had marginal success with this but it is still no replacement for a good agent.
I don’t think its right to have to pay a flat fee for listing your house on the MLS. I suppose this is why certain companies like Buy-Owner do well. However, it is important to note, as this article says, make certain that you seek an exclusive contract from a real estate agency if you choose to use one.