When we meet with sellers about listing their home, we like to go over our listing agreement. There are some finer points in our listing agreement that we will share with you today.
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When we go out on appointments, there are three things we usually do. First, we'll tour the property. The second thing we will do is go over a comparative market analysis. Finally, we will go over our listing agreement contract. When we go over this document, there are some specific areas we like to point out:
1. The length of the contract. Most are usually around six months. We like to market the property for a specific period of time because it could take up to 90 days just to get you under contract.
2. The commission rate. Commissions in this market are totally negotiable. You and your agent will sit down, look at the numbers, and make a decision. Some properties don’t need as much marketing as others, so the commission won’t be as high.
Commissions are totally negotiable.
3. Is there a way out? This is a question that inevitably comes up every time. There is definitely a way out. There will be a termination discussion at the table when you discuss the options with your agent.
4. The market privileges. There is a lot of verbiage in the contract to give your agent permission to market your property for a specific length of time at a specific rate up front.
