Posts Tagged ‘exclusive right to sell’

Some Realtors Just Won’t Get It

You are running out of time. You need to sell your home fast. Most homes are sold with the help of a Realtor. You are more likely to be successful if you have one on your team.

You need a Realtor for their experience, their negotiation skills and their MLS. But before you sign that Listing Agreement, BE SURE you will be working with a Realtor who is also able and willing to "think outside the box", who is flexible and open-minded. A Realtor who is working FOR you. They must be willing to let you get involved in their process.

Generally, these will be the younger, newer Realtors. Their listing presentations will not be as polished. They will not have their faces up on the billboards or featured in the real estate magazines. But, they should be confident, energetic and have some negotiation experience.

Most Sellers sign an Exclusive Right To Sell listing agreement with their Realtor. This is a legal contract they are making with their Real Estate Agent’s Broker – not usually with the Real Estate Agent themselves.

You are hiring that Broker to find you a Buyer who is willing, ready and able to purchase your house at the price you are requesting – and you are locked in for the duration of the agreement (usually 6 to 12 months) which is negotiable.

With an "Exclusive Right To Sell" agreement, even if you do all the work and find a Buyer yourself, you are still required to pay your Broker the sales commission you agreed to (typically 5% or less these days).

However, there is another option available to you known as the Exclusive Agency agreement. Your Realtor will probably NOT even offer you this option. You must know enough to request it. Only about 5% of listing contracts are of this type.

With an "Exclusive Agency" contract, you reserve the right to sell your own property yourself through your own efforts; and if you do, you do not owe a commission to the Broker. However, if a Realtor does find you a Buyer, you are required to pay them the agreed commission.

Your Realtor will be more energetic and focused on your behalf if you sign an "Exclusive Right To Sell" agreement with them. Remember, no one cares about finding a Buyer more than you do. The key to selling your home quickly is to get involved with the marketing and work with the right sort of Realtor to get your through the process.

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