Seller Education - Listing Types
Did you know there is more than one way to list your home for sale? You may have held off from selling your home in the past because you weren’t ready to list it with an agent.
That’s why we’ve created customized listing agreements to make sure you have control over the sale of your home. Just one way we make selling easy. Learn about listing agreements below and when you’re ready, Request a Proposal.
Exclusive Agreements provide maximum support and gives your REALTOR the desire to get your property sold at all costs. Why? Commitment.
There are two types of Exclusive Real Estate Listing Agreements:
1) EXCLUSIVE RIGHT TO SELL LISTING AGREEMENT
Probably 99 percent of real estate listings are this type, where there is 100% commitment between the Seller and the Listing Agent. This agreement ensures the Listing Agent that if the property sells during the listing period, the Listing Agent is to be paid a sales commission; whether the seller, the listing agent or a cooperating selling agent finds an acceptable buyer.
2) EXCLUSIVE AGENCY LISTING AGREEMENT
An Exclusive Agency Listing contracts one brokerage to sell the property. If that agent, or any other licensed cooperating agent finds an acceptable buyer, the seller must pay a sales commission. However, no sales commission is owed if the home seller finds a buyer on his/her own. Due to the lack of control over the outcome, most real estate agents are reluctant to work on an exclusive agency listing.
An open listing lets an owner sell their home by themselves, but guarantees a Real Estate Broker if they bring you a buyer, they will receive a commission.
An Open Listing is a non-exclusive agreement, so the owner may execute open listings with more than one real estate broker and pay only the broker who brings an able buyer whose offer the owner accepts. The Seller will not receive representation on their side of the transaction, so the seller will not be covered under the listing brokers Insurance, nor does the Broker have a fiduciary duty to the Seller.
Note: Open listings are not popular with many full-service real estate brokers.
Short Sale Listing Agreements are typically Exclusive Listing Agreements, however, the Seller is not responsible for payment of commissions unless all lien holders approve the sale. Commissions will be paid out of the proceeds from the sale, so no money will be collected out of the owners pocket.
A Web Only Listing (also known as a Flat Fee or MLS Only Listing) offers you the ability to expose your property on your local Multiple Listing Service (MLS) and through hundreds of local and national websites without paying listing agent commissions!
Pay an agent who brings you a buyer 2% to 3% (varies by area). If you find a buyer, you don’t pay any commission at all! Typically, MLS Only listings average $699 per listing and can run as long as you desire.
NOTE: The listing agent on an MLS only listing will not be responsible for receiving or negotiating offers. All offers will be forwarded directly to you.
Everything is for sale at the right price!
A make me move listing is similar to an Open Listing Agreement. You set the price you’re willing to accept (even if it is above the current market value) and the time frame you would like to move.
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