When you hire a Realtor to help you sell your home, you will be required to sign a listing contract with the Realtor. This listing contract spells out your rights and responsibilities as well as the rights and responsibilities of the Realtor. As part of the listing contract, however, you will need to determine the type of service you wish to receive from the Realtor and how you wish to have your home listed for sale. There are three choices for you to select from:
* Exclusive Right to Sell
* Exclusive Agency
* Open Listing
If you select the Exclusive Right to Sell option, your broker gets the right to exclusive representation for the sell of your home. As such, the broker can determine how to market your property and may also allow other brokers to show your property. If other brokers show your property under this agreement, however, they must share the commission with your Realtor if they successfully make a sale.
With the Exclusive Agency listing contract, your broker is the only one that can show your house to potential buyers. As such, your property will not be listed on MLS listings and other brokers cannot show your home. While this helps give you more control over the sell of your home, it will greatly reduce your pool of potential buyers. Therefore, you need to carefully consider this option before deciding to pursue it.
With an open listing, your property can be shown by any other Realtor. In addition, all brokers have the right to negotiate your sale. With an Open Sale, the first broker to provide you with an offer that you find acceptable will receive the compensation for the sale.
Regardless of the type of listing contract you decide to get, make sure the services you desire are included in the contract. For example, if you do want your home to be listed within an MLS system, make sure this is specified in the listing contract. Your listing contract should also include an outline of the methods your Realtor will use to market your property. Some of these methods may include creating pamphlets, setting up open houses, and placing ads in newspapers and on television.
In addition to providing you with information about how your home will be marketed, it should also include information regarding how the Realtor will help you with the necessary paperwork and with negotiating a price for your home. Make sure you are comfortable with the listing contract before you sign any paperwork. That way, you will be more likely to be pleased with the results!
Ryan Lynch is part of the marketing team for an Austin Real Estate Company: http://www.jimolenbush.com/
They specialize in River Place: http://www.jimolenbush.com/west-austin.htm and Steiner Ranch: http://www.jimolenbush.com/steiner-ranch.htm
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