Three Important Items on the Real Estate Listing Contract

 

Real Estate Commission

In some areas of the country there is a certain percentage that real estate agents expect to earn as a commission. This commission amount is a certain percent of the sales price Or, some companies will charge a set fee for their services. However, just like anything else in real estate, this amount is negotiable.When completing the listing agreement, you and your agent will agree on the amount of the real estate commission.

Multiple Listing Service

Your listing contract should specify whether or not the house will be listed with the local MLS (multiple listing service). It is definitely in your interest to have the house listed. This is because your sales force is automatically multiplied by however many agents are members of the local MLS. If your house is not listed, then you only have one agent working for you instead of many. It is a plus if your agent is a member of more than one MLS service so that it gives your property maximum exposure.

Agency Duties of a Listing Agent

The listing contract will specify that your agent is acting as a "seller’s agent." This means that, in the sale of your house, they are working for you and only you. However, there may be times when your listing agent has a client who wants to buy your home. For that reason, there is a little "wiggle room" in the listing contract. If your agent also represents the buyer, the listing contract should specify that they provide an additional disclosure that details their duties as a dual agent.

The contract also provides permission for your listing agent to act as an agent for others on other transactions. They can continue to list other properties, and represent buyers looking at other homes.

 

 

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