What is a Listing Agreement?
A ‘Listing Agreement’ is a document which lays out the contractual terms between the Seller and the Listing Brokerage and Team3ARealtors who will be listing the property for sale.
Who Pays the Buyer’s Agent?
The Seller is responsible for paying commission for both the listing agent and the buyer’s agent. Commissions are typically paid only at closing, out of the proceeds of the sale of your home.
What is Dual Agency?
Dual Agency refers to the practice of a single agent representing both the buyer and the seller during the real estate transaction. When an agent acts in dual capacity, they owe the same fiduciary responsibility to both parties.
When an experienced, competent agent undertakes the responsibility of acting as dual agent, the agent no longer acts as an “advocate” of one party or the other. Rather, the agent becomes more of a mediator. In theory, because the agent knows the details of each party’s bottom line, the agent can negotiate a solution that will please both parties.
What is Multiple Representation?
Buyer(s) and the seller(s) are sometimes under contract with the same brokerage when properties are being shown or an offer is being contemplated. There can also be instances when there is more than one offer on a property and more than one buyer and seller are under a representation agreement with the same brokerage. This situation is referred to as multiple representation. Under the Act, the REALTORS® and their brokerage must make sure all buyers, sellers, and their REALTORS® confirm in writing that they acknowledge, understand, and consent to the situation before their offer is made. REALTORS® typically use what is called a Confirmation of Co-operation and Representation form to document this situation.
Offer negotiations may become stressful, so if you have any questions when reference is made to multiple representation or multiple offers, please ask your REALTOR® for an explanation.
What type of information will my agent need from me?
To do the best job for you, your agent will need the best information you can provide. This would include such things as:
your financial goals regarding the sale of your home
the reason why you are thinking of selling your home
willingness to listen to your agent’s advice
flexibility in accepting terms and conditions
preferred timing for sale
disclosure as to any defects the property may have
details about the positive aspects of the home
How does an agent figure out the asking price?
Your agent will do what is called a Comparative Market Analysis or CMA on your home. This typically includes an evaluation of recently sold homes in your neighbourhood and that share similar attributes to your home. It should also include information specific to the market trends in your area.
How will an agent market my home?
Every Realtor has their own unique style for marketing a home. You should ask your agent for specific examples on what their marketing plan will look like.
Can I just sell my house by myself?
Of course. Historically, many sellers sold as For Sale By Owners (FSBO’s). back in the day, buyers would get in their cars and drive around for hours on end to locate a property. With the advent of internet, Multiple Listing Services (MLS) are the ultimate source for property information. More than 90 % of buyers look for houses online. Having your home listed by a real estate agent vastly increase your visibility in the marketplace. MLS sites are only available to Realtors. According to the National Association of Realtors, homes sold by owner sold at an average of 16% less than those listed with a Realtor.