Seller’s FAQ’s

Seller FAQ's

What type of listing contract should I enter with a broker? 

There are several different types of listing contracts.

Exclusive Right to Sell – The “Exclusive Right to Sell” is the most common. Your broker realtor will then be willing to invest the time and money it takes to market and sell your home full time as they stand a chance of a payday. Some brokers will only accept these types of listings.

Exclusive Agency Listing – The “Exclusive Agency Listing” is mostly used by people trying to sell their home by owner who are also willing to work with real estate agents. However, agents will commit too much time or expense on a listing they are not assured of gaining a commission. It isn’t worthwhile for them to sign an Exclusive Agency Agreement because it leaves you with the option of selling the house yourself at any time during the listing period, even after their marketing efforts are in full swing.

Open Listing – The “Open Listing” gives a home seller the right to lend such listings to every agent who comes around with a single buyer. If their client buys your home, the agent earns a commission. There is nothing exclusive about an open listing and, for that reason, no agent who accepts an open listing is going to market your home or put it in the Multiple Listing Service.

Are commissions negotiable?

Yes, by law, you and your agent will negotiate and agree on the amount of the real estate commission. Be careful as you will get what you pay for. When you agree to a commission with a listing agent, you should keep in mind that there are usually two agents involved in most transactions. Most of the time, only part of the commission goes to the listing agent’s company; the other portion goes to the company representing the buyer.

Will my property be listed in the Multiple Listing Service?

Being listed in the MLS expands your sales force. Every agent is invited to bring potential buyers to your property. This larger supply of buyers effects your pricing power and the ability to sell your home more quickly.

What is the co-broke commission and what will be the effect on the company representing the buyer?

Since part of the commission usually goes to the company representing the buyer, you may want to ask whether that portion of the commission offers the customary amount. As mentioned above, the more agents who show your property, the more pricing power you have and the more quickly your home will sell.

What is the co-broke commission effect on marketing?

Very few properties are sold through advertising or open houses, but it does happen. Most often, those ads generate calls from potential buyers or sellers who end up as clients for real estate agents – and you want agents to bring potential buyers to your property. Advertising your property to other agents has a higher impact than direct advertising to consumers.

Will I be tied in to other services?

A real estate company with bundled services has more income opportunity which may allow them to offer lower prices. However, there are a few companies whose additional services are not priced competitively with opportunities you can find on the open market. You should be sure to ask lots of questions and determine whether you are limited to certain choices or you have the freedom to also explore the open market.

Should I “stage” my home? 

Each year, corporate North America spends billions on product and packaging design – why not your home?  So the answer is, to some extent, absolutely. Appearance is critical, and it would be foolish to ignore this when selling your home. Some homes may need the assistance of professionals, but most homes can be staged by a thoughtful seller. You may not be able to change your home’s location or floor plan, but you can do a lot to improve its appearance. The look and feel of your home generates a greater emotional response than any other factor. Clean like you’ve never cleaned before. Pick up, straighten, unclutter, scrub, scour, and dust. Fix everything, no matter how insignificant it may appear. Present your home to get a wow” response from prospective buyers. Allow the buyers to imagine themselves living in your home. The decision to buy a home is based on emotion, not logic. Prospective buyers want to try on your home just like they would a new suit of clothes. Take down as many pictures and items that identify it as YOUR home. Lighting is critical so turn on before showings. Pleasant aromas can also enhance a showing.


Do I need a lock box?

The primary purpose of a lock box is to facilitate showing your homes at a convenient time to the buyer’s agent. Our thought is that we do not use them. In areas where the properties are located a fair distance from the listing realtors’ office or home, one can make a case. Our properties are all on the Shoreline close to our offices, so rarely is there an excuse for not being able to make appointments. Second, for security purposes, we feel that someone should be keeping on eye out. Thirdly, that is one of the key reasons you pay an agent – to show off your house, answer any questions that might arise, and present your home in the most favorable light, and yes, that means literally too – turning on all the lights during a showing!

Have more questions? Contact us today.

There are so many more questions you may have about selling your home, including disclosure, market conditions, finding a realistic price, closings, inspections, and more. We will be happy to take the time to answer any and all questions you may have. Just give us a call at (203) 453-2545.

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