Jim Valentine on Real Estate
The expression “real estate listing” is an odd one for sure, especially if you are a novice in the real estate world. What in the world does it mean? In reality, it is fairly simple in that it means you give a real estate salesperson the right to sell your home. There are several types of listings such as open, exclusive agency and exclusive right to sell. The most common you will encounter is the latter, exclusive right to sell.
The exclusive right provides that no matter who sells the property, the listing agent will get paid. The exclusive agency provides that if an agent sells the home the agent will get paid, but the owner can reserve the right to sell the property himself. The open listing occurs when an owner lets people know his property is for sale and he will pay an agent if they bring him a buyer.
Some people are under the misconception that if they offer an open listing they will have a lot of agents working on it. In fact, the opposite is usually true in such situations since there is no protection for the agent for his efforts. He could be broadsided at the last minute after a protracted marketing effort and negotiation. The same is true with the exclusive agency. The agent could work hard on it and have the seller connect with a buyer somehow and leave him out as he has no protection. There is no real savings in fees in such cases, so it is really a matter of a seller thinking there is more flexibility. As you now know, in reality, there isn’t.
When you sign a listing with an agent, he agrees to use diligence in marketing your home. Those are key words. An agent must help you determine a price, a marketing strategy, evaluate the condition of your home, determine your wants and needs regarding timing, value, etc. How much work you will do to prepare the home for marketing and much more. That takes a lot of time to accomplish and is only done through the skillset, experience and knowledge of the agent that is helping you reach your goals.
The agent should be able to help you get more for your property, faster than you could do by yourself, and, most importantly, keep you safe along the way. In the litigious society we live in today it is most important that you know what your parameters are as you make decisions along the way. Your listing agent can guide you and share perspective on why things are done the way they are for your protection. That understanding can help you immensely to relax during the process.
Your agent will market the property to attract agents and/or buyers. Where and how that happens will depend on your property, the demographics of its potential buyers, and market factors. Talk to them about their marketing plan for you. If you have expectations express them. You might have ideas that were phased out years ago. For example, with the advent of the internet there is more online and less print advertising. With COVID and a brisk market there aren’t so many tours and open houses. The business morphs and adapts, just make sure you have an agent that does as well and you will have a good experience.
Don’t risk trying to save a nickel on your commission or gain a dime in your price. Without the guidance and protection of a good listing agent you could spend much, much more than that fending off lawsuits. Some suits may be real, others frivolous, but regardless, they are real and cost real money when you are in that situation. Shop your listing agent and get a good comfortable, confident feeling and understanding of what they can and will do for you. It will not only get you more of what you want, it will help you sleep better at night along the way.
Like a good lawyer or doctor, a good realtor is “worth his weight in gold!” The emotional, financial, and physical benefits of having a top-notch listing agent work for you are well worth it.
When it comes to choosing professionals to assist you with your Real Estate needs… Experience is Priceless! Jim Valentine, RE/MAX Realty Affiliates, 775-781-3704. dpwtigers@hotmail.com
