As you try to locate a realtor to help you sell your home, you might wonder about the kinds of listing contracts most sellers sign. This guide may help.
An open listing contract is one most typically used by people who would like to try to sell their own homes, but want some help from real estate agents. An open listing contract gives firms like Macy & McKee the ability to allow buyers to see your home. If they sell it, they get a commission. If you’re trying to sell your home on your own, you can offer an open listing to nearly every realtor in your area. This also, though, means that the realtor you sign an open listing contract with won’t put any effort or funds into marketing your property. In fact, in most cases, they won’t even place it in the MLS database.
A one time show contract is a lot like an open listing. In most cases, people who want to sell their homes themselves offer one time show contracts to realtors. The home sellers promises to pay the agent in the case of a buyer making a purchase. This helps to prevent problems that may occur should the buyer negotiate directly with the seller to avoid commission fees all the way around. Again, in the case of a one time show, the agent won’t actually market your property.
Exclusive agency listing contracts are, by far, the most unpopular contracts in the real estate industry. They allow you and the agent to sell the property. If the agent finds the buyer, he gets a commission. If you find a buyer, the agent gets nothing. In these cases, agents typically don’t waste a lot of money marketing the property to potential buyers.
The most typical kind of listing contract is an exclusive right to sell contract. In these cases, you give agents like Macy & McKee the right to handle the sale of your home. Unless a specific exception is noted in the contract, you will pay a commission on the sale of your home. In most cases, these are the contracts realtors work hardest to get and keep because a commission is guaranteed if the home is sold.
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