3 Things You Must Know Before Signing a Listing Contract with a Real Estate Agent
Feel great about your agreement with an agent!
When signing a contract, you should feel happy and comfortable as your signature hits that dotted line. Employ these best practices to create a healthy, productive agreement with an agent.
1. Hire an agent with the flexibility to dictate his/her own contract and terms
Most big-brand brokerages have a minimum standard in their contracts. This means they expect their agents to sign agreements with clients for a span of time that isn’t shorter than a given, minimum length. They also expect a commission rate that doesn’t drop lower than a given, minimum percentage.
You get what you pay for, so it’s not necessarily beneficial to go with a discount brokerage. But make yourself aware of the terms of an agent’s contract.
If you’re not 100% satisfied with your experience, is there a way to get out of the agreement, are you able to renegotiate the agent’s commission rate?
Look for flexibility. The more flexibility you can exercise in the terms, the better the contract.
2. Look for a contract with a termination clause.
We offer a 28-day guarantee. If after 28 days on an MLS (Multiple Listing Service) you aren’t completely satisfied with your listing experience, you are able to opt out of the agreement with your agent, fist-bump and part as friends.
We don’t hold hostages. Offering an “out” to our clients provides peace of mind on both sides of the agreement. In rare cases, we feel that terminating amicably is not only in the best interest of our client. It’s also in our best interest as a brokerage.
Each party has its own expectations, and if we feel that the client’s expectations don’t align with ours after all, we’ll take a look at calling off the contract with no strings attached.
Termination clauses are absolutely doable. We know because we do it! Ask your agent if his or her brokerage offers a similar guarantee.
3. Set expectations with the agent upfront.
Once again, communication is vital here. Establish and manage expectations early on when it comes to communication with your agent.
Simple questions can provide helpful clarity: How frequently will we talk? What does your typical weekly schedule look like? How will you update me on showings, offers, and market trends? What is your preferred method of communication (in person, calls, Zoom, etc.)?
Recent market developments resulting from COVID-19 have significantly affected the real estate processes, particularly the open house. Our brokerage has recently facilitated several “safety first” open houses that have proven highly safe and efficient. Expectations naturally coincide with the previously mentioned discussion of contract terms. The more you can establish regarding terms and fees from the outset of your collaboration with an agent, the more smoothly the subsequent selling process will go
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For a free no-obligation home valuation and audit, go to https://davidhill.exprealty.com/sell.php and simply enter your address.
We understand that most people know a real estate agent or have a friend or family member in the business. If we can’t be your first choice because of a relationship then we want to earn the right to be your plan B or possible future business. If your home is currently listed with an agent then please disregard this message.