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SELLERS AGENT  By signing the Listing Agreement with the Realtor you have obligated that Company (Broker) to represent you and act on your behalf, according to your instructions, regarding the sale of the specific property. Remember, it is the Company that is the Agent and not the individual who sits in your living room drinking your coffee and patting the dog. However, the bulk of the effort and work will be the responsibility of the person patting the dog because he/she is an Independent Contractor and the one who must spend their own money to market and promote your listing. Time to think about the length of the term of the listing, anywhere from 60 days to 12 months. The individual sales representative will be investing their own money on a daily, weekly and monthly budget and it is important that they feel there is enough time to recoup the expenses. The terms of payment for services rendered are a matter of the Listing Contract and should be discussed in detail at this point. There is no standard flat rate of commission anywhere in the industry and it is commonly understood that all commission is negotiable. BUT HEAR THIS… NEGOTIATE THE TERMS OF COMMISSION AT THE TIME OF LISTING THE PROPERTY AND NOT AT TIME OF OFFER PRESENTATION. The fact is, IF you are sitting at the table with a reasonable Offer on your property then the Realtor has already done their job and now is not the time to discuss how much the Agent is to be paid or reduce the remuneration. It is not the Agents responsibility to contribute by loss of commission, in the purchase or sale of any property but if it happens, the Seller get what they pay for. If this was a planned tactic to put a little extra in the Sellers pocket, the Agent may lose confidence in the contractual commitments of the Seller and a basic element of obligation and trust may be compromised. It is a wise choice for you to get any promises of the intended marketing plan in writing with specific dates of what ever occurrences have been promised. ie: Open Houses, Local ads, Regional ads, Virtual Tours, Signage and any Special Promotions that may have been mentioned. It is as simple as that. BuyersAgent101 DualAgent101 SubAgent101 ImpliedAgency101 UndisclosedAgency FYI The following description of Sellers Agency is taken directly from the OREA Encylopedia: Seller Agency Establishes a relationship in which the brokerage and its salespeople represent the interests of the seller exclusively. Sellers typically give authority to a brokerage to sell their property by signing a listing agreement/contract that establishes a formal agency relationship between the seller and the real estate brokerage. This agreement/contract sets out what the seller instructs the brokerage to do and what services are provided under seller agency. Further, it provides that representatives of the seller will use their professional negotiation skills to seek qualified buyers and generally promote the listed property, while keeping information concerning the seller confidential and always acting in the seller’s best interests. The hallmarks of this relationship are good faith, full disclosure, competence, obedience, and accounting. The seller has traditionally paid a commission directly to the agent. The listing agency then pays any brokers or salespeople within its employ and, if applicable, any co-operating brokerages involved in the transaction. Well, okay then! Back To www.realestate1o1.com |