There are no two list agreements that are the same; However, there are some general guidelines that any salesperson-agent should follow. An exclusive agency list is similar to an open list, except the main difference is the broker is represented by the owners. Owners retain the right to sell the property themselves and no agency list agreement gives a broker the right to market and sell a property for a period of time, while the owner retains the right to find a buyer and sell the property without owing commission to the broker. The seller must pay a commission only if the house is sold by the broker or by an agent or a licensed sub-agent of the real estate agent. This type of list is not very common in residential stores, because it increases the chances of a dispute between the broker and the seller about who was actually the cause of the sale supply. (1) the duration of the listing period – as a seller, you want to be able to change brokers if the sale does not occur as fast as you like, while the broker wants to have the listing period as long as possible, recognizing that there is often a reasonable amount of time and effort and costs to generate other brokerage interest and a sale, and that if the time is too short s/it loses the commission. The commission is usually a percentage of the sale price of the property in the range of 2 or 3% to about 10%, but usually about 3 to 7% for homes. The commission can also be a lump sum or a combination of lump sum and percentage fees based on the rate you are negotiating. The Commission`s rates and royalties are negotiable and unregulated.
Average sales days in your market, advertising, labor costs, duration and competition can influence the listing rate acceptable to the listing agent before entering into a list agreement. With an exclusive-authorized offer, a broker is designated as the seller`s sole representative and has the exclusive right to represent the property. The broker receives a commission, regardless of who sells the property, while the listing agreement is in effect. A less common contract is the « limited service » in which the real estate agent provides proof of a fixed menu of real estate services without the seller`s trust owed. Limited service agreements may allow the seller to list his home and MLS system.