When it's time to sell your home, chances are that you'll hire a real estate broker to help list and sell your property. You may try to sell your home yourself, but statistics show that over 80% of homeowners trying to sell on their own eventually retain the services of a real estate broker.
Before you sign on the last page and place your initials on all the pages of the listing agreement, make sure you familiarize yourself with the duties of the real estate broker whom you hire. Of course you know that the listing broker will advertise and market your property and try to find a buyer for your home. What else are they obligated to do when you sign the paperwork?
LISTING BROKER DUTIES:
- Protect and promote your interests
By signing a listing agreement,
the broker agrees to represent you and your interests. By law, the broker must disclose this representation to any potential buyers who ask about or come to view your home. For example, at an open house, the listing agent must specify to all visitors that he represents the seller of the home. If a buyer wants your agent to represent them in purchasing your home, there may be a dual agency situation.
Dual agency occurs when the same sales agent and same brokerage firm represent both the buyer and seller in a real estate transaction. Dual agency is allowed in Virginia, provided that both parties are aware of it and agree to the relationship.
- Use reasonable efforts to seek buyers at your acceptable price and terms
Ultimately, you select the price and terms that you are willing to accept. The listing agent will provide you the pricing data and other information to help you make an informed decision.
- Negotiate on your behalf and assist in consummation of the sale
Negotiations occur throughout the transaction. Choosing a Good Negotiator for Your Real Estate Deal is crucial.
- Market your home by advertising in publications, mailings, brochures and internet sites
Make sure you ask your listing agent what tools they will use to market your home. Over 85% of today's homebuyers start their search on the internet. Find out if your agent has a solid internet marketing plan to sell your home.
- Make unilateral offer of cooperation and compensation to other brokers in any MLS deemed appropriate
In Northern Virginia and D.C., Metropolitan Regional Information Systems (MRIS) operates the multiple listing service. Your home needs to be on the MLS for the widest exposure to other agents and brokers who will bring buyers to your home. In the majority of cases, it will be another agent or broker who finds the buyer for your home. Your listing agent should provide an attractive description and multiple photos and virtual tour on the MLS so that agents and buyers can find your home.
Click here to search the MLS for homes. - Place "for sale" signs on your property
Just another form of advertisement and exposure. (Not available in all locations).
Show your home during reasonable hours and accommodate other agents to show your home
An electronic lockbox provides the easiest way to allow access.
However, you have the right not to be disturbed during dinner, late at night, early in the morning, or while you are in the shower! - Present all written offers or counteroffers in a timely manner
Emphasis on the word "ALL." It's your choice what offer you decide to accept or reject. The broker cannot withhold offers from you. In real estate, time is always of the essence. If a buyer's offer for your home is not presented to you in a timely manner, that potential purchaser may move on.
- Account, in a timely manner, for all money and property received in trust by Broker, in which you have or may have an interest.
You have a right to know where your money is being held.
- Maintain the confidentiality of your personal and financial information
Anything you tell your listing agent will be kept confidential. Even after the transaction is over or the brokerage relationship is terminated. This duty is very important. Don't be afraid to discuss important details of your personal and financial information with your listing agent. This information will be very important for them to assist you fully in selling your home.
To inquire about selling your Northern Virginia or D.C. home, please call me at 703-626-0715 or e-mail me at brian@brianblock.com for a confidential appointment to discuss your needs.
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Well, Brian, you pretty much covered the whole picture! And, of course, my fave is the negotiating piece. I'm about to make a call to a colleague that will include a little tutorial.