The following
is a guide to the basic terms in a listing contract:
1. Term of the Agreement. This
is the length of time you and your REALTOR® agree to market
your property. It is generally a good idea to list your home
for several months to provide the maximum amount of exposure
to potential buyers in your market.
If you home doesn't sell during the initial listing period and
you're satisfied with your REALTOR's® marketing efforts,
you may extend the term of the agreement before the expiration
date.
2. Broker's Fee. No Association
of REALTORS sets or recommends the broker's fee. Brokers fees
are negotiated between the Broker and the Seller. Never list
your home completely based on who will charge the least fee.
Remember the old adage...."You Get What You Pay For" Consider
the marketing plan, agent's follow up plan and experience when
listing your home. Also it is important to know what the Broker
is going to pay a cooperating Broker from the fee charged.
3. MLS. Immediately after signing
the listing contract, your home will be submitted to The Pocono
Mountain Multiple Listing Service (MLS). The MLS provides your
home with the maximum exposure to other agents in your market
area. Most MLS databases are also accessible by consumers on
the Internet.
4. Showing Your Home. A
preferred method for showing your home to prospective buyers
is by offering them access to your home even when you're not
home. I recommend placing an "electronic lockbox" on
your property. A lockbox is a small key-holding safe that can
be placed inconspicuously on your property. With an electronic
lockbox, we may keep track who has gained access to your home,
reducing your concerns about strangers entering your home alone.
The more people who see the property, the better chance you'll
have of selling it for a favorable price.
5. The Seller Disclosure. This
four page form is an integral component of the listing process.
The Seller's Disclosure will allow you to give all information
about the history of the home's structural, mechanical, and electrical
systems, any environmental or legal problems, etc. It is very
important to fill it out completely and honestly - the buyer
will be more trustful of someone who reveals all facts. You may
even want to have a home inspection done up front to protect
your interests and give specifics to the buyer about the property's
condition. |