 Details of a Listing Contract
Obviously the name of the seller and the property
address will be included in the listing contract.
There are many other things that are included, too,
and you should be aware of them.
Price and Terms of Sale
When setting the terms of sale, the main thing you
are concerned with is the price. You should have a
basic idea of what your home is worth by keeping
track of other sales in the neighborhood. Plus, you
have probably interviewed at least two real estate
agents and they have given you their own ideas.
Exercise great care in determining your asking
price, making sure not to set it too high or too
low.
In addition to the price, you will disclose what
personal property, if any, goes with the house when
you sell it. Personal property is anything that is
not attached or fixed to the home, such as washers,
dryers, refrigerators, and so on.
There may be some item that is considered "real
property" that you do not intend to include in the
sale. Real property is anything that is attached to
the home. For example, you may have a chandelier
that has been in your family for generations and you
take it from home to home when you move. Since the
chandelier is attached to the house, it is
considered "real property" and a reasonable buyer
would normally expect it to go with the house.
The Multiple Listing
Service
Even before the sign is up
and the brochures are ready,
your agent should list your
property with the local MLS
(Multiple Listing Service).
The MLS is a database of all
the homes listed by local
real estate agents who are
members of the service,
which is practically all of
the local agents.
Important information about
your property is listed
here, from general data such
as square footage and number
of rooms, to such details as
whether you have central air
conditioning or hard wood
flooring. There should also
be a photo, and a short
verbal description of what
makes your house "special."
Agents search the database
for homes that fit the price
range and needs of their
clients. They pay special
attention to homes that have
been recently placed on the
market, which is one reason
you get a lot of attention
when your house is first
listed. Many agents will
want to preview the home
before they show it to their
clients.
The main point about having
your house listed in the MLS
is that you expand your
sales force by the number of
local MLS members. Instead
of having just one agent
working for you, now you may
have hundreds or more,
depending on the size of
your community.
The listing agent’s main job
to make sure that the other
MLS members know about your
house. This is accomplished
through listing your house
in the Multiple Listing
Service, broker previews and
advertising targeted toward
other agents, not
homebuyers. |
