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Crafting the
Real Estate Listing Contract to be Clear and Fair
Many relationships between brokers and sellers go sour because their expectations and business relationships are not made clear from the beginning. The seller thought that the price was right and that the property would sell quickly, or the seller thought that the broker was going to make additional promotional efforts beyond what the broker ever planned on or performed. Disappointment and disillusionment ensue; strains on the relationship cause stress.
- In my listing contracts I include reasonable clauses to define our business relationship in understandable terms, and I allow the seller the ability to terminate the contract if I do not promote the property as promised in writing. see sample clauses
- A written marketing plan is included in the contract to define what my staff and I promise to do to make sure that the brokers and community know about your property, and I encourage the seller's participation in the promotional planning.
- I give my sellers the benefit of a thorough market analysis with current absorption rates to properly establish how your property should be priced and how long it will likely take to sell. So many brokers will give you a "CMA" (comparative market analysis), but not many analyze the all important absorption rates.
- Finally, I give my seller clients A CHOICE of prices which, in my opinion, will correlate to different time frames it will take to consummate a sale. (the higher the price, the longer it will take).
If a seller does not want to put a property on the market at a realistic price (which matches the seller's desired time frame) I usually encourage them NOT to waste their time and my time with a listing that will go nowhere. I prefer to wait until the time is right for their price, their needs, and for the market. Don't you think that this makes sense?
Click Here to get a report on "The Importance of Proper Pricing".
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