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What else to look for/negotiate on a listing agreement?
Posted on 12/9/14 at 2:18 pm
Posted on 12/9/14 at 2:18 pm
I plan on negotiating the commission down from the proposed 6%, but what else do I need to look for in the contract that may save some money?
Posted on 12/9/14 at 10:31 pm to Clyde Tipton
quote:
I plan on negotiating the commission down from the proposed 6%, but what else do I need to look for in the contract that may save some money?
There is nothing hard and fast.
I would like them to name whatever commission they want and then concentrate on what they agree to do. How will it be advertised? How often will you show it? What will you do someone else does not?
A whole lot of agents are simply MLS cruisers. They put buyers in a car and drive them around until they find one they like and can afford.
I have paid agents less than they ask when prices come in less and I have paid agents more.
I once had a house that was not moving and I had it listed for 6 months with a large agency. At the end of the 6 months I simply put a "for sale" sign on the yard. I contacted all the agents that had been to the house and told them I would write single buyer contracts with any person they brought by. Basically if they brought in a buyer they were protected and got all the commission but I was free to sell it on my own. I was amazed at how they all suddenly went to work to sell the house. I think 6 agents showed it in 2 weeks and I sold it. It was like I had every realtor in town working for me since they were no having to share the commission.
I have on more than one occasion paid 8% commission. There was a price I wanted for the property and I told the agents if they got more than $10,000 than I wanted I would pay 8%. So they set prices about $15000 more than I wanted and we ended up selling at about $10000 more than I wanted.
More often than not realtors are working more for the buyer than the seller in real life. I want them to be motivated to work for me understanding I want to see deals. When they come in with low prices I always ask them to lower their commission before I say no to an offer.
Try to sign the listing contract for as short a period as possible.
This post was edited on 12/9/14 at 10:35 pm
Posted on 12/9/14 at 10:38 pm to I B Freeman
I sell the property myself. If a realtor calls, the commission is 2%. Only one has forced me to go to 3%, but she was the top in the Jackson area.
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