Overland Park Real Estate Contract OptionsOverland Park Real Estate Contract Options
The Exclusive Right to Sell
The most common type of listing agreement used between sellers and the real estate broker is known as “The Exclusive Right to Sell” Agreement. In this agreement the agent agrees to include the home in the Multiple Listing Service (MLS). The details of a Overland Park real estate listed in the MLS are available to all agents and brokers and with the advent of the Internet, MLS listings are shown on the World Wide Web. Your agent may also agree to run ads in the local paper, promote your home aggressively with major search engines and online directories, hold Open House and more. The agent feels comfortable spending the kind of money and time it takes to market a home properly knowing that a commission will be due when the home sells. This is true no matter who actually finds a buyer for the home.
One-Time Show and Open Listings
Other, less common types of agreements include what is known as a “One Time Show,” and “Exclusive Agency,” and an “Open Listing” agreement. The One -Time Show and the Open Listing are similar and are often used by homeowners who wish to sell their Overland Park real estate on their own but will agree to pay a commission to an agent who brings a qualified buyer for the home. A homeowner may agree to an Open Listing with several agents and also agree to a One-Time Show to any agent who has an interested buyer.
Exclusive Agency Listings
Finally, the Exclusive Agency Listing allows an agent to list and market your Overland Park real estate. The agent will earn a commission if he/she or any other agent sells the property but not if the homeowner finds his/her own buyer. Very few if any agents are willing to agree to spend time, money and know-how on promoting a home without the guarantee of a commission when the home sells.
The Real Reason to List with an Agent
Many people imagine that the agent who lists their home begins an immediate search for likely homebuyers but this is not always the case. The real skill of a good listing agent is her/his ability to market your home to other agents. Usually as soon as your listing agent returns to the office, your home is entered into the MLS and is now available to hundreds, maybe thousands of other agents. Many of these agents are working with buyers who may be looking for a home just like yours. If you have questions about Listing Contracts or about getting your home listing in the MLS, please contact me.