Frequently
asked Questions
Here is a collection of frequently asked questions that we
have put together to help you in buying or selling a home.
If you have any other questions, not listed here, feel free
to contact us.
By clicking on any of the questions below, you may view the
answer.
Questions
From Buyers
What is an "Open Listing"?
What is a "One-Time Show" listing?
What's the Difference between a
"Listing Agent" and "Selling Agent"?
Questions
From Sellers
What is an "Exclusive Agency
Listing"?
What is an "Exclusive Right to
Sell" listing?
Answers
for Buyers
What is an "Open
Listing"?
A homeowner who is also working along with an agent uses an
“open listing”. This gives the agent the right to show the
property to potential buyers. By using this type of listing
the homeowner has the right to give this listing to as many
agents as possible. When an agent sells your home for you,
the agent earns commission for the sale.
Due to the way this type of listing works most agents won't
market your home or enter it in to an MLS. Most agents will
only do it if it fits the profile.
What is a "One-Time Show"
listing?
With this type of listing the homeowner signs an agreement
with the agent. What this agreement declares is the
homeowner will provide the agent with a commission for
selling the property. This agreement also states the
homeowner cannot negotiate with the buyer at a later time to
avoid paying a commission. This type of listing is most
often used by agent showing FSBO (for sale by owner). This
listing differs from an open listing in that the agent
spends no money on marketing your home.
What's the
Difference between a "Listing Agent"
and "Selling Agent"?
Listing Agents usually deal with sellers, and are the ones
who will list a property for sale on the Multiple Listing
Service.
Selling Agents (also Buyers Agents) mostly deal with the
homebuyers, usually only listing just a few homes for sale.
They will sell the homes (which have been placed in the MLS)
via the listing agents.
The majority of agents will focus on one or the other. Some
agents will also divide their time between sellers and
buyers and are usually regarded as the best ones since they
are dealing with both sides of the coin.
If you phone an agent from a magazine or newspaper ad, you
are usually contacting the listing agent. These agents will
place ads to show the seller that they are making an effort
to sell their home. Also their advertising efforts can draw
others who may decide to sell their homes.
Answers
for Sellers
What is an "Exclusive Agency Listing"?
An Exclusive Agency listing allows your agent to market your
home and enter it into the MLS. The agent will receive a
commission if your home sells through any real estate
company or by another agent. He will NOT receive a
commission if you, the seller, find a buyer on your own.
Because a commission is not guaranteed, your agent may not
be highly motivated to market your property. Thus, this type
of listing is not common and should be avoided.
What is an "Exclusive
Right to Sell" listing?
This type of listing is the most commonly used and is the
most effective. With this type of listing the agent does the
most work to sell your home they will usually advertise your
home, place it into the MLS, market your home to other
agents and even hold open houses for your home. Only with
this type of listing does an agent expect to earn money back
on their investments on selling your home.
