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Sellers: How to list your property
What are the different types of listings, exactly?
Let’s take a look...
Open Listing — you sign up with a number of different independent real estate agencies. The agreement has a start date but no specified end date. It can be ended by giving notice in writing at any time. If you sell the property privately, you pay no commission. If one of your agents sells the property, you pay commission only to that one agency.
Sole Agency — this is a type of controlled listing in that you only sign up with one agency. However the seller reserves the right to sell privately and if they do so, the agency is not paid.
Exclusive Agency — this controlled listing gives one Independent Real Estate agency a definite contract to work on your behalf for a set period. If a sale results, the agent is paid the commission. As you can imagine, this type of appointment encourages absolute commitment and the best work from real estate professionals.
Auction — this is a type of exclusive agency listing, but the property is put to public auction to attract the highest bidder. Again, as a type of exclusive agency, the agent can put in a full effort knowing that they will be rewarded on producing the results you want.
Tender — this is also a type of exclusive agency, but one which is more common for commercial real estate than residential real estate.
Did you know that — a controlled listing is limited to a maximum 60 day period, but can then be re-signed in the 14 days before the end date, for a further period.
How then do you as a seller choose the right type of listing for your property?
Consider the different types of listings which the Agent offers, whether it is Open, Sole, Exclusive or Auction. Choose the one which gives you the best chance of achieving your goals.
You may be tempted to try to sell the property yourself and save the commission. Give yourself, at most, one month. If you have not had any genuine interest in that time, go to an Independent Real Estate Agency and let them work on your behalf.
Be aware that most buyers who deal with a private owners do so because they intend some hard negotiating. You may find that you do not actually save the price of the commission; the buyer gets that in the negotiations – and you still had to do all the work. An extra hidden cost is the higher charge for advertising as Independent Real Estate Agencies are often given discount rates.
Also as private seller you can often overlook the security of your home and your own personal security. You can often trustingly invite complete strangers into your home without any thought of the consequences. This is why working with an Independent Real Estate Agent is certainly adding to your own security and that of your properties at the time of inspections from prospective buyers.
