A real estate listing agreement is an exclusive or a general right given to a real estate broker to sell a particular owner’s property by registering it on their website. There are different types of real estate listings that can vary based on the property owner’s choice on how they want to put their property up for sale. Real estate listings vary depending on the type of locality and economic situation in the country as well. Residential and commercial properties in places like Manhattan, NY or Toronto, Ontario have a lot of competition. Hence brokers use their strong network to reach out to potential leads for their real estate listings.
In areas where there is less competition, and that have been hit hard by economic downturn, real estate listings are mostly sourced through common contacts. Some property brokers may lower down their prices to attract the local population to their website for national visibility.
Types of real estate listings
A real estate listing agreement may change depending on how a property owner wants to deal with the broker and how much they want to pay the property agent. Some real estate listing agreements may allow a home owner to not pay any fee to the broker at all. The major types of listing agreements include:
Exclusive real estate listing
This type of contract allows a single broker the exclusive rights for selling a particular property. What this essentially means is that property can only be sold by that agent only. Even if another broker helps the owner to sell their property, the commission will be divided amongst the exclusive rights holder and the broker who actually sold the property.
Exclusive Agency Listing
This type of real estate listing contract is quite similar to the exclusive one. However, according to exclusive agency listing contract, the broker has right to take commission only if they help the home owner find a buyer to their property. Incase the homeowner finds their own buyer, they would not owe anything to their real estate agent.
Open real estate listing
These types of agreements are quite prevalent in the market. It helps the property owner in acquiring the services of any number of real estate brokers as they like. Since no one has the exclusive rights to selling the property, it can be sold by any broker and the fee shall be distributed to the agent who makes the deal go through. In case the home owner finds their own buyer, they do not have to pay any fee to any of the agents they had an open agreement with.
Multiple listing agreement
Although it is a less common type of real estate listing, multiple listings are quite helpful when the property needs to be sold quickly in the market. In this type of agreement, a single broker gets an exclusive right to sell the property. However, they can share the information amongst their peers in the business and distribute the profits when the property sells.
Top Real Estate Listing Websites
Zillow
The website is famous all over the world for its wide variety of property listings, and easy to use interface. It uses cutting edge technology to allow users to easily find their desired property on a visual map. It uses additional sophisticated features like mortgage calculator, agent finder, and lenders available to finance the selected property.
Trulia
Trulia is another great website for real estate listings. The front page of the website includes different sections including safe neighborhoods, and newly introduced properties. The website uses historical trends to help visitors find properties based on their past preferences. A separate subpage exists on Trulia that allows buyers and sellers to view the properties that were recently sold and how much was the selling price. This is quite useful for customers who want to compare their target price with the market.
Realtor.com
The website has become one of the favorite for buyers and sellers looking for real estate listings online. Realtor.com focuses on providing clients with expert opinions on their local real estate market. A separate section is dedicated for home values in each area based on city, town or zipcode. It allows users to get an idea about median property price, and fastest sales in their area. The webpage allows clients to help find mortgage lenders, real estate agents and calculate their mortgage installment. The News & Insights sub-pages tell users about what is trending in the property market, and how they can increase their chances of buying or selling their property at the best price.
Redfin
The real estate listings fee can go as low as 1% on this online property brokerage. Nearly 10,000 customers bought and sold their houses on Redfin last year. Another essential feature on this website is authentic customer reviews. After each sale or purchase, clients are required to fill out a survey, which is then used to distribute bonuses to company employees. Users can talk to the brokers online, speak to them on the phone or even request an in-home consultation. The personalized approach helps Redfin generate lucrative deals all year round.
Craigslist
Craigslist has been around for a couple of decades now. The website has the reputation of helping customers buy or sell anything that is worth even a dollar. Easy to use interface, and simple registration process attracts more than 50 billion views every month. If you can create a great tagline for your post and add some decent picture on craigslist, you can surely sell your house without paying any fee to a real estate agent. All you need to do is perform a simple due diligence before you finalize your deal with a prospective client.
Real estate listings help clients increase their chances of buying or selling a home significantly. It gives home owners access to a wider audience all over the country and sometime all over the globe. Brokers who use the real estate listing agreement to post a property on their website can also help in preparing clients on how much they can expect when buying or selling their property. You just need to ask the right questions before entering into a real estate agreement and you will be able to seal the deal in no time!
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