REALTORS® and buyers often work together without a written contract, but the opposite is true for REALTORS® and sellers. On the listing side, written contracts are overwhelmingly the rule, not the exception. A listing agreement is a binding legal contract that shouldn't be taken lightly. Be sure to read the contract carefully and ask your agent to explain any items which need clarification. The Listing Agreement used by Post Oak Realty is promulgated by the San Antonio Board Of REALTORS® and is approved by the Texas Real Estate Commission.
Here are some basic terms to consider.
1. Term of the Agreement. A longer agreement benefits the agent because it allows him
or her more time to find a buyer for your property. In a weak market, that's reasonable, but if homes are selling quickly, you don't want to be committed to one agent for more than six months. If the home doesn't sell within the initial period and you're satisfied with the agent's efforts, you can offer to extend the term of the agreement before it expires.
2. MLS. A Listing Agreement typically authorizes your agent to post your home in the Multiple Listing Service (MLS). Unless you're selling a very exclusive property or have serious personal privacy concerns, the MLS is a no-brainer because it helps the agent market your home to the widest possible group of potential buyers. Post Oak Realty is a member of the San Antonio Board Of REALTORS® and subscribes to it’s Multiple Listing Service. Today, most MLS databases are accessible by consumers on the Internet, but the public does not have access to personal information.
3. Commission. Although commissions are negotiable, Post Oak Realty generally
charges six percent of the sales price. Through the MLS, Post Oak Realty agrees to pay cooperating Brokers three percent of the sales price if they provide a “ready, willing, and
able buyer” for your home. This cooperation between Brokers is critical to give a listing the necessary market exposure. If multiple transactions are involved, your REALTOR® may
offer you a rebate in commissions earned. Be sure and ask about this when you are reviewing the Listing Agreement with your agent.
4. Intermediary Relationship. Post Oak Realty asks Sellers to authorize us to play an intermediary position if circumstances require it. For a complete explanation of the three roles a Broker can play in a real estate transaction in Texas, please download Information About Brokerage Services.
5. Lockbox. A lockbox is a key-holding safe that is attached to the front door of your property. Only agents in good standing with the San Antonio Board Of Realtors has access to the lockbox. After setting up a showing through the Centralized Showing Service (CSS) used by Post Oak Realty, REALTORS® are given special permission to access the lockbox, retrieve the keys to your home and show your home to prospective buyers. The lock boxes in use today have a timing mechanism which disables them after 9pm. |
