Home Selling in New York>Question Details

ldelnick, Both Buyer and Seller in New York, NY

What is the average tie for a sale agreement with a realtor is it 3months, 6onths or no time just the commission .?

Asked by ldelnick, New York, NY Wed Mar 20, 2013

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Mitchell Hall’s answer
A listing agreement must have a listing date and an expiration date. REBNY (Real Estate Board of New York) members must enter the listing in RLS (REBNY listing system) within 24 hours of the listing date.

The terms of the listing agreement are negotiable between seller and broker. Market conditions change and the time it takes to sell a property can change with the market.

You and your broker should discuss current market conditions, the property and all variables that will effect the time it will take to sell your home. Together you and your broker should agree on the term of agreement.
1 vote Thank Flag Link Wed Mar 20, 2013
Mitchell Hall, Real Estate Pro in New York, NY
If referring to a listing agreement, generally 6 months or whatever is agreed upon.
1 vote Thank Flag Link Wed Mar 20, 2013
On average it would appear that most agreements are 6 months followed by 12 months. But on average we do only 3 month listing agreements on residential properties. I believe this is a reasonable fair time for an aggressive realtor to sell a home. If I can't sell it in 90 days then give someone else a chance to get it done.
0 votes Thank Flag Link Wed Mar 20, 2013
When in an over saturated market(which did exist recently) or dealing with Short Sales, I generally try to get a commitment in excess of 6 month(normally the norm).
0 votes Thank Flag Link Wed Mar 20, 2013

The definition of a contract includes the agreement between two parties....In the current market, our Marketing Agreements are for one year. This comes with a guarantee that if we are not doing everything to market the property that we promised we would, we would provide you with an immediately release from the agreement.

If the property is aggressively priced, it will sell very quickly; there is a direct correlation between asking price and days on the market.

Our Marketing Plan is one of the most extensive I have ever come across.

The only thing a Realtor CANNOT promise is to get the property sold.

0 votes Thank Flag Link Wed Mar 20, 2013
Personally I like a six month agreement. This shows the realtor a level of commitment. Just be sure to pick the right realtor
0 votes Thank Flag Link Wed Mar 20, 2013
Typically it's a 6 monh term.
0 votes Thank Flag Link Wed Mar 20, 2013
Not too sure what you're asking. Do you want to know how long your listing agreement with a realtor should be? There is no required timeframe, but you need to understand what the average selling time is in whatever location you're in. For example, if it is taking 6 months to sell in your area, most of us would not want only a 3 month listing.
0 votes Thank Flag Link Wed Mar 20, 2013
Most agents utilize a 6 month agreement. Three months is not a fair amount of time to market a property and get it sold. There are exceptions however, some properties sell the first week on the market. I guess your agent will determine what is fair based on the property, condition, location, and pricing.

0 votes Thank Flag Link Wed Mar 20, 2013
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