If I list my property with a Realtor what is the nrmal length of the listing agreement?

Asked by H4rdw4remtt, New York, NY Thu May 5, 2011

Also what are the options I have to exercise termination of the agreement?

Additionally, does the listing agent need my permission to list my property on property portals such as Trulia?

Lastly, if my Realtor lists my property on Trulia can I use the property images and description on my own FSBO listing?

Thanks for your help

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14
Mitchell Hall, Agent, New York, NY
Thu May 5, 2011
The legnth of a listing agreement is negotiable. A 6 month is most common but I have taken 3 month, 4 month and 1 year agreements. Depending on the property, price and the seller. I have sold all of them.

An exclusive listing broker serves as the gatekeepeer for all marketing and coordinates all the marketing, advertising, showings, public and broker open houses including offering cooperation with other brokers to show their buyers the property.

Most large brokers have feeds through their websites and RLS (REBNY) to major real estate portals suchy as Trulia.

If you hired a broker to list and market your property you are not a FSBO you are a For Sale by a Professional Licensesd Real Estate Broker. I see no reason to advertise on a FSBO website. The more exposure to qualified buyers the better but all media is not equal. IMO, your own FSBO listing may hurt you more than it helps you.

Mitchell Hall, Associate Broker
The Corcoran Group
mhall@corcoran.com
corcoran.com/mhall
2 votes
Gail Gladsto…, Agent, 11743, NY
Thu May 5, 2011
I will start with your last question first...I would never represent a seller who was also promoting their property on their own. That scenario is just begging for problems. You are hiring a professional; let the professional do what they are trained to do and don't interfere.

Your first question...there is no normal length of listing agreement. A contract is an agreement between two people where there is a consideration involved if goal is reached. I personally will not devote the time and money marketing a property unless I have a one year agreement. Realtors work very hard to get a sale to closing as quickly as possible; it is expensive to carry a property for a long time. On the other hand, we are investing a greal deal of time and money to market; we would like to make sure we are in at the close.

Regarding termination, please discuss with your attorney and the Realtor. As you are forecasting an unsatisfactory relationship already, interview many Realtors...do your due diligence...hire someone you believe you will stay with.

When you hire a Realtor to market your property, you should be hiring someone who will market it on every portal known to Realtors....it's the right price and getting the information out there that get properties sold.

I do have to say this, and by no means do I intend to be rude, but based on the questions you are asking, I would probably hesitate to take you on as a client. Realtors are business owners and not every product available to us (product=sellers) are necessarily the right product to put on our shelves.

We Realtors are here to provide a service, but it is a partnership between Seller & Realtor. Please be ready to partner with your Realtor before hiring someone. It will make the transaction go easier for both of you.
Web Reference:  http://gailgladstone.com
2 votes
Valerie Thor…, Agent, Asheville, NC
Thu May 5, 2011
Listing lengths are negotiable but Realtors or their firms are paying for marketing your property and sometimes 3 months may not be sufficient time to sell in this market. Six (6) months and up are quite common to get your property sold and recoup their investment and time spent.
Regarding termination, each firm has their own rules. You might think about discussing your grievances with the Broker in Charge to see if they can remedy what you think has been insufficient representation.
Most listing agreements will include additional internet marketing as a line item to be discussed however most listing services have a direct connect with sites like Trulia.com these days.
Listing yourself on a For Sale By Owner site (when you are not a FSBO) as well as on a professional site could be confusing to a buyer and lead them to not call either site. You might often have a bigger pool of buyers looking at you on the professional site.

Best of luck to you-

Valerie Thorne
Town and Mountain Realty-Asheville, NC
valerie@townandmountain.com
1 vote
Lyle Wolf, Agent, Morristown, NJ
Thu May 5, 2011
These are all things that should be worked out and agreed to before you sign a listing agreement.
The term length is negotiable between you and the Realtor. Understand that a Realtor invests time and money on the hope the home will sell and he/she will eventually get paid. If there is an average six month supply of homes for sale in your area then the Realtor would probably want at least a six month listing (one year a one year, etc.).

Typically your listing agreement will lock you in with the brokerage for the term.
Often the reason a home does not sell is because the seller does not listen to their Realtor and do the things necessary the work in marketing a home (overpriced, eliminating clutter, certain repairs or enhancements, eliminating odors, restricted showing, etc.) .

If you are extremely dissatisfied with your Realtor the broker may assign another. It is the broker's option whether they will release you from a listing agreement.

Photos taken or paid for are the property of the Realtor unless there is an agreement otherwise.

You may find this article helpful:
http://www.trulia.com/blog/lyle_wolf/2011/04/7_selling_tips_…
1 vote
Raoul Sodoga…, Agent, New York, NY
Sat Nov 26, 2011
There is absolutely no normal length of a listing agreement. Don't let anyone fool you with that. If you are eager to sell now, that is another point to go for. Just get in your idea that you are really wanting to sell, then choose between working by yourself or with a realtor. Then go with your mood and do the best thing. Now, only one factor can really make you sell with or without a realtor: The right Price.
0 votes
Marco Gomez &…, Agent, Jackson Heights, NY
Thu Nov 3, 2011
Normal listing lenght in most markets now is 6 months. The Agent does
not need your permission on an exclusive right to sell or an Agency
listing, as the listing states that you are hiring them to market your
property to the public. If you arer workign with an agent why would
you go through the hassle of fielding calls and e-mails and no
show's??? It would be unethical to use the agents photographs and
description on your own advertising and depending on the size of your
community, it may alienate other brokers from working with you.

Regards,
Marco Gomez
NY State Licensed Associate Broker
Keller Williams Landmark II
917-734-2012
marco.gomez@gmail.com
0 votes
Jay Dollinger, Agent, WHITE PLAINS, NY
Sat Oct 29, 2011
There are several answers to your multi-part questions in my humble opinion:

Commissions: NEGOTIABLE BY LAW, although some Agents/Agencies have a bottom that they will not fall below, it is between the property owner and the Broker what commission and what services are offered.

Marketing; GENERALLY speaking, when you sign an exclusive right to sell agreement you are agreeing to allow the agent to market your property in whatever fashion way they see fit as long as it follows all fair housing laws. If there is a particular marketing method you very specifically don't want, tell them.

Length of Agreement: That all depends. Often sellers think the shorter the agreement the harder the agent will work; this is not always the case. An agent needs time to get the listing out there, market it, re-market it, follow up, etc., too short of an agreement an agent might give up too soon. Give your property a fighting chance with a good time period and a VERY competitive commission. A property has to be sold THREE times: First to cooperating agents (they have to sell it to their buyers), second to a buyer, and third (which most forget) the BANK! If there is financing involved, NOW MORE THAN EVER, banks need to be convinced of its value too. P.T. Barnum is credited with saying "There's a sucker born ever minute." Thought a buyer might think a property is worth $X, the bank may say it is only worth $X-20%. It is a LOAN TO VALUE, not loan to purchase price!

Terminating an Exclusive Right to Sell: Although it is a contract with a predefined start and end date, if you are that unhappy with your agent/agency, let them know and give them the opportunity to remedy the situation. If they're unable or unwilling, a lawyer can guide you to get a release.

FSBO while listed with a Realtor: Why compete against yourself? You're paying, regardless, your Realtor so let them work; that's what we're paid for!
Web Reference:  http://www.jaysells.net
0 votes
Snuffles, Both Buyer And Seller, New York, NY
Sat May 7, 2011
everythign would depend on the contract writing, you'd really have to read it.

on my last apartment i sold earlier this year, my exclusive went for 9 months @6%. I probably could have pressured for 6 months / 5% but I've worked with that agent before and she puts in alot of effort. (runs open houses consistently, tidies up the place for me, plays with my dog etc =) )

if its one you haven't worked with before, go for the shortest contract they will accept, in case they are a lazy broker. not sure what your intentions are with the FSBO, but don't think that you can 'compete' with the agent you signed with..Its pretty much written that if you sell the apartment on your own you still have to pay the broker commission irregardless. There is no free lunch.
0 votes
Egen Warner…, Agent, New Rochelle, NY
Thu May 5, 2011
Hello H4rdw4remtt,

Read your listing agreement and consult with your attorney about termination.

The length of time depends on you on your realtor. The type of property,condtion of proeprty,location and price will determine the length.

FSBO websites from my experience get more hits from other FSBO instead of qualified ready willing and able buyers. However I would discuss listing and using your photos and description with your Realtor. If you plan on listing your place for sale by owner hopefully you will cancel your listing with your Realtor. If not a buyer might consider one of those listing to be a fraud or a scam.

When you hire a Realtor you hire them to be part of your team. Make sure your teammate is fully aware of each play. If your home isnt moving or selling make sure its is price right for the market. It always starts with the price.

Kind regards


Egen Wanrer
Associate Broker
914-424-7231
Web Reference:  Http://GetEgen.com
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu May 5, 2011
In order to best inform yourself, as each agent operates differently, consider interviewing in person a few local agents from different realty companies, then choose the agent you like best and who has the most to offer...listing agreements are negotiable--rather than worrying about advertising as FSBO in addition to listing with an agent, do worry about pricing and review comps--recently sold similar properties in the immediate area; after all market conditions do matter and not what the seller needs or potential buyer can afford to spend.
0 votes
Jenet Levy, Agent, New York, NY
Thu May 5, 2011
H4rdw4remtt,
Listing agreement lengths may vary somewhat, but the most common you will find here in NYC is 6 months. As far as whether your lisint agent needs your permission to list your property on websites such as Trulia, in their listing presentation, they will tell you where the listing goes out to. The major companies such as mine have automatic feeds to the major real estate websites, because the goal is to get you the most exposure possible. That's what gets a home sold. More exposure equals more traffic, equals more offers, higher offers and ultimately the best price for you. As far as whether you can use the photos to simultaneously do a FSBO listing, the answer is that the very high quality professiona photos a major company uses are watermarked with the company's emblem and are property of the company. FSBO, or for sale by owner, is when you list your property on your own without the marketing clout a skills of listing with professionals. Once you sign an exclusive listing agreement, a commission must be paid. You could conceivably advertise your place on a FSBO site, but then direct any inquiries to your agent.

Hope this helps.

Jenet Levy
Halstead Property, LLC
jlevy@halstead.com
212 381-4268
http://jenetlevy.halstead.com
0 votes
Scott Godzyk, Agent, Manchester, NH
Thu May 5, 2011
The average listing agreement is for 3 to 6 months. As far as you selling yourself, you need to see what type of listing you signed and if it allows you to sell your home, is the listing agent due a commission, you should negotiate this before signing. As far as a release from listing, it should be done in writing, most agents will release you, but if you sell it during the listing period they would still be due a commission. The key is negotiate all your concerns BEFORE signing a listing agreement
Web Reference:  http://www.ScottSellsNH.com
0 votes
Sami, , New York, NY
Thu May 5, 2011
Its negotiable, however its unlikely an agent would accept a listing for a short period of time. If you have priced it very aggressively they might accept a 3 month agreement although usually a minimum of 6 months is required to sell an apartment.

You can also discuss any exclusions on where you do and do not want your property listed, however I don't understand why anyone would accept a clause whereby they accept an exclusive listing while allowing you to continue marketing it as FSBO.
0 votes
Christopher…, Agent, Tarrytown, NY
Thu May 5, 2011
Hi, this all depends on the type of listing agreement you have with th agent. The time period is supposed to be mutually agreed upon and depends heavily on the absorbtion rate in your market. Your agent has the right to market your property and if you choose to you will have to direct buyers to your agent, that is if you have an
Web Reference:  http://raveis.com/chrispagli
0 votes
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