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Asked by robertelektronik, Sylmar, CA Thu Mar 7, 2013

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Answers

9
Shanna Rogers, Agent, Murrieta, CA
Thu Mar 7, 2013
Hi robertelektronik,

An Exclusive Listing means the Realtor will receive commission if the property is sold, no matter who brings the buyer (even if you find the buyer the Realtor would be paid the commission).

It sounds as if your Realtor is going to omit your property from the MLS (meaning the public and Realtors not working for his Brokerage will not be able to see that it's for sale) for 45 days and promote it within their Brokerage only. If it sells that way, you will only be liable for commission of 2.5% of the purchase price. If your Realtor cannot get the house sold in that 45 days of not being on the MLS, your Realtor will then put it on the MLS so everyone can see it's for sale and raise the commission to 4.5% of the purchase price.

It's up to you to decide if that is in your best interests. How fast do you want to get the house sold? (If it's in the MLS, it gains more exposure). How important is the savings on commission of the 1% of purchase price?

Whatever you decide to do, make sure the paperwork you sign is VERY clear in the wording and you completely understand what you are signing so you don't have any surprises when you close the deal.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
2 votes
Scott Postle…, Agent, Los Angeles, CA
Thu Mar 7, 2013
Exclusive listing means that during the agreed upon days only he can collect any commission made from that transaction. Once the agreed upon days are over you can either sign another exclusive agreement with him or move on to another agent.

If you are looking to get your house sold fast then his offer to you would not be the best choice. Putting it on the MLS and getting a lot of exposure gets the home sold faster.

If you are not in a rush to sell then it could be a benefit to you since you would be paying less commission.

If you have any other questions of concerns feel free to give me a call or email me directly.

Scottsocalrealtor@gmail.com
0 votes
James Sanchez, Agent, Burbank, CA
Thu Mar 7, 2013
Sounds like to me, you may not get the highest and best offer for selling your house. For some reason, I can't see 5 agents from the same office over bidding each other.

The commission is funny... trying to sell it in the office?? Or trying to sell it him representing both buyer and seller?? If an agent from within the office writes an offer, I am sure they are going to want to get paid a commission. Maybe they will accept half of the 3.5% but I doubt it. 45 days is a long time for him to find a buyer.

Exclusive listing. . Only he can collect a commission from the sale.

Good luck..... don't know what else to tell you but Good luck.

James
0 votes
Dan Tabit, Agent, Issaquah, WA
Thu Mar 7, 2013
Robert,
I'm glad Shanna explained the term for your area. Please confirm this is what the agent intended and reconsider. Having your home listed to a limited audience will bring limited showings and limited offers. If only 10% of the buying public can see it, you are missing the 90% that may be willing to pay more.
I don't see how this benefits you in the long run. What you may save on commission you lose on the chance for exposure and competition. If I worked in that office and had a buyer, I'd know my negotiating position was stronger than if it was on the general MLS.
Good luck however you proceed.
0 votes
Cindy Davis, Agent, San Diego, CA
Thu Mar 7, 2013
It actually sounds fine to me and very above board. An exclusive listing is the type most Realtors use..it just means that while your home is listed with that brokerage, no other broker can claim the listing. It's kind of like going steady for a limited time.

What you are sharing is normal and just fine...relax!

I agree with the others that you should have asked these questions to your agent!!!
0 votes
Sona Gallatin, Agent, Santa Clarita, CA
Thu Mar 7, 2013
Shanna detailed the answer best here, and I gave her a thumbs up so I don't want to just repeat here. But by the way, why didn't you ask your agent to explain it to you ? Your trying to save so little and giving in to office greed, I'd encourage you to out it on the MLS for all to see, you may get more for your property with more interest.
0 votes
Sara Mehrpou…, Agent, Los Angeles, CA
Thu Mar 7, 2013
Hi

By exclusive listing for 3.5%, she means that she will try to sell the property by herself (without a buyer's agent) and only charge the 3.5% commission. So, a buyer with their own agent would not be able to purchase during that time. If it doesn't sell that way, then she will put the listing on the MLS for the public & agents can show and sell to their clients.

Please let me know if you would like another opinion on the sale of your property.

Sara Mehrpouyan CDPE
Rodeo Realty
Direct 818-903-2040
Dre License #01712757

Get a Current Estimate of Market Value for your Property Here: http://www.getlosangeleshomevalue.com/
0 votes
Shanna Rogers, Agent, Murrieta, CA
Thu Mar 7, 2013
Hi Robertelektronik,

Sorry, in my response below, the 2.5% should be 3.5%.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes
Ron Thomas, Agent, Fresno, CA
Thu Mar 7, 2013
You mean that he didn't explain it to you, yet he expects you to agree?
Bad form.

They are going to try to LIST and SELL all within the OFFICE;
They will only charge you 3.5% total.
It will not be listed on MLS for other Agents to sell.
0 votes
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