We will use market research along with our knowledge and expertise to assist you in setting the best possible listing price for your home. However, it is important to keep in mind that the price that you set must be attractive to potential purchasers under the current market conditions.
Before finalizing the listing price, you may wish to ask us to prepare an estimate of the net cash proceeds you will receive on completion of the sale, based on the suggested listing price and the financing arrangements currently in place.
After a listing price has been established, you will be asked to sign a LISTING AGREEMENT.
Types of Listing Agreements:
In British Columbia, the two most common types of listing agreements are:
- the exclusive listing
- the Multiple Listing Service (MLS)®
Each type of listing lasts only for the time period that is specified in the agreement.
An Exclusive Listing gives the listing agent the sole right to sell the property. This means that even if you sell the property to a prospect of your own during the term of the listing, you must pay the agreed commission to the listing agent, unless that prospect was specifically excluded on the listing agreement.
The listing agent may agree, at his or her option, to share the commission with any other real estate licensee who is able to find a buyer for your property. The other licensee will be referred to as the selling agent.
You should also be aware that even after the exclusive listing expires; you may be obligated to pay the listing agent a commission if you sell your property to a person who purchases because of the agents actions during the time of the listing.
A Multiple Listing differs from an Exclusive Listing only in that the listing agent agrees to register your home in a Multiple Listing Service (MLS®) so that its availability is made known to all real estate licensees who are members of our Victoria Real Estate Board.
In this case, the listing agent agrees to share a specified amount of the commission with any other member of the real estate board who is able to find a buyer for your property.
The Properties in Victoria Professionals™ Team would like to discuss your objectives with you, personally, before you decide which type of Listing Agreement is best suited to your needs.
Terms of the Listing Agreement:
The Listing Agreement legally defines your arrangement with us, setting out, at minimum:
- the price and terms at which you are willing to sell your home
- the existing financing arrangements and whether this financing can be assumed by a new owner
- a list of items attached to the building (normally called fixtures) which are or are NOT to be included in the sale.
- the date on which you can give possession of the home to a new owner
- the commission payable to the agent on the completed sale of your home
- the time period for which the agreement will be in effect, ending on a specific calendar date
This information is provided by the Real Estate Council of British Columbia for the information and benefit of consumers.