1. The Listing Agreement
The listing agreement is a binding legal contract, and as such should be read and understood carefully. The Garner Group and other Central Oregon Realtors® use standard forms for this purpose. Your agent will go over them carefully with you as there are many places to sign and initial.Here are some basic items to consider:
Length of the agreement. Set an expiration date that is realistic. The Garner Group has access to absorption rate statistics that document how long properties at various price points remain on the market before they are sold. These charts are updated regularly and provide the best indication of current market conditions. You want to keep your listing active long enough to get it sold. You can extend the listing if the expiration date is imminent.
Disclosures. Some brokers represent buyers, some represent sellers and some represent both. Oregon real estate law allows a broker to handle both sides of a transaction but the arrangement must be spelled out in advance and agreed to in writing. Details are contained in an Initial Agency Disclosure Pamphlet published by the state of Oregon that must be read by every prospective client. Click here to download a copy.
When you list your property with an agent of The Garner Group, all brokers on staff will be representing your interests. Buyers are represented by specific agents on an individual basis. This is all spelled out in the listing agreement and disclosure documents. With several brokers actively involved in listing and selling property, The Garner Group has these bases covered and can assure you of adherence to the highest legal, professional and ethical standards.
Commission. Residential transactions in Central Oregon normally carry a commission of 6%, divided equally between the selling agent’s company and to the buying agent’s company. These shares are then divided between companies and their individual agents to cover overhead expenses and compensate the agents. Commission income pays for everything from newspaper advertising and the office rent and utility bills to gasoline the agent burns showing the property. Some real estate agents will cut commissions to attract listings. This is unsound practice and should remind one of the admonition about getting what you pay for.
Multiple Listing Service. A listing agreement typically authorizes your agent to post your home on the MLS on-line database. This detailed listing exposes your property to all Realtors® in Central Oregon and includes showing details such as advance notice requirements. A searchable database on the MLS public web site provides a condensed version with basic information, without the property address to ensure privacy.
Lockboxes. Your Realtor® will offer to place a lockbox on your home, containing a key that can be retrieved by other MLS member Realtors®. In Central Oregon, lockboxes are opened by a coded electronic signal that changes frequently. In addition to safeguarding a key, today’s lockboxes store and generate information about when and by whom your home was shown. Your Garner Group agent will share this with you. Authorize a lockbox to maximize your home’s availability unless you have serious privacy concerns. If that is the case, specify that your own agent must be present when another Realtor® shows the home.
Go to next page: Setting the Price.
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