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Key Points of Listing
General Use
A Listing Agreement (Seller Representation Agreement Authority to Offer for Sale) is a contract between a Seller and a real estate company that gives the real estate company permission to act on the Seller’s behalf when they offer their home for sale in the open market. A written agreement is necessary in order to secure commission and to ensure compliance with the REBBA Code of Ethics.
There is a section of the Agreement that identifies the parties involved and specifies the time period for the contract. If the time period is greater than six months, then the Real Estate and Business Brokers Act and the Real Estate Council of Ontario require that the Seller(s) initial in the oval beside the bracket.
List Price
I will complete an in-depth evaluation, including statistics specific to your home and neighborhood, which will also include identifying the number of buyers who could potentially be in the marketplace to buy your home over the proposed listing period to work out a proper list price and strategy with you.
Commission
An important section of the Agreement as it sets out fees that will be paid to the real estate company. It also authorizes the real estate company to cooperate with any other real estate companies in order to sell the property. This section details how the commission paid to the Listing real estate company will be shared with the cooperating real estate company. In addition, there is a period after the expiry of the Agreement where the real estate company would be entitled to a commission if the Buyer was introduced to or shown the property during the contract period. This is the “holdover period”.
The Family Law Act
The Seller is warranting that if spousal consent is necessary, then the spouse has signed this agreement.
Leases/Rental Equipment
In addition to the rental items that homeowners are well aware of most of the time, there may be other items in the home that are mistaken for a rental or owned items but are actually rent-to-own or financing items. It is important for the Seller to find out the ownership of all equipment in their home before selling.
Seller's Direction
Before listing a home, the Seller and the Seller's agent need to work out a direction for reviewing offers, which is usually closely related to the current market conditions and sales strategy.
Exclusive vs MLS
Before the MLS Listing Period, Two Weeks of Prep Work is Needed to Create Pent-Up Demand and the WOW Factor!
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Week 1: CREATING PENT-UP DEMAND
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Install the “Coming Soon” (to Realtor.ca) sign
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Stager to visit the home & make recommendations for enhancements
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Seller prepares home
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Email blast to trading area agents that the home is coming soon to the market
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Coming soon on all digital platforms - email, website, social media, etc.
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Print & mail power cards to the neighbourhood
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Schedule Agent/Neighbour/Public Open Houses
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Week 2: CREATING THE WOW FACTOR
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Professional photographer to take artful interior & exterior photos / live video tour or virtual 360 tour / Matterport
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Add to Lei Guo’s personal YouTube channel
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Create & develop a presentation brochure
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Deliver private viewing invitations on customized listing brochures/sheets to neighbours
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Add info to MLS & save it as an incomplete file until the launch date
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