The process of entering into a contract with a real estate agent or real estate portal to sell your property exclusively is called exclusive listing. You cannot list your property elsewhere. The duration is normally 3 months or more. The agent has to sell your property within the 3 months at the price mentioned by agreed by both of you. This is basically hiring an agent/website for selling your house and they will be compensated in the form of commission once the sale is achieved. Now let us look at various benefits of this exclusive listing.
1. As the property owner, you are completely free from all responsibilities. It becomes the duty of the agent to handle all calls and visits regarding the sale. You can give him a call periodically and get updates. You don’t need to focus on the sale on daily basis.
2. You just need to communicate only with this single agent and the communication is simple and straightforward. Generally, you will list the property on many websites and get calls from different potential buyers and also brokers. It becomes a hectic process to handle all those calls. If you opt for exclusive listing, then you need not worry about the communication.
3. There won’t be any confusion about the property price in the market as this is handled by just one agent. Usually, when a property is handled by many agents, each agent quotes a different price causing the valuation to increase which leads to a delay. With a single agent, it becomes transparent and fast.
4. As an agent, you can focus all your time and effort on this property with a great amount of confidence. As you are the only agent, the commission is guaranteed at the end of the contract when the property is sold. If it’s not an exclusive listing, then there is a high chance that you bring in 10 potential buyers but it is being sold to a different person and all your efforts go unpaid. During the complete contract, the agent becomes the face of the property and can gain a good amount of recognition and contacts.
5. An exclusive listing is a win-win situation for all.
- Seller gets the best price for the property
- Seller has got no work to do
- Agent gets the commission for sure when the property is sold
- Buyer is happy as there is transparency in the pricing
- All the 3 parties are happy as the transaction happens faster without delay.
- The agent becomes the face of the property and get good exposure in the industry.
Listed above are the 5 most important benefits of exclusive listing. If at the end of the contract, the property is yet to be sold, the seller can extend the contract with the agent on his own will. If the seller feels that the agent is not performing well, the contract will be automatically terminated at the end of the duration. You can read more exclusive listing in Directowners.