A listing agent is the most important player in real estate for property owners looking to sell. They are responsible for marketing the property, submitting purchase offers, and overseeing the transaction from proposal to closing. They receive a commission based on a percentage of the property’s sale price.
In real estate, there are several key players, but for property owners looking to sell their home, business or land, a listing agent is the most important. This person is a real estate agent who enters into a contract with a landlord to represent him in the sale of his property. The agent has several key responsibilities to the owner, which he must fulfill in order to successfully sell the property.
A listing agent can work in commercial or residential real estate or can work in both facets. He is responsible for marketing the property, submitting purchase offers to the owner, and overseeing the transaction from proposal to closing. In residential real estate, this person works for the homeowner, but may also represent a buyer as a double agent.
Unlike a buyer’s agent, who has the responsibility of helping a buyer locate the property and representing only the buyer during a real estate transaction, a listing agent is responsible for marketing a property to the seller and generally Work with prospective buyer’s agents to secure a deal. Like all real estate agents, they must be licensed in the state or province where the property they represent is located.
Among other tasks, a listing agent prepares listing and marketing materials for the property, places the property on a Multiple Listing Service (MLS) for access by other agents, and is responsible for staffing open houses, organizing of private showings and of the presentation and explanation of offers to buy real estate to the seller. The agent will also handle the details of an accepted contract, such as inspections, and assist with closing with the seller.
A listing agent receives a commission based on a percentage of the property’s sale price. The percentage varies from state to state and province to province, but averages about 3.5% of the total sale price. Once a home or property owner enters into a listing agreement with an agent, they are bound to the agreement for a set amount of time. If, after the listing period has expired, the agent has not found a buyer for the property, the property owner is free to enter into another contract with the same or another real estate professional.
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