A listing agent is the most important player in real estate for homeowners looking to sell their property. They are responsible for marketing the property, presenting offers, and overseeing the transaction from proposal to closing. They are paid a fee based on a percentage of the property’s sales price.
In real estate, there are several key players, but for homeowners looking to sell their home, business or land, a listing agent is the most important. This person is a real estate agent who hires a landlord to represent him in the sale of his property. The agent has several important responsibilities to the landlord that he or she must fulfill in order to sell the property successfully.
A listing agent can work on commercial or residential real estate or on both facets. He or she is responsible for marketing the property, presenting purchase offers to the owner and overseeing the transaction from proposal to closing. In residential real estate, this person works for the landlord, but may also represent a buyer as a double agent.
Unlike a buyer’s agent, who has the responsibility of helping a buyer locate a 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 works with agents of the potential buyer to secure a deal. Like all real estate agents, he or she must be licensed in the state or province where the property they represent is located.
Among other tasks, a listing agent prepares the listing and marketing material for the property, places the property on an MLS (Multiple Listing Service) for access by other agents, and is responsible for administering open houses, arranging private showings, and presenting and explain offers to buy real estate to the seller. The agent will also attend to details of an accepted contract, such as inspections, and attend closing with the seller.
A listing agent is paid a fee based on a percentage of the property’s sales price. The percentage varies from state to state and province to province, but averages about 3.5% of the total selling price. Once a home or property owner enters into a listing agreement with an agent, he or she is bound by the agreement for a specified period. If, after the end of the listing period, the agent does not find a buyer for the property, the owner is free to enter into another contract with the same or another real estate professional.
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