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wiltok
12-03-2006, 08:31 PM
What is the usual term for an "exclusive marketing agreement" with a broker to sell my property? The one I was given listed a 1 year term - he crossed it off and changed it to 6 months (after I questioned it). Still seems a little long - wondering what everyone else has agreed to. Thanks!!

-Keith

6ballsisall
12-03-2006, 08:33 PM
Varies by market to market but 6 months is very common. I signed a 4 month one on my house which is currently listed.

Chief
12-03-2006, 09:18 PM
What is the usual term for an "exclusive marketing agreement" with a broker to sell my property? The one I was given listed a 1 year term - he crossed it off and changed it to 6 months (after I questioned it). Still seems a little long - wondering what everyone else has agreed to. Thanks!!

-Keith

Good eye, also hope you looked at there comission percentage. I almost got ganked for an extra .5% above the normal until I question it.

Dan K
12-03-2006, 10:26 PM
I always push for 90 days or less. Show me what your gonna do for me in 90 days or less, if we need more time to market the house I'll renew if your doing the job. If not your history.

Workin' 4 Toys
12-03-2006, 10:28 PM
Varies by market to market but 6 months is very common. I signed a 4 month one on my house which is currently listed.
That's not long enough.....8p


3 months is average 'round here.

Leroy
12-04-2006, 12:56 AM
Should have some relationship to the avg length of time on market in your neighborhood. If avg time to sell is 6 months the contract is ok. Normally 90 days is more typical around here.

Farmer Ted
12-04-2006, 07:24 AM
That's not long enough.....8p


3 months is average 'round here.


we had 6 months on our contract, but our house sold in 3 days:banana: :woohoo: :banana:

Ric
12-04-2006, 09:38 AM
I have a 90 day agreement with a listing agent right now (pretty common here)

trickskier
12-04-2006, 09:44 AM
What is the usual term for an "exclusive marketing agreement" with a broker to sell my property? The one I was given listed a 1 year term - he crossed it off and changed it to 6 months (after I questioned it). Still seems a little long - wondering what everyone else has agreed to. Thanks!!

-Keith

Exclusive Marketing Agreement means that the listing agent will get a commision on the sale no matter who sales the property.

Maristar210
12-04-2006, 12:19 PM
Exclusive Marketing Agreement means that the listing agent will get a commision on the sale no matter who sells the property.


Avg is 180 days in Michigan..........

Sodar
12-04-2006, 12:32 PM
In the past, realtors were allowing 30 days, because the market was so hot, the property was usually gone in less the 3 days!! Seems the average is 90 days, but if I were to put my home up for sale tomorrow I would fight for a 30 day term. I feel that in 30 days, they have sufficient time to show the house, produce prospective buyers and advertise in respectable manners... If these three criterias are met, and the house still does not sell, then I would extend the contract, but if there is no progress made in 30 days then on to the next!

BrianM
12-04-2006, 12:33 PM
As stated above it really depends on the market you are in and what normal marketing time is for comparable homes. Around here 6 months is pretty much the norm. As a broker myself in say a market where houses generally take 90-180 days to sell there is almost no way I would take a listing for less than 6 months. A lot of work and expense goes into the initial marketing of the property and in that kind of market which is fairly 'typical' there has to be some security that the initial investment is going to pay off. That being said if a client came to me in 60 days and said they were not happy with my services then we would try to recify that or I would simply let them out of the contract. I have never had anyone ask that of me and there are only a few circumstances that I would truely try and hold the clients feet to the fire.

On another note I hope you interviewed a few agents before picking this one. So many people pretty much just pick a name out of a hat. An agent with good references from people you trust along with a good understanding of how they operate is a must. If you have all of that (and their detailed marketing plan) there should be no issue with the length of the agreement.

Ric
12-04-2006, 01:21 PM
whew ya, I "fired" two different agents on a listing about 13 years ago
the empty nester I fired first was inept and typical of my area
(I did not do what BrianM said, rather I was green and simply called the local agency and sat down with who they sent me :embarrassed: )

she told me "I have never been fired before" (she was a good 60yrs old) I said, "well that is ashame"
Broker let me out of the listing (I think broker and I both knew this lady was useless)

Fired another one who came in as a hotshot ("my porsche is in the garage so folks dont think I am making too much".. ya one of those types...)
He couldn't have cared less, let me out of the listing and went on to make a killing on many more quick turn deals...