When you choose a REALTOR, you will sign a listing agreement. This is a
legal contract that gives your REALTOR the right to act as your exclusive
agent in the sale of your house for a specified period.
The listing agreement spells out exactly what your REALTOR will do on your
behalf and he or she will take all the time necessary to explain it to you.
The agreement will also specify the amount of professional fees to be paid
to your REALTOR from the sale of your home. Usually fees are set as a
percentage of the selling price of your home.
Most of the actual work done to accomplish the sale is carried out by real
estate professionals operating in a broker's name and for whose actions the
broker is legally responsible.
Depending on your circumstances, and on the prevailing market, your REALTOR
will develop a marketing plan that may include:
An Open House: There are two kinds of Open House: one is solely for
REALTORS, so they can assess your home against the needs of their clients;
and the second is an advertised Open House for all potential buyers. In
either case, your REALTOR takes care of all the details and acts on your
behalf at your home while you spend the Open House hours elsewhere.
Advertising: Effective newspaper advertising, tailored to your home and
local market, can be placed for you by your REALTOR. Lawn signs and direct
mail flyers featuring your home are other forms of advertising frequently
used by REALTORS.
Listing Choices: Your REALTOR may recommend an exclusive listing-which gives
sole authority to offer your property for sale for a specified time-or a
multiple listing via the Multiple Listing Service (MLS)-which provides
access to a much broader base of potential buyers. MLS can be a valuable
sales tool when you are anxious to sell your house quickly because your
property gets greater exposure. Through MLS, the details of your property
are made available to a whole network of local real estate professionals who
will seek to match your property with a potential buyer.
Only a REALTOR can offer you MLS services. Brokers who are not members of
your local real estate board and the Ontario Real Estate Association cannot
list on MLS.
* The above prepared by the Ontario Real Estate Association.
