A listing contract is an arrangement between you and a licensed real estate broker that gives power to the broker to speak for you when selling your home. There are many different types of listing contracts, but only a few of them are utilized. The usual one used is the exclusive right to sell.
But will find that there are a lot more types, letting you pick the level of authorization to give to your agent. Here are some of them:
This is the one most typically utilized, this type of contract is for those who are want to both sell their home and partner with a real estate agent. What the contract does is give the right for agents to do showings of your home, and offers them a commission if the client decides to buy your house. The good thing about an open listing is that there isn’t anything exclusive or bonding about them. The bad thing is that you will get less marketing or advertising done.
This type of listing contract is just about the same as an open listing. It’s typically used by folks trying to sell their own home and including an agent for the home showings. The listing contract pinpoints the potential buyer and gives the agent a commission if that buyer buys the home. Just like open listings, this type lacks any serious marketing efforts.
Exclusive Right to Sell Listing
The most common type of listing with those selling their homes and real estate agents, this contract provides full right to your broker to do whatever needs to be done to sell your house. For apparent reasons, this is most likely the type of contract where you get the most incentive from the agent; a good marketing effort takes place here and the homeowners’ tasks are greatly reduced.