Once you have chosen a real estate agent and salesperson to work with they will list and market your home for you. This may include using listing services, traditional media, for sale signs, networking with other agents and salespeople, holding an open house, or showing your home to potential buyers.
Before listing your home, you and your agent and salesperson will sign a Listing Agreement. This is a contract between you and your agent and salesperson. It gives the agent and salesperson permission to list your home, outlines your obligations as a seller, and outlines the agent and salesperson’s duties, commission fees and deadline for selling your home. The agreement will also tell you whether the listing is a Multiple Listing or an Exclusive Listing. Your agent is required to provide you with a copy of this Listing Agreement. Always keep a copy of the agreement in case of a dispute.
Before signing any agreement or contract, it is important to read the document and ask questions to clarify anything you do not understand. Make sure you know your rights, responsibilities and obligations.
Your agent and salesperson may list your property on a Multiple Listing Service (MLS® Systems). MLS® Systems is an online database of properties for sale that is only available to salespeople who are members of the Canadian Real Estate Association (CREA) (REALTORS®). This information is available to anyone looking to buy a home. As a result, when a REALTOR® lists your home, REALTORS® from other companies learn about your home and try to match it with the buyers they are working with. If an agent other than yours finds a buyer they will usually split the commission with your agent.
Your agent and salesperson may market your home without posting it on MLS® Systems. This means any prospective buyers will be referred directly through your salesperson or agent. An exclusive listing may give you an added level of privacy when selling your home. But it also means your listing will be visible to fewer buyers. Before agreeing to an exclusive listing, ask your salesperson their experience and success rates with this type of listing, and how they plan to market your home for you.