A Word About Listing Agreements in NYC

If you're looking to sell your NYC property anytime soon, it matters a whole lot to get a real estate professional who knows their way around the market.?

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But before you get your realtor to do their thing, you will have to review the terms in your listing agreement.

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Such a document is essential to making sure you hit your goals, whether it's getting your home sold within weeks of listing or securing the sale within your asking price.?

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What is a Listing Agreement??

When you get an agent to help you sell your NYC property, there are duties and responsibilities that you and your agent will act on before, during, and after the sale of the property.?

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Since you're entrusting your home to a realtor, the listing agreement allows them to make good on their job of selling the property. Typically, it highlights what marketing strategies the realtor can employ as well as the commission they will receive at closing.

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The terms in the agreement will also protect your interests, specifically by securing the information you share with the realtor.

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With this in mind, a listing agreement is not just any piece of paper. It's a crucial part of the process to sell your property without running into legal backlashes.

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To make the best out of selling your property, make sure you negotiate terms with your realtor. Allow me to give you a few tidbits.

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How to Negotiate Your Listing Agreement?

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1. Learn if it's an exclusive contract. Some realtors will offer an exclusive agreement that allows them to collect a commission regardless of who finds the buyer. In a co-exclusive agreement, you are allowed to get another broker (or co-broker).?

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The main difference is that under an exclusive contract, only one realtor is authorized to sell the property.?

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On the other hand, a co-exclusive agreement allows two realtors to work together in finding buyers, often through their own networks. Whichever the case, consider how fast you would like your home to sell.?

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2. Set a workable duration: In New York City, most real estate agents work under a six-month term to give themselves ample time to promote the property.?

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A longer duration is possible if you're not in a hurry to sell your home, but this could mean staying with a realtor who uses ineffective marketing strategies that can affect your property's reputation.?

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Opting for a shorter listing agreement is better only if you're sure the property will sell on schedule. Even if the property gains attention, you will find yourself renegotiating the price more frequently just so it sells on time.

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3. Talk about commissions: Incentivizing your realtor is crucial as it motivates them to do the necessary work of selling your property. In the Big Apple, agents receive a commission of no less than 5% of a property's sale price.?

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This amount will be divided between your realtor and the buyer's agent. When discussing the commission, go for a win-win rate that motivates your realtor and the buyer's realtor because they are less likely to cooperate when their share falls below 2.5%.?

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Selling your home isn't a straightforward process and that also goes for negotiating the listing agreement with a real estate professional.

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But no matter the terms you lay down in the agreement, the likelihood of selling your home depends entirely on the experience and skills of the real estate professional you hired.

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If you're looking for one to help you sell your NYC property, I'm up for the job! Call me at?917-627-5677?or send an email to?[email protected]?so we can talk about your real estate goals this year and the next!

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Talk soon,

Eli