You are in the process of selling your home, have hired your Los Angeles Realtor®, and you have signed the listing agreement.
What does the listing agreement cover?
The listing agreement is general an Exclusive Right to Sell agreement which states that you are authorizing the agent to handle the sale of your home, and during the listing period, generally six months, the agent is entitled to the full agreed upon commission. How the commission is split between listing agent and buyer’s agent is specified in the contract. It is usually a 50/50 split. Should by chance you find a buyer on your own, the agent is still entitled to that commission. You are entitled to add names to the contract of people who you have previously had discussions with about purchasing your home. If any of those people end up buying then the agent will not receive compensation.
If you have previously had your home on the market with another agent and you canceled the listing, or it expired, then they will probably provide you with a list of names to add to the list of exclusions. For these people there is usually a time period during which those prospective buyers would need to act.
Now you have to plan to put your home on the market.
- Pricing. You will sit down with your Realtor®, and decide on the right list price. Your Realtor® will have provided you with sales comparables – similar homes in the area which have sold. You may want to look at how the home was originally priced. Maybe they priced it too high at the beginning, the home sat on the market for a while, and the seller ended up getting less than asking. Maybe the home was well-priced and it sold quickly at asking or above. Pricing your home correctly is the key to a quick and successful sale.
- Condition. Should you make any upgrades? Probably not. Some upgrades put in you just may get back, but a buyer may not like your taste. You should consider painting, cleaning or replacing carpets and/or tile, removing clutter, whatever it takes to give your home a fresh, clean look. If you are selling a house, consider your landscaping. Put yourself in a buyer’s shoes. The first impression is often the only impression a buyer will get of your home. Make it the best one.
- If you are a resident seller, establish a showing/open house schedule with your Realtor®. The easier the home can be shown the quicker it will sell. It is not a good idea for the seller to be present when buyers come through the home, so be prepared for some disruption.
- Get ready to disclose. Anything you know about the property you will need to disclose. Is there a leak? Was there a leak recently? Does the roof need some repair? Does the garage door not close properly? Are the neighbors noisy? If in doubt disclose, disclose, disclose.
The house is now ready for its close-up. Sit back and wait for the offers.
Selling a Home in Los Angeles: The Series:
Step 1: Hire a Los Angeles Realtor®
Step 2: Get ready to list
Step 3: Handle the offer(s)
Step 4: The escrow process
Step 5: Prepare to move
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