Listing your property exclusively with an agency is comparable to an open listing. The only main disparity is the broker will denote the seller. The seller may still reserve the right to sell the property himself and, in that case, not pay a commission. The broker is free to share the exclusive listing with colleagues. They can also collaborate with another brokerage, which means the additional brokerage could bring a qualified buyer whose offer the seller receives. The seller breaks the listing commission between the broker who brings the buyers and the selling broker, stereotypically. The seller broker pays both sides of the commission.
Let the Professionals Take Over
An owner usually agrees to set their property as an exclusive listing with an agency more so in a form of compromising. Selling a place by themselves with no contacts in the area or not knowing the legal system can make things difficult. Especially in a foreign country. Sale by Owner is great if you know potential people who might be interested rather than going in blindly. Unfortunately, a lot of people just end up waiting to try and sell it on their own. After months they get in contact with an agency because they know the risk is lower.
According to a survey done by the National Association of Realtors, the success rate of selling real estate by owner is under 25%. Again, this is where people need to let the professionals do their job. They are in this business for a reason and they have the necessary experience and skills needed to create an exclusive listing and find the right candidates to go through. It’s not uncommon to sign an agreement saying you agree to work only with a certain agency. This means you cannot take your property to any other agencies or brokers.
Signed Agreements for the Exclusive Listing
While it may seem extreme, doing this protects everyone and gives the agent some clarity when they are putting time and effort into finding the right buyer for you. There are some agreements where the seller tries to sell their property and has a timeframe of 30 days. If they have not sold the exclusive listing by then, it gets turned over exclusively to the agency. It is then in their control to sell it. Both parites should have an agreement put into place beforehand to secure everyone involved.
Working exclusively with an agency allows them to find more qualified clients and sell your property faster. It also means you will be working with professionals who have your best interest at heart and will be working nonstop to make your sale fast and smooth.
And remember, at Top Mexico Real Estate…we make it happen!
