Looking to sell your house? Check the fine print before signing with a real estate agent
20-Sep-2024Marketing Efforts: Check what marketing efforts the agent will make to sell your home.
Selling your home is a big financial decision, and hiring a real estate agent is often the first step in the process. But before you sign that contract, it’s essential to read the fine print carefully to avoid unexpected surprises. Here are key points to keep in mind:
Commission Structure: Understand how much the agent will earn from the sale, typically 5-6% of the selling price. Make sure you know if this includes both the buyer’s and seller’s agent fees.
Exclusive vs. Non-Exclusive Agreement: Some contracts lock you into working with just one agent for a certain period, usually 3-6 months. Be sure you're comfortable with the agent's abilities before committing.
Duration of the Agreement: Contracts often specify how long you'll work with the agent. If your home doesn’t sell in that time, you're free to hire someone else—unless the contract automatically renews, which can sometimes be the case. Be clear about the terms.
Cancellation Policy: Ensure the contract has an exit clause in case you want to back out for any reason. Some agreements might impose penalties or require you to pay the agent if you terminate the contract early.
Marketing Efforts: Check what marketing efforts the agent will make to sell your home. Are professional photos, open houses, and online listings included? A vague marketing plan might hinder the sale.
Reading the fine print is crucial in protecting your interests when selling your house. Take the time to review every clause and don’t hesitate to ask your agent for clarification or seek legal advice if necessary. This could save you time, money, and unnecessary stress down the road.
