Reading the Listing Agreement your agent is presenting to you – is just the beginning. But as someone who may not have recently sold a home – you have no idea what to look for or ask.
Here are a few things to HELP YOU make the right decision.
(not just about – Is it the right decision to SELL the house or WHO is the right Realtor to use) but:
What is the difference between an “Agent” and a REALTOR?
What is the Listing Agreement TERM (are you really wanting to give someone 40 years to sell the property??) Yes – I know that sounds EXTREME – but WHO WOULD HAVE THOUGHT that was an actual thing? (Until of course the news made us all aware IT HAPPENED).
Now, we can’t name names – or identify the potential “brokerage / agents” who were involved with this ridiculous listing agreement for 40 years (due to our Real Estate Law and Ethical Code) which seems ironic that we can’t call out something as crazy as this – but THEY can DO IT?!?! (Well, that is still to be decided).
Anyway, here is my go at calling out a few things you SHOULD be aware of from the start:
An agent – MAY or MAY NOT be LICENSED with the State to Sell Real Estate. Ohio REQUIRES a Real Estate License for the activities involved with buying / selling / representing others in real estate and being compensated with payment; including PROPERTY MANAGEMENT (unless it is your own property and transaction). Your first clue – ASK IF THEY ARE A REALTOR and then you can look this up online – free, at https://elicense3.com.ohio.gov/lookup/licenselookup.aspx.
Legally and Ethically – a person cannot use the term REALTOR without being a Realtor, paying those National / State and Local Dues and adhering to the Code of Conduct. Does that mean bad apples slip in or hide from the process? Sure – but at least that is a good place for you to start.
The “Term” of your listing agreement is normally considered to be the amount of time you agree to work with that Realtor / Brokerage in the efforts to sell your property. This could be ONE WEEK (although not normally this short) – to ONE MONTH, or even ONE YEAR – really, it can be ANY length of time that is agreed between the parties; but NEVER HAVE I EVER seen one for multiple years. No one wants to do paperwork needlessly, so making an agreement by the day would be just as unlikely. If the market turnover of listings is less than six months, then agreeing to a Listing Agreement of six months would seem reasonable and customary.
SECOND, you should be given or receive a COPY of anything you sign – at any time. I like to provide a copy in advance, certainly giving you plenty of time to review BEFORE SIGNING, or at any point if you lose your copy, I am happy to provide. If you want to have an attorney REVIEW the Agreements and any Documents PRIOR to the actual Listing of your property – that is certainly YOUR RIGHT.
The next thing to raise alarm – is this part about a LIEN AGAIST THE HOUSE. In no language of our board sanctioned Listing Agreement is there anything that refers to the right of the Broker to hold / take a LIEN against your house! No reason whatsoever for this to be a part of the Listing Agreement, it is not needed in order to SELL the property and YOU should BEWARE of having to give up ANY OF YOUR RIGHTS just to try and Sell the Property. It’s almost as ridiculous as saying you have to give the title to your car just to get it serviced or washed!!
Finally, in this case that has made the news circuit – it sounds like an OFFER was made in advance of the Agreement for a “Payment” to be made to the Seller for the opportunity of the company to get the Listing Agreement. I don’t know about you – but THAT would certainly raise a red flag for me! Offering to PAY someone for the ability to SELL their home maybe be considered an inducement and I would question if that was Ethical, let alone Legal – especially since that is NOT THE NORM in our Industry.
The saying, “If it seems too good to be true – it probably is” rings loud and clear!
“Housewives” from Real Life to Reality – ladies from past decades would be mortified! To think all that “hard work” and physical labors they endured to try and gain the ground for equal rights and the opportunities to be in the workforce, if they chose… all to come down to reality tv shows highlighting the “good life” of the well-to-do “HOUSEWIVES” whether in Atlanta, Beverly Hills or Jersey!!?
Besides being a slap in the face – this also gives a grand illusion to “upscale” a term of being a housewife. First of all, when it was considered the “norm” and a woman stayed home to cook, clean and take care of the kids / household, it was done with a household income (average 1970) of less than $10,000! And these “housewives of…” are showing up in gowns carrying bags that exceed that by no less than 10 times!? Even if you compare to the average of 1980 which basically doubled, $21,000 a year meant the housewife wasn’t going out for lunch and grabbing drinks with her pals to cheers some latest BS in the neighborhood. REALITY TV has really ventured outside of what is REAL for most of us!
Seems to me that the fight for women’s rights has taken huge steps BACKWARDS and the struggles we will face in the future will be just as concerning as those from the decades past.
So while we may have a guilty pleasure of watching the far-fetched series of Housewives in whatever locale seems to be trending, remember how hard women fought to be given their dignity for a term you are now throwing around. A housewife, was and likely remains to be – an integral part of society that should be looked upon as just as important as any other title. They are the boss of a complicated and multi-layered scheduling system (from the kids, school, sports and other activities; to coordinating meals and preferences for all, keeping inventory and budget mindfulness; to all the other daily / weekly / monthly events that need to be facilitated) and they deserve the credit of being considered more than a diva wearing high priced clothing while eating fancy foods and jet-setting around with their pals.
Finding Home is an opportunity to find yourself… You know that feeling you get when you are “HOME” – it is one of comfort, safety and feeling accepted. Sometimes you have this feeling as a child growing up – and sometimes maybe you only have it for a portion of the time. But it is safe to say, that the foundation for the feeling of “HOME” started with your childhood.
NOW, how to recapture that when it is time to make your first home purchase?
Well, it starts with working with someone as a trusted advisor a REALTOR who comes recommended by someone you know and trust or by doing an interview with potential Realtors until you find “the one.” As a new person starting this process, it may feel as daunting as the prospect of finding “THE ONE” of anything else in life… The One – Partner, The One – Career, The One – House, etc. All important decisions certainly; but, just as critical as selecting THE ONE, is KNOWING you have The One – or not being afraid to say, NEXT until you do.
There IS a confirmation you feel, something inside that let’s you KNOW you have made the right choice. Sometimes, I think it comes from the confirmation that the process is EASIER – or at least feels like it is worth the extra effort.
I’ve literally had clients who toured many houses, and for a “feeling” they get, when walking into a particular ONE – they knew it was their place to call HOME. And that is when we kick the process into the next gear!
I am HAPPY to schedule a time to meet with you in person, talk over the phone or via ZOOM – however is best for you to communicate and on a schedule that works for YOU.
If you are not the type of person that “feels” things – an analytical approach to your search may be a better approach. And again, knowing that you have a trusted advisor for the process who is able to assist you with explaining the numbers for the process of your purchase is critical to you understanding what is the right decision for you. It may not just be about the purchase price, it could be the terms of your loan that are most important; it could be the actual out of pocket expenses that lead you to the final decision – and all of these are important components of the process that can be determined, and maybe even negotiated for your benefit.
While we know the beauty that surrounds us is awe inspiring – sometimes, it does take a simple act of nature to REMIND US. Watching the deer run from one side of a road to another is often one of those things…we catch our breath to hope for their safety and feel glee at the heroics of their wild nature. I can tell you that the natural tranquility this home offers is apparent from the moment you enter. As our newest listing – we are full of excitement to share this lovely ranch home and with the full expectation that some “lucky” buyer is going to come in and add their personal touches to bring new life to the home!
What is an Escalation Clause and do I need to OFFER MORE THAN THE LIST PRICE to BUY a HOUSE?
In this busy and somewhat CRAZY Real Estate Market – we are being asked about the MANY WAYS you can write an offer to get the contract accepted…SOME of those ways are better than others – and of course, EVERYTHING IS DEPENDENT UPON THE CLIENT’S NEEDS.
So while we will give you some information here, it is prefaced with the fact that 1) WE ARE NOT LAWYERS AND CANNOT / DO NOT PRACTICE LAW; 2) Every person / property / loan is SPECIFIC to the transaction; and 3) General information is provided as a basis so that you have an abundance of details to make the decision BEST FOR YOU.
While it is certainly an UNPRECEDENTED TIME in REAL ESTATE, we have tried to prepare a range of those possible scenarios for Buyers and Sellers to understand a bit more of what is going on… READ our Form to learn MORE: Unprecedented Offer Scenarios
Watch this YouTube video for more information from Tammy. Escalation Clauses
We knew the market was HOT and we knew that a lot of interest would be sparked just with going live with the listing. But then we heard from potential buyers, “your description captivated our ideas and we had to get in for a look!” and others who said our photography was TOP NOTCH and allowed for people to feel the vibe of the listing. All the reasons why a Realtor’s job is more than paperwork and certainly more than running peeps from one house to another – but it is our Marketing Skills that can truly set us apart.
We are always excited when a past client comes back and asks for our help with buyer / selling… in this case, our clients had bought a few years back and now are hoping to be able to sell. WITH A VIEW LIKE THIS – OF COURSE IT WAS GOING TO SELL!?
The great thing is – we get to tell a bit of the story of each home, of the neighborhoods and to help draw the picture as it were for any potential client that might want what has been described. A picture is worth a thousand words – so they say; however, in the age of digital / video – a whole story can be crafted and shared!
NOW – add the 3D Virtual Tour aspect to the possibilities – and EVERYONE can feel if the home is a great fit for them without even walking thru or leaving their home / phone!! Click on button:
While the Holidays are referred to as “Tis the Season” we like to take opportunities through-out the year to be actively involved in our communities and those local charities to show our Support.
Helping our Client’s to achieve their Real Estate Dreams / Needs is something we do EVERY DAY / EVERY WEEK / EVERY MONTH of EVERY YEAR and with that wonderful opportunity to serve, we would are able to “Give Back” in other ways as well.
Socks Collected as part of Women’s Council of Realtors DAYTON December event…
We have other organizations that we partner with to ensure the spread of good cheer (and monetary / item donations) can be optimized for our LOCAL areas.
If you are a client (past, present or future) and want to make sure that a charity close to YOUR HEART is also represented, make sure to mention the cause to us. We are happy and honored to be able to share.
This time of year always seems to make people think about home repairs and “What do I need to do before winter”… that being said, one of the local home inspection companies has a comprehensive library they would like to share. https://daytonhomeinspection.net/Home-Maintenance We are certain you can find ideas and reference check-lists that help make it thru your fall preparations.
One of the coolest neighborhoods to the North of Dayton is Butler Township… and what a growing yet stable area it has become! You probably are familiar with Miller Lane and all the wonderful restaurant choices, shopping and just ease of convenience for commute from that area; as one of the main hub areas for Butler Township it is the most well-known. But, if you are looking for a little part adventure – Van Atta Park is a wonderful place to “socially distance” and / or just relax and enjoy nature.
We are super happy to be able to share a bit more of this community as we spotlight our newest listing at 1989 Fountain View Drive…if you are looking for a RANCH with even more extra space with a finished basement – don’t miss this one!
Getting the information you need PRIOR to starting the purchase process can help to ensure you know what to expect along the way! Tammy offered a valuable webinar to walk thru the process and this recorded video shares that 30 minute discussion. If you would like more information or have questions specific to your needs, feel free to reach out to us to set a time to meet (in person on virtually online).
The real estate brokerage with a heart! Helping you as buyers and sellers in today's real estate market. RH2L is "Real Homes To Love" and your choice for professional real estate services in today's market! Office hours by appointment.
