Here are some things to know when choosing a listing agent… you’ll want to find one who has a strong knowledge of your specific housing market. Ask friends and family for recommendations if you’re unsure of where to start.
A listing agent is in charge of the following tasks:
- Listing the home on listing services
- Negotiating with potential buyers about prices, contingencies, and conditions
- Scheduling, promoting, and managing home showings
- Pricing the home
- Advertising the home
- Assisting with closing paperwork
But house hunters, listen up! Because listing agents are sometimes referred to as a “seller’s agent,” it’s super easy to confuse that role with one of a “selling agent.” Despite the similar names, these two roles are very different. We’ll break these differences down shortly.
Naysha, how is a listing agent compensated?
Technically, the home seller pays the listing agent’s brokerage. Generally when you work with a listing agent, you need to sign an exclusive selling agreement to only work with that specific listing agent to sell your home. This arrangement ensures that the listing agent gets a commission on behalf of their brokerage when you close on the sale.
The brokerage then shares the commission with the listing agent. You can enter into what is called an “open listing” with this listing agent, where you’re allowed to list your home with multiple real estate agents, but this arrangement doesn’t occur often.
In some cases, a listing agent will accept a flat fee to put your home for sale into the listing services, but not take on the rest of the responsibilities associated with selling a home. This is also a less common arrangement.