By Kay Wilson-Bolton
President, Ventura County Coastal Assn of REALTORS®
April 9, 2000
Published in the Ventura County Star.
Every business has its language—and REALTORS® are no exception. We say FHA and CMA. We say CRV and HOT sheet. We say caravan, MLS, virtual tour, Section I and Section II, along with Home Warranty, pending and walkthrough. We say appraisal, market analysis, opinion of value and BPO.
Another word that has an oblique meaning is “listing”. REALTORS® love to say, “Let me list your property.” What does that mean when it comes to the rights and the obligations of the REALTOR® and the homeowner?
It is important to understand that when you “list’ your property, you have employed a licensed person to sell it. The agent is to secure a buyer in exchange for a fee. The obligations of the owner are to provide useful information, cooperate with showings, disclosing the names of interested parties and paying the marketing fee when the property closes escrow.
The seller’s rights under the agreement include the to have the following: (1) The real estate company’s best marketing efforts to locate a buyer, (2) loyalty to the seller’s best interests and, (3) thorough follow-up on all paper work related the closing the transaction. A seller’s most important right is to have an effective marketing effort on your behalf. Determine your REALTOR’S® ability to deliver that effort before you sign a listing agreement. Ask for a history of past successes and a detailed explanation of the marketing strategy, which will be implemented to sell your home. You are also entitled to ask about the amount of attention your real estate agent will provide to you.
Feel free to look beyond the newspaper ad and the open house. Selecting a REALTOR® enhances your chances of the best service. Good service can sometimes be a matter of style. It can also be a matter of money for you.
In your search for a home, consider contacting a REALTOR® first. Not every real estate agent can use that name and there is a difference. REALTORS® have subscribed to the National Code of Ethics that are clear and commanding and provide a baseline for performance.
Kay Wilson-Bolton is president of the Ventura County Coastal Association of REALTORS® . For more information, contact Bob Seitz, CEO, Ventura County Coastal Assn of REALTORS® at 981.2100. Our website is http://www.vc-realtors.com