Posted by admin on Feb 25, 2010 in Naples Homes Blog | 0 comments
The agency duties of a real estate listing agent in Florida differ depending on which agency relationship is specified.
Under an Exclusive Right and Authority to Sell Agreement, the default agency relationship in a Naples Area Board of Realtors contract in Naples, Florida is Transaction Broker.
A Transaction Broker may show your property to a prospective buyer and work with both the seller and buyer to come to a contractual agreement. This is beneficial to the seller because the listing agent can find and bring a buyer at a open house or on his own to the property without waiting for a buyer’s broker to bring a qualified buyer.
Additionally, the seller (or the buyer for that matter) is not responsible for the acts of the licensee under a Transaction Broker agreement.
A Transaction Brokers duties are as follows:
- Dealing honestly and fairly;
- Accounting for all funds;
- Using skill, care and diligence in the transaction;
- Disclosing all known facts that materially effect the value of the residential real property and are not readily observable to the buyer;
- Presenting all offers and counter-offers in a timely manner, unless a party has previously directed the licensee otherwise in writing.
- Limited confidentiality, unless waived in writing by a party. The limited confidentiality will prevent disclosure that the seller will accept a price less than the asking price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party selling or buying the property, that the seller or buyer will agree to financing terms other than those offered, or any other information requested by a party to remain confidential; and
- Any additional duties that are entered into by this or by separate written agreement.
Mark C. Weber is a Naples Realtor, Broker & Owner of White Sands Realty in Naples, Florida. He is a 30+ year resident of Naples and specializes in finding people Naples homes on or near the beach and waterfront. If you are interested in Naples real estate or have a question about this article please contact him through
Email or by calling 239-417-1115.
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Posted by Naples Homes Center on Feb 25, 2010 in Naples Homes Blog | 0 comments
MLS or Multiple Listing Service, like our local MLS of Naples or Sunshinemls, are online listing databases that allow Realtor members to efficiently market real estate to other agents.
The MLS includes all the information on each listing including the commission rate offered to cooperating brokers. Much of this information is proprietary and real estate agents and brokers are not allowed to post it on their websites.
Your listing contract should specify whether or not the house will be listed with your local MLS and what terms your agent is offering to cooperating real estate agents. It is definitely in your interest to have the house listed through the MLS. Your sales force is automatically multiplied by thousands of agents who are members. If your house is not listed, then you only have one agent working for you instead of an army.
Additionally, the MLS will have data feeds that your agent may allow to be syndicated to third parties who list your home on even more websites like Realtor.com, Zillow.com and Trulia.com (to mention just a few). Your Realtor should check all the proper participation avenues to make certain these feeds include your listing.
The name of the game with today’s Internet savvy buyer is to make your property available anywhere and everywhere across the Internet.
Sellers Beware: Some less scrupulous agents, who do not want to sell your property without another agent involved, will go to lengths not to have your home listed everywhere across the Internet. Their goal is simple greed in my opinion and detrimental to you as a seller. Their goal is to “sell both sides” as we say in the real estate industry. This means they want the whole commission to themselves instead of sharing half with a buyer’s agent. This is beneficial to them but rules out that army of agents that will help get your home sold faster and for the top dollar the market will bear.
After your home is listed for several days, check the major sites like Realtor.com and Zillow.com to make sure your home is out there for every buyer to see. If not, ask your agent why and then check to see if they rectify the situation.
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Posted by Naples Homes Center on Feb 25, 2010 in Naples Homes Blog | 0 comments
A commission for real estate is typically paid by the seller at the closing of the transaction. The exact amount is stipulated in the listing agreement between the seller and the listing brokerage.
Usually, the payment of a commission to the brokerage is contingent upon finding a satisfactory buyer who is ready, willing and able to purchase the property. Typically, the commission is split evenly between the seller’s and buyer’s real estate agents at closing. The seller’s agent offers a percentage (usually half of the total commission) to cooperating brokers that they specify in the MLS. This cooperating percentage is the amount from which a buyer’s agent is paid.
There is no set commission in real estate as this could be considered price fixing among brokerages and is illegal in real estate. Commissions are negotiable but that does not mean the Realtor has to reduce his commission when asked. It’s a free market and either party can take it or leave it.
If you are unclear about real estate commissions or anything in your listing agreement, ask for clarification or consult a real estate attorney.
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Posted by admin on Feb 25, 2010 in Naples Homes Blog | 4 comments
A lockbox is a key box with a cavity inside where a key to your home, and perhaps the clubhouse, can be stored for access by real estate agents or qualified professionals. Only a Realtor or a professional (like a home inspector) with an electronic key or the combination can get into the lockbox and access the key that will open your home.
Having a lockbox available at your house makes it easy for other agents to get access to your house without having to go by the real estate office and pick up a key or wait for the listing agent to arrive.
The electronic lockboxes we use at White Sands Realty store the data of the agent who accessed the lockbox, including when they accessed it and all their basic contact information. This makes using an electronic lockbox on your home very secure. The eclectronic lockboxes we use are blue in color. Older grey models were replaced a few years ago.
Often agents who don’t want to pay for the electronic lockbox, prices can range from $70.00 to $100.00 or more, purchase cheaper combination lockboxes. Anyone can get a combination lockbox at Home Depot or Lowe’s. Combination lockboxes are often used on foreclosures. Real estate agents listing foreclosed properties for the lender often list many foreclosed homes and don’t want to spend the money on expensive electronic lockboxes.
Electronic lockboxes also shut off after 8:00 PM to prevent anyone from accessing your home at night. Your Realtor can set the times on the lockbox to specific hours or even require a special code to be entered for access. A special code is another level of security and makes certain that the showing agent called your Realtor first to make an appointment.
The problem with combination lockboxes is that the code can be given to anyone and there is no data stored with regard to who entered the home or when. An unscrupulous agent may give the code out freely to a buyer or nosy neighbor. This is against the rules but once the code is out there anyone could enter the home at anytime.
Many Naples luxury homes do not choose to have any lockbox installed. These million dollar homes and above are usually show personally by the listing agent or his assistant.
Many times a real estate agent will hide a lockbox so that it’s not right on the front door. This prevents agents who don’t have a scheduled appointment from barging in and/or mistaking the home for another. Many times agents will see the lockbox on the front door and assume it’s the correct home or a buyer will see the box and ask the agent to “just peek inside.” Entering a lockbox without an appointment is against the rules under any circumstance. Unless the listing agent has specifically stated that “No Appointment is Required.” In any case, hiding the lockbox on the side of the home or on a water spigot can prevent these mistakes and rule breakers from entering your home.
Your listing contract specifies whether you allow a lockbox or not. A lockbox can only be removed from the door or item it is attached to by the listing agent who has the key and special code. Real estate agents who have access to the key in the box cannot remove the box from your door because they do not possess that unique code.
Mark C. Weber is a Naples Realtor, Broker & Owner of White Sands Realty in Naples, Florida. He is a 30+ year resident of Naples and specializes in finding people Naples homes on or near the beach and waterfront. If you are interested in Naples real estate or have a question about this article please contact him through
Email or by calling 239-417-1115.
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Posted by admin on Feb 25, 2010 in Naples Homes Blog | 4 comments
A listing contract is a written, legal agreement between the home owner (seller) and the listing broker. It can be written by the listing agent who works for the broker, but the agreement must be signed by the broker and is between the brokerage company and the seller.
There are several types of listing agreements but the primary one used to list residential property in Florida is the Exclusive Right of Sale Listing Agreement.
Other types of listing agreements include: Open Listing, Exclusive Agency Listing and a Limited Services Listing.
Some stipulations may apply. Check the written terms of your listing agreement and if you have any concerns, contact a licensed real estate attorney for advice.
Mark C. Weber is a Naples Realtor, Broker & Owner of White Sands Realty in Naples, Florida. He is a 30+ year resident of Naples and specializes in finding people Naples homes on or near the beach and waterfront. If you are interested in Naples real estate or have a question about this article please contact him through
Email or by calling 239-417-1115.
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Posted by admin on Feb 25, 2010 in Naples Homes Blog | 3 comments
The Exclusive Right of Sale Listing Agreement is the most widely accepted and used type of listing agreement for residential property in Florida.
The Exclusive Right of Sale Listing Agreement gives the brokerage the exclusive right to list the home on the MLS, and represent the homeowner in the sale of the home. The agreement details the listing price, commission, and other responsibilities of the broker and the seller. The length of the agreement cannot be for more than one-year but extensions and price changes can be made at anytime in writing as addendum’s to the original listing agreement.
The home can be sold by the listing broker directly or with another cooperating brokerage company bringing the buyer (this is the power of the MLS which allows other brokers to find and sell your home). If a cooperating broker brings the buyer to the table, the seller pays the total commission agreed to and the listing broker pays the cooperating broker part (usually half) of his commission. If the listing broker sells the home on his own, he retains the entire commission agreed to in the listing agreement.
If the home owner finds a prospective buyer, he should have them contact the listing agent and the listing agent is still paid the commission according to the agreement.
If the home is not sold or the listing expires without being renewed, the commission goes unpaid and the listing broker is out any expenses incurred to market the home.
Some stipulations may apply. Check the written terms of your listing agreement and if you have any concerns, contact a licensed real estate attorney for advice.
Mark C. Weber is a Naples Realtor, Broker & Owner of White Sands Realty in Naples, Florida. He is a 30+ year resident of Naples and specializes in finding people Naples homes on or near the beach and waterfront. If you are interested in Naples real estate or have a question about this article please contact him through
Email or by calling 239-417-1115.
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Posted by admin on Feb 25, 2010 in Naples Homes Blog | 3 comments
An Exclusive Agency Listing allows a real estate agent to list and market your home on the MLS, guaranteeing them a commission if the house sells through any real estate agent or brokerage firm. It also allows sellers to seek out buyers on their own without paying a real estate commission.
This is not a popular type of listing agreement and most brokerage firms won’t even allow their real estate agents to take them. The primary reason is there is not much incentive for real estate agents to spend money marketing your home. If you come up with your own buyer, they have spent money on advertising, signs and Internet marketing they cannot earn back through the real estate commission. Plus, it is too easy for a greedy buyer to go around the agent and negotiate directly with the seller.
If you find an agent willing to accept such a listing, do not expect too much from them. They will probably just place it in the Multiple Listing Service and sit around to see if something happens. A top real estate agent would never accept such a listing. As a seller you want a top Realtor to sell your home so that it gets sold quickly and for the highest price the market will bear.
The better option is the Exclusive Right of Sale Listing Agreement which is the most accepted and used listing agreement in Florida. Your Realtor will work hard to get your home sold and only be compensated if he succeeds. You can still help find a buyer for your home but your Realtor will get paid a commission at closing regardless of who finds the buyer.
Mark C. Weber is a Naples Realtor, Broker & Owner of White Sands Realty in Naples, Florida. He is a 30+ year resident of Naples and specializes in finding people Naples homes on or near the beach and waterfront. If you are interested in Naples real estate or have a question about this article please contact him through
Email or by calling 239-417-1115.
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Posted by admin on Feb 25, 2010 in Naples Homes Blog | 2 comments
A “one-time showing agreement” or a Commission Agreement for Sale is between a home owner (seller) and the brokerage company. It is a written agreement in which the seller agrees to pay a commission to the broker for bringing a specific buyer if that buyer purchases his home.
The home seller signs the Commission Agreement for Sale, which identifies the potential buyer and guarantees the agent a commission should that buyer purchase the home. This prevents the buyer and seller from negotiating directly later and trying to avoid paying the agent’s commission.
This agreement works well when a Realtor wants to show a buyer a FSBO (For Sale By Owner) home that is not listed in the MLS. The seller must agree to pay a commission, usually half of what he would pay normally if he listed the home with an agent under an Exclusive Right of Sale Listing Agreement.
This agreement helps to expand the options of a home buyer and still allow them to be represented for no-charge by a licensed Realtor. If a home buyer sees a home that is a FSBO when he’s driving down the road, all he has to do is ask his real estate agent to call the seller and set up a showing appointment. The Realtor gets the home seller to sign a one-time showing agreement and then brings the buyer to view the home. If the buyer likes it, the buyer’s Realtor writes up the offer and presents it to the FSBO homeowner.
The commission is paid by the seller at closing. These types of sales are never entered into the MLS and only show up in the public records.
Mark C. Weber is a Naples Realtor, Broker & Owner of White Sands Realty in Naples, Florida. He is a 30+ year resident of Naples and specializes in finding people Naples homes on or near the beach and waterfront. If you are interested in Naples real estate or have a question about this article please contact him through
Email or by calling 239-417-1115.
read more
Posted by admin on Feb 25, 2010 in Naples Homes Blog | 3 comments
There are several different types of listing contracts for residential real estate, but very few of them are used. The Exclusive Right of Sale is the most common by far, but there the Open Listing, Exclusive Agency Listing and Limited Services Listing.
Open Listing
The “open listing” is mostly used by people trying to sell their home by owner who are also willing to work with real estate agents. Basically, it gives a real estate agent the right to bring buyers around to view your home. If their client buys your home, the agent earns a commission. There is nothing exclusive about an open listing and a home seller can give out such listings to every agent who comes around.
For that reason, no agent is going to market your home diligently or at least spend any money on advertising it. If your home fits the criteria for one of their clients, and it is convenient, they may be willing to show it to their client. That is all an “Open Listing” is good for.
If you wan the best representation by a Realtor that will have selling your home as a top priority, then use an Exclusive Right of Sale Listing Agreement. There is a reason why the Exclusive Right of Sale Listing Agreement is the most popular and widely accepted listing agreement – it works!
Mark C. Weber is a Naples Realtor, Broker & Owner of White Sands Realty in Naples, Florida. He is a 30+ year resident of Naples and specializes in finding people Naples homes on or near the beach and waterfront. If you are interested in Naples real estate or have a question about this article please contact him through
Email or by calling 239-417-1115.
read more
Posted by admin on Feb 25, 2010 in Naples Homes Blog | 3 comments
Want to Start Off With a High Sales Price? Beware!
Overpricing your home is not a wise choice, especially in a buyer’s market. Your house will take longer to sell and you will get less if the market continues to decline. Later, when you have to drop your price, your house is “old news.” You will never be able to recapture that flurry of initial activity you would have had with a realistic price. Besides, your home’s entire listing history is online for every Realtor to see. Many savvy buyers ask for a properties listing history before making an offer. If they see your home has been listed a long time and that you have lowered the price several times to finally reach the market, they may be inclined to offer you less.
Even if you do successfully sell at an above market price, your buyer may need a mortgage. Mortgage lenders today have very strict appraisal requirements. More often than not, the contract price is higher than what the appraisal comes in at. The only choice the seller has in that situation is to reduce the contract price or put the home back on the market in hopes of finding a cash buyer. Reducing your options to all cash buyers who are willing to pay over market price is a sure recipe for a long sales process.
By overpricing your home from the beginning, you could actually end up settling for a lower price than you would have normally received.
To price your home correctly at the start, use comparable sales in the last 3 months. In a declining buyer’s market, only go back 6 months if you can’t find any comparable sales within the last 3 months.
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