Wednesday, May 9, 2012

Just the Listings Please, Mere Listings

You listed with a Mere Listing Provider. They edit the LISTING agreement to specify they are not providing ANY marketing services. The listing agreement continues that any inquiries from any source about the property are to be directed to them [Flat fee or Mere Listing Broker]

5. REFERRAL OF ENQUIRIES: The following section requires the Seller to work with the real estate company for the length of the contract and states that they must inform their Salesperson of any enquiry on the property that comes to the Seller. If they do not inform the Salesperson of an enquiry that results in a successful private sale of the property within the listing period or the holdover period, the set commission is still owed to the Salesperson. 
5. REFERRAL OF ENQUIRIES: The Seller agrees that during the Listing Period, the Seller shall advise the Listing Brokerage immediately of all enquiries from any source whatsoever, and all offers to purchase submitted to the Seller shall be immediately submitted to the Listing Brokerage before the Seller accepts or rejects the same. If any enquiry during the Listing Period results in the Seller accepting a valid offer to purchase during the Listing Period or within the Holdover Period after the expiration of the Listing Period, the Seller agrees to pay the Listing Brokerage the amount of commission set out above, payable within five (5) days following the Listing Brokerage’s written demand therefor. 
6. MARKETING: In the following section, the Seller gives permission for the real estate company to place a “For Sale” and “Sold” signon the property, and for the company to advertise it according to company policy. The Seller will not be held liable for the advertisingefforts of the company. 
6. MARKETING: The Seller agrees to allow the Listing Brokerage to show and permit prospective buyers to fully inspect the Property during reasonable hours and the Seller gives the Listing Brokerage the sole and exclusive right to place "For Sale" and "Sold" sign(s) upon the Property. The Seller consents to the Listing Brokerage including information in advertising that may identify the Property. The Seller further agrees that the Listing Brokerage shall have
sole and exclusive authority to make all advertising decisions relating to the marketing of the Property for sale during the Listing Period. The Seller agrees that the Listing Brokerage will not be held liable in any manner whatsoever for any acts or omissions with respect to advertising by the Listing Brokerage or any other party, other than by the Listing Brokerage’s gross negligence or wilful act.

You, as the seller have a legal obligation to bring every BUYER inquiry to them.  Conversely, the [Mere Listing] Real Estate Brokerage would have the same obligation to you. Did they pass on every email inquiry to you? Have they answered every phone call and given the property details and collected the Caller details?  If I have Qualified and Ready buyer for your home and ask you to sign by email, the Agreement to Pay Commissions OREA Form 201,  DO they call and say; Hey! a Realtor wants to show your house?  Are they screening your buyer prospect stream?  Are they limiting the number of potential Qualified Buyers that could be looking at your home?

How are you being represented IF you didn't know they are turning prospects away on your behalf?

Is your listing is NOT posted on the Local Real Estate Board, How is this a service or benefit to you? It may be on the retail MLS, Sure, its may be on the site.  Agents all use that site to market their property listings. Agents who are working with buyers signed under  Buyers Agency Agreement (BRA) are using our own system that is updated hourly with sold and available and the newest listings.   In the Toronto Market a lag of 24 or 48 hours means that you are watching the multiple offer presentation from the outside. 

I am pleased to work on a contingency basis.  I get paid on the successful completion of an Agreement of Purchase and Sale.  I cannot offer a cash back on closing where a mere listing is offering $0.01 to the Co Operating Broker.

Work with experienced qualified people to sell and buy your next property.

Add your comments please.  Better still, Call me with your buying or selling Needs in the very competitive Toronto Real Estate Market.

+David Pylyp

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