Property Owner/Seller Brings in Buyer

[kpallorito]

I have signed a listing contract with a real estate agent but have also on my own put together a fantastic Featured Property website to help sell the property and have had this website linked on some major portals that anyone interested in moving to our area won't be able to miss.

The listing agent posted our property on the several MLS sites, but I am getting some very hot leads directly on my website. He wants me to put his agent information on the website so that any one looking at it will contact him directly - my question is this: If the property owner actually secures a buyer for the property, does that mean I only have to pay the listing agent 3% vs. 6%?

I am beginning to feel that I should have done FSBO since this agent really only wants to use my website to help promote the property by adding the link to his MLS instead of working to add extra pictures and information directly to his MLS posting

Also, I have never been provided with a copy of the listing contract so that I can review of this information, is there any time limit in which a seller should be provided with a copy of the contract?

Please advise.
Thanks.

[Malok]

Not all real estate agents are alike. And it sounds like your real estate agent is one of the "weeds" in the industry.



The real estate agent should have furnished you copies at the time of signing.

Get a copy ASAP.


Then, read your listing contract.

It will specify the terms. [In all likelihood, you will be obligated to pay the 6% if you sell the home during the listing period IMO.]

[Shaune]

the usual listing contract is 6% from the seller, no matter what. Unfortunately, there isn't any timely manor which the listing agreement has to be furnished to the seller, in Florida anyway. It is also common practice that in the event the listing contract is nullified, there is a period which if the home transfers, the broker is still entitled to a commission. get a copy of the listing agreement, see if he'll renegotiate, if the commission is worth it, consult a real estate attorney to see what can be done.

[Malok]

You have to be REALLY careful using words like "usual commission rates" if you have your real estate license - things like the antitrust act and price fixing laws could interpret discussing this on an open forum as an intent to set prices/commissions.

It can land you in hot water VERY quickly. (Don't know if you have your license, just pointing that out.)


In Kentucky, there is no "usual" - its whatever can be negotiated between the agent and the seller.

[Jim Erickson]

If your listing contract is an exclusive right to sell, then the broker you signed with has all rights to compensation regardless if you bring a buyer to the table or the agent does.

It seems to me that you have hired a broker to market your home using their marketing avenues while at the same time you are utilizing what you deem to be good marketing venues. It is good what you are doing, after all the goal is to sell your home.