Sellers Information

About Real Estate Commissions

When an individual selling his or her property works with a real estate agent, the means by which the agent is paid is his “commission”. Different areas of the country set varying percentages of the sale of the property which is the amount of money the agent receives for making the sale. Agents who work with commercial property receive a commission as well as agents who work with residential property. The amount of commission which the agent will receive is determined at the time the listing agreement is signed.

In addition to specifying the amount of commission the agent receives, the listing agreement is a contract that states at what point the commission is earned. For example, if an appropriate buyer presents an offer that matches the terms and price of your listing, that means the agent has earned his or her commission at that time. Additionally, if an offer is presented by an appropriate buyer and both of you reach an agreement on the terms and price through counter-offers, this too means that the agent has earned his commission.

Lockboxes

Most home sellers agree to have a lockbox placed on their door. Basically, it is a padlock with an internal space where a key to your front door is stored. The lockbox can only be opened by an agent with a mechanical or electronic key or one who has the combination so that he or she can enter your home.

Having a lockbox on your door is helpful in the sale of your property. It allows agents to show your house when you are not at home and allows you the freedom to come and go as you please without being involved in the time schedules of various agents who may wish to sell your home when you are visiting, shopping or whatever.

A lockbox allows for easier access and more visibility of your property since agents do not have to set appointments with you to show the house. The information as to whether or not you permit a lockbox is also included in your listing contract.

The “For Sale” Sign

When you put your home up for sale, you will want a “For Sale” sign either on your front lawn or in one of your windows. The Homeowner’s Associations of most communities now have strict rules about these signs and usually will only allow one sign per home.

The sign will list the name of the agent, the agent’s company and a phone number for prospective buyers to call for information about your home. Ideally, when an interested individual calls the number, there should be a live human being that answers the phone who is able to provide the caller with all the information required about your home. This is preferable to the call being put on a recorder or on voicemail.