In Real Estate, What Does “Exclusive Right to Sell” Mean?
Selling your home can be very overwhelming and confusing. In addition to navigating the various laws and deadlines, there’s also a completely new language to learn. When you first speak to a realtor or start researching selling your home on the internet, you may be overwhelmed with all the jargon. If you decide to go with a realtor, they will probably present you with an “Exclusive Right to Sell” contract during one of your first meetings. Before you sign anything, you need to know exactly what that means.
What is an “Exclusive Right to Sell”?
When you sign an “Exclusive Right to Sell” contract with a realtor, you’re agreeing that only the realtor can market, promote, and sell your home until the contract’s end date. No other agent or broker can list, promote, or market your home, and all buyers must go through the exclusive agent. This also means that they get paid no matter who brings in the buyer for the house.
For example, if one of your personal friends decides to purchase your home, even they would have to go through the realtor to make the deal. You wouldn’t get any discount on commissions or fees because you brought in the buyer yourself.
When is signing an “Exclusive Right to Sell” contract a good idea?
While it might seem like a bad idea to sign an “Exclusive Right to Sell” contract at first, there are situations when it is the best option:
- If you want to sell your home very quickly
When you sign an “Exclusive Right to Sell” contract with a real estate agent, they will most likely give your property priority in their marketing and promotional activities. This will get your home in front of potential buyer’s eyes quicker, speeding up the sale process.
- You don’t want the stress of managing your own home sale
An agent with an “Exclusive Right to Sell” contract handles every aspect of your home’s sale, from staging to advertising to showings. You can sit back and supervise as they work their magic. Selling your home without an agent is much more hands-on and comes with lots of tasks many owners don’t think about, like designing a promotional flyer or answering endless questions from potential buyers. Plus, since so much of real estate viewing and sales happen online, owners who aren’t tech-savvy might be at a disadvantage without a realtor.
- You know nothing about real estate
This goes without saying, but selling a home for the maximum price and best terms requires an intimate knowledge of real estate laws, timelines, and regulations in your specific area. Laws can be wildly different from state to state or even from county to county. If you aren’t well-versed in the industry, you may want to trust an experienced agent to handle all the technicals for you.
- You want your personal information to remain private
If you sell your home without an agent, you’ll have to either make your own personal information available publicly so buyers can contact you, or create entirely new phone numbers and email addresses just for your home’s sale. This can be difficult to figure out and cumbersome to maintain. Using a dedicated agent gives you access to all their communication points and social media presence, keeping your own information out of the public eye.
When you decide to sell your Tampa Bay area home, trust the experts at Benefit Title Services to handle all your sales transaction needs. We facilitate communication and the transfer of documentation between you, the buyer, and their lender, ensuring a seamless process that gets your home sold as soon as possible. Call (855) 286-9131 or contact us online to find out how we can help you sell your home today.
