Here is a collection of frequently asked questions that have been put together to help you in buying or selling a home. If you have any other questions, not listed here, feel free to contact me.

By clicking on any of the questions below, you may view the answer.

Questions From Buyers

What is an "Open Listing"?
What is a "One-Time Show" listing?
What's the Difference between a "Listing Agent" and "Selling Agent"?
What does it cost as a buyer to use an agent?
Can my agent give me information regarding properties from other companies?
What if I find a property on my own?
Why type of information will my agent need from me?
Can I go to open houses without my agent?
How can I find out about new properties?
What if I am unhappy and want to switch agents?

Questions From Sellers

What is an "Exclusive Agency Listing"?
What is an "Exclusive Right to Sell" listing?

Answers for Buyers

What is an "Open Listing"?
A homeowner who is also working along with an agent uses an “open listing”. This gives the agent the right to show the property to potential buyers. By using this type of listing the homeowner has the right to give this listing to as many agents as possible. When an agent sells your home for you, the agent earns commission for the sale.

Due to the way this type of listing works most agents won't market your home or enter it in to an MLS. Most agents will only do it if it fits the profile.

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What is a "One-Time Show" listing?
With this type of listing the homeowner signs an agreement with the agent. What this agreement declares is the homeowner will provide the agent with a commission for selling the property. This agreement also states the homeowner cannot negotiate with the buyer at a later time to avoid paying a commission. This type of listing is most often used by agent showing FSBO (for sale by owner). This listing differs from an open listing in that the agent spends no money on marketing your home.

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What's the Difference between a "Listing Agent" and "Selling Agent"?
Listing Agents usually deal with sellers, and are the ones who will list a property for sale on the Multiple Listing Service.

Selling Agents (also Buyers Agents) mostly deal with the homebuyers, usually only listing just a few homes for sale. They will sell the homes (which have been placed in the MLS) via the listing agents.

The majority of agents will focus on one or the other. Some agents will also divide their time between sellers and buyers and are usually regarded as the best ones since they are dealing with both sides of the coin.

If you phone an agent from a magazine or newspaper ad, you are usually contacting the listing agent. These agents will place ads to show the seller that they are making an effort to sell their home. Also their advertising efforts can draw others who may decide to sell their homes.

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What's the Difference between a "Listing Agent" and "Selling Agent"?
Listing Agents usually deal with sellers, and are the ones who will list a property for sale on the Multiple Listing Service.

Selling Agents (also Buyers Agents) mostly deal with the homebuyers, usually only listing just a few homes for sale. They will sell the homes (which have been placed in the MLS) via the listing agents.

The majority of agents will focus on one or the other. Some agents will also divide their time between sellers and buyers and are usually regarded as the best ones since they are dealing with both sides of the coin.

If you phone an agent from a magazine or newspaper ad, you are usually contacting the listing agent. These agents will place ads to show the seller that they are making an effort to sell their home. Also their advertising efforts can draw others who may decide to sell their homes.

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What does it cost as a buyer to use an agent?

The compensation that a sales agent receives typically comes from the seller’s proceeds. In other words, there is no cost for a buyer to use an agent in a traditional agent/buyer relationship. In a buyer agency agreement, there may be some cost to the buyer, but even these agreements are usually worded so that the agent is compensated from the seller.

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Can my agent give me information regarding properties from other companies?
Yes, if that other company is a member of Multiple Listing Service (MLS) – which most real estate companies are. For Sale By Owner (FSBO) properties are not listed in MLS so an agent likely would not be able to provide information regarding them. However, with a buyer agency agreement, your agent may be able to help you purchase a FSBO.

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What if I find a property on my own?

You should contact your agent and not the property owner or the agent listing the property. Having the address or the MLS number is very helpful and will assist your agent in gathering information regarding the property.

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What type of information will my agent need from me?

An agent will need any type of information regarding the property you are looking for that is important to you. For example, number of bedrooms, garage size, price, location and number of bathrooms are common criteria. Other considerations include the school district, type of home (ranch, tri-level, etc) and room sizes. Keep in mind that a search that is too specific may narrow your list of properties too much while one that is too broad may give you more properties to look at than you have time to go through!

An agent may also ask you for other information such as hobbies or activities you enjoy, children’s names, birthdays, etc. This type of information fosters more of a “friend” relationship than a “business” one and makes the home buying process much less stressful.

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Can I go to open houses without my agent?

You can go to open houses without your agent. However, you need to make sure that you indicate you are working with an agent already. If you don’t, your agent might not be able to help you write an offer on that property in the future.

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How can I find out about new properties?

Your agent should be able to accommodate your particular situation whether it be via e-mail, phone calls, etc. Clients with e-mail capability can receive automatic updates from the MLS system as soon as new listings are entered.

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What if I am unhappy and want to switch agents?

Let the first agent know that you are unhappy and the reasons why. See if you can work out the issues with them. If not, tell the agent you no longer want to work with them and find another agent.

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Answers for Sellers

What is an "Exclusive Agency Listing"?
An Exclusive Agency listing allows your agent to market your home and enter it into the MLS. The agent will receive a commission if your home sells through any real estate company or by another agent. He will NOT receive a commission if you, the seller, find a buyer on your own. Because a commission is not guaranteed, your agent may not be highly motivated to market your property. Thus, this type of listing is not common and should be avoided.

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What is an "Exclusive Right to Sell" listing?
This type of listing is the most commonly used and is the most effective. With this type of listing the agent does the most work to sell your home they will usually advertise your home, place it into the MLS, market your home to other agents and even hold open houses for your home. Only with this type of listing does an agent expect to earn money back on their investments on selling your home.

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