If you’re selling your Milwaukee home, and this is your first time selling property, it’s likely you’ve already met with a few real estate agents. They’ve probably given you tips regarding pricing, staging, market trends, and how to handle offers.
But if you’re looking to sell a house fast in Milwaukee, you need to know about one important step that comes before your home gets put on the market: the signing of a listing agreement.
So, what exactly are you signing, and more importantly—why does it matter?
What Is A Listing Agreement?
A listing agreement is a legal contract between you (the homeowner) and the real estate agent. It gives the agent permission to market and sell your home. In return, they agree to do everything they can to find a buyer. If they succeed, they earn a commission, typically 2.5%-3% of the sale price.
This agreement protects both sides. It ensures your agent gets paid for their work, and it ensures you don’t get stuck with someone who doesn’t do their job.
Types Of Listing Agreements
There are three main types of listing agreements:
- Exclusive Right-To-Sell: This is the most common type. Your agent is the only one who can sell your home, and they’ll get a commission no matter who brings in the buyer—even if it’s you.
- Exclusive Agency: You still work with one agent, but if you find the buyer, you don’t have to pay them a commission.
- Open Listing: You can work with multiple agents, and only the one who brings in the buyer gets paid. These are less common and often used in special situations.
What’s Included In A Listing Agreement?
A listing agreement isn’t just a handshake; it spells out all the details of the home sale. Here’s what it usually includes:
Home Description: Your agent will include your home’s address, size, number of rooms, and key features. It will also note any flaws and disclose if your home is located in a flood zone or full of lead paint.
Listing Price: After running a market analysis, your agent will help you set a competitive price. This can change later depending on how the market (interested buyers) respond.
Listing Duration: Most agreements last 3-6 months, but this can be negotiated. A termination clause allows you or the agent to end the agreement early if certain conditions are met.
Responsibilities: The agent will list your home, handle marketing, field buyer inquiries, and schedule showings. You’ll probably be obligated to keep the house clean, and you’ll need to disclose any known issues.
Commission: This outlines what you’ll pay the agent when the home sells, usually 2.5%-3% of the sale price. You’ll also probably have to cover the buyer’s agent commission too.
Want To Avoid All That? Sell For Cash Instead
While listing agreements are standard when you’re working with an agent, they aren’t your only option.
At Metro Milwaukee Home Buyer, we don’t believe in mountains of paperwork and long processes. If you want to avoid endless showings, repairs, and hefty agent commissions, we’re here to help. We buy houses in Milwaukee as is and for cash. You won’t need to sign a listing agreement or wait for the “perfect” buyer.
We’re the #1 home-buying company in Milwaukee for this reason: we make things easy! After a quick walk-through, we’ll make a competitive cash offer. If you accept it, we can close in two weeks or less.
No repairs. No fees. No stress.