Once you have interviewed and selected a Realtor to represent you, prepared your home to sell, decided on the timing and the price there is a great deal of paperwork that needs to be authorized and processed. There are also several steps that need to be coordinated to formally list a property for sale. A schedule for the precise timing each step of this listing process gets established between you and your Realtor.
The main document that needs to get signed before your home can go on the market is the Listing Agreement. This document authorizes the brokerage to sell your home.
The most common listing agreements fall into one of two categories: Exclusive and MLS.
The property gets listed for sale on the market with one Brokerage. Other Brokerages may have access to another’s exclusive listings so they can show clients and bring offers but the listing does not get the wide exposure of being distributed to every Realtor in town. Sometimes exclusive listings are chosen for the discrete nature of the whole selling process they offer for Sellers, other times Exclusive listings are mere ‘place holders’, allowing salespeople to prepare for the marketing and launch of the property onto the MLS system.
Every Realtor in the Toronto Real Estate Board immediately receives the listing’s details and convenient showing access to the property is granted as well. MLS listings provide the widest exposure to Toronto Realtors and through them to their buyer clients.
As soon as a listing is signed there are legal duties and client obligations that come into place for the Brokerage.
The Realtor is now legally required to work totally in the client’s best interests. While a Brokerage must treat prospective buyers fairly and equally, the client (Seller) receives the Realtor’s complete loyalty and allegiance. They must do everything possible to do the best for the Seller. Whatever the Realtor knows or becomes aware of, the client must be made aware of too. This is a good position for Sellers to be in.
When the marketing campaign is crafted and ready to launch, the MLS listing is s processed. The property then gets catapulted into the marketplace with maximum impact.