Nov. 9, 2009
Dear George: We want to sell three two-acre lots using a real estate agent. We met with a local broker who asked for an 8% commission and a six-month exclusive listing. Are these terms normal?
Answer: The terms of a listing agreement vary from broker to broker, so there isn't a "normal" commision percentage or period of exclusivity. This fact benefits you, as a consumer, because you can choose which broker and terms match best with your needs. Contact other brokers in your area, and find out how they'll market your properties and the terms of their listing agreements. Then you can make an informed decision.
E-mail a question to ask George & Chuck or fax it to 713-978-6684. The answers to questions in this column do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney.
