Seller agency
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Seller Agency is a term used in the context of the relationship between the real estate agent and the Seller (or property owner) in the brokerage of homes, Seller Agency describes, in broad terms, the relationship between the Seller and the "Listing Agent". The Listing Agent and the Seller enter a written contact (the "Exclusive Listing Agreement") under which such particulars as home price, duration of agreement, commission, rights & obligations, duties, etc. are specified.
The Listing Agreements are most commonly of the "Exclusive Sale" variety, under which the Agent/Broker earns a commission even if the Seller finds the Buyer (in an "Exclusive Agency" agreement, the Agent/Broker must procure the Buyer to earn a full commission).
The Listing Agent/Broker owes the Seller full duties as her fiduciary, including honesty, loyalty, dedication to purpose, acting in the Seller's best interests, etc., in exchange for the Seller's agreement to allow the Agent/Broker to sell the property and earn a commission. The Listing Agreement usually specifies that the Listing Agent/Broker agrees to share, 'co-op', or split, the total commission with a Buyer Agent/Broker who represents the Buyer.
These terms are frequently set out in the Multiple Listing Service for the Seller and Listing Agent, and in the buyer listing service for the Buyer and Buyer Agent. The 2006 edition of the Swanepoel TRENDS Report [1] identified seller agency and buyer brokerage as two of the most important areas agents needed to specialize in over the coming years.
Realtors can earn the Accredited Seller Representative (ASR) designation by completing a 2-day course [2] that is owned and managed by the Seller Agency Council. The Council was founded in 1999 by Joe Kennedy and in late 2005, the Seller Agency Council (SAC) merged with the Accredited Seller Agency Council (ASAC) to form the largest association in seller agency. Today the Seller Agency Council is part of the RealtyU Group.
[edit] See also
- Real estate
- Buyer brokerage
- Real estate trends
- Real estate brokers
- National Association of Realtors (NAR)
