REAL ESTATE AGENCY PRACTICE LISTING
INTRODUCTIONS.
Listing is done by the registered estate agency firm. It is a process of collecting
information on properties for transaction purposes. The transaction would refer to the
instruction obtained from the principal.
LISTING is defined as
“ the obtainment from principal, instruction to sell or buy or rent a property”
~ MEAS definition
instruction means terms and conditions of an estate agency appointment. It must be in
writing and obtain before the commencement of the estate agency activity.
LISTING AGENT
means an estate agent who obtains a listing and has been given the right
to sell or buy or let or rent property by the principle.
Sources of Listing
Listing can be done through various sources and establish a database. The
database contains details of owner such as name, address, contact number,
brief information on property, titles, conditions and asking prices or rent.
Various sources of listing
The owners
Advertisement
Newspaper
Other property agents
Neighbor's
Friends
Relatives
Banks
Property developers
Cold calls
Foreign Agencies
Two main categories of listing.
1. Single listing – occurs when listing agent alone acts on the listing
transactions. It does not involve co-agency broking. The following
are the single listing appointments :
a. Exclusive Agency ~ the instruction from a principal to a
single estate agent to act on his behalf. The principal may
make instructions but will leave the closing of transaction to
estate agent. The principal must pay the appointed the
agreed fee even if the estate agent was not the effective
cause of transaction.
b. Sole Agency ~ This is similar to the Exclusive Agency however,
the client reserves the right to close the deal himself and is
thus not obligated to pay the estate agent the full fee. To
circumvent this, usually an allowance for a discount in fees is
established should the client choose to take an active role in
the transaction.
2. Multiple listing – occurs when several agents are individually
instructed to dispose of a property and commission is only
payable to the agent who achieves the sale. In some
circumstances, the listing agent obtains the instruction from
principal but permits other agent to act on the listing with the
understanding that the if the deal closed through the effort of
other co-broking agent, the commission split between the two
agents on prearranged basis. The followings are multiple
listing appointments:-
b. Joint Agency ~ This is where more than one estate agent
is appointed and only the estate agent who closes the
deals gets paid. The number of agents appointed is
limited and each is aware of the appointment of the
others.
c. Ad-Hoc Basis or commonly referred to as “open listing”
~ in this case, the principal can engage an unlimited
number of estate agents on ad-hoc basis and fees are
paid only on successful conclusion of the estate agency
transaction
RULES ON C0-AGENCY
Procedure on Co-agency
co-agency agreement signed
co-agent introduces a buyer
inspection with the listing agent
earnest money & deposit are kept by the listing agent
listing agent prepares S & P Agreement and closed the deal
RULES ON ADVERTISEMENT
CORPORATE ADVERTISEMENT
advertising services offered address, tel. number, e-mail
no mission statement, slogans, mottos or
quotations
no laudatory statement, no soliciting for
business or misrepresentation.
Rules on Flyers:
specify the type of property
“semi-detached, 2-storey terrace”
- with firm name, E-no, tel. no. and signed by estate agent
“person responding to this flyer are not required to pay any
estate agency fees whatsoever for properties referred to in
this.
……THE END….
