1. Exclusive agency agreement – one agent gets the exclusive right to represent and sell your property. They’re paid their agreed commission rate when your place is sold, even if they use another agent or you find your own buyer. This is the most common agreement.
2. Sole agency – one agent has the exclusive right to represent your property but you don’t have to pay their commission if you find a buyer and commence the sale process yourself.
3. General listing or open agency – list with more than one agency and only pay commission to the agency that successfully sells your property. You may get more exposure to prospective buyers but agents may be less motivated to make your property sale a priority. Many won’t even consider this option.
Before signing any agreement, make sure you read the fine print and ask your agent to clarify anything you’re unsure about. Ask as many questions as you need until you feel comfortable that you understand what you are signing. You shouldn’t feel pressured to sign anything after your first meeting with your chosen agent.
We recommend that you choose a 90 day listing agreement to give yourself some flexibility without overcommitting. However, you can discuss other options with your agent.