When selling a property in Queens, many homeowners choose to work with a local real estate agent to help them navigate the process. One of the key documents involved in this relationship is the listing agreement, which outlines the terms of the agent’s services and the agreement between the homeowner and the agent/brokerage. One question that often comes up when signing a listing agreement is how long the agreement will last. In this blog post, we will discuss the typical length of real estate agent listing agreements.
Listing agreements can vary in length depending on a number of factors, including local market conditions, the type of property being sold, and the preferences of the agent and homeowner. However, there are some common lengths that tend to be used in the industry.
The most common length of a listing agreement is 6 months. This gives the agent enough time to market the property and find potential buyers, while also allowing the homeowner the flexibility to switch agents or strategies if they aren’t satisfied with the agent’s performance. Six months is often seen as a good balance between giving the agent enough time to work their magic and keeping the homeowner’s options open.
Now, 6 months may sound like a pretty long term commitment for some homeowners so something to consider if you’re interviewing agents is to ask whether the agent offers an “Easy Release Agreement”. Our team offers this to all of our seller clients and in our experience, it helps give sellers peace of mind knowing that they aren’t locked into a contract that they can’t get out of.
In short, the way an easy release works is that you have a separate agreement to the listing agreement which states that if for some reason the seller(s) circumstances change, or if they are not happy with the agent’s services, they can cancel the agreement and have the property taken off the market with no penalties or obligations. It will also state that the easy release can only be used if there is no accepted offer. This isn’t something that every agent will offer, but if they are confident in their ability and services, then they shouldn’t have any issue offering this to you.
Some agents may push for longer listing agreements, such as one year or even 18 months. This can be a good option for certain properties, such as luxury homes, coops with restrictive financing, short sales, or properties in slow-moving markets. However, Queens homeowners should be cautious about signing long-term agreements, as they may become locked into a relationship with an agent who is not delivering the results they were promised. In these scenarios, you would definitely want an easy release agreement.
On the other hand, some homeowners may prefer shorter listing agreements, such as three months or even one month. This can be a good option for homeowners who are in a rush to sell their property or who are testing the waters with a particular agent. However, shorter agreements may not give the agent enough time to fully market the property or may limit the pool of potential buyers. We’ve done short term listing agreements as well and we are never opposed to it because we understand that some homeowners are very cautious and wary about long term agreements with an agent that they don’t know well. If your agent offers an easy release agreement, then a short term listing agreement will not even be necessary.
Ultimately, the length of a listing agreement will depend on the specific circumstances of the homeowner and the property being sold. Queens homeowners should carefully consider their options and consult with their agent before signing any agreements. It’s important to remember that while the length of the agreement is important, the quality of the agent’s work is even more critical to a successful sale.
If you’re thinking of selling or are currently in the process of interviewing agents, feel free to Contact Us for a Free Listing Consultation 🙂