Can I market a property? Am I allowed to do so?

Question

Hello everybody,

I have a question that I am hoping to get some advice on.

I have two small properties I am trying to sell with the help of a local Real Estate agent. Unfortunately, these properties need quite a bit of work. Because of this, I fear the realtor isn't too motivated to get them sold (which I can understand as there isn't a whole lot of money he can make).

He has told me the properties are listed on the local MLS which I cannot verify. What I know, is that I have searched for both properties on realtor.com, zillow.com and trulia.com and haven't been able to find either of them...

In the meanwhile, having recently discovered BP and having listened to a lot of great advice thru the podcasts I have gotten a few ideas on how to market them.

Please let me be clear that I am not trying to stiff the agent. He has been very helpful with selling other smaller properties however I fear that if I keep depending on him, this could drag on for much longer and could potentially cost me more money.

My question is therefore the following: Am I allowed to market the properties and more importantly if I did and found a potential buyer, do I have to give the agent a commission?

John Thedford · Answer

Exclusive right of sale...he gets a commission. However, it would not hurt you to post them in the marketplace on BP. You want your money. So, if you post them and get responses steer them to the agent. Won't take but a few minutes and may help achieve your goals.

Patrice Boenzi · Answer

A few suggestions:

1. Google the address and see if the property comes up for sale

2. If not, ask the agent for a copy of the listing sheet- it will have the MLS number in it and how many days it has been in the market

I have to answer your question with a question, sorry! What type of listing agreement did you sign? If you sign an exclusive right to sell then you need to pay the agent commission no matter who sells it. How long did you sign for?

Patrick Boutin · Answer

Hi guys,

Thanks for the responses!

One thing I didn't mention is that the properties are in the mid-west while I am in the west coast therefore I was under the impression (until recently) that I depended mostly on the agent's effort given that he is local and I am not.

Chris Mason I looked up both properties and they all show as "off the market/not for sale"

in the Zillow results, REMAX results, etc...

• I will ask him for a copy of the listing sheets as you suggest as well as ask him why one of the transactions shows as "closed".
• It doesn't bother me to know he still gets paid either way (I am glad I clarified this doubt), I can still try to market the properties rather than just waiting on him (which is my fault) and if I get any interested buyers I will put them in contact with him.
• My idea was to look up REIA groups (using meetup.com which I just discovered) in the area and see if I could reach out to the groups in order to promote the homes and see if any local investor could be interested.
• Promote the properties in BP. I think I need to signup to 'Plus' or 'PRO' in order to be authorized to do this in the marketplace. Am I right?

I am glad I asked and clarified this. Any other ideas?

One more thing I have learned: I need to be more proactive rather than passive.

Patrick Boutin · Answer

see below

Brent Coombs · Answer

@Patrick Boutin, that sounds right - until the exclusivity clause expires. All the best...

Patrick Boutin · Answer

Hi @Brent Coombs,

Yes, effectively the properties are owned by me. I purchased the properties at a tax sale following county laws and regulations. I then became owner of the properties which I now intend to sell. I am not trying to wholesale the properties... Did it sound like that's what I was trying to do?

As for the "limitations of my contractural arrangement" with my agent, I am not sure I understand what you mean.. Per my previous comment, the agreement we have is an "exclusive right to sell". Would such an agreement not allow me to find a buyer myself? I would think that as long as the agent got his commission, it wouldn't matter if I found the buyer. Or am I missing something? Thanks!

Brent Coombs · Answer

You don't really "have two small properties" until they're OWNED by you. Are you considering wholesaling properties that are in States that forbid wholesaling without being Licensed?

Of course, if they ARE owned by you (per your profile), or you are Licensed, your own marketing would only be limited by contractual arrangements you already set up with Agents. Cheers..

Chris Mason · Answer

@Patrick Boutin, you almost certainly signed something saying that if a buyer pops out of the woodwork while it's this listing agent's listing, said agent gets her check.

Can I market a property? Am I allowed to do so?

Can I market a property? Am I allowed to do so?

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