What are standard/ideal listing agmt terms?

[Maria Bocanegra]

Hi all What are standard list agmt terms when selling an investment property? What are ideal terms? I have an agent proposing certain terms and I'd like to get these terms here at BP. One of the terms proposes that agent can sell property for 185k if he can sell it now (via off market, other investors, etc). Our conversation, however said we would list the property in May for 200k. (It would need some minor upgrades for that price). He said he thought he could probably find a buyer at 185k soon. My concern is - what is the incentive for him to wait longer to get me more money and where his commission would not be that much greater Any insight as to what standard listing agmts look like and do/do not contain is helpful! Thanks! Maria