Monday, February 13, 2023, 03:33
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“You save the time you would have spent in the situation in which you would have taken care of this process yourself” PHOTO Pixabay.com
When you are put in the situation of selling or renting your apartment and you don’t know what to do, you can turn to a real estate agency to ease the transaction process and you can sign an exclusive brokerage contract, or choose to take advantage of online platforms where you can place ads immobility and you handle this process yourself.
Exclusive brokerage contract is “a document concluded between the client and a single real estate agency and implies the exclusive grant by the client of the right of representation to a real estate agency.
It is good to know that an exclusive mediation contract can be concluded with a real estate agency both in the case of a sale of the property and in the case of a rental”, according to an analysis on the topic, carried out by storia.ro.
What are the most obvious advantages?
- both the client and the real estate agency have exclusivity. This means that if you want to sell an apartment and enter into an intermediary contract with a real estate agency, it is obliged to present your property to potential customers as a matter of priority, and you, as the owner, assume your collaboration with a single real estate agency;
- the agency will implement a promotion plan for your property, allocating additional resources and exposing it visibly to potential clients and prioritizing it among clients interested in such a property;
- if the property you want to sell or rent is not inhabited, you can give the real estate agent the keys to the property, and he will be able to organize visits with potential buyers/tenants more easily;
- you save the time you would have spent in the situation where you would have taken care of this process yourself;
- there is the possibility to sell the property at a much more advantageous price because an experienced real estate broker knows how to negotiate, so that the transaction is profitable for all parties involved in the process;
- Real estate agencies with seniority and experience in the field have access to multiple sources of qualified customers ready to buy at any time, so your property can be sold in a very short time.
While selling or renting real estate requires time, money and energy on the part of the owners, through an exclusivity contract, the real estate agency you decide to work with takes over these tasks and takes care of the necessary for you, for a sale as faster of the building, at an advantageous price.
The situations in which it is advantageous to conclude an exclusive brokerage contract
An exclusive brokerage contract is always a good solution that you can use when you want to sell or rent an apartment.
“Nevertheless, here are, concretely, in which situations it is worth concluding an exclusive brokerage contract with a real estate agency:
- when you don’t have free time at your disposal and you don’t want to make the necessary effort in the process of selling or renting the property by yourself;
- when you want to sell/rent the building in the shortest possible time;
- when you want to get the best possible price;
- when you have put the property on the market for some time and have not been successful in selling or renting it;
- when you want a professional consultant to advise you and handle this process for you.”
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What should such a contract contain
According to storia.ro’s analysis, the exclusive brokerage contract is not a very thick one, but you should still pay attention to some aspects and make sure that all the necessary information is included before signing the contract.
First part of the contract:
- identification information of the contracting parties, i.e. you and the real estate agency you work with;
- duration of the contract, with the mention that “any modification of this contract is made only by means of an additional document signed by both parties”.
The second part of the contract:
- the rights and obligations of the parties;
- the contract price which consists of a certain commission that the beneficiary will have to pay to the real estate agency. It is established by mutual agreement before signing the contract and is calculated as a percentage of the total value of the transaction;
- the method of payment of the commission.
The third part of the contract includes:
- confidentiality clauses;
- contractual liability in case of breach of contract by one of the parties;
- special clauses in which the granting of exclusivity to the real estate agency is mentioned;
- litigation.
The fourth part of the contract includes:
- final provisions which should include the phrase “This contract was concluded in 2 original copies in the Romanian language, today XX.YY.ZZZ, one copy for each party.”
