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Old 12-06-2012, 06:32 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 12,355,084 times
Reputation: 3807

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Quote:
Originally Posted by MikeJaquish View Post
...It is not legal in NC to build in an automatic contract renewal. No argument. Not legal in NC. The listing contract must have a definite termination date. Contract extension must be specifically documented and signed by both parties for the period agreed...
The Arizona Listing contract is probably the same. The listing must have a definite start and end date. Those dates must be entered into the mls. The home must become Active on the mls within one day following the contract date, unless there is an added clause stating that the owner requires the listing to not become Active on the mls until xxx date. A reason for this is for the listing contract to be executed, and now the agent can help the seller get the home prepared for sale.

When the contract expiration date nears, and a contract extension agreement is executed, then the agent must go and manually change the mls expiration date.

I've seen a cancellation clause that states:

"Seller may cancel this listing agreement at any time prior to executing a purchase contract by providing written notice that the agent is not performing his duties as agreed, or is in violation of a fiduciary duty."

However, there really doesn't need to be a cancellation clause in the AZ contract. This statement is in there:

"Broker agrees to make diligent and continued efforts to sell the Premises"

Therefore, if there are no showings, and no communication from the agent documenting the marketing efforts, then it may be fairly obvious that the agent is not making continued efforts (marketing) to sell the home. In that case the seller can send a letter stating that no effort is being made, and cancel the agreement. (Just having the home on the mls is not a diligent and continued effort, in my opinion.)

However, if the agent is communicating at least weekly with the seller, providing written documentation of the marketing effort, number of showings, feedback, etc., then the agent is probably doing the job properly.
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Old 12-06-2012, 06:53 AM
 
Location: Gilbert - Val Vista Lakes
6,069 posts, read 12,355,084 times
Reputation: 3807
Quote:
Originally Posted by QuilterChick View Post
...
(The vast majority of sellers and buyers trust their agents, and that is the best compliment. Repeat business and referrals.)
I agree with everything you said in that post but just want to comment on the above statement, which is in line with what 30 % of buyers and sellers say.

The NAR 2011 Survey of Buyers and Sellers states that:
  • Honesty and trustworthiness is ranked the most important factor (30%) when choosing an agent to work with
  • The reputation of the agent follows at 20 percent.
  • Fifteen percent of buyers choose their agent because they are a friend or family member.
  • Responsiveness is a quality that buyers look for in agents,
  • Knowledge of the real estate market and purchase process are very important qualities for over nine in ten buyers.
  • Among adult household composition these attributes consistently remain highly ranked.
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