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Co-Broking Procedures

Co-Broking Procedures. Deborah Cumming. April 2012. What is co-broking?. Co-operation between two companies Listing broker and selling broker Commission is typically split Two sides to the commission ( listing and selling ). Types of Listings…. Open Listings

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Co-Broking Procedures

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  1. Co-Broking Procedures Deborah Cumming April 2012

  2. What is co-broking? Co-operation between two companies Listing broker and selling broker Commission is typically split Two sides to the commission (listing and selling)

  3. Types of Listings… Open Listings Multiple Listings (Exclusive Right of Sale)

  4. OPEN LISTINGSCo-broking Disadvantages… Multiple listing agents Competing with the owner No control on the listing or selling process Creates competition, rather than co-operation No guarantee of commission No standard documentation

  5. OPEN LISTINGSCo-broking Disadvantages… Not recommended for co-broking Co-broke letter required

  6. MULTIPLE LISTINGSCo-broking Benefits… Real estate firms are able to sell each other’s listings Quicker sale Vendor representation Buyer representation No dual agency

  7. MULTIPLE LISTINGSCo-broking Benefits… Maximum exposure Best price Guaranteed commission (contractual arrangement) Automatic co-operation Standard documentation Established commission

  8. Who does what? Listing Broker Represents the vendor exclusively Establishes commission Markets the property Arranges viewing appointments Prepare offers (completes documentation) Present ALL offers and counter offers to vendor

  9. Who does what? Listing Broker Send information to vendor’s attorney (carriage of sale) Oversees the SALE process Updates sale process on website If offer is rejected, signed rejected offer MUST be returned to selling broker

  10. Who does what? Selling/Co-operating Broker Represents purchaser Pre-qualifies the purchaser Introduces property to purchaser Obtain relevant information for offer Arrange earnest deposit Keep purchaser informed

  11. Who does what? Selling/Co-operating Broker Buyer to sign offer Send accepted offer to purchaser’s attorney

  12. Standard Documentation… Name TRN Ad Address Company, Occupation and Title Purchase Price (Offer) Payment Terms

  13. Standard Documentation… Deposit (at least 15% of Sale Price) Earnest Deposit (at least 10% of Deposit) Conditions Completion Possession Purchaser’s Attorney

  14. Incorrect Documentation…

  15. Correct Documentation…

  16. YOUR BUSINESSCo-Broking Benefits Co-operation and effective communication between brokers Quicker sale Best price for vendor Fosters good working relationships between companies Raise the bar in the industry

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