For real estate agents the real estate provides a golden opportunity. Real estate commissions have never been more plentiful or bigger. That is the reason why so many people get real estate licenses. There is a lot of money that can be made selling real estate. However, getting a real estate license is only the first step because so many people are getting their real license in order to cash in on the opportunities. Next, many of the most successful real estate agents have numerous listings. While this can be difficult, it can be done it if you have a good listing system for real estate.



You can triple your chances of earning bonuses and commissions with good real estate business listings. When your listings sell you'll be paid a sales fee or a listing fee or both. However, if you don't have any listings you'll only get paid if you happen to sell a property.



Expired Real Estate Listings is one system that is a tremendous source of leads and works near perfectly. It isn't necessary to spend a lot of money and time prospecting for them because they're usually only as far away as a couple of keystrokes.



After you have logged onto your Multiple Listing System (MLS) service and printed out an update report, you'll have a complete update of all of the expired listings for whatever time frame that you want within seconds. You can get just about everything you need to know to relist the real estate listings that have expired with this MLS update report. This includes how much the taxes are, the price reductions during the listing period, the current asking price, the type of property, the phone number, the property address, the mailing address, the seller's name, and just about anything else that you might want to know about these properties. Unlike other lead generating systems, the owners of expired listings are nearly always responsive and warm prospects.



However, you will need the right skill set and tools to converting expired listings to current, new ones. Otherwise, you'll wind up wasting a lot of your valuable money and time. In real estate, the owners of expired real estate listings are about as close as you're going to get to a captive Audience. Many people are tired of being stuck and still want to sell their properties because they have property taxes, double mortgages, and bad tenants.



You really do need a real estate listing system if you don't already have one. The small amount of money that you spend now will prove to be one of the best investments that you've ever made because your investment will be returned numerous times over.

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Here is an interesting Arizona real estate law scenario: A seller signs a listing agreement with a list price of $200,000. The listing broker places this $200,000 listing in the Multiple Listing Service (“MLS”). The next morning the listing broker receives, at approximately the same time, cash offers for the $200,000.00 list price from two wealthy buyers. Neither offer has any contingencies, such as for financing or a home inspection. The seller decides not to accept either offer. Both buyers and their agents are outraged.

The first question is easy: Does a seller have to accept a full-price cash offer with no contingencies? The answer is no. The advertising of home for sale at a certain price in the MLS, in a newspaper, or by any other form of advertising is simply an offer by the seller for a buyer to make an offer. A seller is never required to accept an offer from a buyer, even if the offer is at or more than the list price. Under the standard listing agreement, however, if the seller rejects both offers, the seller will be in breach of the listing agreement and obligated to pay the listing agent the commission called for in the listing agreement.

The second question is more difficult: Does the listing broker owe a co-broke commission to either or both of the buyers’ agents? Under MLS rules a listing broker generally owes a co-broke commission to any MLS member who produces a ready, willing, and able buyer at the list price (or at a price agreed to by the seller). A buyer is ready, willing, and able if the buyer can perform under the contract, and there are no material contingencies. Therefore, if the two wealthy buyers could both perform under their respective contracts, and if there are no contingencies in their contracts, both buyers’ agents should be entitled to a co-broke commission from the listing broker, even if the listing broker has to pay twice the expected co-broke commission. (As stated above, in this situation the listing broker, in turn, has a claim against the seller for the commission called for in the listing agreement.)

How often is a listing broker obligated to pay two co-broke commissions? Extremely infrequently. The reason is that rarely does an offer, even a full-price offer, not have a material contingency. The Arizona courts have ruled that a financing contingency is a material contingency. A home inspection is probably a material contingency. One Arizona court, however, has ruled without significant discussion that a termite inspection is not a material contingency. Inasmuch as many buyers cancel based on a termite inspection, however, the better reasoning would be that a termite inspection is a material contingency. Even in those situations where two co-broke commissions are owed, however, a settlement is usually reached between the two brokerage firms.

Is there a problem? In my opinion, “If it ain’t broke, don’t fix it.” The MLS system is so successful because buyers’ agents know that, if a ready, willing, and able buyer is produced, at the list price (or at a price agreed to by the seller), the buyer’s agent will receive a commission, even if the transaction does not close.

Article Source: Combs Law Group blog