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FSBO - For Sale by Owner - One Party Listing Agreements
How to correctly collect a commission from a For Sale By Owner.
When contacting a For Sale By Owner (FSBO) at FIRST CONTACT you must identify yourself as a real estate agent and let them know you will be seeking a commission and the amount of your commission.
Additionally, you should document your conversation & agreement using the "For Sale By Owner Showing Compensation Agreement". This form is located in the Dotloop templates section.
Dotloop > Templates > [REGION] Forms (Folder with all forms for your region) > For Sale By Owner Showing Compensation agreement
We at Key Realty generally do not support one-party listing agreements for FSBOs as this may create some conflicting agency issues for the buyer's agent.
- Identify yourself as an agent and let them know you want a commission.
- Use the "For Sale by Owner Showing Compensation Agreement" (Dotloop).
- Avoid one-party listing agreements. They create some agency issues.
- Get an Exclusive Buyer Agency Agreement to protect your right to commissions.
- Get the agreement signed before showing the house!