Listing, Marketing, Pricing, and Real Estate Practice
Listing agreements must be in writing and should state the term, the compensation, the scope of authority, and the type of listing. The exclusive right to sell earns a fee no matter who procures the buyer; exclusive agency reserves the seller's own procured buyer; open listing pays only the licensee who produces the buyer. Read the compensation and protection-clause language carefully - a protection clause keeps a fee alive for prospects the brokerage introduced before expiration, but only if the clause is honored as written.
Marketing is regulated. Advertising must identify the brokerage, be truthful, avoid steering, and comply with fair housing law - Wisconsin's protected classes include ancestry, marital status, lawful source of income, and family status in addition to the familiar federal categories. Descriptions like "perfect for young professionals" or "no children" are steering and violation territory.
Pricing is a market exercise, not a wish. A comparative market analysis adjusts nearby closed sales for differences in size, condition, and terms; days-on-market and absorption rate tell you whether the market favors buyers or sellers. A seller net sheet converts price into proceeds by subtracting payoff, closing costs, prorations, and the transfer fee.
Worked example
Seller owes $210,000 on a home selling for $325,000 with 7% total closing costs and a $900 transfer fee: proceeds ≈ $325,000 − $210,000 − $22,750 − $900 ≈ $91,350.
Trap: promising a specific sale price, or treating a CMA as an appraisal. Also remember that an overpriced listing rarely "catches up" - it simply sits and goes stale.