Transcript Slide 1

Co-Broking Procedures
Deborah Cumming
April 2012
•Co-operation between two companies
•Listing broker and selling broker
•Commission is typically split
•Two sides to the commission (listing and selling)
•Open Listings
•Multiple Listings (Exclusive Right of Sale)
•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
•Not recommended for co-broking
•Co-broke letter required
•Real estate firms are able to sell each other’s
listings
•Quicker sale
•Vendor representation
•Buyer representation
•No dual agency
•Maximum exposure
•Best price
•Guaranteed commission (contractual
arrangement)
•Automatic co-operation
•Standard documentation
•Established commission
•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
•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
•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
•Selling/Co-operating Broker
Buyer to sign offer
Send accepted offer to purchaser’s attorney
Name
TRN
Ad
Address
Company, Occupation and Title
Purchase Price (Offer)
Payment Terms
Deposit (at least 15% of Sale Price)
Earnest Deposit (at least 10% of Deposit)
Conditions
Completion
Possession
Purchaser’s Attorney
•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