When talking to potential sellers about selling their property, they typically ask you/us to provide pricing guidance (brokers opinion of value - BOV) and you/we provide the work with no commitment from the seller to list. However sometimes you can discuss market cap rates and dynamics and secure the assignment before doing a detailed analysis. When you are able to do this, include in your listing agreement a special stipulation that reads: "The broker and seller will agree upon a list price within seven days of executing this agreement. If a list price is not agreed to either party may cancel this agreement by written notice within said seven day time period."
Their commitment will allow you the proper amount of time and motivation to properly analyze pricing for the property. Learn how to get sellers to understand the benefits of listing before pricing and more pricing techniques to benefit you and your clients at Working with Sellers to Properly Price Listings.
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