Many co-owners agree that their property should be sold, but end up deadlocked of whose Realtor should be the listing agent. A simple solution is to allow co-listing whereby two listings agents place the property on the market, thereby allowing each co-owner to have an agent they trust handling the sale of the property. This can often solve this fundamental disagreements in a partition action, allowing both co-owners to feel represented and maximize the co-owned property’s value, instead of battling over whose Realtor to use in a partition action. This is one of many insights to force cooperation in a co-ownership settlement agreement that come with the value of hiring an experienced partition attorney in California.
What are the Benefits of Co-listing?
By opting for co-listing, both parties can feel comfortable knowing their interests are being represented by their own agent, who will collaborate directly with the other agent.
Additionally, co-listing provides added expertise in marketing and negotiating, as two professionals bring their networks and experience to the table. The commission is split between the agents, so neither party feels that one agent is receiving an unfair advantage, nor are the parties paying more than they otherwise would pay with one agent.
In many partition disputes, co-listing is a win-win. Not only does a co-listing create a sense of fairness, but it also opens the door to several unique benefits:
Wider Network and Broader Exposure
When two Realtors selected by the co-owners in a partition action co-list a property, they bring two distinct networks of buyers, sellers, and industry professionals.
Each agent has their own set of contacts, which can significantly increase the pool of potential buyers. More exposure often leads to quicker sales and can drive up competition, resulting in better offers.
More Property Showings
With two agents on the case, you’re likely to see more showings. Both Realtors selling the co-owned property will work diligently to showcase the property to their own clients and others, maximizing opportunities to attract interested buyers. More showings can also create urgency among buyers, leading to higher bids.
Diverse Marketing Strategies
Every Realtor has their unique approach to marketing. By having two agents involved, the property benefits from dual marketing strategies, including online listings, social media promotions, print advertising, and open houses. This diversity in marketing creates a more comprehensive approach to selling the property.
Broader Geographic Reach
If the two agents are from different areas or firms, they can cover a larger geographic region. This can be particularly beneficial if the property appeals to buyers outside of the immediate market, giving the listing a greater reach and attracting attention from a variety of locations.
With two Realtors working together, you benefit from combined experience and expertise. They can collaborate on pricing strategies, negotiations, and market trends, ensuring that no stone is left unturned in getting the best deal for the property.
Increased Availability
Having two Realtors means that someone is always available to show the property or answer questions. This increased availability can lead to faster responses to buyer inquiries and better overall communication throughout the sales process.
Balancing Co-Owner Interests
In situations where co-owners are divided on the choice of Realtor, co-listing serves as a neutral solution. Both owners feel confident knowing their interests are being represented, helping to reduce tension and reduce non-cooperation during the sale of co-owned property.
How Do Commissions for Real Estate Agents on Co-Listings Get Determined in a Partition?
While some co-listing results from settlement agreements, partition actions can involve the appointment of co-listing agents, as well. The California partition statutes delineates how commissions for real estate agents are determined. Specifically, California Code of Civil Procedure 873.745 gives the court authority to fix, limit, or divide agents’ commissions as follows:
The amount of agents’ commissions on the sale, if any, shall be fixed by the court and divided or limited in the manner provided for private sales of real property in decedents’ estates.
California Code of Civil Procedure 873.745
Indeed, in 1976, the California Legislative Committee explained California Code of Civil Procedure § 873.745 as follows:
Section 873.745 is new; it codifies the court’s general authority to fix and, where necessary, limit and divide agents’ commissions. See Section 873.110 (services of third persons). For statutory provisions as to agents’ commissions in private sales of real property in probate, see Probate Code Sections 760, 761, 761.5, and 785.
The new Partition of Real Property Act includes provisions for the employment of a broker and referee that may also allow for co-listing in a partition action.
Talkov Law’s Partition Attorneys Can Help With Resolving Co-Ownership Disputes
Co-listing is not only a way to resolve disputes between co-owners, but also a strategic move to leverage the power of two agents working toward a common goal. Talkov Law Partition Attorneys specialize in navigating the complexities to develop unique solutions to end co-ownership disputes.
As California’s #1 team for filing partition actions, with eleven full-time partition attorneys, the firm has handled over partition actions throughout California.
For a free consultation, call (844) 4-TALKOV (825568) or reach out online today.
