Form-of-the-Week: Listing Information Report – Form 522
Maintaining the client file, for oversight and business development
An agent employed by a broker solicits members of the public to retain them as their agent to render real estate services. With a little perseverance, the agent encounters owners who enter into listings employing the agent’s broker to locate buyers and sell their properties.
The agent then markets the property and locates a buyer. Soon, a transaction closes. The broker, and in turn the agent, receive an earned fee — the primary motivation for becoming a sales agent.
From the first solicitation of a client to receiving the fee on a closed transaction, massive amounts of data are gathered, received and sifted by the agent. The agent further coordinates and documents numerous events related to the transaction. Without listing reports from the agent detailing their activity, the broker is unaware of all the conduct taking place on their behalf — from the agent’s solicitation of employment to the receipt of a fee on a closed transaction.
As part of the broker supervisory duties, an employing broker needs data on the listing report to:
- better mine for clients;
- confirm necessary disclosures are made to the client at the time of employment and through the transaction; and
- provide critical support for marketing the property.
The listing report is the listing agent’s first critical delivery of unified information on the employment to their broker. To be most effective for all parties, the listing report is to be completed by the agent and delivered to and reviewed by the broker before marketing the property to locate buyers.