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MULTI-LISTING SYSTEM OF REAL ESTATE SALES INTRODUCED FOR FIRST TIME IN ARMENIA
YEREVAN, APRIL 6, NOYAN TAPAN. The National Association of Realtors and
Valuers (NARV) introduced for the first time a multi-listing system
(MLS) of real estate sales in Armenia. According to director of the
NARV Realtor Activities Committee Gayane Madatian, MLS is a real
estate database collected by a group of brokers. She explained that
in order to sell or rent real estate through the system, an exclusive
contract has to be signed with the real estate company, which means
that the client temporarily transfers his/her property right to the
given company. The real estate company is obliged to advertize this
real estate and spread a maximum of information about it among buyers
and realtors. If the client does not sign an exclusive contract,
the real estate agency considers the data on property to be its
inner information and does not spread it. According to G. Madatian,
the firm tries to sell the real estate at the highest possible price
which corresponds to market demands. The exclusive contract aslo
determines the brokerage payment to be made to the firm - in the
amount of 2.5-5% of the sale price of the real estate. The average
term of a contract is 3-6 months. It was noted that if the client
rejects the contract prematurely, he/she shall pay 2% of the sale
price. The NARV representative announced that over the last 12 months,
about 180 exclusive contracts have been signed by 28 organizations -
the assocciation members.
YEREVAN, APRIL 6, NOYAN TAPAN. The National Association of Realtors and
Valuers (NARV) introduced for the first time a multi-listing system
(MLS) of real estate sales in Armenia. According to director of the
NARV Realtor Activities Committee Gayane Madatian, MLS is a real
estate database collected by a group of brokers. She explained that
in order to sell or rent real estate through the system, an exclusive
contract has to be signed with the real estate company, which means
that the client temporarily transfers his/her property right to the
given company. The real estate company is obliged to advertize this
real estate and spread a maximum of information about it among buyers
and realtors. If the client does not sign an exclusive contract,
the real estate agency considers the data on property to be its
inner information and does not spread it. According to G. Madatian,
the firm tries to sell the real estate at the highest possible price
which corresponds to market demands. The exclusive contract aslo
determines the brokerage payment to be made to the firm - in the
amount of 2.5-5% of the sale price of the real estate. The average
term of a contract is 3-6 months. It was noted that if the client
rejects the contract prematurely, he/she shall pay 2% of the sale
price. The NARV representative announced that over the last 12 months,
about 180 exclusive contracts have been signed by 28 organizations -
the assocciation members.