Detailed Answer
Selling jointly owned real estate in Hawaii requires clear communication and agreement at every step. Co-owners must agree on which real estate professional represents their interests, the listing price, the commission structure, and all contract terms. Here’s how to coordinate realtor selection smoothly:
- Confirm Ownership Structure. Identify whether you hold the property as tenants in common or joint tenants. Each co-owner has equal rights to sell, but all must consent to a single listing.
Why it matters: A valid listing agreement must include the names of all owners. Without unanimous consent, any co-owner could block or challenge the sale. - Set Shared Goals. Meet with your co-owner to define objectives—desired timeline, target price range, marketing methods, and acceptable commission rates. Document these in a simple memo.
- Research Licensed Agents. Under Hawaii law, real estate brokers and salespersons must be licensed according to HRS §467-16. Search the Hawaii Department of Commerce and Consumer Affairs license lookup to verify credentials and disciplinary history.
- Interview Multiple Realtors. Create a shortlist of 3–4 candidates. Ask each for:
- Local market experience in your neighborhood.
- Marketing strategy and budget.
- Comparative Market Analysis (CMA) examples.
- References from recent sellers.
Interview together or separately and share notes to compare impressions.
- Evaluate Proposals. Compare each agent’s proposed commission rate, marketing plan, and estimated sales price. Use a scorecard ranking factors important to both co-owners.
- Draft a Co-Ownership Listing Agreement. Once you select an agent, ensure the written listing agreement:
- Names all co-owners exactly as they appear on the deed.
- Specifies the agreed commission, term, and exclusive rights (if any).
- Includes the broker’s license number, per HRS Chapter 467.
Have each co-owner sign and receive a copy.
- Plan for Dispute Resolution. Even the best-laid plans can falter. Build in a simple dispute-resolution clause—mediation or arbitration—so disagreements over pricing or negotiation tactics don’t derail the sale.
- Proceed to Marketing and Sale. Your chosen realtor will handle showings, open houses, offers, and negotiations. Keep co-owners in the loop by agreeing on regular update meetings or shared online access to documents.
When Agreement Fails: If co-owners cannot reach consensus, either party may seek a partition action under Hawaii law. See HRS Chapter 667: Partition for details on court-ordered division or sale.
Disclaimer: This article is for general informational purposes only and does not constitute legal advice. Always consult a qualified attorney about your specific situation.
Helpful Hints
- Start discussions early to avoid last-minute conflicts.
- Use digital tools (shared spreadsheets or apps) to track potential agents and proposals.
- Consider hiring an unbiased mediator if communication stalls.
- Keep all written agreements in one folder accessible to each co-owner.
- Verify any agent’s license status online before signing.
- Review commission norms in your area—standard rates often range from 5% to 6%.
- Agree on how to split the proceeds and costs (e.g., staging, repairs, closing fees) in advance.