Disclaimer: This article is for informational purposes only and does not constitute legal advice.
Detailed Answer
When two or more individuals co-own real estate in Indiana, they share equal rights to market and sell the property. Coordinating realtor selection requires clear communication, a written agreement, and an understanding of Indiana law.
1. Understand Co-Ownership Rights
Under Indiana law, co-owners hold an undivided interest in the property. Neither owner can bind the other to a sale or a listing agreement without consent. If owners cannot agree, any co-owner may seek a partition action under Indiana Code § 32-17-2 to force a sale or divide the property.
2. Convene an Initial Meeting
Schedule a meeting with all co-owners to:
- Share goals for timing and price.
- Agree on decision-making methods (e.g., unanimous vote or majority).
- Determine a budget for marketing expenses and commission.
3. Set Realtor Selection Criteria
Define what matters most: local market knowledge, marketing strategy, track record, communication style, or commission rate. Write down each criterion to guide interviews.
4. Research and Interview Candidates
Use referrals, online reviews, and local real estate associations to identify 3–5 realtors. During interviews, ask each candidate to:
- Present a marketing plan for similar properties.
- Explain their commission structure.
- Provide recent sales data and client references.
5. Compare Proposals and Vote
Compile interview notes. Evaluate each realtor against your criteria. Hold a formal vote per the decision method you selected. Document the outcome in writing.
6. Execute a Written Listing Agreement
Indiana requires all real estate listing agreements to be in writing. See IC 25-34.1-15 for details. Ensure the contract:
- Names all co-owners as clients.
- Specifies the agreed commission.
- Outlines the marketing plan.
- Details the term and termination rights.
- Is signed by every co-owner.
7. Maintain Ongoing Communication
Once the realtor is on board, hold regular check-ins to review showings, feedback, and potential offers. Keep all decisions and consent in writing to avoid disputes.
Helpful Hints
- Use a neutral meeting facilitator if discussions stall.
- Compare at least three written proposals before deciding.
- Keep minutes or notes from every meeting.
- Set realistic timelines and deadlines for decision points.
- Consider mediation before filing a partition action to preserve relationships.