Disclaimer: This article is for informational purposes only and does not constitute legal advice. You should consult a licensed attorney in Arizona for advice specific to your situation.
Detailed Answer
When two or more individuals own a property together in Arizona, coordinating the selection of a real estate agent requires clear communication, mutual agreement, and an understanding of co-ownership rights under state law.
1. Understand Co-Ownership Rights
Arizona law recognizes several forms of co-ownership, including tenancy in common and joint tenancy. Each owner holds an undivided interest in the property. For details, see Arizona Revised Statutes §33-381 (A.R.S. §33-381) and §33-391 (A.R.S. §33-391).
2. Review Existing Agreements
If a co-ownership or partnership agreement exists, review its terms regarding decision-making and agent selection. If none exists, consider drafting a simple memorandum of understanding outlining each owner’s rights, responsibilities, and the process for choosing an agent.
3. Discuss Goals and Priorities
Hold a meeting (in person or virtual) to align on:
- Timeline for sale
- Target price range
- Marketing strategies (e.g., open houses, online listings)
This conversation ensures both parties share realistic expectations.
4. Research Potential Realtors
Compile a shortlist of licensed Arizona real estate agents. Evaluate candidates based on:
- Local market expertise
- Track record of similar sales
- Commission structure
- Marketing plan details
Encourage each co-owner to interview at least two agents and compare proposals side by side.
5. Reach Consensus
Aim for unanimous agreement. If opinions diverge, consider:
- Mediation facilitated by a neutral third party
- Voting with pre-established rules (e.g., majority wins if agreed beforehand)
Arizona allows partition actions if co-owners cannot agree. See A.R.S. Title 12, Chapter 3 (A.R.S. §12-1101 et seq.).
6. Formalize the Decision
Once you select an agent, document the decision in writing. Have all co-owners sign a listing agreement or an addendum specifying the agreed terms. Keep copies of all communications and signed documents.
7. Monitor Performance
Maintain transparent communication with your chosen realtor. Schedule regular updates on showings, offers, and marketing progress. This keeps each co-owner informed and reduces misunderstandings.
Helpful Hints
- Hold initial discussions in a neutral setting to foster cooperation.
- Use written notes or minutes to record decisions and next steps.
- Agree on an escalation path if disagreements arise (e.g., mediation).
- Confirm your agent’s Arizona license number at the Arizona Department of Real Estate (azre.gov).
- Factor in commission rates when comparing agents to avoid later disputes.