Detailed Answer
When two or more people co-own real estate in Wisconsin, each owner holds an equal right to sell the property unless their agreement states otherwise. To coordinate realtor selection smoothly, follow these steps under Wisconsin law:
1. Understand Co-Ownership Rights
Wisconsin recognizes tenants in common and joint tenancy with right of survivorship. Under Wis. Stat. § 700.10(1), each co-owner may initiate sale discussions. If owners cannot agree, either party can file a partition action (Wis. Stat. § 840.01).
2. Communicate Selection Criteria
Start with a joint meeting or video call. Agree on key factors such as:
- Local market expertise
- Proven sales record
- Commission rate and fee structure
- Marketing strategy and timeline
Clarifying these priorities helps narrow your search.
3. Vet Potential Realtors
Use the Wisconsin Department of Safety and Professional Services website to verify a broker’s license status and any disciplinary history. Ask candidates for:
- Recent sale prices in your neighborhood
- Client references
- Sample marketing materials
4. Conduct Joint Interviews
Schedule interviews with top agents. Prepare identical questions for each co-owner to ask. Evaluate communication style, responsiveness and proposed advertising platforms. Take notes and compare feedback afterward.
5. Formalize the Listing Agreement
Wisconsin law requires all named owners to sign the listing contract. Under the broker’s fiduciary duties (Wis. Stat. § 452.13), the agent must represent all co-owners fairly. Ensure the document lists every owner and clearly states the commission rate, exclusive or open listing type, and contract duration.
6. Plan for Disagreements
If owners still reach an impasse, consider mediation or a partition action as a last resort. Mediation can preserve relationships and avoid court costs. If court is unavoidable, Wis. Stat. § 840.02 allows partition in kind; § 840.025 permits sale by court order.
Disclaimer: This article is for educational purposes only and does not constitute legal advice. Consult a licensed attorney for advice specific to your situation.
Helpful Hints
- Document all meetings and decisions in writing.
- Agree on a deadline for selecting an agent to prevent delays.
- Consider a written co-ownership agreement before marketing begins.
- Verify realtors’ professional liability insurance coverage.
- Discuss how showings and open houses will be scheduled.
- Keep communication respectful and focused on shared goals.
- Research average commission rates in Wisconsin to negotiate effectively.