Open Listing
Open Listing is a type of Listing where home sellers allow a real estate agent to sell their house, while not providing any kind of exclusiveness: other agents can also attempt to make the sale. Whoever brings an acceptable offer first, gets the sales commission. And that’s not all: if the home seller finds, by his/her own merits, a buyer; no agent gets the commission!
Normally, home sellers choose an Open Listing to make the sale process faster – after all, each agent has their own clientele and the competition creates a sense of urgency that might make the real estate agent go that extra mile for your property. Also, because if the home doesn’t sell or the home seller changes his/her mind about selling it and decides to pull it out of the market, he/she won’t have to pay anything to the agents trying to sell their home.
However, beware: because of this risky and competitive scenario, many real estate agents shy away from Open Listings. They might favor their Exclusive Rights to Sell Listings and pay less attention to your property. Also, Open Listings can be perceived by potential home buyers as a way to sell difficult or overpriced properties. “If it’s such a nice house, why would its owner need to spread the sales duty through so many agents instead of just one? Maybe he’s had no success, so he’s desperately trying to see if anyone else can sell it”, they might think to themselves. This is a situation the home seller wouldn't want to have, because it means the home buyer will try to lower the Fair Market Value of the house in the negotiation.
So, whenever you decide you want to sell your house, evaluate if an Open listing is the best listing option for your case.
RealEstateAgent.com ADVICE:
Thinking of doing an Open Listing for your house? Hosting an Open House event might be a good option for you to reach possible home buyers and agents. Check our article on how to "Optimize Your Next Open House" for more tips.
Don't think Open Listings are the way to go? No problem; Open Listings are just one out of 5 types of listings. Check our Glossary Terms for the other types of Listing like the Exclusive Right to Sell Listing, Exclusive Agency Listing, Multiple Listing and Net Listing.
Still confused? Use The OFFICIAL Real Estate Agent Directory® and find a trustworthy real estate agent to guide you through the listing best suited for your property.
Popular Real Estate Terms
To fulfill , complete, implement, perform, or carry out terms of an agreement including completing a signature on a contract and delivering a document to the intended party. ...
What remains after something is removed, such as substances left after a pollution treatment facility is removed. ...
An agreement by which the owner of property (the lender) and a borrower agree to let the borrower use the property for a particular time period and in return the borrower will pay the ...
An apartment complex providing tenants access to a lawn area. ...
Property that is unoccupied and thus not being used. It is usually raw land with no structure or improvements theron. ...
Mutually binding property sales contract where the title remains with the seller until the purchase price is paid by the buyer. It is a contract to convey title in the future upon ...
A written mortgage document. A mortgage instrument states the terms of the mortgage including the interest rates, length of payments, payment dates, and remedies the bank is entitled to in ...
New cost less accumulated depreciation to date. ...
Method to obtaining title to property through open, notorious, adverse, and continuous use of the property for a statutorily prescribed period of time. For example, Jack openly and ...
Have a question or comment?
We're here to help.