Definition of "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.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

Timber in an original form, such as a pole. ...

Loan that allows the borrower to pay only the interest for the first few years of the loan. ...

Largest form of owner ship giving the owner complete control including the development off an inheritable estate. ...

A Bill of Sale is a formal document of the sale of goods or the transfer of title for personal property and chattel from one party to another. In sum, a bill of sale is a sort of receipt. ...

Green lumber is not necessarily a lumber that’s green; though it might, sometimes, be a little greenish. And it’s also not a definition of an environmentally conscious type of ...

Early American architectural housing style stressing a gambrel roof and overhanging eaves. ...

Also known as adjoining landowners or abutting owners, adjoining owners are property owners whose property touches a common property. The definition of adjoining property owners is those ...

Innovative architectural designs for either single or multi level homes and other buildings incorporating innovative features, such as passive solar heating. Contemporary building plans ...

The term developer’s profit is the actual profit generated by a developer’s project after the costs of the development have been covered. This profit can come from the sale of ...

Popular Real Estate Questions