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

The down payment on the price of a real estate. For example, it is customary to make a down payment of 10% of the value of a real estate parcel upon signing the purchase agreement. ...

Selling price for a property less assumed mortgages by the buyer. For tax purposes, the computation of the contract price is critical. ...

Bond whose interest is free of federal, state, or local tax in the state of the issuer. It is typically a municipal bond of estate or county agency. For example, a New York City resident ...

The right to demand that title be conveyed upon payment of the purchase price. ...

Charge levied against property owners to finance an improvement made by the local government which benefits the homeowners and commercial businesses. Examples are sidewalks and sewers. ...

Factor employed by real estate agents or appraisers to determine the change needed in operating income to obtain a desired rate of return. It is used to evaluate income-producing property. ...

Basis for the valuation of property acquired from a decedent for tax purposes. The unified transfer tax in 1976 provides for the valuation of property to be the adjusted basis immediately ...

Also called a will. Describes the disposition of property. ...

Stature regulating the use of credit information. Allows consumers such as prospective homeowners access to their credit files. It requires a lender to explain how loan interest is ...

Popular Real Estate Questions