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

What does Act of God mean? Acts of God or “force majeure” is typically how an insurance policy classifies peril situations that could not be prevented or defended by men. ...

Borrower's right to redeem his property by immediately paying off the loan balance and any related costs. ...

Defendants legal objection to the prima facie sufficiency of a judicial pleading. It is a motion to dismiss an action on the ground there is no apparent equity violation, the court has no ...

A roof having two slopes on each side. The second slope is longer than the first part of the roof and extremely steep. ...

Geographic area that is attractive to prospective tenants. Square footage in an office building or apartment house that may be rented by a tenant. ...

Value of agricultural land as determined by its ability to produce crops and livestock. ...

Property of a defaulted borrower is sold under court order, and the judge must approve the amount received. For example, Fidelity Bank has a first mortgage balance of $100,000 on Mr. X's ...

Real estate not subject to property tax such as that owned by nonprofit entities including charitable, governmental, religious institutions. ...

The person named in a deed who acquires ownership. ...

Popular Real Estate Questions