Definition of "Open listing"

David M.  Siwy real estate agent

Written by

David M. Siwyelite badge icon

Realty Mark Huntingdon Valley

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

Rezoning of land from a higher density use to a lower density use. ...

Individual corporation, and so on permitted by law to own property and engage in business. Here, two or more companies operate under common control. Separate economic unit subject to ...

Bank financing to a homeowner based on his dollar equity in the home. The interest rate typically fluctuates such as being based on the change in the prime interest rate. Interest expense ...

Founded in 1942 and located in Washington DC, the NAHB has 155,000 members with 824 local groups. Its membership consists of single, multifamily and commercial home builders. The NAHB ...

Legal contract in which the lender controls the pledged property being financed. The agreement describes the property and its location. Of default occurs, the lender may sell the ...

Precisely the optimum location for a retail business establishment in an urban central business district (CBD). A one-hundred-percent-location normally is a square block or intersection in ...

The definition of acoustical materials is a wide range of materials that are used in construction or technology to provide soundproofing. There are different types of acoustic materials ...

Unit of ownership in a real estate investment trust. ...

Municipal ordinance stating the distance from a curb or property line where the building of a structure is prohibited. Also states the distances from a boundary line where construction is ...

Popular Real Estate Questions