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Open listings anyone?

I''m begininng to hear a little more about open listings. The term seems to be interpreted differently by every agent you talk to, so it would be nice to have clarification on what an open listing really is.

Some agents say that an open listing allows the seller to find their own buyer. Some agents say the an open listing allows other agents to advertise the seller's property and maybe even have their sign in the yard, alongside your sign.

All of my listings are "Exclusive Right to Sell" listings, but I still give the buyer the right to find his or her own buyer outside of my advertising. Would this be an open listing too?

Nevertheless, what's your idea of an open listing?

Posted by Todd Murphy on 08/11/2007 10:36 AM

Comments (6)

open listings, multiple representation

6 Comments on Open listings anyone?

AUG

2007

Todd, I have no use for open listings. I make a commitment to my clients to give them my time and talent, and I expect in return that they will honor a commitment to use me exclusively during the period of our agreement.

I don't see why an agent would waste their time spinning their wheels for a client that likely will end up doing business with womeone else.

Now, if your business model is fee-for-service, at least you are getting compensation for such services as you may provide.

Todd, I believe what you described about your listing is actually an "Exclusive Agency". The "Open Listing" is exactly that, open to any and all agencies and agents. Whoever is successful in bringing the parties to agreeable terms, through contract and closing gets paid the agreed upon commission.

Brian took the words out of my mouth.

I believe that Kevin is exactly right. It is Exclusive Agency. An Open Listing is a race to the finish to see who

can get there first.

I couldn't agree with Brian more! Sellers who ask for an open listing usually don't realize the time, effort and expense that an agent is committing to when taking a listing.

AUG

2007

You all make very good points. I do, however, still maintain that a buyer who finds their own buyer (friends or family) should not have to pay full commission - this is the way that I choose to do business.

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