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Listing Contracts 101: How to Determine Which Is Right for You
Choosing a real estate professional you’re comfortable with is an important piece of the puzzle when it comes to putting your home on the market, but anyone going through the buying or selling process needs to be aware of the different types of listing contracts available—and which suits them best.
Exclusive Right to Sell
Most commonly used, this type of listing gives the listing agent complete control of the transaction, no matter who finds the buyer. In this type of situation, even if you have a friend who wants to purchase the home, the listing agent will earn the sales commission. If a second cooperating agent is involved in the deal, the commission is normally divided between the two. A normal contract runs 90 or 120 days, but if the house doesn’t sell and you’re happy with your agent, you can always re-up for additional time.
Open Listing
Often used by sellers who are trying to sell the home themselves, an open listing allows a real estate professional to be involved in the showing process. Multiple agents can be involved; however, the real estate professional that brings the buyer gets the commission. An agent who accepts an open listing isn’t going to do much other ... more

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