Open listing is a real estate term it pays to know. Bankrate explains it.
An open listing is a property that multiple brokers have the option to market and sell to earn commission on the sale of the home.
When you need to sell your home, you may choose to work exclusively with one real estate broker. This broker will work to attract possible buyers to the property. Once a buyer purchases your home, your real estate agent receives a commission after the home’s closing date. You usually have to sign a contract stating that only that agent has the right to market and sell your home.
An open listing enables multiple real estate agents to try to sell the home. You have the ability to work with multiple brokers at one time. Any agents who work on the sale receive a portion of the commission.
There are a couple of reasons why a homeowner may decide to sell a home with an open listing. If the homeowner has already listed the home with a real estate agent and it failed to sell, the open listing is a viable alternative, especially for properties that are difficult to market. Alternatively, open listings are also popular with the homeowner who needs to sell her home as quickly as possible. By having multiple agents working on marketing the home, it increases the chance that it will sell in a short period of time.
If you are ready to sell your home, you can sign a contract with a single Realtor or opt for an open listing. For example, imagine that you need to sell your home in under a month in order to move to a new city for work. You decide to sell your home as an open listing. Four Realtors are interested in promoting your home to potential buyers. Two Realtors work together to facilitate the sale, and these Realtors split the sale commission after your deal closes.
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